Right. Tied to spot.
But can the gold-backed RMG ever become more in demand than its physical counterpart, gold itself? Could the crypto version of gold pull real gold up by its own boot straps, so to speak? And drag the physical per ounce price higher?

I wonder if RMG will always be anchored to the gram cost as its parent, rather than the other way around. Even if the alternative isn't a direct causality, but more of a popularity based demand increase.