FCA, Treasury and the Bank are looking at a separate rulebook for tokenized gold, including whether some products sit outside fund rules, so London bars can move as wholesale plumbing, including collateral. No decision, and still not a single new ounce out of the ground. That’s sitting next to $4,330 gold, ~87% hike odds and Brent at $107. A 25bp hike does not break $2,500–$3,000 miner margins. A wrapper does not pull metal out of the ground. They are building faster rails for inventory already in the box. If you only hold the vault token this week, you are long price and blind to the mine.