Launch of Wholesale Digital Gold Whitepaper with the World Gold Council and Linklaters
A pioneering vision to transform the global gold market through a transformative concept that will enhance how gold is owned, traded, and utilised.
Hilltop Walk Consulting is proud to be driving the Wholesale Digital Gold initiative forward with the World Gold Council, Linklaters LLP, and a broad set of market participants. The work builds on foundations laid by the Financial Markets Standards Board’s Precious Metals Spotlight Reviews and aligns with policy objectives such as the UK Government’s Wholesale Financial Markets Digital Strategy.
What is Wholesale Digital Gold?
The initiative will establish a foundational ecosystem for gold ownership and settlement that complements today’s allocated and unallocated structures. At its core is Pooled Gold Interests (PGI) — a model that enables:
- Direct, fractional ownership of interests in vaulted gold bars (not just whole-bar holdings)
- Efficient transfers of those interests between market participants to settle OTC transactions
- Broader use of gold as collateral
New Whitepaper: What It Covers
A detailed whitepaper has been published by the World Gold Council, Linklaters, and Hilltop Walk Consulting, setting out a practical blueprint for unlocking new utility in the gold market and enabling further digital innovation. At a high level, it explains:
- The PGI model — how interests are created, held, transferred, and redeemed alongside existing market structures
- Ownership and settlement mechanics — the end-to-end flows
- Legal and governance foundations — roles, controls, auditability, and regulatory considerations
- Interoperability and market plumbing — how PGI can integrate with current infrastructure and future rails
Industry Pilot
An industry pilot programme is underway with OTC market participants aiming to complete the first transactions in 2026.
Hilltop Walk’s Role
Hilltop Walk is leading industry engagement with participants across the wholesale ecosystem and contributing market-structure expertise and operating-model design.
Learn More
- Press release: World Gold Council and Linklaters LLP launch a vision for the next-generation gold market
https://www.gold.org/news-and-events/press-releases/world-gold-council-and-linklaters-llp-launch-vision-next-generation - Whitepaper overview: Pooled Gold Interests and Wholesale Digital Gold – A New Vision for the Gold Market
https://www.gold.org/what-we-do/gold247/linklaters-white-paper - Full Whitepaper PDF: Pooled Gold Interests and Wholesale Digital Gold A New Vision for the Gold Market
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