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Monetary Metals has completed a sale of gold bonds worth about US$38 million, just over 9,400 ounces of gold, the Scottsdale, Arizona-based company announced on 2 November. The bonds run for three years and pay 5.75% annual interest in physical gold. The company has announced gold leases to three UAE jewellers in 2026, though its release doesn’t mention the UAE.
Key takeaways
Monetary Metals announced on 2 November 2026 that it has sold about US$38 million of gold bonds, just over 9,400 ounces, with a three-year term and 5.75% annual interest paid in physical gold.
The issue is triple the dollar value of its September 2024 bond (about US$12 million, 4,774 ounces, 6%), but about double in ounces, because gold costs more now.
Proceeds repay the old bond, fund a gold warehouse facility for new and existing leases, and cover growth and working capital. The release doesn’t mention the UAE, where the company has announced three jeweller leases this year.
The terms
Investors receive the 5.75% interest as physical gold, so they add to their ounce holdings rather than receive cash. If the rate applies to the full 9,400 ounces, that is about 540 ounces a year, or roughly $2.2 million at the price implied by the bond’s size (UFV calculation from rounded figures). The release doesn’t say how often interest is paid or what form principal is repaid in.
Keith Weiner, Monetary Metals’ chief executive, said:
“Investors want their gold to grow, not just protect, their wealth.” He described the bond as a step in the company’s growth and a demonstration of gold-denominated financing.
How it compares with the 2024 bond
The company’s headline says the new issue “triples the dollar value” of its 2024 bond. Measured in ounces, the increase is smaller.
| 2024 bond | 2026 bond | |
|---|---|---|
| Announced | 11 September 2024 | 2 November 2026 |
| Size (USD) | About $12 million | About $38 million |
| Size (gold) | 4,774 oz | Just over 9,400 oz |
| Term | 3 years | 3 years |
| Interest, paid in gold | 6% | 5.75% |
| Implied price per ounce | About $2,510 | About $4,040 |
The implied prices are UFV calculations from the rounded dollar and ounce figures, so they are approximate. On those numbers the 2026 bond is about 3.2 times the dollar size of the 2024 bond and about 2 times its size in ounces. The coupon is 25 basis points lower.
Where the money goes
Monetary Metals says it will use the proceeds to:
- repay the old bond;
- set up a gold warehouse facility to fund new and existing leases in its Gold Yield Marketplace;
- finance new growth opportunities; and
- provide working capital.
The release doesn’t say which bond is being repaid or whether repayment is early. The 2024 bond had a three-year term. It doesn’t give the size of the warehouse facility or how it will work.
The UAE link
Monetary Metals leases gold to jewellers, mints, miners and refiners, and says it has paid a yield on gold and silver through leases and bonds for over a decade. In the UAE it announced a 15,515-ounce lease to Jawhara Jewellers in March, a 13,500-ounce lease to Bhima Group in August and a lease to Kavitha Gold and Diamonds on 27 October, its third UAE jeweller deal of 2026 (all announced by the company; the Jawhara figure comes from company-published coverage). In November 2025 it appointed Hiren Chandaria as managing director for Middle East and Asia operations, with a remit that includes the UAE, India and Turkey, according to the company’s announcement.
The 2 November release doesn’t say how much of the new money, if any, will fund UAE leases, and it doesn’t link the bond to any named lessee.
FAQs
What is a gold bond?
A bond whose size and interest are denominated in gold rather than dollars. In Monetary Metals’ structure, according to its FAQ, face value is set in ounces of gold, and interest and principal are paid in gold.
How big is Monetary Metals’ 2026 gold bond?
About US$38 million, just over 9,400 ounces of gold, with a three-year term and 5.75% annual interest paid in physical gold.
What interest does Monetary Metals’ gold bond pay?
5.75% a year, paid in physical gold. The 2024 bond paid 6%.
What will Monetary Metals do with the money?
Repay its old bond, set up a gold warehouse facility to fund new and existing leases, finance growth and provide working capital.
Does Monetary Metals operate in the UAE?
Yes. It has announced gold leases to Jawhara Jewellers, Bhima Group and Kavitha Gold and Diamonds in 2026, and has a Middle East and Asia operations lead covering the UAE.
Who can buy Monetary Metals gold bonds?
The company’s FAQ says gold bonds are limited to accredited investors. The 2 November release doesn’t state eligibility.
Editor’s Take: A larger bond and a warehouse facility give Monetary Metals more gold to lend, and the UAE is one of the markets it has been lending in this year. Whether the new money reaches UAE jewellers will show up in the size of the next UAE lease announcement. The company disclosed no size for the Kavitha lease, so the Jawhara and Bhima volumes of 15,515 and 13,500 ounces are the benchmarks. The other date to watch is September 2027, when a three-year bond issued in September 2024 would mature, if it is the one being repaid.