GoldGo (ticker GOGO) is a utility token from Thailand. The project says each token is backed by 1 gram of 23K Thai gold, which partner goldsmiths hold as custodians, and that holders can redeem tokens for physical gold. Elite Consulting Group announced it in December 2020, with technology from Broctagon Fintech Group. Nearly all the details below come from the company and its partners.
What GoldGo says it is
According to the official site (goldgo.io):
- GOGO is "a utility token directly backed by a physical gold supply of 23K Thai Gold, secured by blockchain technology." The site shows 1 GOGO as 1 gram of gold.
- The token is built on Ethereum and is ERC-20 compatible.
- An "approved network of custodians and gold suppliers" holds the gold. The site says "No single party can control or manipulate the entire circulation." It does not name the custodians.
- Holders can redeem GOGO for physical gold "from 1g." The site links to a redemption page and a transfer request form, but gives no fees, timelines or process.
- GoldGo is described as a product of Elite Consulting Group (ECG). The only date on the site is a "©2021" footer.
The site contradicts itself on the minimum. One section says investing starts from "1 nanogram of gold", while physical gold is offered "from 1g". In practice, you can hold tiny fractions of a token, but redeeming for metal starts at 1 gram.
The 2020 launch announcement
A press release published on 16 December 2020 (carried by Financial IT) added these details:
- The token is pegged to Thailand's 23K gold standard, at one gram of gold per token.
- Goldsmiths act as third-party custodians. The release says the token supply and the gold in the vaults are "updated in real time on the blockchain" and verified by "the network of goldsmiths".
- Transactions run on the GoldGo Protocol (GoldPro), described as "a private Ethereum protocol" governed by smart contracts.
- The release promised "guaranteed redemption for physical gold in vaults".
- People named: Prayuth Supawarapong, CEO of Elite Consulting Group, who heads the GoldGo project, and Don Guo, CEO of Broctagon Fintech Group.
The release also says GoldGo was "recognised by The Securities and Exchange Commission (SEC), Thailand". The word it uses is "recognised", not "approved" or "licensed", and the claim comes from the company.
What is still unanswered about your GOGO?
Answer five checks from the article to see which questions about a gold-backed token like GoldGo are still open for you.
Have you found a regular, dated report from an independent auditor that matches gold in custody to GOGO tokens in circulation? GoldGo's public pages say only that partner goldsmiths verify the reserves.
- Yes, I have a dated independent report → next question
- No, only the company's own statements → Reserve proof is open
Do you know which custodians hold the gold and under what agreement? The goldgo.io site does not name them.
- Yes, named custodians and terms → next question
- No → Custody is open
Physical redemption starts from 1 gram. Beyond that minimum, do you have the fees, delivery points and timelines in writing?
- Yes, full redemption terms → next question
- No, only the 1 gram minimum → Redemption terms are open
Do you have a current SEC Thailand document on GOGO's status, not the 2020 launch press release that says it was "recognised"?
- Yes, a current regulator document → next question
- No, only the 2020 release → Regulatory status is open
Under the rules in effect since 13 August 2024, licensed exchanges, brokers and dealers in Thailand may not offer services for Group 1 tokens. Do you know where GOGO can be sold or redeemed today?
- Yes, I know a current route → All five checks have answers
- No → Liquidity is open
A gold-backed token is only as sound as its custodian's books. Without an independent, dated report, the 1 gram per token backing rests on the issuer's word. Ask the issuer for audit reports, then go on to the custody, redemption, status and liquidity checks.
The site describes an "approved network of custodians and gold suppliers" but names none. Ask the issuer who holds the gold and under what agreement before relying on the backing.
The site links to a redemption page and a transfer request form but gives no fees, timelines or process. Ask the issuer for these in writing.
GoldGo's materials do not say which 2024 utility token group GOGO falls into. You can ask the issuer and SEC Thailand for its current classification.
The November 2021 listing claim names no venue, and the 2024 rules bar licensed exchanges, brokers and dealers from Group 1 tokens. Ask the issuer where GOGO can be sold or redeemed today.
You have answers on reserves, custody, redemption terms, regulatory status and liquidity. Keep the documents dated, since the official site shows no update history.
This only shows which of the article's five checks are still unanswered. It does not verify GoldGo's reserves, custodians or legal status, and it does not say whether to buy, hold or redeem GOGO.
Trading history and current status
Elite Consulting Group's website includes statements from its team:
- Prayuth Supawarapong says GoldGo has been "operating since 2019 until the present." The statement carries no date.
- Dr. Thitiphat Charoenchaipong says the token "complied with the regulations of the digital asset exchange" and was listed for trading in November 2021. The venue is not named.
The official site shows no update history, so its pages do not say whether minting, transfers and redemption still work as described.
Thailand's 2024 utility token rules
SEC Thailand changed how it supervises ready-to-use utility tokens through seven notifications that took effect on 13 August 2024. Bloomberg Law reported the change on 14 August 2024. The rules split ready-to-use utility tokens into two groups:
- Group 1 covers tokens issued for consumption, or that act as a certificate or a substitute for legal documents. Examples are loyalty points, digital tickets, NFTs and carbon credits. Offering them in the primary market does not need an SEC offering permit.
- Licensed digital asset exchanges, brokers and dealers may not list, trade or provide services for Group 1 tokens. A business that wants to offer related services has to set up a separate legal entity.
GoldGo's materials do not say which group GOGO falls into. Holders can ask the issuer and SEC Thailand for its current classification.
What to check before relying on a gold-backed token
A gold-backed token is only as sound as its custodian's books. Check these points for GoldGo or any similar token:
- Reserve proof. Look for regular, dated reports from an independent auditor that match bars in custody to tokens in circulation. GoldGo's public pages say partner goldsmiths verify the reserves.
- Named custodians. Find out who holds the gold and under what agreement. GoldGo's site does not name them.
- Redemption terms. Check the minimum (1 gram here), the fees, the delivery points and the timelines. GoldGo's site gives only the minimum.
- Regulatory status. Look for a current regulator document, not a launch press release.
- Liquidity. Find out where the token can be sold or redeemed today, since Thailand's 2024 rules bar licensed exchanges, brokers and dealers from Group 1 tokens.
