Goldback Pricing Confused

I don’t get the pricing. Then I see 1/1000 and divide Spot by 1,000 it’s closer to the value.

Looking at APMEX this says it’s 1/10 oz of Gold. But why is it $589?

I know I am missing something, but what?

I don’t get the pricing. Then I see 1/1000 and divide Spot by 1,000 it’s closer to the value.

Looking at APMEX this says it’s 1/10 oz of Gold. But why is it $589?

I know I am missing something, but what?