{
  "report_id": "theme_precious_metals_node_physical_bullion_and_etf_wrappers",
  "report_type": "theme_value_chain_node",
  "site_path": "themes/precious-metals/nodes/physical-bullion-and-etf-wrappers/index.html",
  "title": "Physical Bullion And ETF Wrappers",
  "ticker_basket": [
    "GLD",
    "IAU",
    "PHYS",
    "GLDM",
    "SGOL",
    "SLV",
    "PSLV",
    "SIVR",
    "SLVR",
    "GDX",
    "GDXJ"
  ],
  "as_of": "2026-06-23",
  "generated_at": "2026-06-23T00:00:00-07:00",
  "freshness": {
    "price_data_as_of": null,
    "knowledge_reviewed_as_of": "2026-06-23",
    "local_discovery_reviewed_as_of": "2026-06-23",
    "chart_interval": null,
    "local_api_required": false,
    "limitations": [
      "No ranked ticker has verified local daily_ohlc or instrument coverage, so the page is source-only and does not enable selected-security chart behavior.",
      "IAU, GLDM, SGOL, PSLV, SIVR, and GDXJ do not have standalone canonical security lanes.",
      "SGOL and SIVR need verified abrdn product, prospectus, or SEC source routes before detailed fee, custody, holdings, premium/discount, AUM, spread, or flow fields are used.",
      "GDX and GDXJ are included only as deferred miner ETF comparators because their economics route through mining equities rather than physical bullion NAV."
    ]
  },
  "revision": {
    "version": 1,
    "updated_label": "Initial source-routed physical bullion and ETF wrappers node with 15-primary subagent tournament merge",
    "metadata_path": "themes/precious-metals/nodes/physical-bullion-and-etf-wrappers/report.json",
    "curation_source": "reports-value-chain-node-pages skill, 15 primary subagent ranking passes, one merge/select tournament, local knowledge lanes, official source routes, and read-only discovery coverage checks"
  },
  "node": {
    "slug": "physical-bullion-and-etf-wrappers",
    "order": 1,
    "level": "L1 source-routed metal NAV route",
    "role": "Separates gold and silver NAV exposure from miner operating leverage, reserve risk, royalty contract risk, and equity beta.",
    "description": "Physical bullion and ETF wrappers convert vaulted gold or silver into listed exposure through trusts, ETFs, and closed-end funds. The evidence burden is NAV, custody, fees, AP creation/redemption or closed-end discount mechanics, liquidity, premium or discount, source coverage, and local market-data availability."
  },
  "ticker_baskets": {
    "ranked": [
      "GLD",
      "IAU",
      "PHYS",
      "GLDM",
      "SGOL",
      "SLV",
      "PSLV",
      "SIVR",
      "SLVR",
      "GDX",
      "GDXJ"
    ],
    "source_only_core": [
      "GLD",
      "IAU",
      "PHYS",
      "GLDM",
      "SGOL",
      "SLV",
      "PSLV",
      "SIVR"
    ],
    "source_only_hybrid_watch": [
      "SLVR"
    ],
    "deferred_comparators": [
      "GDX",
      "GDXJ"
    ],
    "api_backed": [],
    "missing_local_api": [
      "GLD",
      "IAU",
      "PHYS",
      "GLDM",
      "SGOL",
      "SLV",
      "PSLV",
      "SIVR",
      "SLVR",
      "GDX",
      "GDXJ"
    ],
    "missing_canonical_lanes": [
      "IAU",
      "GLDM",
      "SGOL",
      "PSLV",
      "SIVR",
      "GDXJ"
    ],
    "subscription_expansion_candidates": {
      "high_priority": [
        "GLD",
        "IAU",
        "PHYS",
        "GLDM",
        "SGOL",
        "SLV",
        "PSLV",
        "SIVR"
      ],
      "secondary": [
        "SLVR",
        "GDX",
        "GDXJ"
      ]
    }
  },
  "chart_artifacts": [],
  "chart": {
    "enabled": false,
    "reason": "No ranked ticker has verified local daily_ohlc or instrument coverage.",
    "future_chart_order": [
      "GLD",
      "IAU",
      "PHYS",
      "GLDM",
      "SGOL",
      "SLV",
      "PSLV",
      "SIVR",
      "SLVR",
      "GDX",
      "GDXJ"
    ],
    "future_api_route_template": "/api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest",
    "required_future_inputs": [
      "daily_ohlc rows",
      "instrument rows",
      "daily_ohlc lineage",
      "weekly OHLC aggregation",
      "20-week EMA",
      "100-week EMA",
      "volume subgraph"
    ]
  },
  "links_out": [
    "theme_precious_metals",
    "sector_materials",
    "security_gld",
    "security_phys",
    "security_slv",
    "security_slvr",
    "security_gdx"
  ],
  "knowledge_sources": [
    "../../../../../knowledge/wiki/lanes/sector/materials.md",
    "../../../../../knowledge/wiki/lanes/security/gld.md",
    "../../../../../knowledge/wiki/lanes/security/phys.md",
    "../../../../../knowledge/wiki/lanes/security/slv.md",
    "../../../../../knowledge/wiki/lanes/security/slvr.md",
    "../../../../../knowledge/wiki/lanes/security/gdx.md",
    "../../../../../knowledge/raw/sources/security_research__gld__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_profile__gld__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_research__phys__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_profile__phys__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_research__slv__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_profile__slv__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_research__gdx__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_profile__gdx__security_backlog_100_20260607/output.md",
    "../../../../../knowledge/raw/sources/security_research__slvr__20260513T035127Z_c310265a/output.md",
    "../../../../../knowledge/raw/sources/security_profile__slvr__20260513T035127Z_c310265a/output.md"
  ],
  "external_sources": [
    {
      "kind": "official_issuer_page",
      "label": "SPDR Gold Shares GLD",
      "url": "https://www.spdrgoldshares.com/usa/gld/",
      "use": "Official route for GLD objective, trust documents, and source trail. Exact fields must be rechecked before numeric use."
    },
    {
      "kind": "official_issuer_page",
      "label": "SPDR Gold MiniShares Trust GLDM",
      "url": "https://www.spdrgoldshares.com/usa/gldm/",
      "use": "Official route for GLDM objective and product documents. Exact fields must be rechecked before numeric use."
    },
    {
      "kind": "official_issuer_page",
      "label": "iShares Gold Trust IAU",
      "url": "https://www.ishares.com/us/products/239561/ishares-gold-trust-fund",
      "use": "Official route for IAU product and source trail. Exact fields must be rechecked before numeric use."
    },
    {
      "kind": "official_issuer_page",
      "label": "iShares Silver Trust SLV",
      "url": "https://www.ishares.com/us/products/239855/ishares-silver-trust-fund",
      "use": "Official route for SLV product and source trail. Exact fields must be rechecked before numeric use."
    },
    {
      "kind": "official_issuer_page",
      "label": "Sprott Physical Gold Trust PHYS",
      "url": "https://sprott.com/investment-strategies/physical-bullion-trusts/gold/",
      "use": "Official route for PHYS product and source trail. Exact fields must be rechecked before numeric use."
    },
    {
      "kind": "official_issuer_page",
      "label": "Sprott Physical Silver Trust PSLV",
      "url": "https://sprott.com/investment-strategies/physical-bullion-trusts/silver/",
      "use": "Official route for PSLV product and source trail. Exact fields must be rechecked before numeric use."
    },
    {
      "kind": "official_issuer_page",
      "label": "Sprott Silver Miners And Physical Silver ETF SLVR",
      "url": "https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf/",
      "use": "Official route for SLVR hybrid ETF source trail."
    },
    {
      "kind": "official_issuer_page",
      "label": "VanEck Gold Miners ETF GDX",
      "url": "https://www.vaneck.com/us/en/investments/gold-miners-etf-gdx/",
      "use": "Official route showing GDX is miner equity exposure, not physical bullion NAV."
    },
    {
      "kind": "official_issuer_page",
      "label": "VanEck Junior Gold Miners ETF GDXJ",
      "url": "https://www.vaneck.com/us/en/investments/junior-gold-miners-etf-gdxj/",
      "use": "Official route showing GDXJ is junior miner equity exposure, not physical bullion NAV."
    },
    {
      "kind": "industry_source",
      "label": "World Gold Council Gold Demand Trends",
      "url": "https://www.gold.org/goldhub/research/gold-demand-trends",
      "use": "Gold demand context for wrapper monitoring."
    },
    {
      "kind": "industry_source",
      "label": "Silver Institute 2026 outlook",
      "url": "https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/",
      "use": "Silver demand and supply context for wrapper monitoring."
    }
  ],
  "source_requirements": {
    "source_needed_before_numeric_fields": [
      "SGOL official product page, prospectus, or SEC filing",
      "SIVR official product page, prospectus, or SEC filing",
      "Current issuer NAV, holdings, bar list, custody, premium/discount, spread, fee, flow, and tax-treatment sources for every wrapper before exact values are printed"
    ],
    "missing_canonical_lane_requirements": [
      "IAU",
      "GLDM",
      "SGOL",
      "PSLV",
      "SIVR",
      "GDXJ"
    ]
  },
  "discovery_sources": [
    {
      "kind": "discovery_cli_status",
      "label": "Wrapper universe status checks",
      "query_ref": "discovery:status:GLD|IAU|PHYS|SGOL|GLDM|SLV|SIVR|PSLV|GDX|GDXJ|SLVR:no_instrument_records:no_daily_ohlc_rows:2026-06-23"
    },
    {
      "kind": "duckdb_readonly_query",
      "label": "Wrapper universe daily OHLC coverage",
      "query_ref": "discovery:duckdb_readonly:daily_ohlc:GLD|IAU|PHYS|SGOL|GLDM|SLV|SIVR|PSLV|GDX|GDXJ|SLVR:0_rows:2026-06-23"
    },
    {
      "kind": "duckdb_readonly_query",
      "label": "Wrapper universe instrument coverage",
      "query_ref": "discovery:duckdb_readonly:instruments:GLD|IAU|PHYS|SGOL|GLDM|SLV|SIVR|PSLV|GDX|GDXJ|SLVR:0_rows:2026-06-23"
    }
  ],
  "validation_expectations": [
    "jq empty on this report.json",
    "No data-report-api=\"required\" on node HTML",
    "No data-chart-ticker triggers on node HTML",
    "No embedded OHLC arrays",
    "Required sections present",
    "Basket card metrics have exactly three metric tiles",
    "Basket card detail sections are Role in stack, Revenue mix, and Proof burden",
    "Parent metadata and sitemap point to the same node site_path"
  ]
}