Peg vs spot: how ReserveWatch compares on-ledger prices with metal prices

Last updated October 31, 2026 · All guides

Short version: For gold, silver, platinum and palladium tokens, ReserveWatch compares two numbers: the spot price of the metal a token says it represents, and the price the token trades at on the XRP Ledger. The gap is the peg deviation. We only grade that gap when the token's AMM pools hold at least about $10,000. A peg reading describes trading prices only. It is not proof that metal exists in a vault, and it is not a signal to buy or sell.

1. The two numbers

Spot price per token. We load the spot price per troy ounce (31.1035 g) for gold, silver, platinum or palladium from a public price API. Then we convert it using the weight each issuer says one token represents. A 1-gram gold token's spot value is the gold price divided by 31.1035.
On-ledger price. We read the token's AMM (automated market maker) pools on the XRP Ledger against three quote assets: XRP, RLUSD and USDV (Valtorum USD). Each pool implies a price from the ratio of its two reserves. If a token has more than one live pool, we take a TVL-weighted average, so deeper pools count more. The token page names which pools contributed.

Peg deviation = (on-ledger price − spot price per token) ÷ spot price per token, shown as a percentage. A positive number means the token traded above spot; a negative number means below.

2. Quote assets: XRP, RLUSD and USDV

XRP pools are converted to US dollars with a live XRP/USD rate.
RLUSD and USDV pools are valued at a nominal $1 per unit. We do not check those stablecoins' own reserves, and USDV is never graded as a commodity.
USDV pools were added to the count after the first ledger snapshot (October 30, 2026). Many Assetiko metal pairs trade against USDV, so their liquidity and peg readings now include USDV pools that were not counted before.

3. When the peg reading is reliable

A small pool can sit far from spot simply because nobody has traded it back into line. That is a liquidity fact, not a broken peg. So ReserveWatch uses a liquidity gate:

Reliable — the price comes from AMM pools holding at least about $10,000 in total value locked (TVL). Only then is the deviation graded: under 3% is OK, 3% to under 10% is WARN, and 10% or more is CRITICAL.
Not measurable — pools below the gate, or no pool at all. If there is no pool, we may read the middle of the best bid and ask on the DEX order book (only when the spread is 20% or less), but an order-book price is never graded as reliable because we do not measure its depth. These tokens show "Peg not measurable" (WARN) and the raw number is marked "not meaningful".

4. Commodities with no spot reference: "not measured"

Oil, natural gas, electricity, uranium, copper, diamonds, timber and crops have no single free, public spot price that maps cleanly onto a token. Contracts differ by grade, location and delivery terms. So for those classes ReserveWatch shows "price vs spot not measured" instead of a guess. Every other ledger check (supply, issuer flags, liquidity, holders, domain verification) still runs. Each commodity page explains why.

5. What a peg reading does — and does not — tell you

It does show whether the token's on-ledger trading price is close to the value of the metal it says it represents, at the time of reading.
It does not show that the metal exists, is insured, or can be redeemed. ReserveWatch does not audit vaults or custodians, and on-ledger data is not proof of reserves.
It does not tell anyone to buy, sell or hold. A token near spot can still carry other risks (clawback, freeze, concentration); a token far from spot may simply have a thin pool.

6. Live readings (as of 2026-11-01T04:41:39.965Z)

Token	Class	Spot / token	On-ledger price	AMM TVL	Peg reading
Meld Gold GLD	Gold	$124.63	—	no pool	not measurable (no on-ledger price)
Meld Gold SLV	Silver	$1.58	—	no pool	not measurable (no on-ledger price)
Unverified "GOLD" (issuer rMELD…)	Gold	$124.63	$0.0647	$99 via XRP	not measurable (thin liquidity)
Assetiko XAUa	Gold	$3,876.4	$3,879.5	$2,050,271 via USDV	0.08% vs spot
Assetiko XAGa	Silver	$49.25	$49.2769	$510,799 via USDV	0.05% vs spot
Assetiko XPTa	Platinum	$1,439	$1,437.4001	$1,516,756 via USDV	-0.11% vs spot
Justoken JMWH (energy, MWh)	Electricity & Energy	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: AD Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: AG Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: FS Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: KD Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: KPS Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: L Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: S Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: SD Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
Ctrl Alt Diamonds: SG Collection 1	Diamonds	—	—	no pool	not measured (no spot reference)
BPG XAU (GateHub)	Gold	$124.63	$1.6583	$18 via XRP + RLUSD	not measurable (thin liquidity)

Live values update about every five minutes on each token page and in the free JSON API (peg and liquidity fields).