RE:RE:RE:xau priceA fair question. Yes the company depends on transactions for its revenues but if the price of gold increases say 10%, then their revenues increase likewise, even if the number of transactions stay the same. Of course, the reverse is also true. They get 1% of all money being added to or being redeemed from their platform.
also, general interest in gold increases with its price leading customers to generally adding to their positions as well as using their gold more for transactions. Management confirms that this tends to be the case.
I tend to think of increasing gold prices as a tide that lifts all boats - except those built on fiat money.