I have some understanding of gold trading in futures all year round. Let me briefly talk about these two currencies $XAU $PAXG , which are issued by two parties, one stored in Switzerland and the other in London. It is paper gold benchmarked against physical gold, and having a price difference is normal. Some friends ask if they can short it. To be honest, no, even if you clearly know it will drop, you won't be able to profit from shorting. Moreover, currently, the capital does not want to drop.

XAU
XAUUSDT
4,970.4
+6.69%
PAXG
PAXGUSDT
4,988.43
+6.61%