How does Monetary Metals make gold token yield, and who takes the risk?

Research question: What do the Monetary Metals & Co. partnership terms and the Cayman SPV disclosures show about how gold-backed token yield is generated, how it is split, and who bears the risk?

The facts only partly answer this. They show that Monetary Metals offers two fixed-income products for gold and silver, leases and bonds, run through a marketplace platform ². The company states it is currently paying 3.96% annually on gold, paid in gold ⁶, and gold lease rates generally represent the interest paid in gold for borrowing gold ¹. For leases, the investor's gold stays in the investor's own name and ownership is never transferred to Monetary Metals or a third party ⁸. The facts contain no partnership terms and no Cayman SPV disclosures, so they do not show how yield is split or who bears the risk; the only risk point is a general 2013 study finding that expected excess returns on gold bonds are mostly positive, which the authors read as investors perceiving them as risky ⁴. The newest fact is dated 2026-06-16, about four months before October 2026 ².

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