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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950136-04-004440.txt : 20041217
<SEC-HEADER>0000950136-04-004440.hdr.sgml : 20041217
<ACCEPTANCE-DATETIME>20041217171931
ACCESSION NUMBER:		0000950136-04-004440
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20041217
DATE AS OF CHANGE:		20041217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			streetTRACKS GOLD TRUST
		CENTRAL INDEX KEY:			0001222333
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				522369757

	FILING VALUES:
		FORM TYPE:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-105202
		FILM NUMBER:		041212144

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES LLC
		STREET 2:		444 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		444 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GOLD TRUST
		DATE OF NAME CHANGE:	20030310
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>POST EFFECTIVE AMENDMENT TO S-1
<TEXT>
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          &nbsp;
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                As filed with the Securities and Exchange Commission on
                December 17, 2004&nbsp;
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                Registration No. 333-105202&nbsp;
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                SECURITIES AND EXCHANGE COMMISSION<BR><FONT
                STYLE="text-transform: uppercase">Washington, D.C. 20549</FONT>&nbsp;
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                POST-EFFECTIVE<BR>AMENDMENT NO. 1 TO&nbsp;
              </P>
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                Form S-1&nbsp;
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                REGISTRATION STATEMENT <BR>UNDER <BR>THE SECURITIES ACT OF
                1933&nbsp;
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                streetTRACKS<SUP>&reg;</SUP> GOLD TRUST&nbsp;
              </P>
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          SPONSORED BY WORLD GOLD TRUST SERVICES, LLC&nbsp;
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                (Exact name of Registrant as specified in its charter)&nbsp;
              </P>
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<!--CT: header-->
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             STYLE="font-size: 9pt; text-align: center; vertical-align: bottom;
               font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">New
              York</TD>
            <TD COLSPAN="1"
             STYLE="font-size: 9pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</TD>
<!--CT: header-->
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            <TD>&nbsp;</TD>
            <TD COLSPAN="3"
             STYLE="font-size: 9pt; text-align: center; vertical-align: bottom;
               font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">6189</TD>

            <TD COLSPAN="1"
             STYLE="font-size: 9pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</TD>
<!--CT: header-->
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            <TD>&nbsp;</TD>
            <TD COLSPAN="3"
             STYLE="font-size: 9pt; text-align: center; vertical-align: bottom;
               font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">81-6124035</TD>

            <TD COLSPAN="1"
             STYLE="font-size: 9pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</TD>

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<!--CT: body-->
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             STYLE="font-size: 10pt; text-align: center; vertical-align: top;
              font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">(State
              or other jurisdiction of incorporation or organization)</TD>
            <TD COLSPAN="1"
             STYLE="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</TD>
<!--CT: body-->
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            <TD>&nbsp;</TD>
            <TD COLSPAN="3"
             STYLE="font-size: 10pt; text-align: center; vertical-align: top;
              font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">(Primary
              Standard Industrial Classification Code Number)</TD>
            <TD COLSPAN="1"
             STYLE="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</TD>
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            <TD>&nbsp;</TD>
            <TD COLSPAN="3"
             STYLE="font-size: 10pt; text-align: center; vertical-align: top;
              font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">(I.R.S.
              Employer Identification No.)</TD>
            <TD COLSPAN="1"
             STYLE="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</TD>

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                c/o World Gold Trust Services, LLC<BR>444 Madison Avenue,
                3<SUP>rd</SUP> Floor<BR>New York, New York 10022<BR>(212) 317-3800&nbsp;
              </P>
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                (Address, including zip code, and telephone number, including
                area code, of Registrant's principal executive offices)&nbsp;
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                Steven J. Glusband, Esq.<BR>Kathleen H. Moriarty,
                Esq.<BR>Carter Ledyard &amp; Milburn LLP<BR>2 Wall Street<BR>New York, New York
                10005<BR>(212) 732-3200&nbsp;
              </P>
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                (Name, address, including zip code, and telephone number,
                including area code, of agent for service)&nbsp;
              </P>
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                <FONT STYLE="font-weight: bold; font-style: italic">Copies
                to:</FONT>&nbsp;
              </P>
            </DIV> </DIV> </DIV>

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              font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "
            WIDTH="40%"><FONT STYLE="font-weight: bold; font-style: italic">Mr. J. Stuart
              Thomas<BR>World Gold Trust Services, LLC <BR>444 Madison Avenue, 3<SUP>rd</SUP>
              Floor <BR>New York, New York 10022<BR>(212) 317-3800</FONT></TD>
            <TD COLSPAN="1"
            STYLE="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</TD>
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            <TD>&nbsp;</TD>
            <TD
            STYLE="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></TD>

            <TD
            STYLE=" font-size: 10pt; text-align: center; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;<FONT
              STYLE="font-weight: bold; font-style: italic">John Altorelli, Esq.<BR>Paul,
              Hastings, Janofsky &amp; Walker LLP<BR>75 East 55<SUP>th</SUP> Street<BR>New
              York, New York 10022<BR>(212) 318-6000</FONT></TD>
            <TD COLSPAN="2"
            STYLE="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</TD>

          </TR>
        </TABLE> <BR>

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              <P
              STYLE=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 9pt; text-align: left;  margin: 0pt; width: 528pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                <FONT
                STYLE="font-weight: bold; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate
                date of commencement of proposed sale to the public:</FONT> As soon as
                practicable after this registration statement becomes effective.&nbsp;
              </P>
            </DIV> </DIV> </DIV>
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                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the
                securities being registered on this Form are to be offered on a delayed or
                continuous basis pursuant to Rule 415 under the Securities Act of 1933, check
                the following box. <IMG SRC="xbox.gif" WIDTH="10" HEIGHT="10">&nbsp;
              </P>
            </DIV> </DIV> </DIV>
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                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is
                filed to register additional securities for an offering pursuant to Rule 462(b)
                under the Securities Act of 1933, check the following box and list the
                Securities Act registration statement number of the earlier effective
                registration statement for the same offering.
                <IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">&nbsp;
              </P>
            </DIV> </DIV> </DIV>
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                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is
                a post-effective amendment filed pursuant to Rule 462(c) under the Securities
                Act of 1933, check the following box and list the Securities Act registration
                statement number of the earlier effective registration statement for the same
                offering. <IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt; ">
          <DIV CLASS="WhiteBorder"
          STYLE="float: left; margin: 0pt; padding: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 9pt; text-align: left;  margin: 0pt; width: 528pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is
                a post-effective amendment filed pursuant to Rule 462(d) under the Securities
                Act of 1933, check the following box and list the Securities Act registration
                statement number of the earlier effective registration statement for the same
                offering. <IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt; ">
          <DIV CLASS="WhiteBorder"
          STYLE="float: left; margin: 0pt; padding: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 9pt; text-align: left;  margin: 0pt; width: 528pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If delivery of
                the prospectus is expected to be made pursuant to Rule 434, please check the
                following box. <IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV
        STYLE="clear:left; padding: 0pt; margin: 0pt; width: 530pt; padding-left: 0pt; "
        ALIGN="center">
          <DIV
          STYLE="margin-top: 6pt; width: 72pt; height: 1pt; background: #000000;">
            <IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt; ">
          <DIV CLASS="WhiteBorder"
          STYLE="float: left; margin: 0pt; padding: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 9pt; text-align: left;  margin: 0pt; width: 528pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant
                hereby amends this registration statement on such date or dates as may be
                necessary to delay its effective date until the Registrant shall file a further
                amendment which specifically states that this registration statement shall
                thereafter become effective in accordance with section 8(a) of the Securities
                Act of 1933 or until the registration statement shall become effective on such
                date as the Securities and Exchange Commission, acting pursuant to said section
                8(a), may determine.&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt; ">
          <DIV CLASS="WhiteBorder"
          STYLE="float: left; margin: 0pt; padding: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 528pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV
        STYLE="clear:left; padding: 0pt; margin: 0pt; margin-top: 4pt; margin-bottom: 4pt;"
        ALIGN="left">
          <DIV
          STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 528pt; height: 1pt; background: #000000;">
            <IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></DIV>
          <DIV
          STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 528pt; height: 1pt; background: #ffffff;">
            <IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></DIV>
          <DIV
          STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 528pt; height: 2pt; background: #000000;">
            <IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></DIV> </DIV> </DIV> </DIV>
    <DIV>
      <P
      STYLE="width: 552pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">
        &nbsp;
      </P>
    </DIV>
    <DIV STYLE="width: 552pt; padding-top: 6pt; padding-bottom: 0pt;"> <HR>
      </DIV>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 9pt; color: #ff0000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
information in this preliminary prospectus is not complete and may be
changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is
effective. This preliminary prospectus is not an offer to sell these
securities and the Sponsor and the Trust are not soliciting an offer to
buy these securities in any jurisdiction where the offer or sale is not
permitted.<br>&nbsp;</p>
</div>
</div>

</div>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td>
<div style="width: 120.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.75pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 16.5pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 13.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 62pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 13.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 16.5pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 21.75pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 18.75pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 90.5pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 18.75pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 9pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">PRELIMINARY
PROSPECTUS</font></td><td colspan="1" style="font-size: 9pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 9pt; text-align: center; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; "><font style="font-variant: small-caps"><font style="font-weight: bold; font-style: normal">Subject to
Completion</font></font></td><td colspan="1" style="font-size: 9pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 9pt; text-align: right; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; "><font style="font-variant: small-caps"><font style="font-weight: bold; font-style: normal">December 17,
2004</font></font></td><td colspan="1" style="font-size: 9pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 456pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 14pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 5pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">120,000,000
S<font style="text-transform: lowercase">hares</font>&nbsp;</p>
</div>
</div>

</div><div align="left" style="width:  642;"><img src="html_94538goldcover.jpg" style="margin-top: 6pt;" align="left"></div><div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 14pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 5pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: normal">s<font style="text-transform: lowercase">treet</font></font>TRACKS<sup>&reg;</sup>
G<font style="text-transform: lowercase">old</font>
S<font style="text-transform: lowercase">hares</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 456pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
streetTRACKS<sup>&reg;</sup>
Gold Trust (Trust) will issue
streetTRACKS<sup>&reg;</sup>
Gold Shares
(Shares) which represent
units of fractional
undivided beneficial interest in and ownership
of the Trust. World Gold Trust Services, LLC is the
sponsor of the
Trust (Sponsor), The Bank of
New York is the trustee of the Trust
(Trustee),
HSBC Bank
USA,
N.A. is the custodian of the
Trust (Custodian) and State
Street Global Markets, LLC is the marketing agent of the Trust
(Marketing Agent).
The Trust intends
to issue additional Shares on a continuous basis
through its
Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares may be purchased from
the Trust only in one
or more blocks of 100,000 Shares (a block of
100,000 Shares is called a
Basket), as described
in "Creation and Redemption of Shares."
The Trust will issue Shares in Baskets to
certain authorized participants
(Authorized
Participants) on
an ongoing basis as described in "Plan of
Distribution."
Baskets will be offered
continuously at the
net
asset value (NAV) for 100,000 Shares on the
day that an order to create a Basket is
accepted by the
Trustee.&nbsp;It is expected that the Shares will be sold
to the public&nbsp;at varying prices to be
determined by reference to, among other considerations, the price of
gold and the&nbsp;trading price of the Shares on
the NYSE at the time of each
sale.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Shares
trade on the New York
Stock Exchange (NYSE) under the symbol
"GLD."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investing in the Shares involves significant risks.
See "Risk Factors" starting on page
7.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Neither the Securities and Exchange Commission
(SEC) nor any
state securities commission has approved or
disapproved of the securities offered in this
prospectus, or determined if this prospectus is truthful or
complete. Any representation to the contrary
is a criminal
offense.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are neither interests in nor obligations of
the
Sponsor,
the Trustee
or
the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">streetTRACKS<sup>&reg;</sup>
is a registered service mark of State Street Corporation, an affiliate
of the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">&nbsp;</p>
</div>
</div>

</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " align="center">
<div style="margin-top: 6pt; width: 120pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: center;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 9pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
date of this prospectus is
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;,
2004.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</div>
</div>

</div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This
prospectus contains information you should consider when making an
investment decision about the Shares. You may rely on the information
contained in this prospectus. The Trust and the Sponsor have not
authorized any person to provide you with different information and, if
anyone provides you with different or inconsistent information, you
should not rely on it. This prospectus is not an offer to sell the
Shares in any jurisdiction where the offer or sale of the Shares is not
permitted.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are not registered for public sale in any
jurisdiction other than the United States.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TABLE OF CONTENTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 456pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 120.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.75pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.375pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 3.375pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 14.25pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 3.375pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Statement
Regarding Forward-Looking
Statements</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;ii</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Glossary of Defined
Terms</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;iii</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Prospectus
Summary</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Risk
Factors</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;7</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Use of
Proceeds</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;16</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Market Price of
Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;16</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Overview of the Gold
Industry</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;17</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Operation of the Gold Bullion
Market</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Analysis of Movements in the Price of
Gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;26</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Business of the
Trust</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;28</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description of
the
Trust</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;33</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The
Sponsor</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The
Trustee</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;37</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The
Custodian</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;38</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The Marketing
Agent</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;39</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description
of the
Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;42</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Custody of the Trust's
Gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;44</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description of the Custody
Agreements</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;47</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Creation and Redemption of
Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;51</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description of the Trust Indenture
</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;57</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">United States Federal Tax
Consequences</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;67</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">ERISA and Related
Considerations</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;71</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Plan of
Distribution</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;72</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Legal
Proceedings</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;73</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Legal
Matters</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;73</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Experts</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;73</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Where You Can Find More
Information</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;73</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Report of Independent Registered Public Accounting
Firm</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;F-1</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Statement of Financial
Condition</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;F-2</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " align="center">
<div style="margin-top: 6pt; width: 96pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized
Participants may
be required to deliver
a prospectus when making transactions in
the Shares. See
"Plan of
Distribution."&nbsp;</p>
</div>
</div>

</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " align="center">
<div style="margin-top: 6pt; width: 96pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
information contained in
the sections captioned
"Overview of the Gold Industry,"
"Operation of the Gold Bullion
Market" and
"Analysis of Movements in the Price of
Gold"
is based on information
obtained from sources
that the Sponsor believes are reliable. This
prospectus
summarizes certain documents and other information in a manner
the
Sponsor
believes to be
accurate. In making an investment decision, you must rely on your own
examination of the Trust, the gold industry, the operation of the gold
bullion market and the terms of the offering and the
Shares,
including the merits and risks involved.
Although the Sponsor believes this information to be reliable, the
accuracy and completeness of this information is not guaranteed and has
not been independently
verified.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">i</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Statement Regarding Forward-Looking
Statements&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This prospectus includes
"forward-looking statements" which generally
relate to future events or future performance. In some cases, you can
identify forward-looking statements by terminology such as
"may," "will,"
"should," "expect,"
"plan,"
"anticipate,"
"believe,"
"estimate,"
"predict,"
"potential" or the negative of these terms or
other comparable terminology. All statements (other than statements of
historical fact) included in this prospectus that address activities,
events or developments that will or may occur in the future, including
such matters as changes in commodity prices and market conditions (for
gold and the Shares), the Trust's operations, the Sponsor's
plans and references to the Trust's future success and other
similar matters are forward-looking statements. These statements are
only predictions. Actual events or results may differ materially. These
statements are based upon certain assumptions and analyses the Sponsor
made based on its perception of historical trends, current conditions
and expected future developments, as well as other factors appropriate
in the circumstances. Whether or not actual results and developments
will conform to the Sponsor's expectations and predictions,
however, is subject to a number of risks and uncertainties, including
the special considerations discussed in this prospectus, general
economic, market and business conditions, changes in laws or
regulations, including those concerning taxes, made by governmental
authorities or regulatory bodies, and other world economic and
political developments. See "Risk Factors."
Consequently, all the forward-looking statements made in this
prospectus are qualified by these cautionary statements, and there can
be no assurance that the actual results or developments the Sponsor
anticipates will be realized or, even if substantially realized, that
they will result in the expected consequences to, or have the expected
effects on, the Trust's operations or the value of the Shares.
Moreover, neither the Sponsor nor any other person assumes
responsibility for the accuracy or completeness of the forward-looking
statements. Neither the Trust nor the Sponsor is under a duty to update
any of the forward-looking statements to conform such statements to
actual results or to reflect a change in the
Sponsor's expectations or
predictions.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">ii</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Glossary
of
Defined
Terms&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In this prospectus, each of the following quoted terms have the
meanings set forth after such term:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Allocated
Bullion Account Agreement" &mdash;
The
agreement between the Trustee and the Custodian which establishes the
Trust Allocated Account. The Allocated Bullion Account Agreement and
the
Unallocated
Bullion Account Agreement are sometimes referred to together as the
"Custody
Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"ANAV"
&mdash; Adjusted NAV. See "Description of the Trust
Indenture &mdash; Valuation of Gold, Definition of Net Asset Value and
Adjusted Net Asset Value" for a description of how the
ANAV of the Trust is calculated. The ANAV of the Trust is used to
calculate the
fees
of the Trustee, the Sponsor and the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Authorized
Participant" &mdash; A person who (1) is a registered
broker-dealer or other securities market
participant such as a bank or other
financial institution which is not required to register as a
broker-dealer to engage in securities
transactions, (2) is a participant in DTC,
(3) has entered into a Participant Agreement with the Trustee and (4)
has established an Authorized Participant Unallocated Account with the
Custodian. Only Authorized Participants may place orders to create or
redeem one or more Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Authorized Participant
Unallocated Account" &mdash; An unallocated gold account
established with the Custodian by an Authorized Participant. Each
Authorized Participant's Authorized Participant Unallocated
Account will be used to facilitate the transfer of gold deposits and
gold redemption distributions between the Authorized Participant and
the Trust in connection with the creation and redemption of
Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Basket" &mdash; A block of
100,000 Shares. Multiple blocks of 100,000 Shares are called
"Baskets."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"BNY" &mdash; The Bank of New York,
a
banking
corporation organized under the laws of the
State of New York with trust powers. BNY is the trustee of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Book Entry
System" &mdash; The Federal Reserve Treasury Book Entry
System for United States and federal agency
securities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"CEA" &mdash; Commodity Exchange Act of
1936, as
amended.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"CFTC"
&mdash; Commodity Futures Trading Commission, an independent agency
with the mandate to regulate commodity futures and option markets in
the United States.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Clearing Agency"
&mdash; Any clearing agency or similar system other than the Book Entry
System or DTC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Code" &mdash; The
United States Internal Revenue Code of 1986, as amended.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Creation Basket Deposit" &mdash; The
total deposit required to create a
Basket.
The deposit
will be an amount of gold and cash, if any,
that is in the same proportion to the total assets of the Trust (net
of estimated
accrued but unpaid fees,
expenses and other liabilities) on the date
an
order to purchase one or more Baskets
is properly received as the number of Shares
comprising
the number of Baskets
to be created in respect of the deposit
bears to the total number of Shares outstanding on the date
such
order is properly
received.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Custodian" &mdash; HSBC Bank
USA,
N.A., a national banking association and
a market maker, clearer
and approved weigher under the rules of the
LBMA.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Custody Agreements" &mdash; The
Allocated Bullion Account Agreement together with the Unallocated
Bullion Account Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Custody
Rules" &mdash; The rules, regulations, practices and
customs of the LBMA, the Bank of England or any applicable regulatory
body which apply to gold made available in physical form by the
Custodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"DTC" &mdash; The
Depository Trust Company. DTC is a limited purpose trust company
organized under New York law, a member of the US Federal Reserve System
and a
clearing
agency registered with the SEC. DTC
acts
as the securities depository for the Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"DTC
Participant" &mdash; Participants in DTC, such as banks,
brokers, dealers and trust
companies.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">iii</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Glossary
of
Defined
Terms</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Evaluation
Time" &mdash; The time
at
which the Trustee
evaluates
the gold held by the Trust and
determines both
the NAV and the ANAV of the Trust, which is currently
the
time of the London PM Fix on each
day
when the NYSE is open for regular trading
or, if there is no London PM Fix on
such
day or the London PM Fix has not been
announced by 12:00 PM New York time on
such
day, 12:00 PM New York
time on such
day.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"FSA" &mdash; The Financial Services
Authority, an independent non-governmental body which exercises
statutory regulatory power under the FSM Act
and which regulates the major
participating
members of the LBMA in the United
Kingdom.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"FSM
Act" &mdash;
The Financial Services and Markets Act
2000.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"HSBC" &mdash; HSBC Bank
USA,
N.A., a national banking association and
a market maker, clearer
and approved weigher under the rules of the
LBMA. HSBC is the custodian of the
Trust's gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Indirect Participants" &mdash; Those
banks, brokers, dealers, trust companies and others who maintain,
either directly or indirectly, a custodial relationship with a DTC
Participant.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"LBMA" &mdash; The London Bullion Market
Association. The LBMA is the trade association that acts as the
coordinator for activities conducted on behalf of its members and other
participants in the London bullion market. In addition to coordinating
market activities, the LBMA acts as the principal point of contact
between the market and its regulators. A primary function of the LBMA
is its involvement in the promotion of refining standards by
maintenance of the "London Good Delivery
Lists,"
which are the lists of LBMA accredited melters and assayers of gold.
Further, the LBMA coordinates market clearing and vaulting, promotes
good trading practices and develops standard documentation. The major
participating members of the LBMA are regulated by the FSA in the
United Kingdom under the
FSM
Act.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"London Good Delivery Bar"
&mdash; A bar of gold meeting the London Good Delivery Standards.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"London Good Delivery Standards" &mdash;
The specifications for weight, dimensions, fineness (or purity),
identifying marks and appearance of gold bars as set forth in
"The Good Delivery Rules for Gold and Silver
Bars" published by the LBMA. The London Good Delivery
Standards are described in "Operation of the Gold Bullion
Market &mdash; The London Bullion Market."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"London PM Fix" &mdash; The afternoon
session of the twice daily fix of the price of an ounce of gold which
starts at 3:00 PM London, England time and is performed in London by
the five
members
of the London gold fix. See
"Operation of the
Gold Bullion Market &ndash; The London
Bullion Market" for a description of the operation of the
London PM Fix.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Marketing
Agent
Agreement" &mdash; The
agreement
between
the
Sponsor
and the Marketing Agent under
which, among other things,
the Marketing Agent
assists
the Sponsor with certain marketing
activities.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Marketing Agent" &mdash;
State Street Global Markets, LLC, a Delaware limited liability company
and a wholly-owned
subsidiary of State
Street
Corporation.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"NAV" &mdash; Net asset value. See
"Description of the Trust
Indenture
&mdash;
Valuation of
Gold, Definition of Net Asset Value and Adjusted Net Asset
Value" for a description of how the NAV of the Trust and
the NAV per Share are
calculated.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"OTC" &mdash; The global Over-the-Counter
market for the trading of gold which consists of transactions in spot,
forwards, and options and other derivatives.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Participant Agreement" &mdash; An
agreement entered into by each Authorized
Participant, the Sponsor
and the Trustee which provides the
procedures for the creation and redemption of Baskets and for the
delivery of the gold and any cash required for such creations and
redemptions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Participant Unallocated Bullion
Account Agreement" &mdash; The agreement between an
Authorized Participant and the Custodian which establishes the
Authorized Participant Unallocated
Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Purchaser" &mdash;
UBS Securities
LLC, solely in&nbsp;its capacity as
Purchaser
in the
Trust's
initial public offering of 2,300,000
Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Shareholders"
&mdash; Owners of beneficial interests in the Shares.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">iv</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Glossary
of
Defined
Terms</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Shares" &mdash;
Units of fractional undivided beneficial interest in and ownership of
the Trust which are issued by the Trust and named
"streetTRACKS<sup>&reg;</sup>
Gold
Shares."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Sponsor" &mdash; World Gold Trust
Services, LLC, a Delaware limited liability company wholly-owned by the
WGC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"tonne"
&mdash; One metric tonne which is equivalent to 1,000 kilograms or
32,150.7465 troy ounces.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust"
&mdash; The
streetTRACKS<sup>&reg;</sup>
Gold Trust, an investment trust, formed on
November
12,
2004
under New York law pursuant to
the
Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust Allocated
Account" &mdash; The allocated gold account of the Trust
established with the Custodian by the Allocated Bullion Account
Agreement. The Trust Allocated Account
is
used to hold the gold deposited with the Trust in allocated form (i.e.,
as individually identified bars of gold).&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trustee" &mdash; The Bank of New York,
a
banking
corporation organized under the laws of the
State of New York with trust powers.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust Indenture" &mdash; The agreement
entered into by the Sponsor and the Trustee under which the Trust is
formed and which sets
forth the rights and
duties of the Sponsor, the Trustee and
Custodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust Unallocated Account"
&mdash; The unallocated gold account of the Trust established with the
Custodian by the Unallocated Bullion Account Agreement. The Trust
Unallocated Account
is
used to facilitate the transfer of gold deposits and gold redemption
distributions between Authorized Participants and the Trust in
connection with the creation and redemption of Baskets and the sales of
gold made by the Trustee for the Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Unallocated Bullion Account Agreement"
&mdash; The agreement between the Trustee and the Custodian which
establishes the Trust Unallocated Account. The Allocated Bullion
Account Agreement and the Unallocated Bullion Account Agreement are
sometimes referred to together
as the "Custody
Agreements."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"US Shareholder" &mdash; A Shareholder
that is (1) an individual who is treated as a citizen or resident of
the United States for US federal income tax purposes; (2) a corporation
or partnership created or organized in or under the laws of the United
States or any political subdivision thereof; (3) an estate, the income
of which is includible in gross income for US federal income tax
purposes regardless of its source; or (4) a trust, if a court within
the United States is able to exercise primary supervision over the
administration of the trust and one or more US persons have the
authority to control all substantial decisions of the
trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"WGC"
&mdash; World Gold Council, a not-for-profit association registered
under Swiss law and the sole member of the
Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"WGTS"
&mdash; World Gold Trust Services, LLC, a Delaware limited liability
company wholly-owned by the WGC. WGTS is the sponsor of the
Trust.&nbsp;</p>
</div>
</div>
</div>
</div>
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          &nbsp;
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                Prospectus Summary&nbsp;
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                <FONT STYLE="font-weight: normal; font-style: italic">This is
                only a summary of the prospectus and, while it contains material information
                about the Trust and its Shares, it does not contain or summarize all of the
                information about the Trust and the Shares contained in this prospectus which
                is material and/or which may be important to you. You should read this entire
                prospectus, including "Risk Factors" beginning on page 7, before making an
                investment decision about the Shares.</FONT>&nbsp;
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                TRUST STRUCTURE&nbsp;
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                The Trust is an investment trust, formed on November 12, 2004
                under New York law pursuant to a trust indenture (Trust Indenture). The Trust
                holds gold and is expected from time to time to issue Baskets in exchange for
                deposits of gold and to distribute gold in connection with redemptions of
                Baskets. The investment objective of the Trust is for the Shares to reflect the
                performance of the price of gold bullion, less the Trust's expenses. The
                Sponsor believes that, for many investors, the Shares represent a
                cost-effective investment in gold. The material terms of the Trust Indenture
                are discussed in greater detail under the section "Description of the Trust
                Indenture". The Shares represent units of fractional undivided beneficial
                interest in and ownership of the Trust and trade under the ticker symbol GLD on
                the NYSE.&nbsp;
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                The Trust's Sponsor is World Gold Trust Services, LLC (WGTS),
                which is wholly-owned by the World Gold Council (WGC), a not-for-profit
                association registered under Swiss law. The Sponsor is a Delaware limited
                liability company and was formed on July 17, 2002. Under the Delaware Limited
                Liability Company Act and the governing documents of the Sponsor, the WGC, the
                sole member of the Sponsor, is not responsible for the debts, obligations and
                liabilities of the Sponsor solely by reason of being the sole member of the
                Sponsor.&nbsp;
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                  The Sponsor is responsible for establishing the Trust and for
                  the registration of the Shares. The Sponsor generally oversees the performance
                  of the Trustee and the Trust's principal service providers, but does not
                  exercise day-to-day oversight over the Trustee and such service providers. The
                  Sponsor may remove the Trustee and appoint a successor (1) if the Trustee
                  commits certain willful bad acts in performing its duties or willfully
                  disregards its duties, (2) if the Trustee acts in bad faith in performing its
                  duties, (3) if the Trustee's creditworthiness has materially deteriorated or
                  (4) if the Trustee's negligent acts or omissions have had a material adverse
                  effect on the Trust or the interests of Shareholders and the Trustee has not
                  cured the material adverse effect within a certain period of time and
                  established that the material adverse effect will not recur. The Sponsor will
                  remove the Trustee if the Trustee does not meet the qualifications for a
                  trustee under the Trust Indenture. See "Description of the Trust Indenture
                  &mdash; The Trustee &mdash; Resignation, discharge or removal of Trustee;
                  successor trustees" for more information. The Sponsor may direct the Trustee to
                  employ one or more other custodians in addition to or in replacement of the
                  Custodian, provided that the Sponsor may not appoint a successor custodian
                  without the consent of the Trustee if the appointment has a material adverse
                  effect on the Trustee's ability to perform its duties. To assist the Sponsor in
                  marketing the Shares, the Sponsor has entered into a marketing agent agreement
                  with the Marketing Agent (Marketing Agent Agreement). The Sponsor maintains a
                  public website on behalf of the Trust, containing information about the Trust
                  and the Shares. The internet address of the Trust's website is
                  www.streettracksgoldshares.com. This internet address is only provided here as
                  a convenience to you, and the information contained on or connected to the
                  Trust's website is not considered part of this prospectus. The general role and
                  responsibilities of the Sponsor are further discussed in "The Sponsor."&nbsp;
                </P>
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                The Trustee is The Bank of New York (BNY). The Trustee is
                generally responsible for the day-to-day administration of the Trust. This
                includes (1) selling the Trust's gold as needed to pay the Trust's expenses
                (gold sales are expected to occur approximately monthly in the ordinary
                course), (2) calculating the NAV of the Trust and the NAV per Share, (3)
                receiving and processing orders from Authorized Participants to create and
                redeem Baskets and coordinating the processing of such orders with the
                Custodian and The Depository Trust Company (DTC) and (4) monitoring the
                Custodian. The general role, responsibilities and regulation of the Trustee are
                further described in "The Trustee."&nbsp;
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        1
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          &nbsp;
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                The Custodian is HSBC Bank USA, N.A. (HSBC). The Custodian is
                responsible for the safekeeping of the Trust's gold deposited with it by
                Authorized Participants in connection with the creation of Baskets. The
                Custodian also facilitates the transfer of gold in and out of the Trust through
                gold accounts it maintains for Authorized Participants and the Trust. The
                Custodian is a market maker, clearer and approved weigher under the rules of
                the London Bullion Market Association (LBMA). The general role,
                responsibilities and regulation of the Custodian are further described in "The
                Custodian" and "Custody of the Trust's Gold."&nbsp;
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                Detailed descriptions of certain specific rights and duties of
                the Trustee and the Custodian are set forth in "Description of the Trust
                Indenture" and "Description of the Custody Agreements."&nbsp;
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                  The Marketing Agent is assisting the Sponsor in (1)
                  developing a marketing plan for the Trust on an ongoing basis, (2) preparing
                  marketing materials regarding the Shares, including the content of the Trust's
                  website, (3) executing the marketing plan for the Trust, (4) incorporating gold
                  into its strategic and tactical exchange-traded fund research, and (5)
                  licensing the "streetTRACKS<SUP>&reg;</SUP>" trademark. The general role and
                  responsibilities of the Marketing Agent are further described in "The Marketing
                  Agent."&nbsp;
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                TRUST OVERVIEW&nbsp;
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                The investment objective of the Trust is for the Shares to
                reflect the performance of the price of gold bullion, less the expenses of the
                Trust's operations. The Shares are designed for investors who want a
                cost-effective and convenient way to invest in gold. Advantages of investing in
                the Shares include:&nbsp;
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                  &rarr;&nbsp;
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                  <FONT STYLE="font-weight: normal; font-style: italic">Ease
                  and Flexibility of Investment.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;The Shares trade
                  on the NYSE and provide institutional and retail investors with indirect access
                  to the gold bullion market. The Shares may be bought and sold on the NYSE like
                  any other exchange-listed securities, except that the Shares regularly trade
                  until 4:15 PM instead of 4:00 PM New York time.&nbsp;
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                &rarr;&nbsp;
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                <FONT
                STYLE="font-weight: normal; font-style: italic">Expenses.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;The
                Sponsor expects that, for many investors, costs associated with buying and
                selling the Shares in the secondary market and the payment of the Trust's
                ongoing expenses will be lower than the costs associated with buying and
                selling gold bullion and storing and insuring gold bullion in a traditional
                allocated gold bullion account.&nbsp;
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                Investing in the Shares does not insulate the investor from
                certain risks, including price volatility. See "Risk Factors."&nbsp;
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                PRINCIPAL OFFICES&nbsp;
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                The Trust's office is located at 444 Madison Avenue,
                3<SUP>rd</SUP> Floor, New York, New York 10022 and its telephone number is
                (212) 317-3800. The Sponsor's office is located at 444 Madison Avenue,
                3<SUP>rd</SUP> Floor, New York, New York 10022. The Trustee has a trust office
                at 2 Hanson Place, Brooklyn, New York 11217. The Custodian is located at 8
                Canada Square, London, E14 5HQ, United Kingdom. The Marketing Agent's office is
                located at State Street Financial Center, One Lincoln Street, Boston,
                Massachusetts 02111.&nbsp;
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        2
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          &nbsp;
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                The Offering&nbsp;
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                Offering&nbsp;
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                The Shares represent units of fractional undivided beneficial
                interest in and ownership of the Trust.&nbsp;
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                Use of proceeds&nbsp;
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                  Proceeds received by the Trust from the issuance and sale of
                  Baskets&nbsp;will consist of gold deposits and, possibly from time to time,
                  cash. Pursuant to the Trust Indenture, during the life of the Trust such
                  proceeds will only be (1) held by the Trust, (2) distributed to Authorized
                  Participants in connection with the redemption of Baskets or (3) disbursed or
                  sold as needed to pay the Trust's ongoing expenses.&nbsp;
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                New York Stock Exchange symbol&nbsp;
              </P>
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                GLD&nbsp;
              </P>
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                CUSIP&nbsp;
              </P>
            </DIV> </DIV>
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              <P
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                863307 10 4&nbsp;
              </P>
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              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Creation and redemption&nbsp;
              </P>
            </DIV>

          </DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                The Trust will create and redeem the Shares from time to time,
                but only in one or more Baskets (a Basket equals a block of 100,000 Shares).
                The creation and redemption of Baskets requires the delivery to the Trust or
                the distribution by the Trust of the amount of gold and any cash represented by
                the Baskets being created or redeemed, the amount of which is based on the
                combined NAV of the number of Shares included in the Baskets being created or
                redeemed. The initial amount of gold required for deposit with the Trust to
                create Shares&nbsp;for the period from the formation of the Trust to the first
                day of trading of the Shares on the NYSE&nbsp;was 10,000 ounces per Basket. The
                number of ounces of gold required to create a Basket or to be delivered upon
                the redemption of a Basket will gradually decrease over time, due to the
                accrual of the Trust's expenses and the sale of the Trust's gold to pay the
                Trust's expenses. See "Business of the Trust &mdash; Trust Expenses &mdash; Pro
                Forma Impact of Trust Expenses." Baskets may be created or redeemed only by
                Authorized Participants, who pay a transaction fee for each order to create or
                redeem Baskets and may sell the Shares included in the Baskets they create to
                other investors. See "Creation and Redemption of Shares" for more
                details.&nbsp;
              </P>
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              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Net Asset Value&nbsp;
              </P>
            </DIV>

          </DIV>
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              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                The NAV of the Trust is the aggregate value of the Trust's
                assets less its liabilities (which include estimated accrued but unpaid fees
                and expenses). In determining the NAV of the Trust, the Trustee values the gold
                held by the Trust on the basis of the price of an ounce of gold as set by the
                afternoon session of the twice daily fix of the price of an ounce of gold which
                starts at 3:00 PM London, England time and is performed by the five members of
                the London gold fix (London PM Fix). See "Operation of the Gold Bullion Market
                &mdash; The London Bullion Market" for a description of the operation of the
                London gold price fix. The Trustee determines the NAV of the Trust on each day
                the NYSE is open for regular trading, at the earlier of the London PM Fix
                &nbsp;
              </P>
            </DIV> </DIV> </DIV> </DIV> </DIV>
    <DIV>
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        3
      </P>
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    <DIV STYLE="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;"> <HR>
      </DIV> <PAGE>
    <DIV>
      <DIV STYLE="padding: 0pt; margin: 0pt; padding-left: 2pt;">
        <P
        STYLE="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">
          &nbsp;
        </P>
      </DIV>
      <DIV
      STYLE="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">

        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                for the day or 12:00 PM New York time. If no London PM Fix is
                made on a particular evaluation day or if the London PM Fix has not been
                announced by 12:00 PM New York time on a particular evaluation day, the next
                most recent London gold price fix (AM or PM) will be used in the determination
                of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor,
                determines that such price is inappropriate to use as basis for such
                determination. The Trustee also determines the NAV per Share, which equals the
                NAV of the Trust, divided by the number of outstanding Shares.&nbsp;
              </P>
            </DIV> </DIV> </DIV>
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              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Trust expenses&nbsp;
              </P>
            </DIV>

          </DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                The Trust's ordinary operating expenses are accrued daily and
                are reflected in the NAV of the Trust. The Trust's expenses include fees and
                expenses of the Trustee (which include fees and expenses paid to the Custodian
                by the Trustee for the custody of the Trust's gold), the fees and expenses of
                the Sponsor, certain taxes, the fees of the Marketing Agent, printing and
                mailing costs, legal and audit fees, registration fees and NYSE listing fees.
                In order to pay the Trust's expenses, the Trustee will sell gold held by the
                Trust on an as-needed basis. Each sale of gold by the Trust is a taxable event
                to Shareholders. See "United States Federal Tax Consequences &mdash; Taxation
                of US Shareholders." For seven years from the date of the Trust Indenture or
                until the earlier termination of the Marketing Agent Agreement, if at the end
                of any month during this period the estimated ordinary expenses of the Trust
                exceed an amount equal to 0.40% per year of the daily adjusted NAV (ANAV) of
                the Trust for such month, the fees payable to the Sponsor and the Marketing
                Agent for such month will be reduced by the amount of such excess in equal
                shares up to the amount of their fees provided that the gross assets of the
                Trust exceed a certain minimum amount. See "Risk Factors &mdash; When the fee
                reduction terminates or expires . . ." For details on the calculation of the
                ANAV of the Trust, see "Description of the Trust Indenture &mdash; Valuation of
                Gold, Definition of Net Asset Value and Adjusted Net Asset Value." The Trust
                will pay on an ongoing basis the expenses of its operation as described in
                "Business of the Trust &ndash; Trust Expenses" and "Description of the Trust
                Indenture &ndash; Expenses of the Trust."&nbsp;
              </P>
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                Sponsor's and Marketing Agent's fees&nbsp;
              </P>
            </DIV>

          </DIV>
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              <P
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                The Sponsor's fee is payable monthly in arrears and is accrued
                daily at an annual rate equal to 0.15% of the daily ANAV of the Trust. The
                Marketing Agent's fee is payable monthly in arrears and is accrued daily at an
                annual rate equal to 0.15% of the daily ANAV of the Trust. If at the end of any
                month during the period ending seven years from the date of the Trust Indenture
                or upon the earlier termination of the Marketing Agent Agreement the estimated
                ordinary expenses of the Trust exceed an amount equal to 0.40% per year of the
                daily ANAV of the Trust for such month, the Marketing Agent's fee and the
                Sponsor's fee are subject to &nbsp;
              </P>
            </DIV> </DIV> </DIV> </DIV> </DIV>
    <DIV>
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        4
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      </DIV> <PAGE>
    <DIV>
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        <P
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          &nbsp;
        </P>
      </DIV>
      <DIV
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        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
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            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
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                reduction. See "Business of the Trust &mdash; Trust Expenses
                &mdash; Fee Reduction."&nbsp;
              </P>
            </DIV> </DIV> </DIV>
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            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Termination events&nbsp;
              </P>
            </DIV> </DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                The Sponsor may, and it is anticipated that the Sponsor will,
                direct the Trustee to terminate and liquidate the Trust at any time after the
                first anniversary of the Trust's formation when the NAV of the Trust is less
                than $350 million (as adjusted for inflation). The Sponsor may also direct the
                Trustee to terminate the Trust if the Commodity Futures Trading Commission
                (CFTC) determines that the Trust is a commodities pool under the Commodity
                Exchange Act of 1936, as amended (CEA). The Trustee may also terminate the
                Trust upon the agreement of the owners of beneficial interests in the Shares
                (Shareholders) owning at least 66% of the outstanding Shares.&nbsp;
              </P>
            </DIV> </DIV> </DIV>
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          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                The Trustee will terminate and liquidate the Trust if one of
                the following events occurs:&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                DTC, the securities depository for the Shares, is unwilling or
                unable to perform its functions under the Trust Indenture and no suitable
                replacement is available;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The Shares are de-listed from the NYSE and are not listed for
                trading on another US national securities exchange or through the Nasdaq Stock
                Market within five business days from the date the Shares are de-listed;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The NAV of the Trust remains less than $50 million for a period
                of 50 consecutive business days at any time after the first 90 days of the
                Shares being traded on the NYSE;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
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          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The Sponsor resigns or is unable to perform its duties or
                becomes bankrupt or insolvent and the Trustee has not appointed a successor and
                has not itself agreed to act as sponsor;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The Trustee resigns or is removed and no successor trustee is
                appointed within 60 days;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The Custodian resigns and no successor custodian is appointed
                within 60 days;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The sale of all of the Trust's assets;&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The Trust fails to qualify for treatment, or ceases to be
                treated, for US federal income tax purposes, as a grantor trust; or&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                &rarr;&nbsp;
              </P>
            </DIV>
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
                The maximum period for which the Trust is allowed to exist
                under New York law ends.&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV
          STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt"></DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Upon the termination of the Trust, the Trustee will, within a
                reasonable time after the termination of the Trust, sell the Trust's gold and,
                after paying or making provision for the Trust's liabilities, distribute the
                proceeds to the Shareholders. See "Description of the Trust Indenture &mdash;
                Termination of the Trust."&nbsp;
              </P>
            </DIV> </DIV> </DIV> </DIV> </DIV>
    <DIV>
      <P
      STYLE="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">
        5
      </P>
    </DIV>
    <DIV STYLE="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;"> <HR>
      </DIV> <PAGE>
    <DIV>
      <DIV STYLE="padding: 0pt; margin: 0pt; padding-left: 2pt;">
        <P
        STYLE="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">
          &nbsp;
        </P>
      </DIV>
      <DIV
      STYLE="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">

        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Authorized Participants&nbsp;
              </P>
            </DIV> </DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Baskets may be created or redeemed only by Authorized
                Participants. Each Authorized Participant must (1) be a registered
                broker-dealer or other securities market participant such as a bank or other
                financial institution which is not required to register as a broker-dealer to
                engage in securities transactions, (2) be a participant in DTC, (3) have
                entered into an agreement with the Trustee and the Sponsor (Participant
                Agreement) and (4) have established an unallocated gold account with the
                Custodian (Authorized Participant Unallocated Account). The Participant
                Agreement provides the procedures for the creation and redemption of Baskets
                and for the delivery of gold and any cash required for such creations or
                redemptions. A list of the current Authorized Participants can be obtained from
                the Trustee or the Sponsor. See "Creation and Redemption of Shares" for more
                details.&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt">
          <DIV STYLE="float: left; width: 180pt; padding: 0pt; margin: 0pt">

            <DIV CLASS="WhiteBorder"
            STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Clearance and settlement&nbsp;
              </P>
            </DIV>

          </DIV>
          <DIV STYLE="float: left; width: 12pt;"></DIV>
          <DIV STYLE="float: left; width: 264pt; padding: 0pt; margin: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                The Shares are evidenced by global certificates that the
                Trustee issues to DTC. The Shares are available only in book-entry form.
                Shareholders may hold their Shares through DTC, if they are participants in
                DTC, or indirectly through entities that are participants in DTC.&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt; ">
          <DIV CLASS="WhiteBorder"
          STYLE="float: left; margin: 0pt; padding: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                Summary of Financial Condition&nbsp;
              </P>
            </DIV> </DIV> </DIV>
        <DIV STYLE="clear: left; padding: 0pt; margin: 0pt; ">

          <DIV CLASS="WhiteBorder"
          STYLE="float: left; margin: 0pt; padding: 0pt">
            <DIV STYLE="float: left; padding: 0pt; margin: 0pt; ">
              <P
              STYLE="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
                As of the date of the formation of the Trust on November 12,
                2004, the NAV of the Trust, which represents the value of the gold deposited
                into the Trust,&nbsp;was $13,081,500, and the NAV per Share was $43.60. See
                "Statement of Financial Condition" elsewhere in this prospectus. Since
                formation, 343 Baskets (34,300,000 Shares) have been created, including 23
                Baskets (2,300,000 Shares) issued in connection with the initial public
                offering of Shares on November 18, 2004. As of December 16, 2004,
                29,300,000&nbsp;Shares were outstanding and the estimated NAV per share on
                December 16, 2004 was $43.94.&nbsp;
              </P>
            </DIV> </DIV>

        </DIV> </DIV> </DIV>
    <DIV>
      <P
      STYLE="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">
        6
      </P>
    </DIV>
    <DIV STYLE="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;"> <HR>
      </DIV>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Risk
Factors&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">You should consider carefully the risks described below
before making an investment decision. You should also refer to the
other information included in this prospectus, including the
Trust's financial statements and the related notes.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The value of the Shares relates directly to the value
of the gold held by the Trust and<br> fluctuations in the price of
gold could materially adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are designed to mirror as closely as possible the
performance of the price of gold bullion,
and the value of the Shares relates directly to the value of the gold
held by the Trust, less the Trust's liabilities (including
estimated accrued but
unpaid expenses). The price of gold has fluctuated widely
over the past several years. Several factors may affect the price of
gold, including:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Global gold
supply and demand, which is influenced by such factors as forward
selling by gold producers, purchases made by gold producers to unwind
gold hedge positions, central bank purchases and
sales, and production and cost levels in
major gold-producing countries such as South Africa, the United States
and
Australia;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
Investors' expectations with respect to the rate of
inflation;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Currency
exchange rates;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Interest
rates;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Investment and
trading activities of hedge funds and commodity funds;
and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Global or regional
political, economic or financial events and situations.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In addition, investors should be aware
that
there is no
assurance that gold will maintain its
long-term
value in terms of purchasing
power in the
future. In the event that the price of gold declines,
the Sponsor expects the value of an
investment in the Shares to decline
proportionately.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares may trade at a price which is at, above or
below the
NAV per Share and any discount
or premium in the trading price relative to
the NAV per Share may widen as a result of non-concurrent
trading hours between the COMEX and the
NYSE.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares may trade at, above
or below the
NAV per Share. The NAV per Share will
fluctuate with changes in the market value
of the Trust's assets. The trading price of the Shares will
fluctuate in accordance with changes in the
NAV per Share as well as market supply and demand. The amount of the
discount or premium in the trading price
relative to the NAV per Share may be influenced by
non-concurrent trading hours between the
COMEX division of the New York Mercantile Exchange and the
NYSE. While the Shares
trade on the NYSE
until 4:15 PM New York time, liquidity in the
global gold
market will be reduced after the close of
the COMEX division of the New York
Mercantile Exchange at 1:30 PM New York
time. As a result, during this time, trading spreads, and the
resulting premium or discount, on the
Shares may widen.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
sale of gold by the Trust to pay expenses will reduce the amount of
gold represented by each Share on an ongoing basis irrespective of
whether the trading price of the Shares
rises or falls in response to changes in the price of
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Each outstanding Share
represents
a fractional,
undivided interest in the gold held by the
Trust. As
the Trust will
not generate any income and
as the Trust will regularly sell gold over
time to pay for its ongoing expenses,
the amount of gold represented by
each Share will gradually decline over time. This is true even if
additional Shares are issued in exchange for
additional deposits of gold into the Trust, as the amount of
gold required to create Shares will proportionately
reflect the amount of gold represented by the Shares
outstanding at the time of creation.
Assuming
a constant gold price, the trading price of
the Shares is expected to gradually decline relative to
the price of gold as the amount of gold represented
by the Shares gradually declines.
The Shares
will only maintain their original price if the price of gold
increases.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investors should be aware that the gradual decline in the amount of
gold represented by the Shares will occur
regardless of whether the trading price of the Shares rises or falls in
response to changes in the price &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">7</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
of
gold.
The estimated ordinary
operating expenses of the Trust, which accrue
daily commencing
after
the first day of trading of the Shares
on the NYSE,
are described in "Business of the Trust &mdash; Trust
Expenses" and "Description of the Trust
Indenture &mdash; Expenses of the
Trust."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">When the fee
reduction
terminates
or expires, the estimated
ordinary expenses payable by the Trust may
increase, thus reducing the NAV of the Trust more
rapidly and adversely affecting an investment in the
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For
seven years
from the date of the Trust
Indenture or
until
the earlier termination of the Marketing
Agent Agreement, if at the end of any month
during
this
period the estimated ordinary expenses of the Trust
exceed an amount equal to 0.40% per
year
of the daily ANAV of the Trust for such month,
the
fees payable to the Sponsor and the Marketing
Agent from the assets of the Trust for such month will
be reduced by the amount of such excess in
equal shares up to the amount of
their
fees.
Investors should be
aware that if
the
gross value of
the
Trust's
assets
is less than
approximately
$388
million, the ordinary expenses
of the Trust
will be accrued at a rate greater than
0.40% per year of the daily ANAV of the
Trust, even
after the Sponsor and the Marketing Agent have
completely
reduced their combined fees of 0.30% per year of the daily ANAV
of the Trust. This amount is based on the
estimated ordinary expenses of the Trust described in
"Business of the Trust
&mdash;
Trust Expenses" and may be
higher if the Trust's actual ordinary expenses exceed those
estimates. Additionally, if the Trust
incurs unforeseen expenses that cause the total ordinary expenses of
the Trust to exceed 0.70% per
year
of the daily ANAV of the Trust, the ordinary expenses will
accrue
at a rate greater than 0.40% per year of the daily ANAV of the
Trust, even after the Sponsor and the Marketing Agent have
completely
reduced
their combined fees of
0.30% per
year of the
daily ANAV of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the end of the seven year
period or the earlier termination of the
Marketing Agent Agreement, the fee
reduction will expire and the estimated
ordinary expenses of the Trust which are payable from the assets of the
Trust each month may be more than
they would have been
during the period when the fee reduction is
in effect, thus reducing the NAV of the
Trust more rapidly than if the fee
reduction
was in
effect
and adversely affecting the value of the
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
estimated
ordinary operating
expenses of the Trust, which accrue daily,
are described in "Business of the Trust &mdash; Trust
Expenses" and
"Description of the Trust Indenture &mdash; Expenses of
the Trust." For details on the calculation of
the ANAV of the
Trust, see "Description of the Trust Indenture &mdash;
Valuation of Gold, Definition of Net Asset
Value and Adjusted Net Asset
Value."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The sale of the
Trust's gold to pay expenses at a time of low gold prices could
adversely affect the value
of the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will sell gold held by the Trust to
pay Trust expenses on an
as-needed basis
irrespective of
then-current gold prices.
The Trust is not actively managed
and no attempt will be made to buy or
sell gold to
protect against or to
take advantage of fluctuations in the price
of gold. Consequently, the
Trust's
gold may be sold at a time when the gold
price is low, resulting in a negative effect on the value of
the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Purchasing activity in the gold market
associated with the purchase of
Baskets
from the Trust may cause a temporary increase in the price of gold.
This increase may adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Purchasing
activity associated with acquiring the gold required for deposit into
the Trust in connection
with the creation of Baskets may
temporarily increase the market price of gold, which will result in
higher prices for the Shares. Temporary increases
in the market price of gold may also occur as a result of the
purchasing activity of other market participants. Other market
participants may attempt to benefit from an increase in the market
price of gold that may result from increased purchasing activity of
gold connected with the issuance of
Baskets.
Consequently, the market price of gold may decline immediately after
Baskets are created. If
the price of gold declines, the trading price of the
Shares will also decline.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As the
Sponsor and its management have no history of operating an investment
vehicle like the Trust, their experience may be
inadequate or unsuitable to manage the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor was expressly formed to be
the sponsor of the Trust and has no history of past
performance. The past performances of the Sponsor's management in
other positions are no
indication of their ability &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">8</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
to manage an investment vehicle such as the
Trust. If
the experience of the Sponsor and its management is not adequate or
suitable to manage an investment vehicle
such as the Trust, the operations of the Trust may be adversely
affected.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are a
new securities product and their value could
decrease if unanticipated operational or trading
problems arise.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The mechanisms and procedures governing the
creation, redemption and offering
of the Shares have been developed specifically for this
securities product. Consequently, there may
be unanticipated problems or issues with respect to the mechanics of
the Trust's operations and the trading of the Shares that could
have a material adverse effect on an investment in
the Shares. In addition, although the Trust is not actively
"managed" by traditional methods, to the
extent that unanticipated operational or trading problems or issues
arise, the Sponsor's past experience and qualifications may not
be suitable for solving these problems or issues.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders will not have the protections
associated
with ownership of shares in an investment
company registered under the Investment Company Act of
1940
or the protections afforded by the
Commodity Exchange Act of
1936.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is not registered as
an investment company under the Investment Company Act of 1940 and
is not required to register under such act.
Consequently, Shareholders will not have the regulatory
protections provided to investors in
investment companies. The Trust will not hold or trade in commodity
futures contracts regulated by the CEA, as
administered by the CFTC. Furthermore, the Trust is not a commodity
pool for purposes of the CEA, and
none
of the
Sponsor,
the Trustee
or the Marketing Agent
is
subject to regulation
by the CFTC as a commodity pool operator or
a commodity trading advisor in connection
with the Shares. Consequently, Shareholders
will not have the regulatory protections
provided to investors in CEA-regulated instruments or commodity
pools.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust may be
required to terminate and liquidate at a time that is
disadvantageous to
Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Trust
is required to terminate and liquidate, such termination and
liquidation could occur at a time which is
disadvantageous to Shareholders, such as when gold prices are lower
than
the gold prices at the time when
Shareholders purchased their Shares. In such a case, when the
Trust's gold is sold as part of the
Trust's liquidation, the resulting proceeds distributed to
Shareholders will be less than if gold prices
were higher at the time of sale. See
"Description of the Trust Indenture &mdash; Termination of
the Trust"
for
more information about the termination of the
Trust, including when the termination of the
Trust may be triggered by
events outside the direct
control of the Sponsor, the Trustee or the
Shareholders.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
operations of the Trust and the Sponsor depend on support from the WGC.
This support may not be available in the future and, if
such support is not available, the operations of the Trust may be
adversely affected.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor is
a subsidiary of the WGC, a not-for-profit association that represents
members of the gold mining industry through international marketing
programs directed at stimulating demand for gold in all
forms.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
ongoing operations of the Trust depend on the financial and management
support of the Sponsor.
The operations of the Sponsor, in turn,
depend on the financial and management support of the WGC.
See "The Sponsor" for more
information on the funding of the Sponsor. If the WGC
limits or ends its support of the Sponsor for any
reason, the operations of the Trust and an investment in the Shares may
be adversely affected.
As a
result, the Trust may be required to
terminate.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
WGC's members determine the financial plan of the WGC.
The WGC's current and reasonably
foreseeable
operational costs and
expenses are underwritten by the WGC's members through
the end of 2004.
The WGC's members have
funded the
estimated
ordinary operating
expenses of the
Sponsor
through 2004,
including the costs associated with the initial registration of the
Shares
and the listing of the
Shares
on the NYSE. The WGC has
provided
$3 million in funding to cover the estimated ordinary expenses of the
Sponsor for 2005 and 2006. There
is no assurance that the WGC's members will fund the WGC
or the Sponsor
thereafter.
The lack of such funding
could adversely affect the ability of the Sponsor to support the
Trust.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">9</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders
do not have the rights
enjoyed by investors in certain other vehicles.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As interests in
an investment trust, the
Shares have none of the statutory rights normally associated with
the ownership of shares of a corporation
(including, for example, the right to bring
"oppression" or
"derivative" actions). In
addition, the
Shares have limited voting and distribution
rights (for
example,
Shareholders do not have the right to elect
directors and will not receive
dividends).
See "Description of the Shares"
for a description of the limited rights of holders of
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An investment in the
Shares may be adversely affected by competition from other methods of
investing in gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is a new, and thus untested, type
of investment vehicle. It
competes with other
financial vehicles, including traditional debt and equity securities
issued by companies in the gold
industry and other securities backed by or linked to
gold, direct
investments in gold and investment vehicles similar to
the Trust. Market and financial conditions, and other
conditions beyond the Sponsor's control, may make it more
attractive to invest in other financial vehicles or to invest in gold
directly, which could limit the market for the Shares and reduce the
liquidity of the Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Crises may motivate
large-scale sales of gold which could decrease the price of gold
and<br> adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
possibility of large-scale distress sales of gold in times of crisis
may have a short-term negative impact on the price of gold and
adversely affect an investment in the Shares. For example, the 1998
Asian financial crisis resulted in significant sales of gold by
individuals which depressed the price of gold.
Crises in the future
may impair gold's price performance
which would, in turn,
adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Substantial sales of gold by the official sector could
adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The official
sector consists of central
banks, other governmental agencies and multi-lateral
institutions that buy, sell and
hold gold as part of their reserve
assets. The official sector holds a significant amount of
gold, most of which is static, meaning that it is held in vaults and is
not bought, sold, leased or swapped or otherwise mobilized in the open
market. A number of central banks have sold portions of their gold over
the past 10 years, with the result that the official sector, taken as a
whole, has been a net supplier to the open market. Since 1999,
most sales have been made in a coordinated
manner under the terms of the Central Bank Gold Agreement, under which
15 of the world's major central banks (including the European
Central Bank) agreed to
limit the level of their gold sales and lending to the market for the
following five years. The
European Central Bank announced in March
2004 that the agreement would be extended for
a further five-year period starting on September 27,
2004. The new agreement is similar to the
existing agreement, although the ceiling for gold sales is
25% higher and the Bank of Greece replaces the
Bank of England as a signatory to the
agreement. UK Treasury indicated at the time of the announcement of
the new agreement that the UK government
had no plans to sell gold from its reserves
and therefore would not participate in the new
agreement. See "Overview of
the Gold Industry &mdash;
Sources of Gold Supply" and
"Analysis of Movements in the
Price of Gold" for more details. As before, the new
agreement will be reviewed after five
years. It is
possible that the new agreement may not
be renewed when it expires in September
2009. In the event that future economic, political or social
conditions or pressures require members of the official sector to
liquidate their gold assets all at once or in an uncoordinated manner,
the demand for gold might not be sufficient to accommodate the sudden
increase in the supply of gold to the market. Consequently, the price
of gold could decline significantly, which would adversely affect an
investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A widening of interest rate differentials
between the cost of money and the cost of gold
could negatively affect the price of gold
which, in turn, could
negatively
affect the price of the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A combination of
rising money interest rates and a continuation of the current low cost
of borrowing gold could improve the economics of selling gold forward.
This could result in an increase in hedging by gold mining companies
and short selling by speculative interests, which would
negatively affect the
price of gold. Under such circumstances, the price of
the Shares would be similarly
affected.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">10</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust's gold may
be subject to loss, damage, theft or restriction on access.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">There is a risk that part or all of the Trust's gold could be
lost, damaged or stolen. Access to the Trust's gold could also be
restricted by natural events (such as an earthquake) or human actions
(such as a terrorist attack). Any of these events may adversely affect
the operations of the Trust and, consequently, an investment in the
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust may not have adequate sources of recovery if its gold is lost,
damaged, stolen or destroyed and recovery
may
be limited,
even in the event of fraud, to the market value of the gold at the time
the fraud is
discovered.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders'
recourse against the Trust, the Trustee and
the Sponsor,
under New York law, the Custodian,
under English law, and
any
subcustodians
under the law
governing their custody operations is
limited. The Trust
does
not insure its gold.
The
Custodian
maintains
insurance with regard to its
business on such terms
and conditions as it considers
appropriate.
The Trust
is
not a beneficiary of any
such insurance and does not have the ability
to dictate the existence,
nature or amount of coverage.
Therefore, Shareholders cannot be assured
that the Custodian will maintain adequate
insurance or any
insurance with respect
to the gold held by the Custodian on behalf of the Trust.
In addition, the
Custodian and the Trustee
do
not require
any
direct or indirect subcustodians
to be insured
or bonded with respect to their custodial
activities or in respect of the gold held
by them on behalf of the Trust.
Consequently, a loss may be suffered
with respect to the
Trust's gold which is not covered by
insurance and for which no person is liable in damages.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
liability of the Custodian
is
limited under the
agreements
between the Trustee and the
Custodian which establish the Trust's
unallocated gold account (Unallocated Bullion Account Agreement) and
the Trust's allocated gold account (Allocated Bullion Account
Agreement) (together, the Custody
Agreements). Under the
Custody
Agreements, the Custodian
is
only
liable for losses that are
the direct result of its
own negligence, fraud or
willful default in the performance of its
duties.
Any such liability is further limited, in
the case of the Allocated Bullion Account
Agreement, to
the market value of the
gold held in the
Trust's
allocated gold account (Trust Allocated
Account) at the time such negligence, fraud
or willful
default is discovered by the
Custodian and, in
the case of the
Unallocated Bullion Account
Agreement,
to the
amount of gold
credited to the
Trust's
unallocated gold account (Trust Unallocated Account)
at the time such negligence, fraud or
willful default
is discovered by the Custodian. Under each
Participant Unallocated Bullion Account
Agreement (between the Custodian and an
Authorized
Participant),
the Custodian is not contractually or otherwise liable for any losses
suffered by any Authorized Participant or Shareholder that are not the
direct result of its own gross negligence, fraud or
willful default
in the performance of its duties under
such
agreement,
and in no event will
its liability exceed the market value of
the balance in
the
Authorized Participant Unallocated Account at the time such gross
negligence, fraud or
willful default
is discovered by the Custodian. In
addition, the Custodian will not be liable for any delay in performance
or any non-performance of any of its obligations under the Allocated
Bullion Account Agreement, the Unallocated Bullion Account Agreement or
the Participant
Unallocated Bullion Account Agreement by reason of any cause beyond its
reasonable control,
including acts of God,
war or terrorism.
As a result, the
recourse of the
Trustee or the investor, under English law, is limited.
Furthermore, under English common law, the
Custodian or any subcustodian
will
not be liable for any delay in the performance or any non-performance
of its custodial obligations by reason of any cause beyond its
reasonable
control.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the
Allocated Bullion
Account Agreement, except for
an obligation on the part
of the
Custodian
to use commercially reasonable efforts to obtain delivery of the
Trust's gold from
any subcustodians
appointed by
the
Custodian, the
Custodian is not liable
for
the acts or omissions of
its subcustodians unless
the selection of such
subcustodians
was made
negligently
or in bad faith.
There are expected to
be no written contractual arrangements between subcustodians
that
hold the Trust's gold and the Trustee or the
Custodian, because
traditionally such arrangements are based on the LBMA's rules and
on the customs and practices of the
London bullion
market. In the event of a legal dispute
with respect to or arising from such arrangements, it may be difficult
to define such customs and practices. The LBMA's rules may be
subject to change outside the control of the Trust. Under English
law,
neither
the
Trustee,
nor the
Custodian
would
have a supportable breach of contract claim against a subcustodian for
losses relating to the safekeeping of gold.
If the Trust's gold is lost or
damaged while in
the custody of a &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">11</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
subcustodian, the
Trust may not be
able to recover
damages from
the Custodian
or the
subcustodian.
Whether a subcustodian
will be liable
for the failure
of
subcustodians
appointed by it
to exercise due
care in the safekeeping
of the
Trust's gold
will depend on the facts
and circumstances of the particular
situation.
Shareholders cannot be assured that the Trustee will be able to recover
damages from subcustodians whether
appointed by
the Custodian or by
another subcustodian for any losses
relating to the safekeeping of gold by such
subcustodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The obligations of the Custodian under the Allocated Bullion Account
Agreement, the Unallocated Bullion Account Agreement and the
Participant
Unallocated Bullion Account Agreement are governed by English law. The
Custodian may enter into arrangements with English subcustodians, which
arrangements may
also be governed by English law. The Trust
is a New York investment trust. Any United States, New York or other
court situated in the United States may have difficulty interpreting
English law
(which, insofar as it relates to custody
arrangements, is largely derived from court
rulings rather
than statute),
LBMA rules or the customs and practices in the London custody market.
It may be difficult or impossible for the Trust to sue a subcustodian
in a United States, New York or other court situated in the United
States. In addition, it may be difficult, time consuming and/or
expensive for the Trust to enforce in a foreign court a judgment
rendered by a United States, New York or other court situated in the
United States.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Trust's
gold is lost, damaged, stolen or destroyed under circumstances
rendering a party liable to the Trust, the
responsible party may not have the financial resources sufficient to
satisfy the Trust's claim. For
example, as to a particular event of loss, the only source of recovery
for the Trust might be limited to the
Custodian or one or more subcustodians or, to the extent identifiable,
other responsible third parties (e.g., a
thief or terrorist), any of which may not have the financial resources
(including liability insurance coverage) to
satisfy a valid claim of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Neither
the Shareholders nor any Authorized Participant
has
a
right under the Custody
Agreements to
assert a claim
of the Trustee against the Custodian or any
subcustodian;
claims under the
Custody Agreements may only be asserted by
the Trustee on behalf of the
Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold bullion allocated to the Trust in
connection with the creation of a Basket may not meet the
London Good Delivery
Standards
and, if a Basket is issued against such gold, the Trust may suffer a
loss.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Neither the
Trustee nor the Custodian independently confirms the fineness of the
gold allocated to the Trust in connection with the
creation of a Basket. The gold bullion allocated to the
Trust by theCustodian
may be
different from the reported
fineness
or weight
required by the
LBMA's standards
for gold bars delivered in settlement of a
gold trade (London Good Delivery Standards), the standards required by
the Trust. If the Trustee
nevertheless issues a
Basket
against
such
gold,
and
if the
Custodian
fails to satisfy its obligation to credit the Trust the amount of any
deficiency,
the Trust may suffer a loss. The London
Good Delivery Standards
are described in "Operation of the Gold
Bullion Market
&mdash; The London Bullion
Market." The
Custodian's
responsibility for the allocation to the Trust of
gold
meeting LBMA standards
is
described in "Description of the Custody
Agreements
&mdash; Transfers from the Trust
Unallocated
Account."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Because
neither the
Trustee
nor
the Custodian
oversees
or
monitors
the activities of subcustodians
who may hold the Trust's gold,
failure by
the subcustodians
to
exercise due care in the
safekeeping
of the Trust's gold
could result in a loss
to the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Allocated
Bullion Account Agreement described in "Description of the
Custody Agreements," the
Custodian may appoint from time to time one or more subcustodians to
hold the Trust's gold. The
subcustodians which the Custodian currently uses are
the Bank of England and LBMA market-making
members that provide bullion vaulting and clearing
services to third parties. The Custodian is required
under the Allocated Bullion Account Agreement to use
reasonable care in appointing its
subcustodians but otherwise has no other
responsibility in relation to the subcustodians appointed by
it. These subcustodians may in turn appoint
further
subcustodians,
but the Custodian is not responsible for
the appointment of
these further subcustodians.
The
Custodian does not undertake to monitor the performance
by subcustodians of their custody functions or
their selection of further subcustodians. The Trustee
does not undertake to monitor the performance of
any subcustodian.
Furthermore, the Trustee &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">12</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
may have no right to visit the premises of
any subcustodian for the purposes of
examining the Trust's gold or any records
maintained by the subcustodian, and
no
subcustodian
will
be obligated to
cooperate in any review the Trustee may wish to conduct of the
facilities, procedures, records or
creditworthiness of such subcustodian. In addition, the ability of the
Trustee to monitor the performance of the
Custodian may be limited because under the
Custody
Agreements the Trustee
has only limited rights to visit the
premises of the Custodian for the purpose of examining the
Trust's gold and certain related
records maintained by the Custodian. See
"Custody of the Trust's Gold" for more
information about subcustodians that may
hold the Trust's gold.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The ability of the Trustee and the Custodian to take
legal action against subcustodians may be
limited,
which increases the
possibility that the Trust may suffer a loss if a subcustodian does not
use due care in the safekeeping of the
Trust's
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If
any subcustodian does not exercise due care in the safekeeping of
the Trust's
gold, the ability of the Trustee
or the Custodian to recover
damages against
such
subcustodian may be
limited
to
only such recourse, if
any, as may be available under
applicable
English
law
or, if the
subcustodian is not located in
England,
under other
applicable
law.
This is because there are expected to be no
written contractual arrangements between subcustodians who may hold the
Trust's gold and the Trustee or the
Custodian, as the case may
be.
If the Trustee's or the
Custodian's recourse against the subcustodian is so limited, the
Trust may not be
adequately compensated for
the loss. For
more information on the Trustee's and
the
Custodian's ability to seek recovery
against subcustodians and the
subcustodian's
duty to safekeep the Trust's gold, see "Custody of
the Trust's
Gold."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold
held in the Trust's unallocated gold account
and
any Authorized Participant's unallocated gold account
will not be
segregated from
the Custodian's assets.
If the Custodian becomes insolvent,
its assets may not be adequate to satisfy a claim by the
Trust or any Authorized
Participant. In addition, in the event of
the Custodian's insolvency, there may
be a delay and
costs incurred
in identifying the bullion held in the Trust's allocated gold
account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold which is part of a deposit for a
purchase order or part of a redemption distribution will be held for a
time in the
Trust Unallocated
Account
and, previously or subsequently
in,
the
Authorized
Participant Unallocated
Account
of the purchasing or redeeming Authorized Participant.
During those times, the
Trust and the Authorized Participant, as the case may
be, will have no
proprietary
rights to any specific
bars of gold held by the Custodian and will
each be an unsecured creditor of
the Custodian with respect to the amount
of gold held in such unallocated
accounts. In addition, if the Custodian
fails to allocate the Trust's gold in a timely manner, in the
proper amounts or otherwise in accordance with the terms of the
Unallocated
Bullion Account Agreement, or if a
subcustodian fails to so segregate gold held by it on behalf of the
Trust, unallocated gold will not be
segregated from the Custodian's assets, and the Trust will be an
unsecured creditor of the Custodian with respect to the amount so held
in the event of the insolvency of the Custodian.
In the event the Custodian
becomes
insolvent, the Custodian's assets might not be adequate to
satisfy a claim by the Trust
or the Authorized
Participant for the amount of gold held in
their
respective unallocated gold
accounts.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In the case of the insolvency of the
Custodian, a liquidator may seek to freeze
access to the
gold held in all of the accounts held by the Custodian,
including the
Trust Allocated
Account. Although the
Trust would be able to claim ownership of properly allocated
gold, the Trust could incur expenses in connection
with asserting such claims, and the assertion of such a
claim by the liquidator could delay creations and
redemptions of Baskets.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In issuing
Baskets,
the Trustee
relies
on certain information received from the Custodian which is subject to
confirmation after the Trustee has relied on the
information. If
such information turns out to be incorrect,
Baskets
may be issued in exchange for an amount of gold
which is more or less than
the amount of gold which is required to be deposited with the
Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian's
definitive records are prepared after the close
of
its business day.
However, when
issuing
Baskets,
the Trustee
relies
on information reporting the
amount of gold
credited to the Trust's
accounts
which it receives from the Custodian during the business day and which
is subject to correction during the preparation of the
Custodian's definitive records after the close of business. If
the information relied upon by the Trustee is incorrect, the amount of
gold actually received by the Trust may be more or less than
the amount required to be deposited for the issuance of
Baskets.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">13</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust's obligation to reimburse
the Marketing
Agent,&nbsp;the Authorized
Participants and certain parties connected
with the initial public offering of
2,300,000
Shares for certain liabilities in the event
the Sponsor fails to indemnify
such
parties could
adversely affect an investment in the
Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor has agreed to indemnify
the Marketing Agent
and&nbsp;UBS Securities
LLC, as
Purchaser
in the Trust's initial public
offering of 2,300,000
Shares
(Purchaser),&nbsp;their
partners, directors and officers, and any
person who controls the
Purchaser
or the Marketing Agent, and their
respective successors and assigns, against
any loss, damage,
expense, liability or claim that may be incurred by
the
Purchaser
and the Marketing Agent
in connection with (1) any untrue statement
or alleged untrue statement of a material
fact
contained
in the registration statement of which this
prospectus forms a part (including this prospectus, any preliminary
prospectus, any prospectus supplement and any exhibits thereto) or any
omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not
misleading,
(2)
any untrue statement or alleged untrue statement of a material
fact made by the Sponsor
with respect to any
representations and
warranties
or any covenants under (A)
the distribution agreement
between the Sponsor and the
Purchaser, dated
November
16,
2004
or (B) the Marketing Agent
Agreement,
or failure of the
Sponsor to perform any
agreement or
covenant
therein,
(3)
any untrue statement or
alleged untrue statement of a material fact
contained in any materials used in
connection with the marketing of the
Shares,
(4)
circumstances
surrounding the third party allegations relating to patent and contract
disputes as described in "Risk Factors&mdash;Competing
claims over ownership of intellectual property rights related to the
Trust could adversely affect the Trust and an Investment in the
Shares," "Business of the Trust&mdash;License
Agreement" and "Legal
Proceedings,"
or (5) the Marketing Agent's
performance of its
duties under the Marketing Agent
Agreement, and
to contribute to payments that the Purchaser or the Marketing Agent may
be required to make in respect thereof.
The
Trustee has
agreed to reimburse the
Marketing Agent, solely from and to the
extent of the Trust's assets,
for indemnification
and contribution amounts due from the Sponsor
under the
preceding
sentence
and the
Purchaser
for indemnification
and contribution amounts due from the Sponsor in respect of the items
identified in
subsections
(1), (2), (3) and
(4) of the
preceding sentence
to the extent the
Sponsor has not paid such amounts directly when due.
Under the Participant Agreement, the
Sponsor
also
has agreed to indemnify the Authorized
Participants against
certain liabilities, including liabilities under the Securities Act of
1933, as amended (Securities Act)
and to contribute to
payments that the Authorized
Participants
may be required to make in respect of such liabilities.
The
Trustee has
agreed to reimburse the Authorized
Participants, solely from and to the extent
of the Trust's assets,
for indemnification
and contribution amounts due from the Sponsor in respect of such
liabilities to the extent the Sponsor has
not paid such amounts when due.
In the event the Trust is required to pay
any such
amounts,
the Trustee would be
required to sell assets of the Trust to cover the amount of any such
payment and the NAV of the Trust would be reduced
accordingly, thus
adversely affecting an investment in the
Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under
the Trust Indenture, the Sponsor may be able to seek indemnification
from the Trust for payments it makes in connection with the
Sponsor's activities under the Trust Indenture to the extent its
conduct does not disqualify it from receiving such indemnification
under the terms of the Trust Indenture. The
Sponsor shall also be indemnified from the Trust and held harmless
against any loss, liability or expense arising under the Distribution
Agreement, the Marketing Agent Agreement or any Participant Agreement
insofar as such loss, liability or expense arises from any untrue
statement or alleged untrue statement of a material fact contained in
any written statement provided to the Sponsor by the
Trustee. See
"Description of the Trust
Indenture&mdash;The
Sponsor&mdash;Liability of the Sponsor and
indemnification."
For information about when the Trust's assets may be
used to indemnify (1)
the Trustee, see
"Description of the Trust Indenture," and (2)
the Custodian, see "Description
of the Custody
Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Competing
claims over ownership of intellectual property rights related to the
Trust could adversely affect the Trust and
an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">While the Sponsor believes that all
intellectual property rights needed to operate the Trust are owned
by or licensed to
the Sponsor or the WGC or have been obtained,
third parties may
allege or assert ownership of intellectual property rights which may be
related to the design, structure and
operations of the Trust. To the extent any claims of
such ownership are brought or any
proceedings are
instituted to assert such claims,
the negotiation,
litigation or settlement of such claims, or
the ultimate disposition of &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">14</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
such claims in a court of law if a suit is
brought,
may
adversely affect the Trust and an
investment in the Shares,
for
example, resulting in expenses or damages
or the termination of the Trust.
See
"Legal
Proceedings."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If
the Marketing Agent and the WGC do not conclude an international
marketing agent agreement within
60
days of the effectiveness of the registration statement of which this
prospectus forms a part, the Sponsor may
terminate the Marketing Agent Agreement and
the services of the Marketing Agent. This
could affect the performance of the services provided by the Marketing
Agent and would terminate the obligation of the Sponsor to reduce its
fees under certain circumstances.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Marketing Agent, the WGC and the Sponsor have entered into an agreement
obligating the WGC and the Marketing Agent to conclude an international
marketing agent agreement providing for the distribution outside the US
of exchange-traded securities whose investment objective or investment
method is tied to gold bullion or derivatives of gold bullion. If the
WGC and the Marketing Agent do not conclude such an agreement within
60
days of the effectiveness of the registration statement of which this
prospectus forms a part, the Sponsor may exercise its option,
exercisable for
60
days commencing on the
61st
day after effectiveness of the registration statement of which this
prospectus forms a part, to terminate the Marketing Agent Agreement and
the services of the Marketing Agent. Upon any such termination, the
Marketing Agent License Agreement and the WGC/WGTS License Agreement
would terminate, the Sponsor and the Trust would be required to cease
using the
"streetTRACKS<sup>&reg;</sup>"
mark and the Sponsor would be required to amend this prospectus and the
registration statement of which this prospectus forms a part to delete
any reference to the Marketing Agent, State Street Corporation or
"streetTRACKS<sup>&reg;</sup>".
If the services of the Marketing Agent under the Marketing Agent
Agreement are terminated, the services provided by the Marketing Agent
would have to be performed by the Sponsor or a replacement marketing
agent. The Sponsor may not be able to perform such services at the same
performance level as the Marketing Agent or find a replacement
marketing agent able to perform such services at the same performance
level as the Marketing Agent. A replacement marketing agent might not
be willing to perform such services for the same fees as the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the terms of the Trust Indenture, for seven years
from the date of the Trust Indenture or until the earlier termination
of the Marketing Agent Agreement, if at the end of any month during
this period the estimated ordinary expenses of the Trust exceed an
amount equal to 0.40% per year of the daily
ANAV of the Trust for such month, the fees
payable to the Sponsor and the Marketing Agent from the assets of the
Trust will be reduced by the amount of such excess in equal shares up
to the amount of their fees. If the Marketing Agent Agreement is
terminated pursuant to the termination right described in the preceding
paragraph, the Sponsor's obligation to reduce its fees in
accordance with the preceding sentence will
terminate.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">15</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Use
of Proceeds&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Proceeds received by the Trust from the issuance
and sale of Baskets will
consist of gold deposits and, possibly from time to
time, cash. Pursuant to the Trust Indenture, during the life of the
Trust such proceeds will only be
(1)
held by the Trust,
(2)
distributed to Authorized Participants in connection with the
redemption of Baskets or
(3)
disbursed or sold
as needed to pay the Trust's ongoing
expenses.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Market Price of
Shares&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Our Shares have traded on the NYSE under the symbol
"GLD"
since our initial public offering on November 18,
2004.&nbsp;The following table sets forth, for the
period indicated, the high and low sale prices of our Shares as
reported by the
NYSE:&nbsp;</p>
</div>
</div>

</div>

<table cellpadding="0" cellspacing="0" border="0" width="444">
<tr>
<td>
<div style="width: 107.82pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 25.09pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 15pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 12pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 54pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 12pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 15pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 10.91pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 7.91pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 36.18pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 7.91pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">High</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">Low</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><u><font style="font-weight: bold; font-style: normal">2004</font></u></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">November
18 - December
16</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;46.00</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;43.20</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">16</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Overview
of the Gold Industry&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">How Gold Travels from the Mine to
the Customer</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following is a general description of
the typical path gold takes from the mine to the customer. Individual
paths may vary at several stages in the process from the following
description.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold, a naturally occurring mineral
element, is found in ore deposits throughout the world. Ore
containing gold is first either dug from the surface or blasted from
the rock face underground.
Mined ore is hauled to a
processing plant, where it is crushed or milled.
Crushed or milled ore is
then concentrated in order to separate out the coarser gold and heavy
mineral particles from the remaining parts of the ore. Gold is
extracted from these ore concentrates by a number of processes and,
once extracted, is then smelted to a gold-rich dor&eacute; (generally a
mixture of gold and silver) and cast into bars. Smelting, in its
simplest definition, is
the melting of ores or concentrates with a reagent which results in the
separation of gold from
impurities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The dor&eacute; goes through a
series of refining processes to upgrade it to a purity and format that
is acceptable in the market place. Refining can take a number of
different forms, according to the type of ore being treated. The
dor&eacute; is refined to a purity of 99.5% or higher. The most
common international standard of purity is the standard
established by the London Good Delivery
Standards, described in
"Operation of the Gold Bullion Market &mdash; The London
Bullion Market."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The gold mining company pays the
refinery a fee, and then sells the bars to a bullion dealer. In some
cases, the refinery may buy the gold from the mining company, thus
effectively operating as a bullion dealer. Bullion dealers in turn sell
the gold to manufacturers of jewelry or industrial products containing
gold. Both the sale by the mine and the purchase by the manufacturer
will frequently be priced with reference to the London gold price fix,
which is widely used as the price benchmark for
international gold transactions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Some
gold mining companies sell forward their gold to a bullion dealer in
order to lock in cash-flow for revenue management
purposes. The price they receive on delivery of the gold will be that
which was agreed to at the time of the initial transaction, equivalent
to the spot price plus the interest accrued up until the date of
delivery.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Once a manufacturer of jewelry or industrial products
has taken delivery of the purchased gold, the manufacturer fabricates
it and sells the fabricated product to the customer. This is the
typical pattern in many parts of the developing world. In some
countries, especially in the industrialized world, bullion dealers will
consign gold out to a
manufacturer. In these cases, the gold will be stored in a secured
vault on the premises of the manufacturer, who will use these
consignment stocks for fabrication into products as needed. The actual
sale of the gold from the bullion dealer to the manufacturer only takes
place at the time the manufacturer sells the product, either to a
distributor, a retailer or the customer.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In some cases, the
manufacturer may, often for cost reasons, ship the gold to another
country for fabrication into products. The fabricated products may then
be returned to the manufacturer's country of business for onward
sale, or shipped to a third country for sale to the customer.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Gold Supply and Demand</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold is a physical
asset that is accumulated, rather than consumed. As a result, virtually
all the gold that has ever been mined still exists today in one form or
another.
<font style="font-weight: normal; font-style: italic">Gold
Survey
2004</font>,
a publication of Gold Fields Mineral Services Ltd. (GFMS), an
independent precious metals research organization based in London,
estimates that existing above-ground stocks of gold amounted
to 150,500
tonnes (approximately
4.7
billion ounces) at the end
of 2003. These stocks have
increased by approximately
2.0% per year on average
for the 10 years ending
December
2003. When
used in this prospectus,
"tonne"
refers to one metric tonne, which is
equivalent to 1,000 kilograms or 32,150.7465 troy
ounces.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Existing stocks may be
broadly divided into two categories based on the primary reason for the
purchase or holding of the gold:&nbsp;</p>
</div>
</div>
</div>
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<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
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<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">17</p>
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<hr>
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<page>
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<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Gold
purchased or held as a store of value or monetary asset; and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Gold purchased or held as a
raw material or commodity.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The first category, gold held
as a store of value or monetary asset, includes the
33,160
tonnes of gold
that is estimated to be owned by the official sector
(central banks, other governmental agencies and multi-lateral
institutions such as the International Monetary Fund).
An estimated
3,960
tonnes
of this gold has already been mobilized into the market and
fabricated into gold products. This reduces to
29,200
tonnes
(19.4%
of the estimated total) the total that could theoretically become
available in the unlikely event that all
official sector holdings were liquidated.
The 23,600
tonnes of gold
(15.7% of the
estimated total) in the hands of private investors also falls into
this first category. While much of the gold
in this category exists in bullion form and, in
theory, could be mobilized and made available to the market, there are
currently no indications that a significantly greater amount of gold
will be mobilized in the near future than has been mobilized in recent
years.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The second category, gold held
as a raw material or commodity, includes the
76,800
tonnes of gold
(51.0% of the
estimated total) that has been manufactured into jewelry. As all gold
jewelry exists as fabricated products, the jewelry would need to be
remelted and transformed into bullion bars before being mobilized into
the market in an acceptable form. While adornment is the primary
motivation behind purchases of gold jewelry in the industrialized
world, much of the jewelry in the developing world has an additional
store of value element, with this jewelry being held, at least in part,
as a means of savings. As
this jewelry in the
developing world tends to be of higher purity,
the price of an item of jewelry is more closely
correlated with the value of the gold contained in it than is the case
in the industrialized world. As a result, this jewelry is more
susceptible to recycling. Recycled jewelry, primarily from the
developing world, is the largest single component of annual gold scrap
supply, which has averaged
733
tonnes annually over
the last 10 years.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The second category also includes the
17,300
tonnes of gold
(11.5% of the
estimated total) that has been manufactured or incorporated into
industrial products. Similar to jewelry, this gold would need to be
recovered from the industrial
products and then remelted
and recast into bars before it could be mobilized into the market.
Small quantities of remelted gold from industrial products come onto
the market each year.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Approximately 3,600
tonnes of above-ground
stocks (2.4% of the estimated total)
is unaccounted
for.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">World Gold Supply and
Demand
(1994
&ndash;
2003)&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following table sets forth a summary of the world gold supply
and demand for the last 10
years and is based on
information reported in the
GFMS <font style="font-weight: normal; font-style: italic">Gold Survey
2004</font>.&nbsp;</p>
</div>
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<!--CT: header-->
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<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Supply</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1994</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
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<!--CT: header-->
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<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2002</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
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<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
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<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
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<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="7" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">(tonnes)</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Mine production</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,285</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,291</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,375</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,493</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,542</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,574</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,591</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,621</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,590</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,593</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Old gold
scrap</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;621</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;631</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;644</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;626</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,099</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;608</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;610</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;708</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;836</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;943</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Official sector
sales</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;130</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;167</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;279</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;326</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;477</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;479</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;527</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;545</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;606</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Net producer
hedging</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;105</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;475</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;142</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;504</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;97</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;506</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(15</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(151</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(437</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(310</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Total
Reported
Supply</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,141</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,565</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,440</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,949</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,102</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,165</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,665</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,705</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,534</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,832</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 10pt; text-indent: -10pt; border-bottom: 1px solid #000000;"><font style="font-size: 8pt; "><font style="font-weight: bold; font-style: normal">Demand</font></font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
fabrication in carat
jewelry</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,640</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,812</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,856</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,311</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,182</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,148</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,222</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,026</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,680</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,533</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
fabrication in
electronics</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;187</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;204</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;207</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;235</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;226</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;248</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;282</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;200</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;209</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;238</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold fabrication
in
dentistry</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;64</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;67</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;68</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;70</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;64</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;66</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;69</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;69</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;69</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;67</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold fabrication
in other industrial and decorative
applications</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;104</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;110</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;113</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;115</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;104</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;97</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;82</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;80</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Retail
investment</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;349</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;465</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;298</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;492</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;336</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;446</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;335</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;359</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;373</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;314</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Total
Reported
Demand</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,344</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,657</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,541</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,223</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,912</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,007</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,007</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,749</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,413</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,232</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Supply Less
Demand<sup>1</sup></font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(203</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(93</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(102</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(275</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;190</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;158</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(342</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(44</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;122</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;600</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 60pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">(1)</font>&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">This
is the residual from combining all the other
data in the table.
This residual results
from the fact that there is no reliable methodology for measuring all
elements of gold supply and demand. It includes
net institutional
investment, movements in stocks
and other elements, together with
any residual
error.</font>&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">18</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Sources of Gold
Supply</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Sources of gold supply include both mine
production and the recycling or mobilizing
of existing above-ground stocks. The largest portion of gold supplied
into the market annually is from gold mine production. The second
largest source of annual
gold supply is from old scrap, which is gold that has been recovered
from jewelry and other fabricated products and converted back into
marketable gold. Official sector sales have outstripped purchases since
1989, creating additional net supply of gold into the marketplace. Net
producer hedging accelerates the sale of physical gold and can
therefore impact, positively or negatively, supply in a given year.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mine production&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mine production includes gold
produced from primary deposits and from secondary
deposits where the gold is recovered as a by-product metal from other
mining activities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mine production is derived from
numerous separate
operations on all continents of the world, except Antarctica. Any
disruption to production in any one locality is unlikely to affect a
significant number of these operations simultaneously. Such potential
disruption is unlikely to have a material impact on the overall level
of global mine production, and therefore equally unlikely to have a
noticeable impact on the gold price.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In the unlikely event of
significant disruptions to production occurring simultaneously at a
large number of individual mines, any impact on the price of gold would
likely be short-lived. Historically, any sudden and significant rise in
the price of gold has been followed by a reduction in physical demand
which lasts until the period of unusual volatility is past. Gold price
increases also tend to lead to an increase in the levels of recycled
scrap used for gold supply. Both of these factors have tended to limit
the extent and duration of upward movements in the price of gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Since 1984, the amount of new gold that is mined each year has been
substantially lower than the level of physical demand. For example,
during the five years from 1999 to
2003, new mine production only satisfied
70% of the total
demand for fabrication and retail investment. The shortfall in total
supply has been met by additional supplies from existing above-ground
stocks, predominantly coming from the recycling of fabricated gold
products, official sector sales and net producer hedging.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Old gold scrap&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold scrap is gold that has been
recovered from fabricated products, melted, refined and cast into
bullions bars for subsequent resale into the gold market. The
predominant source of gold scrap is recycled
jewelry.
This predominance is largely a
function of price and economic circumstances. The 1998 peak in gold
scrap supply can be attributed to the concurrent collapse of many of
the East Asian currencies, which began with the Thai Baht in July 1997,
leading to price-driven and distress related selling.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Official sector sales&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Historically, central
banks have retained gold as a strategic reserve asset. However, since
1989 the official sector has been a net seller of gold to the private
sector, supplying an average of
379
tonnes per year from 1989 to
2003 inclusive. This has
resulted in net movements of gold from the official to the private
sector. Owing to the prominence given by market commentators to this
activity and the size of official sector gold holdings, this area has
been one of the more visible sources of
supply.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Central Bank
Gold Agreement, also known as the Washington Agreement on Gold
or
"WAG,"
announced during the International
Monetary Fund meetings in Washington, DC on September 26,
1999, is a voluntary agreement among key central banks to clarify their
intentions with respect to their gold holdings. The signatories to the
agreement were the European Central Bank and 14 other central banks.
These institutions agreed not to enter the gold market as sellers
except for already decided sales, which were to be achieved through a
five year program that limited annual sales to approximately 400
tonnes and total sales
over the period to 2,000
tonnes. The signatories
further agreed not to expand their use of gold
lending and derivatives
over the period. The European
Central Bank announced in March 2004 that the agreement would be
extended for a further five-year period
starting on September 27, &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">19</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
2004. The new agreement is similar to the
existing agreement, although the ceiling for
gold sales is 25% higher and the Bank of Greece replaces the
Bank of England as a signatory to the
agreement. UK Treasury indicated at the time of the announcement of the
new agreement that the UK government had no
plans to sell gold from its reserves and therefore would not
participate in the new agreement.
As before, the new agreement will be reviewed after five
years.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following chart shows the reported gold
holdings in the official sector at
December
2003.&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538piechart080604.jpg" style="margin-top: 12pt;" align="middle"></div><div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 60pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(1)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">The
Euro Area comprises the following
countries: Austria, Belgium, Finland, France,
Germany, Greece, Ireland, Italy, Luxembourg,
The
Netherlands, Portugal,
and
Spain,
plus the European Central Bank from January
1999 when the European Economic and
Monetary Union was
implemented.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Net producer hedging&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Net producer hedging
creates incremental supply in the market by accelerating the timing of
the sale of gold. A mining company wishing to protect
itself from the risk of a decline in the gold price may elect to sell
some or all of its anticipated production for delivery at a future
date. A bullion dealer accepting such a transaction will finance it by
borrowing an equivalent quantity of gold (typically
from a central bank), which is immediately sold into the market. The
bullion dealer then invests the cash proceeds from that sale of
gold and uses the yield on these investments to pay
the gold mining company the contango (i.e., the premium available on
gold for future delivery). When the mining company delivers the gold it
has contracted to sell to the bullion dealer, the dealer returns the
gold to the central bank that lent it, or rolls the loan forward in
order to finance similar transactions in the future. While over time
hedging transactions involve no net increase in the supply of gold to
the market, they do accelerate the timing of the sale of the
gold, which has an impact on the balance between
supply and demand at the time. Since 2000, there has been an annual net
reduction in the volume of outstanding producer hedges that has reduced
supply.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">20</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following illustration details a
typical hedging transaction (numbering
indicates sequential
timing).&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538flowchart2.jpg" style="margin-top: 6pt;" align="middle"></div><div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Sources
of Gold Demand</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As reported by published statistics, the
demand for gold amounted
to less than 3.0% of total above ground stocks in
2003. Demand for gold is
driven primarily by demand for jewelry, which is used for adornment
and, in much of the developing world, also
as an investment. Retail investment and
industrial applications
represent increasingly important, though relatively small, components
of overall demand. Retail investment is measured as customer purchases
of bars and coins. Gold bonding wire and gold plated contacts and
connectors are the two most frequent uses of gold in industrial
applications.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold demand is widely dispersed throughout
the world. While there are seasonal fluctuations in
the levels of demand for gold (especially jewelry)
in many countries,
variations in the timing of such
fluctuations in different countries
mean that seasonal changes
in demand do not have a significant impact on
the global gold price.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Jewelry&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The primary
source of gold demand is gold jewelry. The motivation for jewelry
purchases differs in various regions of the world. In the
industrialized world, gold jewelry tends to be purchased purely for
adornment purposes, while gold's attributes as a store of value
and a means of saving provide an additional motivation for jewelry
purchases in much of the developing world. Price and economic factors,
such as available wealth and disposable income, are the primary factors
in jewelry demand. Jewelry purchased purely for adornment purposes is
generally of lower caratage or purity, with
design input and improved finishes
accounting for a substantial
portion
of the purchase price. In those parts of the world where the
additional motivation of savings or investment applies to the purchase
of jewelry, which are mainly in Asia, the Indian subcontinent and the
Middle East, gold jewelry is generally of higher caratage, and the
purchase price more closely reflects the value of the gold contained in
each item.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Electronics, dentistry and other
industrial and decorative
applications&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold bonding wire
and gold plated contacts and connectors are the two most frequent uses
of gold in electronics. Other uses include high-melting point gold
alloy solders and gold thick film pastes for hybrid circuits. In
conservative and restorative dentistry, gold is generally used alloyed
with other noble metals and with base metals, for inlay and onlay
fillings, crown and bridgework and porcelain veneered restorations.
Increasingly, pure gold electroforming is being used for dental
repairs. Other industrial applications of gold include the use of thin
gold coatings on table and enamel ware for decorative purposes and on
glasses used in the construction and aerospace industries to reflect
infra-red rays. Small quantities are also used in various
pharmaceutical applications, including the treatment of arthritis, and
&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">21</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
in medical implants. Future applications for
gold catalysts are in pollution control, clean energy generation and
fuel cell technology. In addition, work is under way on the use of gold
in cancer treatment.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Retail investment&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Retail investment demand covers coins and bars
meeting the standards for
investment gold adopted by the European Union, extended to include
medallions of no less than 99% purity, and bars or coins which
are likely to be worn as jewelry in certain countries. Retail
investment is measured as net purchases by the ultimate
customer.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">22</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Operation
of the Gold Bullion Market&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The global trade in
gold consists of Over-the-Counter (OTC) transactions in spot, forwards,
and options and other derivatives, together
with exchange-traded futures and options.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GLOBAL
OVER-THE-COUNTER MARKET&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The OTC market
trades on a 24-hour per day continuous basis and accounts for most
global gold trading.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Market makers,
as well as others in the OTC market, trade with
each other and with their clients on a principal-to-principal basis.
All risks and issues of
credit are between the parties directly involved in the transaction.
Market makers include the
eight
market-making members of the LBMA, the trade
association that acts as the coordinator for
activities conducted on behalf of its members and other participants in
the London bullion market.The
eight market-making
members of the LBMA are: Barclays Bank
plc, Deutsche Bank AG,
HSBC Bank USA,
N.A.
(through its London branch), J.
Aron and Company (UK) (a division of Goldman Sachs),
JPMorgan Chase Bank,
ScotiaMocatta (a
division of the Bank of
Nova Scotia), Soci&eacute;t&eacute; G&eacute;n&eacute;rale, and UBS AG.
The OTC market provides a relatively flexible market in terms of
quotes, price, size, destinations for delivery and other factors.
Bullion dealers customize transactions to meet clients'
requirements. The OTC market has no formal structure and no open-outcry
meeting place.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The main centers of the OTC market are London,
New York and Zurich. Mining companies, central banks, manufacturers of
jewelry and industrial products, together with investors and
speculators, tend to transact their business through one of these
market centers. Centers such as Dubai and several cities in the Far
East also transact substantial OTC market business, typically involving
jewelry and small bars (1 kilogram or less). Bullion dealers have
offices around the world and most of the world's major bullion
dealers are either members or associate members of the LBMA. Of the
eight market-making
members of the LBMA, five
offer clearing services. There are a further
51 full members, plus a
number of associate members around the world.
The number of LBMA market-making, clearing
and full members reported in this prospectus are as of
July 23, 2004. These numbers may change from time to
time as new members are added and existing
members drop out.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In the OTC market,
the standard size of gold trades between market makers ranges between
5,000 and 10,000 ounces. Bid-offer spreads are typically
50
US cents per ounce.
Certain dealers are
willing to offer clients competitive prices for much larger volumes,
including trades over
100,000 ounces, although this will vary according to
the dealer, the client and market conditions, as transaction costs in
the OTC market are negotiable between the parties and therefore vary
widely. Cost indicators can be obtained from various information
service providers as well as dealers.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Liquidity
in the OTC market can vary from time to time during the course of the
24-hour trading day. Fluctuations in
liquidity are reflected in adjustments to dealing spreads &ndash; the
differential between a dealer's
"buy" and "sell"
prices. The period of greatest liquidity in the gold market
generally occurs at the
time of
day when trading in the
European time zones overlaps with trading in the United States, which
is when OTC market trading in London, New
York and other centers coincides with futures and options
trading on the
COMEX division of the New
York Mercantile Exchange. This period lasts for
approximately four hours each
New
York business day
morning.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The London Bullion Market</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Although the
market for physical gold is distributed globally, most OTC market
trades are cleared through London. In
addition to coordinating market activities, the LBMA acts as
the principal point of contact between the market and its regulators. A
primary function of the LBMA is its involvement in the promotion of
refining standards by maintenance of the
"London Good Delivery
Lists,"
which are the lists of LBMA accredited melters and assayers of gold.
The LBMA also coordinates market clearing and vaulting, promotes good
trading practices and develops standard
documentation.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The term "loco
London" gold refers to gold physically held in London that
meets the specifications for weight, dimensions, fineness (or purity),
identifying marks (including the assay stamp of a LBMA &nbsp;</p>
</div>
</div>
</div>
</div>
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<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
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<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">23</p>
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<hr>
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<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Operation
of the Gold Bullion Market</p>
</div>
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<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
acceptable refiner) and appearance set forth
in "The Good Delivery Rules for Gold and Silver
Bars" published by the
LBMA. Gold bars meeting
these requirements are described in this prospectus from time to time
as "London Good Delivery
Bars." The
unit of trade in London is the troy ounce, whose conversion between
grams is: 1,000 grams = 32.1507465 troy
ounces and 1 troy ounce = 31.1034768 grams. A London Good Delivery
Bar is acceptable for
delivery in settlement of a transaction on the OTC market. Typically
referred to as 400-ounce bars, a London Good Delivery
Bar must contain between
350 and 430 fine troy ounces of gold, with a minimum fineness (or
purity) of 995 parts per 1,000
(99.5%), be of good appearance and be easy to handle and stack.
The fine gold content of a gold bar is calculated by multiplying the
gross weight of the bar (expressed in units of 0.025 troy ounces)
by the fineness of the bar.
A London Good Delivery Bar
must also bear the stamp of one of the melters and assayers who are on
the LBMA approved list. Unless
otherwise specified, the gold spot price always refers to
that of a London Good Delivery
Bar. Business is generally
conducted over the phone and through electronic
dealing systems.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Twice daily during
London trading hours there is a
fix
which provides reference gold prices for that day's trading. Many
long-term contracts will be priced on the basis of either the morning
(AM) or afternoon (PM) London fix, and market participants will usually
refer to one or the other of these prices when looking for a basis for
valuations. The London fix is the most widely used benchmark for daily
gold prices and is quoted by various financial information
sources.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Formal
participation in the London fix is traditionally limited to five
members, each of which is a bullion dealer
and a member of the LBMA. N M Rothschild &amp; Sons Limited withdrew
from participation in the London fix in
April 2004 after acting as chairman since the inception of the fix more
than 80 years ago. This prompted some
changes in the process
which
took effect from May 2004. The chairmanship
now
rotates annually
among the five member firms. Under this new arrangement, ScotiaMocatta
(a division of the Bank of Nova
Scotia), assumed
the chairmanship on May 5, 2004, for a period of twelve
months. With effect from the same date, the
fix has taken place by telephone and the five member firms no
longer meet face-to-face as was previously
the case. The morning session of the fix starts at 10:30 AM
London time and the afternoon session starts
at 3:00 PM London time. The other members of the gold fixing
are currently Deutsche Bank AG, HSBC Bank
USA,
N.A., Soci&eacute;t&eacute;
G&eacute;n&eacute;rale and Barclays Bank plc. Barclays Bank
plc bought the N M Rothschild Limited's seat on
the London fix for an undisclosed sum. Any other
market participant wishing to participate in
the trading on the fix is required to do so through one of the
five gold fixing members.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Orders are placed
either with one of the five fixing members or with another bullion
dealer who will then be in contact with a fixing member during the
fixing. The fixing members net-off all orders when communicating their
net interest at the fixing. The fix begins with the fixing chairman
suggesting a "trying price," reflecting the
market price prevailing at the opening of the fix. This is relayed by
the fixing members to their dealing rooms which have direct
communication with all interested parties. Any market participant may
enter the fixing process at any time, or adjust or withdraw his order.
The gold price is adjusted up or down until all the buy and sell orders
are matched, at which time the price is declared fixed. All fixing
orders are transacted on the basis of this fixed price, which is
instantly relayed to the market through various media.
The London fix is widely viewed as a full
and fair representation of all market interest at the
time of the fix.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Futures Exchanges</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The most significant gold
futures exchanges are the COMEX
division of the New York Mercantile Exchange
and the Tokyo Commodity Exchange
(TOCOM). The COMEX division of the New York Mercantile
Exchange is the largest exchange in the world for trading
precious metals futures
and options and has been trading gold since 1974. The TOCOM has been
trading gold since 1982. Trading on these exchanges is based on fixed
delivery dates and transaction sizes for the futures and options
contracts traded. Trading costs are negotiable. As a matter of
practice, only a small percentage of the futures market turnover ever
comes to physical delivery of the gold represented by the
contracts traded. Both exchanges permit
trading on margin. Margin trading can add to the speculative risk
involved given the potential for margin calls if the price moves
against the contract holder. The
COMEX division of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">24</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Operation
of the Gold Bullion Market</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
New York Mercantile Exchange
operates through a central clearance
system. On June 6, 2003, TOCOM
adopted a similar clearance system. In each case, the exchange acts as
a counterparty for each member for clearing
purposes.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Other
Exchanges</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">There are other gold exchange markets, such
as the Istanbul Gold Exchange (trading gold since 1995), the Shanghai
Gold Exchange (trading gold since October 2002) and the Hong Kong
Chinese Gold &amp; Silver Exchange Society (trading gold since
1918).&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Market Regulation</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The global gold markets are overseen and regulated by both
governmental and self-regulatory
organizations. In addition, certain trade associations
have established rules and protocols for market
practices and participants. In the United Kingdom,
responsibility for the regulation of the financial
market participants, including the major participating
members of the LBMA, falls under the authority of
the Financial Services Authority (FSA) as provided by
the Financial Services and Markets Act 2000 (FSM
Act). Under this act, all UK-based banks, together with
other investment firms, are subject to a range of
requirements, including fitness and properness, capital
adequacy, liquidity, and systems and
controls.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The FSA is responsible for
regulating investment products, including derivatives, and those who
deal in investment products. Regulation of
spot, commercial forwards, and deposits of gold and silver
not covered by the FSM Act is provided for by
The London Code of Conduct for Non-Investment Products,
which was established by market participants in
conjunction with the Bank of England.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Participants in the US OTC market for
gold are generally regulated by
the market regulators
which
regulate their activities in the other markets in which they operate.
For example, participating banks are
regulated by the banking authorities.
In the
United
States,
Congress created the
CFTC
in 1974 as an
independent agency with the mandate to regulate
commodity futures and option markets in the United
States. The CFTC regulates market participants and has
established rules designed to prevent market
manipulation, abusive trade practices and
fraud.
The CFTC requires that any trader holding an
open position of more
than 200 lots (i.e. 20,000 ounces) in any
one contract month on the
COMEX division of the New York Mercantile Exchange
must declare his
or her identity, the nature of
his or her
business (hedging, speculative, etc.) and
the existence and size of his or
her
positions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
<font style="text-transform: uppercase">Tocom</font>
has
authority to perform financial and operational surveillance on its
members' trading activities,
scrutinize positions held by members and large-scale customers, and
monitor the price movements of futures
markets by comparing them with cash and other derivative markets'
prices. To act as a Futures Commission
Merchant Broker, a broker must obtain a license from Japan's
Ministry of Economy, Trade and Industry
(METI), the regulatory
authority that oversees the operations of the
TOCOM.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">25</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Analysis
of Movements in the Price of Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As movements in the price of
gold are expected to directly affect the price of the Shares, investors
should understand what the recent movements in the price of gold have
been. Investors, however, should also be
aware that past movements in the gold price are not indicators of
future movements. This section of the prospectus identifies recent
trends in the movements of the gold price and discusses some of the
important events which have influenced these movements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
following chart provides historical background on the price of gold.
The chart illustrates movements in the price of gold in
US dollars per ounce over
the period from January 1971 to
September
30, 2004, and is
based on the London PM
Fix.&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538linechart1a.jpg" style="margin-top: 4pt;" align="middle"></div><div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following chart illustrates the
movements in the price of gold in
US dollars per ounce over
the period from January 1999 to
September
30, 2004, and is
based on the London
PM Fix. This
period
corresponds
to
the boxed portion of the above
chart.&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538linechart2a.jpg" style="margin-top: 4pt;" align="middle"></div></div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">26</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Analysis
of Movements in the Price of Gold</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">After
reaching a 20-year low of $252.80 per ounce
at the London PM Fix on July 20, 1999, the
gold price
gradually
increased.
The
average
gold price for
2002
was
$309.68 per
ounce, with a low of $277.75
and a high of $349.30. For 2003, the
average gold price was
$363.32
per ounce, with a
low of $319.90 and a high of $416.25. In the
period from January 1,
2004 to December&nbsp;16,
2004,
the gold price
ranged between a
high of
$454.20
on
December
2,
2004 and a low of $375.00
on May 10,
2004.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The initial reason for the
market's turnaround during 1999
was the strong rise in physical demand, notably in
price sensitive markets such as China, Egypt, India and Japan. The
sharp gold price rise in September 1999 was largely a reflection of the
Central Bank Gold Agreement, which removed an important element of
uncertainty from the market and led not just to renewed professional
interest in the market but also to short-covering purchases. The
Central Bank Gold Agreement underpinned improved sentiment in the
longer term (fears over official sector sales had been a key element to
negative sentiment across the market in the latter part of the
1990s).&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Despite the Central Bank Gold Agreement, a number of
factors led to the gold price resuming a downward trend in 2000. These
included renewed strength in the dollar (gold is
often perceived as a dollar hedge), strong
global economic growth, low inflation and, for much of the year,
buoyant stock markets in the United States and other key countries.
This downward price trend persisted into the early part of 2001. At
this time the gold price once again appeared to be approaching $250 per
ounce but, as before, strong physical demand from price sensitive
markets such as India again countered the downward trend.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Sentiment in the gold market started to change in early 2001, and
the gold price has shown an upward trend since March of that year. A
rapid economic slowdown occurred in the world economy, while stock
markets in the United States and other key countries were falling.
There was an end to the significant disinvestment in gold in Europe and
North America that had affected gold prices during 2000. In addition,
the rapid sequence of interest rate cuts in the United States reduced
the risk/reward ratio that had previously been enjoyed by speculators
who had been trading in the gold market from the short side (i.e.,
selling forward or futures with a view to buying back at a lower
price). Lower interest rates reduced the contango (i.e., the premium
available on gold for future delivery) available and this, combined
with steady prices, meant that such trades became increasingly
unattractive. After the first quarter of 2001, some mining companies
started to reduce their hedge books, reducing the amount of gold coming
onto the market. Political uncertainties and the continuing economic
downturn after the attacks of September 11, 2001 added to demand for
gold investments.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The continuation of the upward price trend
during the years 2002, 2003 and 2004 reflected
external issues such as the decline in the US dollar relative to other
currencies, volatility in equity markets, doubts over global economic
recovery other than in China and East Asia, concern over corporate
governance issues, and growing political tension, including the rise in
terrorism. Developments internal to the gold market such as rising
investment demand, the announcement of the renewed Central Bank Gold
Agreement, and the continued reduction in forward selling by mining
companies also played an important
role.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">27</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Business
of the
Trust&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The investment
objective of the Trust is
for the Shares to
reflect the performance of the
price of gold
bullion, less
the Trust's
expenses.
The Sponsor believes
that, for many investors,
the Shares
represent a
cost-effective
investment relative to traditional means of investing in
gold. As the value of the Shares is tied to the value of the
gold held by the Trust, it is important in understanding the investment
attributes of the Shares to first understand the investment attributes
of gold.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The Case for Investing in Gold</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All forms of investment carry some degree of risk. In addition, the
Shares have certain unique risks, as described in "Risk
Factors"
starting on page
7.
Holding gold directly also has risks. However, including
gold in a well-balanced portfolio can help diversify risk.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold's ability to serve as a portfolio diversifier is due to
its historically low-to-negative correlation with stocks and bonds. The
economic forces that determine the price of gold are different from the
forces that determine the prices of most financial assets. For example,
the price of a stock often depends on the earnings or growth potential
of the issuing company or the confidence investors have
in its management. The price of a bond
depends primarily on its credit rating, its yield and the yields of
competing fixed income investments. The price of gold, however, depends
on different factors, including the supply and demand for gold, the
strength or weakness of the
US dollar, the rate of
inflation and interest rates and the current political environment.
Gold does not depend on a promise to pay on the part of any government
or corporation, as is the case with investments in money market
instruments as well as in the corporate and
government bond markets. Gold is not directly affected by the economic
policies of any individual country and cannot be repudiated, as is the
case with paper assets. Gold is not subject to the risk of default or
bankruptcy. Gold cannot be created at will as can paper-backed
assets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Some of gold's investment attributes are shared
with traditional portfolio diversifiers, which include
non-US equities, emerging
markets securities, real estate investment trusts, and domestic and
foreign bonds. Gold historically
has had little
correlation with these traditional
diversifiers and
low-to-negative
correlation with
the Standard &amp; Poor's
500 Index, which is widely regarded as the standard for measuring the
stock market performance of large
capitalized US
companies. In the search for effective
diversification, investors have begun to turn to a variety of
non-traditional diversifiers. These non-traditional diversifiers
include hedge and private equity funds, commodities, timber and
forestry, fine art and collectibles. Gold has one or more of the
following advantages over each of these non-traditional diversifiers:
greater liquidity, lower risk and lower management and holding
costs.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Strategy behind the
Shares</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are intended to offer investors a new
and different opportunity to participate in the gold market through
an investment in
securities.
Certain pension
funds
which
have not been able to participate in the gold market
are expected to be able to
purchase and hold the
Shares.
Historically, the
logistics of buying, storing and insuring gold have
constituted a barrier to entry for some
institutional and retail investors alike. The offering of the Shares is
intended to overcome these barriers to entry. The logistics of storing
and insuring gold are dealt with by the Custodian and the related
expenses are built into the price of the Shares. Therefore, the
investor does not have any additional tasks or costs over and above
those associated with dealing in any other publicly traded
security.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">28</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the
Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are intended to provide
institutional and retail investors with a simple and cost-efficient
means of gaining investment benefits similar to those of holding gold
bullion. The Shares offer an investment that is:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Easily
Accessible.&nbsp;&nbsp;&nbsp;&nbsp;</font>Investors can access the gold market through a
traditional brokerage account. The Sponsor believes that investors will
be able to more effectively implement strategic and tactical asset
allocation strategies that use gold by using the Shares instead of
using the traditional means of purchasing, trading and holding
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Relatively Cost
Efficient.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Sponsor believes that, for many investors,
transaction costs related to the Shares will be lower than those
associated with the purchase, storage and insurance of physical
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Exchange
Traded.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares trade on the NYSE,
providing investors with an efficient means to implement various
investment strategies.
The
Shares
are eligible for margin
accounts.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Transparent.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares
are backed by the assets
of the Trust and the Trust will not hold or employ any derivative
securities. Further, the value of the Trust's holdings will be
reported on the Trust's website
each business
day.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Secondary Market
Trading</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">While the
Trust's investment objective is for the Shares to reflect the
performance of gold bullion, less the
expenses of the Trust, the Shares may trade in the
secondary market on the NYSE at prices that are lower
or higher relative to their NAV per Share. The amount
of the discount or premium in the trading price
relative to the NAV per Share may be influenced by
non-concurrent trading hours between
the COMEX division of
the New York Mercantile Exchange and
the NYSE. While the Shares
trade on the NYSE until
4:15
PM New York time, liquidity in the
global gold
market will be reduced after the close of
the COMEX division of the New York
Mercantile Exchange at 1:30 PM New York
time. As a result, during this time, trading
spreads, and the resulting premium or discount, on the Shares
may widen.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">License
Agreement</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In connection with
the settlement of a lawsuit between the WGC, WGTS and BNY concerning
the ownership of certain intellectual
property related to the Trust and BNY's contractual entitlement
to act as the trustee of the Trust, BNY has
agreed to serve as the trustee of the Trust. In addition, while the
WGC and WGTS do not agree that BNY owns any
of the intellectual property involved with the Trust, the
WGC and WGTS have entered into a license agreement with
BNY under which BNY grants to the WGC and
WGTS a perpetual, world-wide, non-exclusive, non-transferable license
under BNY's patents and patent
applications that cover securitized gold products solely for the
purpose of establishing, operating and
marketing any securitized gold financial product that is sold,
sponsored or issued by the WGC or WGTS. Also
under the license agreement, the WGC and WGTS grant to BNY a perpetual,
world-wide, non-exclusive, non-transferable
license under their patents, patent applications and other
intellectual property rights solely for the
purpose of establishing, operating and marketing financial
products involving the securitization of any
commodity, including
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRUST
EXPENSES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will sell gold as needed to
pay the expenses of the Trust, as described below. The Trust's
estimated
ordinary operating expenses are accrued
daily commencing
after
the first day of the trading of the Shares on the
NYSE and are reflected in the NAV of the
Trust. The ordinary operating expenses of
the Trust include (1) fees paid to the Sponsor, (2) fees paid to
the Trustee, (3) fees paid to the
Custodian, (4) fees paid to the Marketing Agent and (5) various Trust
administration fees, including printing and
mailing costs, legal and audit fees, registration fees and NYSE
listing fees. The Sponsor
is responsible
for the costs of the Trust's
organization and the initial sale of the Shares, including
the applicable SEC registration
fees.
The Trustee
charged
no fee and
assumed
the Trust's operating expenses (other than extraordinary
expenses) for the
period from the Trust's formation
through the day the Shares
commenced
trading on the NYSE. The Trustee and the Sponsor have entered into a
separate agreement relating to &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">29</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the
Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
payment by the
Sponsor to the Trustee
for
this
period.
These payments are not reimbursable to the
Sponsor by the Trust. If the Sponsor fails
to pay the Trustee under such
agreement, the Trustee
may recover the unpaid amounts from the assets of the Trust, and may
sell the Trust's gold as necessary to provide funds for such
unpaid amounts.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the
Sponsor as compensation for services performed under the Trust
Indenture and for services performed in
connection with maintaining the Trust's website and marketing the
Shares. The Sponsor's fee is payable
monthly in arrears and is accrued daily at an annual rate equal to
0.15%
of the ANAV of the
Trust, subject to reduction as described
below.
The Sponsor will
receive reimbursement from the Trust for all of its
disbursements and expenses incurred in
connection with the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are
paid to the Trustee as compensation for services performed under the
Trust Indenture. The Trustee's fee is
payable monthly in arrears and is accrued daily at an annual rate equal
to 0.02% of the ANAV of the Trust,
subject to a minimum fee of $500,000 and a maximum fee of $2 million
per year. The Trustee's fee is
subject to modification as determined by the Trustee and the Sponsor in
good faith to account for significant changes in the Trust's
administration or the Trustee's duties.
The Trustee
charges
the Trust for its expenses and disbursements incurred in connection
with the Trust (including the expenses of
the Custodian paid by the Trustee), exclusive of fees of agents for
services to be performed by the Trustee,
and for any extraordinary services performed by the Trustee for
the Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Custodian under the Allocated Bullion Account
Agreement as compensation for its custody
services. Under the Allocated Bullion Account Agreement, the Custodian
is entitled to a fee that is accrued daily
at an annual rate equal to 0.10% of the
average daily
aggregate value of the gold held in the
Trust Allocated
Account and the
Trust
Unallocated
Account, payable in
quarterly
installments in arrears. Beginning January
1, 2005, the Custodian's fee will be payable monthly in
arrears. The Custodian does not receive a
fee under the Unallocated Bullion Account
Agreement.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees
are
paid to the Marketing Agent by the Trustee from the assets of the Trust
as compensation for services performed
pursuant to the
Marketing
Agent Agreement.
The Marketing
Agent's fee is payable monthly in arrears and is accrued daily at
an annual rate equal to
0.15%
of the ANAV of the Trust, subject to
reduction as described
below.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The administration fees of the Trust are currently estimated to be
approximately
$663,000
per year. These estimated fees include the
following
(1)
legal fees of approximately
$175,000
per year,
(2)
audit and
quarterly
review fees of approximately
$268,000
per year,
(3)
market data fees of approximately $15,000 per year,
(4) NYSE
fees of $5,000 in the first year and $2,000 per year afterwards, and
(5) printing fees of approximately $200,000
per year. In addition, administration fees will include the SEC and
National Association of Securities Dealers,
Inc. (NASD) registration fees applicable to any future registration of
additional
Shares. Investors should
be aware that administration fees are likely to increase over time due
to increases in the fees of service
providers
to the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will sell
gold held by the Trust on an as-needed basis to pay the Trust's
expenses. As a result, the amount of gold
to be sold will vary from time to time depending on the level of the
Trust's expenses and the market price
of gold. Cash held by the Trustee will not bear any
interest.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders do not have
the option of choosing to pay their proportionate share of the
Trust's expenses in lieu of having
their share of expenses paid by the sale of the Trust's gold.
Each
sale of gold by the Trust will be a taxable
event to Shareholders. See "United States Federal Tax
Consequences &mdash; Taxation of US
Shareholders."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fee
Reduction&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For
seven years from the date of the Trust
Indenture or
until
the earlier termination of the Marketing Agent Agreement, if at the end
of any month during
this
period the estimated ordinary expenses of the Trust exceed an amount
equal to 0.40% per
year
of the daily ANAV of the Trust for such month, the fees payable to the
Sponsor and the Marketing Agent from the
assets of the Trust for such month will be reduced by the amount of
such excess in equal shares up to the
amount of their fees.
Investors should be aware that if the gross
value of the Trust assets is less than
approximately
$388
million, the ordinary expenses of the Trust
will be accrued at a rate greater than 0.40% per year of the
daily ANAV of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">30</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the
Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust,
even after the Sponsor and the Marketing Agent have
completely
reduced
their combined fees of 0.30% per year of the daily ANAV of the
Trust. This
amount is based on the estimated ordinary expenses of
the Trust described in "Business of the Trust
&mdash; Trust Expenses" and
may be higher if the Trust's actual ordinary expenses exceed
those estimates. Upon the end of the seven
year period or the earlier termination of the Marketing Agent
Agreement, the fee reduction will expire.
See "Risk Factors &mdash; When the fee reduction
terminates or expires . .
.."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Pro Forma Impact
of Trust Expenses&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Each time the Trust's gold is sold to
pay the Trust's expenses, the amount of gold represented by
each outstanding Share will be reduced.
This is true even if additional Shares are issued in exchange for
additional deposits of gold into the Trust,
as the amount of gold required to create Shares will
proportionately reflect the amount of gold
represented by the Shares outstanding at the time an order to
create Shares is
placed.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following table
demonstrates the impact of the Trust's anticipated ordinary
operating expenses on the NAV of the Trust
over a five-year period, based on the following
assumptions (1) a
beginning NAV of $1,453 million, based on
40 million Shares issued in exchange for 4 million ounces of gold at a
price of $363.23 per ounce, the average
London PM Fix price in calendar year
2003,
(2) no creations
or redemptions of Baskets over the
five-year
period,
(3)
constant
annual
administrative expenses of
$663,000
for the periods presented
below,
and (4) all expenses accrued during the periods presented below have
been paid as of the end of such periods.
The Trust may incur costs of extraordinary services and other expenses
not reflected in this table. See "Description of the Trust
Indenture &mdash; Expenses of the Trust &mdash; Other
expenses." These extraordinary expenses include amounts
required to be paid from the Trust for
certain
indemnifications
to the extent such
indemnifications
are not made by the Sponsor as described
under "Risk Factors &mdash; The Trust's obligation
to reimburse the
Marketing
Agent,
the Authorized
Participants and certain
parties&nbsp;.&nbsp;.&nbsp;."
See also "Risk Factors &mdash; When the fee reduction
terminates or expires
..&nbsp;.&nbsp;."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor will not as a matter of course make public projections
as to future results of the Trust. However, as the Trust currently has
a very
limited operating history, the Sponsor has
prepared the pro forma information set
forth below to illustrate the impact of the Trust's anticipated
ordinary operating expenses on the NAV of
the Trust and the impact of increases and decreases in the gold price
on the NAV of the Trust, based on the
identified assumptions and qualifications. The below pro forma
information was not prepared with a view
toward complying with the guidelines established by the American
Institute of Certified Public Accountants
with respect to prospective financial information, but, in the
Sponsor's view, was prepared on a
reasonable basis. This pro forma information is not fact and should not
be relied upon as being necessarily
indicative of future results, and you are cautioned not to place undue
reliance on this
information.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Neither
the Trust's independent auditors, nor any other independent
accountants, have compiled, examined, or
performed any procedures with respect to the pro forma information
contained in this prospectus, nor have they
expressed any opinion or any other form of assurance on this
information or its achievability, and
assume no responsibility for, and disclaim any association with, this
information.</font>&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">31</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the
Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Calculation of NAV: Assuming
a Constant Gold
Price&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 114.1525pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 26.42375pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 29.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 11.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.17625pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.17625pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.6475pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.17625pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="22" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Year</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">3</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">4</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">5</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="22" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; "><font style="font-weight: normal; font-style: normal">(thousands,
except per share and per ounce)</font></td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Beginning
Statistics:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per
ounce<sup>1</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ounces</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;4,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,968</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,952</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,936</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Ounces
per Share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.1000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0996</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0992</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0988</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,452,920</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,447,111</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,441,325</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,435,563</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,429,823</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">NAV per
Share<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.32</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.18</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.03</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.89</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.75</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Adjusted
NAV<sup>3</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,452,257</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,446,448</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,440,662</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,434,900</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,429,160</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Annual
Expenses:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ordinary
operating
expenses</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,809</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,786</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,763</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,740</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,717</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;"><font style="font-weight: normal; font-style: italic">%
Daily
ANAV</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ounces
of gold
sold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.93</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.87</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.80</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.74</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Ending
Statistics:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per
ounce<sup>1</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ounces</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,968</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,952</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,936</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,921</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Ounces
per Share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0996</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0992</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0988</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0980</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,447,111</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,441,325</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,435,563</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,429,823</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,424,106</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">NAV per
Share<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.18</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.03</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.89</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.75</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.60</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 60pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(1)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Average
London PM Fix price in calendar-year
2003.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(2)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Assumes
no accrued but
unpaid
expenses.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(3)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Adjusted
NAV = NAV less
$663,000
of estimated annual administrative
expenses.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
following table demonstrates the impact that increases and decreases in
the price of gold will have on the NAV of
the Trust. The table is based on the same assumptions and
qualifications as the preceding table and
on the additional assumption that the initial gold price of $363.23 per
ounce increases or
decreases by 5.0% per year over the identified
five-year period. The NAV per Share figures
in the below table include the impact of the sales of gold
identified in the preceding
table.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Calculation of
NAV: Assuming an Increasing and Decreasing Gold Price&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 116.965pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.0175pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 29.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 11.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 8.58125pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 5.58125pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 24.8375pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 5.58125pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="22" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Year</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Ending
Statistics</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">3</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">4</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">5</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Increasing Price
Scenario:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per
ounce</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;381.39</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;400.46</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;420.48</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;441.51</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;463.58</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;"><font style="font-weight: normal; font-style: italic">Year-on-year
change</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV per
share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;37.99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;39.73</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;41.56</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;43.47</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;45.46</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Decreasing
Price
Scenario:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per
ounce</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;345.07</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;327.82</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;311.42</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;295.85</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;281.06</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;"><font style="font-weight: normal; font-style: italic">Year-on-year
change</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV
per
share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;34.37</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;32.51</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;30.76</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;29.10</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;27.53</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">32</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Trust&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is an investment
trust, formed on
November
12,
2004 under New York law
pursuant to the Trust Indenture.
The Trust
holds gold and
is
expected from time to
time to issue
Baskets in exchange for deposits of gold and
to
distribute gold in connection with
redemptions of Baskets. The
investment objective
of the Trust is
for the Shares to reflect the performance of the price of gold bullion,
less the Trust's expenses.
The Sponsor believes
that, for many investors, the Shares
represent
a
cost-effective
investment relative to traditional means of investing in
gold. The material terms
of the Trust Indenture are discussed under "Description of
the Trust
Indenture."
The Shares represent
units of fractional undivided beneficial interest in and ownership of
the Trust. The Trust is not managed like a corporation or
an active investment vehicle.
The gold held by
the Trust will only be
sold
(1) on an as-needed basis to pay
Trust
expenses,
(2) in the event the Trust terminates and liquidates its
assets,
or (3) as
otherwise required by law or regulation.
The sale of gold by the Trust is a taxable
event to Shareholders. See "United States Federal
Tax Consequences
&mdash;
Taxation of
US
Shareholders."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is not registered as an investment company
under the Investment Company Act of 1940 and is not required to
register under such act. The Trust will not hold or trade in commodity
futures contracts regulated by the CEA, as administered by the CFTC.
The Trust is not a commodity pool for purposes of the CEA, and
none
of the
Sponsor,
the Trustee or the
Marketing Agent
is subject to
regulation as a commodity pool operator or a commodity trading
adviser in connection with the
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust will create and
redeem Shares
from time to time but only
in Baskets (a Basket equals a block of 100,000
Shares).
The
number of outstanding Shares is expected to increase and
decrease from time to
time as a result of the creation and
redemption of Baskets. The
creation and redemption of
Baskets
requires the delivery to
the Trust or the
distribution by the Trust of the amount of gold and any cash
represented by the Baskets
being created or redeemed. The total amount of gold and any cash
required for the creation of
Baskets is
based on the combined NAV of the number of
Baskets being created
or redeemed. The initial amount of gold required for
deposit with the Trust to create
Shares for the period from the formation of the Trust
to the first day of trading of the Shares on the NYSE&nbsp;was 10,000 ounces per
Basket. The number of ounces of gold required to create a Basket or to
be delivered upon a redemption of a Basket will gradually decrease over
time. This is because the Shares comprising a Basket will represent a
decreasing amount of gold due to the sale of the Trust's gold to
pay the
Trust's expenses. Baskets
may be created or redeemed
only by Authorized
Participants, who pay a
transaction fee of $2,000 for each order to
create or redeem Baskets.
Authorized Participants may sell to other investors all or part of the
Shares included in the
Baskets they purchase from the
Trust. See "Plan of
Distribution."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
determines the NAV of
the Trust on each
day
that the NYSE is open for regular
trading,
at the earlier of the London PM Fix for such
day or 12:00 PM
New York time. The NAV of
the Trust is the aggregate value of the
Trust's assets less its
estimated accrued but
unpaid
liabilities (which include accrued expenses). In determining
the Trust's NAV, the Trustee
values the gold held by
the Trust based on the London PM Fix price for an ounce of gold. The
Trustee also determines
the NAV per Share. If on a
day when the Trust's NAV is being
calculated the London PM Fix is not
available or has not been announced by
12:00
PM New York
time, the gold
price from the next most recent London
fix (AM or PM) will be
used, unless the Trustee determines that such price is inappropriate to
use.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust's assets will
only consist of allocated gold bullion,
gold credited to an unallocated gold account and, from time to time,
cash, which will be used to pay expenses. Except for the transfer of
gold in or out of the Trust Unallocated Account in
connection
with the creation or redemption of
Baskets or upon a sale of
gold to pay the Trust's expenses,
it is anticipated that only a small amount
of unallocated gold will be held in
the Trust Unallocated
Account. Cash held by the Trust will not
generate any income. The Trust will not hold any
derivative instruments. Each Share
represents a
proportional interest, based on the total number of Shares outstanding,
in the gold and any cash held by the Trust, less the Trust's
liabilities (which include accrued
but unpaid fees
and expenses). The
Sponsor expects that the
secondary market trading price of
the Shares
will fluctuate over time
in response to the price of gold. In addition, the
Sponsor expects that the trading price
of the Shares
will reflect
the estimated accrued
but unpaid expenses of the
Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investors may obtain on
a 24-hour basis gold pricing information based on the spot price for an
ounce of gold from various financial information service providers.
Current spot prices are also generally available with bid/ask spreads
from gold bullion dealers. In addition, the Trust's website will
provide ongoing &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">33</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
pricing information for gold spot
prices and the Shares. Market prices for the
Shares will be available from a
variety of sources including brokerage firms,
information websites and other information
service providers.
The NAV of the
Trust will be published by the Sponsor on each
day that the NYSE is open
for regular trading and will be posted on the Trust's
website.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust has no fixed
termination date and will terminate
upon the occurence of a
termination event listed in
the Trust Indenture. See
"Description of the Trust Indenture
&mdash;
Termination of the
Trust."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">34</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor is a Delaware limited liability company and
was formed on July 17, 2002. The Sponsor's office is located at
444 Madison Avenue, 3<sup>rd</sup> Floor, New York, New York 10022.
Under the Delaware Limited
Liability Company Act and the governing
documents of the Sponsor, the WGC, the sole member of the Sponsor, is
not responsible for the debts, obligations and liabilities of the
Sponsor solely by reason of being the sole member of the
Sponsor.
The
WGC's members
have
funded the
estimated
ordinary
operating expenses of
the
Sponsor
through 2004, including
the costs associated with the initial registration of the Shares and
the listing of the Shares on the NYSE. The WGC has
provided
$3 million
in funding to cover the estimated ordinary expenses of the Sponsor for
2005 and
2006.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">the sponsor's
role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor is
responsible for establishing the Trust and for the registration of the
Shares.
The
Sponsor generally
oversees the
performance of the Trustee and the Trust's principal service
providers, but
does
not exercise day-to-day oversight over the Trustee or such service
providers. The Sponsor will regularly
communicate with the Trustee to monitor the overall performance of the
Trust.
The
Sponsor, with assistance and support from the Trustee,
is
responsible
for preparing and filing
periodic reports on behalf of the Trust with the
SEC and
will
provide any required certification for such
reports. The Sponsor will designate the independent
certified public accountants of the Trust and may from
time to time employ legal counsel for the Trust.
In
accordance with the Trust Indenture, to assist the Sponsor in marketing
the Shares the Sponsor
has
entered into the Marketing Agent Agreement
with the Marketing Agent and the
Trust. The Sponsor may also from time to
time employ other
additional or successor marketing agents
after
such time as when the Marketing Agent
Agreement is no longer in
effect. The fees and
expenses of the
Marketing Agent and any additional or successor marketing agent will be
paid by the Trustee
from the assets
of the Trust. See "The
Marketing Agent" for more information about the Marketing
Agent. The Sponsor
maintains
a public website on behalf of the Trust, which
contains
information about the Trust and the Shares, and
oversees
certain Shareholder
services, such as a call center and prospectus fulfillment.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor may direct the
Trustee, but only
as provided in the Trust Indenture. For example, the Sponsor may direct
the Trustee to sell the Trust's gold to pay expenses, to suspend
a redemption order or postpone a redemption settlement date or to
terminate the Trust if certain criteria
are
met. The Sponsor
anticipates that if the NAV of the Trust is less than $350 million (as
adjusted for inflation) at any time after
the first anniversary of the Trust's inception that the Sponsor
will, in accordance with the Trust
Indenture, direct the Trustee to terminate and liquidate the
Trust.
The Sponsor
may remove the Trustee and appoint a successor (1) if the Trustee
commits certain willful bad acts in
performing its duties or willfully
disregards its duties, (2) if the Trustee acts in bad faith in
performing its duties,
(3)
if the Trustee's creditworthiness has materially deteriorated or
(4)
if the Trustee's
negligent acts or omissions have had a
material adverse effect on
the Trust or the interests of Shareholders
and the Trustee has not cured the material
adverse effect within a certain period of
time and established that
the
material adverse
effect will not recur. The Sponsor will
remove the Trustee if the Trustee does not meet the qualifications for
a trustee under the Trust Indenture. See
"Description of the Trust
Indenture &mdash; The Trustee &mdash;
Resignation, discharge
or
removal of Trustee; successor trustees" for more
information.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may direct the Trustee to employ one or more other
custodians in addition to or in
replacement of the Custodian, provided that
the Sponsor may not direct the employment of an additional
or successor custodian without the
Trustee's consent if the employment would have a material
adverse effect on the Trustee's
ability to perform its duties. The Sponsor's approval is required
for the Trustee to employ one or more other
custodians selected by the Trustee for the safekeeping of gold
and for services
in connection with the deposit and delivery
of gold. The Sponsor may permit the Trustee to enter into the
custody agreements applicable to an
additional or successor custodian without satisfaction of
the
requirements for such custody agreements set forth in
the Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to
the Sponsor as compensation for services
performed under the Trust Indenture and for services
performed in connection with maintaining the
Trust's website and marketing the Shares. The
Sponsor's fee is payable monthly in
arrears and is accrued daily at an annual rate equal
to
0.15%
of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">35</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">The
Sponsor</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
ANAV of the Trust. The Sponsor will receive
reimbursement from the Trust for all of its
disbursements and expenses incurred in connection with
the Trust.
If at the end of any
month during the period
ending seven years
from
the date of the
Trust Indenture or upon the earlier
termination of the Marketing Agent Agreement
the estimated ordinary expenses of the Trust exceed an amount equal to
0.40% per
year of
the daily ANAV of the Trust for such month, the Sponsor's fee is
subject to reduction. See
"Business of the
Trust &mdash;
Trust Expenses &mdash;
Fee
Reduction."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">36</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">BNY,
a banking
corporation organized under the laws of the
State of New York with trust powers,
serves
as the Trustee. BNY has a
trust office at 2
Hanson Place, Brooklyn,
New York
11217.
BNY is subject to supervision by
the New York State
Banking Department and the
Board of Governors of the
Federal Reserve System. Information
regarding creation and redemption Basket composition, NAV of the Trust,
transaction fees and the names of the parties that have each executed a
Participant Agreement may be obtained from
BNY. A copy of the
Trust Indenture is available for inspection at BNY's
trust office
identified
above.
Under
the Trust Indenture, the Trustee is required to maintain capital,
surplus and undivided profits of $500
million.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The
Trustee's
Role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is generally responsible for the day-to-day
administration of the Trust, including
keeping
the Trust's operational records.  The
Trustee's principal responsibilities include (1)
selling
the Trust's gold as needed to pay the Trust's expenses
(gold sales are expected to occur
approximately monthly in the ordinary course), (2) calculating the NAV
of the Trust and the
NAV per Share, (3) receiving and processing
orders from Authorized Participants to create and redeem
Baskets and coordinating the processing of such orders
with the Custodian and DTC, and
(4)
monitoring
the Custodian.
If the Trustee determines that maintaining
gold with the Custodian is not in the best interest of the Trust, the
Trustee must so advise the Sponsor, who may direct the Trustee to take
certain actions in respect of the Custodian. In the absence of such
instructions, the Trustee may initiate action to remove the gold from
the Custodian. The ability of the Trustee to
monitor the performance of the Custodian may
be limited because under the Custody Agreements the
Trustee
may,
only up to twice a
year,
visit the premises of the Custodian for the
purpose of examining the Trust's gold
and certain related records maintained by the Custodian. In
addition, the Trustee
has
no right to visit the premises of any subcustodian for
the purposes of examining the Trust's gold or any
records maintained by the subcustodian, and
no
subcustodian
is
obligated to cooperate in any review the
Trustee may wish to conduct of the facilities, procedures,
records or creditworthiness of such
subcustodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee intends to
regularly communicate with the Sponsor to
monitor the overall performance of the
Trust. The Trustee, along with the Sponsor, will
liaise with the
Trust's legal, accounting and other professional
service providers as needed. The Trustee
will
assist and support the Sponsor with the
preparation of all
periodic reports required
to be filed with the SEC
on behalf of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Trustee as compensation for services performed
under the Trust Indenture. The
Trustee's fee is payable monthly in arrears and
is accrued daily at an annual rate equal to 0.02% of
the ANAV of the Trust, subject to a minimum
fee of $500,000 and a maximum fee of $2 million per
year. The Trustee's fee is subject to
modification by the Trustee and the Sponsor in good faith to account
for significant changes in the Trust's administration or the
Trustee's duties. The Trustee will
charge the Trust for its expenses and disbursements incurred in
connection with the Trust (including the
expenses of the Custodian paid by the Trustee), exclusive of fees of
agents for services to be performed by the
Trustee, and for any extraordinary services performed by the Trustee
for the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Affiliates
of the Trustee may from time to time
act as
Authorized
Participants or
purchase or sell
gold or Shares
for their own account, as agent for their
customers and for accounts over which they exercise investment
discretion.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">37</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">HSBC
serves
as the Custodian of the Trust's gold. HSBC is a
national banking
association organized under the laws
of
the
United States of America. HSBC is subject to
supervision by the Federal Reserve Bank of New
York and
the Federal Deposit
Insurance
Corporation.
HSBC's London custodian office is
located at 8 Canada Square, London, E14 5HQ, United
Kingdom. In addition to supervision and
examination by the
US
federal banking
authorities, HSBC's London custodian operations are
subject to supervision by the
FSA.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The global parent company of HSBC is HSBC Holdings
plc (HSBC Group),
a public limited company incorporated in
England. HSBC Group had over
$81 billion in capital as of June 30,
2004.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The
Custodian's
Role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian is responsible for safekeeping for the Trust gold
deposited with it by Authorized Participants
in connection with the creation of Baskets. The Custodian is also
responsible for selecting its direct
subcustodians, if any. The Custodian facilitates the
transfer of gold in and out of the Trust through the
unallocated gold accounts it
maintains
for each Authorized
Participant and the
unallocated and allocated gold accounts it
maintains
for the Trust. The Custodian is responsible for allocating
specific bars of gold bullion to the
Trust Allocated
Account. The Custodian will provide the
Trustee with regular reports detailing the
gold transfers in and out of the
Trust Unallocated
Account and the Trust Allocated Account and
identifying the gold bars held in the
Trust
Allocated
Account.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Custodian under the Allocated Bullion Account
Agreement as compensation for its custody
services. Under the Allocated Bullion Account Agreement, the Custodian
is entitled to a fee that is accrued daily
at an annual rate equal to 0.10% of the average
daily aggregate
value of the gold held in the Trust
Allocated Account and the Trust Unallocated Account, payable in
quarterly
installments in
arrears. Beginning January 1, 2005, the
Custodian's fee
is
payable monthly in arrears. The Custodian
does not receive a fee under the Unallocated Bullion Account
Agreement.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian and
its affiliates may from
time to time act as
Authorized
Participants or
purchase or sell
gold or Shares for their own account, as
agent for their customers and for accounts over which they exercise
investment
discretion.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">38</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Marketing Agent&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">State Street Global
Markets, LLC, a wholly-owned subsidiary of State Street Corporation,
acts
as the Marketing Agent.
The Marketing
Agent is a registered broker-dealer with the SEC, and is a member
of
NASD,
the Municipal Securities Rulemaking Board, the National Futures
Association and the Boston Stock
Exchange. The Marketing Agent's office
is located at State Street Financial Center, One Lincoln Street,
Boston, Massachusetts 02111.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The Marketing
Agent's Role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent
is
assisting
the Sponsor in (1) developing a marketing plan for the
Trust on an ongoing
basis, (2) preparing marketing materials
regarding the Shares,
including the content of
the Trust's website, (3) executing the
marketing plan for the Trust, (4)
incorporating gold
into
its strategic and tactical exchange-traded
fund
research,
and
(5)
licensing the
"streetTRACKS<sup>&reg;</sup>"
trademark.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Marketing Agent
Agreement, the
Marketing Agent
is
paid a fee for its services from the assets of the Trust in
an amount equal to 0.15% per
year
of the daily ANAV of the Trust, payable monthly in arrears. If at
the end of any month during the
period ending seven
years
from
the date of the Trust
Indenture
or upon the earlier termination of the Marketing Agent
Agreement the
estimated ordinary expenses of the Trust exceed an amount equal to
0.40% per
year
of the daily ANAV of the Trust for such
month, the Marketing Agent's fee is subject to reduction. See
"Business of the
Trust
&ndash; Trust
Expenses &mdash; Fee
Reduction."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the amount
expended or allocated by either the Sponsor or the Marketing Agent in
any one year period on promoting and
marketing the Trust in the US is 25% less than the yearly
average of such amount over the
preceding
two year period
and the
amount of
the shortfall of any
such party is not spent
during
the following 12 month
period,
the unspent
amount will be paid over to the other party
who will add such
unspent
amount to the amount the
other party
spends
during the next 12 month period.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Marketing Agent Agreement provides that the Marketing Agent and the
Sponsor will work together to develop
similar and related gold based
exchange-traded funds in the US.
In
addition, the Sponsor, the WGC and the Marketing Agent have entered
into an agreement obligating the WGC and the Marketing Agent to
conclude an international marketing agent agreement providing for the
distribution of exchange-traded securities whose investment objective
or investment method is tied to gold bullion or derivatives of gold
bullion outside the US. If the WGC and the Marketing Agent do not
conclude an international marketing agent agreement within
60
days of the effectiveness of the registration statement of which this
prospectus forms a part, the Sponsor may exercise its option,
exercisable for
60
days commencing on the
61st
day after effectiveness of the registration statement of which this
prospectus forms a part, to terminate the Marketing Agent Agreement and
the services of the Marketing Agent. Upon such termination, the
Marketing Agent License Agreement and the WGC/WGTS License Agreement
would terminate, the Sponsor and the Trust would be required to cease
using the "streetTRACKS<sup>&reg;</sup>"
mark, and the Sponsor would be required to amend this prospectus and
the registration statement of which this prospectus forms a part to
delete any reference to the Marketing Agent, State Street Corporation
or "streetTRACKS<sup>&reg;</sup>".
The Marketing Agent Agreement
also provides that the Marketing Agent and
the Sponsor will jointly negotiate and share equally in any
revenue from the development of unlisted
trading privileges and dual listing rights relating to the Trust
and any similar or related
gold based
exchange-traded fund, as well as licensing
rights to list option contracts and other
exchange-traded derivatives that are specific to the
Trust and any similar or related gold based
exchange-traded
fund.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing
Agent Agreement contains customary representations, warranties and
covenants. In addition, the Sponsor
has
agreed to indemnify the Marketing Agent from and against
certain liabilities, including liabilities
under the Securities
Act,
and to contribute to
payments that the Marketing Agent may be required to make in respect
thereof. The
Trustee has
agreed to reimburse the Marketing Agent,
solely from and to the extent of the Trust's
assets, for indemnification and
contribution amounts due from the Sponsor
in respect of such liabilities to the extent the Sponsor has not paid
such amounts when
due.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">39</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">The
Marketing Agent</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent Agreement has a term
of seven years and is automatically
renewed
for successive three year periods, unless
terminated in accordance with the Marketing
Agent
Agreement by
either party prior to any such successive term. The
Marketing Agent Agreement may also be
terminated by either party if the Trust is terminated pursuant to the
Trust Indenture or either party becomes
insolvent or enters into bankruptcy proceedings. If the
Marketing Agent Agreement is terminated by
the Sponsor, the Sponsor is required to pay the Marketing Agent
an amount equal to the present market value
of the future payments the Marketing Agent would otherwise
receive under the Marketing Agent Agreement over the
subsequent 10 year period.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
The
Sponsor can elect to
exercise its
buy-out option which will terminate the
Marketing Agent
Agreement
and remove the
Marketing Agent by paying an amount equal
to the present fair market value of the future payments the Marketing
Agent would otherwise receive from the
Trust under the Marketing Agent Agreement over the subsequent
10 year period,
plus:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 36pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&bull;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 450pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">10%
of such value, but such payment will be made only if the Trust's
average assets under management do not
exceed $1.25 billion for the 30 day period prior to the end of the
first year of the Trust's
operations;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 36pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&bull;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 450pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">20%
of such value, but such payment will be made only if the Trust's
average assets under management do not
exceed $2.25 billion for the 30 day period prior to the end of the
third year of the Trust's operations;
and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 36pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&bull;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 450pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">30%
of such value, but such payment will be made only if the Trust's
average assets under management do not
exceed $3.0 billion for the 30 day period prior to the end of the fifth
year of the Trust's
operations.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">However, the Sponsor shall not have such right if, at the time of
such election, any competing exchange-traded fund has been listed on an
exchange in the US for more than a year and
the competing exchange-traded fund is not controlled or sponsored by
either of the
Sponsor
or the Marketing
Agent (or its
affiliates).
Notwithstanding the
foregoing, even
if the
Trust's average assets under
management do not meet
either the $1.25 billion, $2.25 billion or
$3.0 billion
benchmarks
described above
in the time periods described
above, if
the percentage growth in the Trust's assets for
the relevant year is
equal to or greater than the percentage
growth in the
assets of any
competing
exchange-traded
fund described in the preceeding sentence
for the
comparable
12 month period of operations, the Sponsor
will not have the
right to terminate the Marketing Agent
Agreement and remove
the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">WGC/WGTS License Agreement</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In connection
with the Marketing Agent Agreement, the Sponsor and the WGC
have
entered into a
license agreement, dated as of
November
16,
2004, with the Marketing Agent. Under the license agreement, the
Sponsor and the
WGC
have
granted
the Marketing Agent, a royalty-free, worldwide, non-exclusive,
non-transferable (i) sublicense under the
license agreement among the Sponsor, the WGC and BNY, which is
described in "Business of the
Trust
&ndash; License Agreement," to
BNY's patents and patent applications that cover securitized
gold products in connection with
the Marketing
Agent's performance of its services under the Marketing
Agent Agreement; and (ii) a license to the
Sponsor's and the WGC's patents, patent applications and
intellectual property and trade name and
trademark rights in connection with the
Marketing Agent's performance of
its services under the Marketing Agent
Agreement and for the purpose of establishing, operating and
marketing financial products involving the
securitization of gold.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The license
agreement will expire upon the expiration or termination of the
Marketing Agent Agreement (including the
termination of the Marketing Agent Agreement by the Sponsor in the
event the WGC and the Marketing Agent do not conclude an international
marketing agent agreement within
60
days of the effectiveness of the registration statement of which this
prospectus forms a part).
Either party may terminate the license agreement prior
to such term if the other party materially breaches
the license agreement and fails to cure such breach
within 30 days following written notice of such
breach from the non-breaching party. The license
agreement contains customary representations,
warranties and covenants. In addition, the
Sponsor, the WGC and the Marketing Agent have agreed to
indemnify each other for breaches of their
respective representations and warranties and the Sponsor and
the WGC have &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">40</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">The
Marketing Agent</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
agreed to indemnify the Marketing Agent for
violations of the intellectual property rights of
others as a result of the Marketing Agent's use
of the licensed intellectual
property.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Marketing Agent License
Agreement</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor, the
WGC and the Marketing Agent
have
also entered
into a marketing license agreement, dated as of
November
16,
2004, pursuant to which the Marketing Agent
granted
the Sponsor and WGC a royalty-free, worldwide, non-exclusive,
non-transferable license to use
the
"streetTRACKS<sup>&reg;</sup>"
trademark, for the
purpose of establishing and operating the
Trust, issuing and distributing the Shares and
listing
the Shares on the
NYSE.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
marketing license agreement will expire upon the expiration or
termination of the Marketing Agent
Agreement
(including the termination of the Marketing
Agent Agreement by the Sponsor in the event the WGC and
the Marketing Agent do not conclude an international
marketing agent agreement within
60
days of the effectiveness of the
registration statement of which this prospectus forms a
part). Either party may terminate the
marketing license agreement prior to such term if the other
party materially breaches the license agreement and
fails to cure such breach within 30 days following
written notice of such breach from the non-breaching
party. The license agreement contains customary
representations, warranties and covenants. In
addition, the Sponsor, the WGC and the Marketing Agent
have agreed to indemnify each other for breaches of
their respective representations and
warranties.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent and
its affiliates may from time to time become Authorized Participants
or&nbsp;purchase or sell gold or Shares for
their own account, as agent for their customers and for accounts
over&nbsp;which they exercise investment
discretion.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">41</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GENERAL&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is authorized under
the Trust Indenture to create and issue an unlimited number of Shares.
The Trustee will create Shares only
in Baskets (a
Basket equals a
block of 100,000 Shares) and only upon the
order of an Authorized Participant. The Shares represent
units of fractional undivided beneficial interest in and ownership of
the Trust and have no par value. Any creation and
issuance of Shares above the amount registered on the
registration
statement of which this prospectus is a part will require the
registration of such additional Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">DESCRIPTION OF LIMITED RIGHTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares do not
represent a traditional investment and you should not view them as
similar to "shares" of a
corporation operating a business enterprise with
management and a board of directors. As a Shareholder, you
do not have the statutory
rights normally associated with the ownership of shares of a
corporation, including, for example, the right to bring
"oppression" or
"derivative" actions.
All Shares are of
the same class with equal rights and privileges. Each Share is
transferable, is fully paid and non-assessable and entitles the holder
to vote on the limited matters upon which
Shareholders may vote under the Trust Indenture. The Shares do not
entitle their holders to any conversion or pre-emptive rights, or,
except as provided below, any redemption rights or rights to
distributions.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Distributions&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust Indenture provides for distributions to Shareholders in
only two circumstances. First, if the Trustee and the Sponsor determine
that the Trust's cash account balance exceeds the anticipated
expenses of the Trust for the next 12 months and the excess amount is
more than $0.01 per
Share outstanding, they
shall direct the excess amount to be distributed to the Shareholders.
Second, if the Trust is
terminated and liquidated, the Trustee will distribute to the
Shareholders any amounts remaining
after the satisfaction of all
outstanding liabilities of the Trust and the establishment of such
reserves for applicable taxes, other governmental charges and
contingent or future liabilities as the Trustee shall determine.
Shareholders of record on
the record date fixed by the Trustee for a distribution will be
entitled to receive their pro rata portion of
any distribution.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Voting and
Approvals&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Trust Indenture, Shareholders
have no voting rights, except in
limited circumstances. Shareholders holding
at least 66 2/3% of
the Shares outstanding may vote to remove the
Trustee. The Trustee may terminate
the Trust upon the agreement of Shareholders owning
at least
66 2/3% of the
outstanding Shares. In addition, certain amendments to the Trust
Indenture require
51%
or unanimous consent of the
Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Redemption of the
Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Shares may only be redeemed by or through an Authorized
Participant and only in
Baskets.
See "Creation and Redemption of
Shares" for details on the redemption
of the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">BOOK-ENTRY FORM&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Individual certificates will not be issued for the Shares. Instead,
global certificates
are deposited by the
Trustee with DTC and registered in the name of Cede &amp; Co., as
nominee for DTC. The global certificates
evidence
all of the Shares
outstanding at any time.
Under the Trust Indenture, Shareholders are limited to
(1) participants in DTC such
as banks, brokers, dealers and trust
companies (DTC
Participants), (2)
those who
maintain, either directly or
indirectly, a custodial relationship with a DTC Participant
(Indirect Participants), and
(3) those
banks, brokers, dealers, trust companies and others
who hold interests in the Shares through DTC Participants or
Indirect Participants. The Shares are only
transferable through the book-entry system of DTC. Shareholders who are
not DTC Participants may transfer
their Shares through DTC by instructing the
DTC Participant holding their Shares
(or by instructing the Indirect Participant or other
entity through which their Shares are held) to transfer the
Shares. Transfers are made
in accordance with standard securities industry
practice.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">42</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Custody
of the Trust's Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Custody of the gold bullion deposited
with and held by the Trust
is provided by the
Custodian at its London, England vaults, by subcustodians selected by
the Custodian and by others acting on behalf of the subcustodians. The
Custodian is a market maker,
clearer and approved weigher under the rules of the
LBMA.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian, as instructed by the Trustee, is authorized
to accept, on behalf of the Trust, deposits of gold in unallocated
form. Acting on standing
instructions given by the Trustee, the
Custodian
allocates
gold deposited in unallocated form
with the Trust by
selecting bars of gold bullion
for deposit to the
Trust Allocated Account.
All gold bullion allocated to the Trust must
conform to the rules, regulations, practices and customs of the
LBMA.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee and the Custodian
have entered into
the
Custody
Agreements which
establish the
Trust Unallocated Account and the Trust
Allocated
Account. The Trust Unallocated Account
is used to facilitate
the transfer of gold deposits and gold redemption
distributions between Authorized Participants and the Trust in
connection with the creation and redemption of Baskets and
the sales of gold made by the Trustee for the
Trust. Except for when gold is
transferred in and out of
the Trust or for when a small amount of gold
remains credited
to the Trust Unallocated Account at the end
of a business day (which
is expected
to be no more than 430
ounces), the gold deposited with the Trust
is
held in the Trust Allocated
Account.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian is authorized to appoint from time to time one or more
subcustodians to hold the Trust's
gold. The subcustodians that the Custodian currently
uses are the Bank of England and LBMA
market-making members that provide bullion
vaulting and clearing services to third parties. The Custodian
does not have written custody agreements
with the subcustodians it selects. The Custodian's selected
subcustodians may appoint further
subcustodians.
These
further subcustodians are not expected to have written custody
agreements with the Custodian's
subcustodians that selected
them. The lack of such written contracts
could affect the recourse of the Trust
and
the Custodian
against
any subcustodian in the event
a subcustodian does
not use due care in the safekeeping of the Trust's gold. See
"Risk
Factors
&mdash;
The
ability of the
Trustee or
the Custodian
to take legal action against subcustodians may be
limited..."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian is required to use reasonable care in selecting
subcustodians,
but otherwise
has no
responsibility in
relation to the
subcustodians
appointed by it, and the
Custodian
is not responsible for their selection of
further subcustodians.
The
Custodian does not undertake to monitor the
performance by subcustodians of their custody functions or their
selection of additional
subcustodians. The Custodian is not
responsible for the actions or inactions of
subcustodians.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Allocated
Bullion Account Agreement entered into
by the Trustee and
the Custodian,
the
Custodian
is
responsible for the safekeeping of the gold held on behalf of the Trust
in accordance with the terms and conditions of the Allocated Bullion
Account Agreement and is required
to
exercise reasonable care in
the
performance of its obligations under such agreement. The Custodian
is
only responsible for any
loss or damage suffered by the Trust as a direct result of any
negligence, fraud or willful default in the performance of its duties.
The Custodian's liability under the Allocated Bullion Account
Agreement is further
limited to the market value of the gold held
in the Trust Allocated Account at the time
such negligence,
fraud or
willful
default is discovered by the Custodian,
provided that the Custodian promptly notifies the Trustee of its
discovery. The Custodian's liability under the Unallocated
Bullion Account Agreement is further
limited to the amount of the
gold
credited to the Trust Unallocated Account at the time
such negligence,
fraud or
willful
default is discovered by the Custodian,
provided that the Custodian promptly notifies the Trustee of its
discovery.
In
the event of a loss caused by the failure of
the Custodian or a subcustodian to exercise reasonable care, the
Trustee, on behalf of the Trust,
has the right to seek
recovery with respect to the loss against
the Custodian or
subcustodian in
breach.
The
Custodian is obliged under the Allocated
Bullion Account Agreement to use
commercially reasonable efforts to obtain delivery of gold from
those
subcustodians appointed by it. However, the
Custodian may not have the right to, and does not have the
obligation to, seek
recovery of the
gold from any
subcustodian appointed by a
subcustodian.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">44</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Custody
of the Trust's Gold</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the customs and practices of the
London bullion market, allocated gold is held by custodians
and, on their behalf, by
subcustodians under arrangements that permit
each entity for which gold is being held (1) to request
from the entity's custodian (and a custodian or
subcustodian to request from its subcustodian) a list identifying each
gold bar being held and
the
identity of
the particular custodian or subcustodian
holding the gold bar and (2) to request the entity's custodian to
release the entity's gold within two
business days following demand for release. Each
custodian or subcustodian is obligated under
the customs and practices of the London bullion market
to provide the
bar list and
the identification of
custodians and subcustodians referred to in
(1) above, and each custodian is obligated to release gold as
requested. The Custodian
will provide the Trustee
with statements on a monthly basis which
contain sufficient information to identify
each bar of gold held in the Trust Allocated Account and the
custodian or
subcustodian having possession of each
bar. Under
English
law, unless otherwise provided in
any
applicable custody agreement,
a custodian
generally is
liable to its customer for failing to take
reasonable
care of the gold and for failing to release
the customer's gold upon demand.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian and the
Trustee
do
not require any direct or
indirect subcustodians
to be insured or
bonded with respect to their custodial
activities.
The
Custodian
maintains
insurance with regard to its
business on such terms and
conditions as it considers appropriate.
The
Trust will not be a beneficiary of
any
such insurance
and does not have the ability to dictate the
existence, nature or amount
of the coverage. Therefore, Shareholders
cannot be assured that the Custodian
maintains
adequate insurance or any
insurance with respect to
the gold held by the Custodian on behalf of the
Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">ALLOCATED ACCOUNTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An allocated account is an
account with a bullion dealer,
which may also be a bank, to
which individually identified gold bars owned by the account holder are
credited. The gold bars in an allocated gold account are specific to
that account and are identified by a list which shows, for each gold
bar, the refiner, assay or fineness, serial
number and gross and fine weight. The account holder
has
full ownership of the gold bars and, except
as instructed by the account holder, the bullion
dealer may not trade,
lease or lend the bars.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">UNALLOCATED
ACCOUNTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An
unallocated account is an account with a bullion dealer, which may also
be a bank, to which a fine weight amount of
gold is credited. Transfers to or from an unallocated account are made
by crediting or debiting the number of
ounces of gold being
deposited or withdrawn.
Gold
held in
an
unallocated account
is
not
segregated
from the
Custodian's
assets. The
account holder therefore
has no ownership
interest in any specific bars of gold that the bullion dealer
holds or owns. The account holder is an
unsecured creditor of the bullion
dealer, and
credits to an unallocated account are at risk of the bullion
dealer's
insolvency, in
which event it
may
not be possible for a liquidator
to identify any
gold held in an unallocated account as belonging to the account holder
rather than to the bullion dealer. The
account holder is entitled to direct the bullion dealer to
deliver an amount of physical gold equal to
the amount of gold standing to the credit of the account holder. When
delivering gold, the bullion dealer

allocates
physical gold from its general stock to the account holder with a
corresponding debit being made to the amount
of gold credited to the unallocated account.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS OF GOLD&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For each creation of a Basket, gold
is
transferred to the Trust by
a debit to an Authorized
Participant
Unallocated Account and a
credit to the
Trust
Unallocated
Account. After gold has
been first
credited to
an Authorized Participant Unallocated
Account
in connection
with the creation of a Basket,
the Custodian transfers
the credited amount from
the Authorized Participant Unallocated Account to the Trust Unallocated
Account. The Custodian then
allocates specific bars
of gold from its
gold stocks,
and, if
subcustodians
are used, they are expected to allocate specific bars of gold from
their stocks, so that the allocated gold bars represent the
amount of gold credited to the Trust
Unallocated Account to the extent
such amount
is representable
by whole
bars.
The
amount of gold
represented by the allocated gold bars
is
debited from the Trust Unallocated Account and the
allocated gold
bars&nbsp;are
credited to and held in the &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">45</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Custody
of the Trust's Gold</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust Allocated Account. The
bars of gold may be held directly by the Custodian or by or for a
subcustodian of the Custodian. The Custodian
updates
its
records at the end of each business day to identify the
specific bars of gold allocated to the Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The process of
withdrawing gold from the Trust for a redemption of a Basket
follows the same general
procedure as for depositing gold with the Trust for a creation of a
Basket, only in reverse. Each transfer of gold between the Trust
Allocated Account and the Trust Unallocated Account connected with a
creation or redemption of a Basket may result in a small amount of gold
being held in the Trust Unallocated Account after the completion of the
transfer. In making
deposits and withdrawals between the Trust Allocated Account and the
Trust Unallocated Account, the Custodian will use
commercially reasonable efforts to
minimize
the amount of gold held in the Trust Unallocated Account
as of the close of each business
day. See "Creation
and Redemption of Shares."&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">46</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Custody Agreements&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Allocated
Bullion Account
Agreement
between the Trustee and the
Custodian establishes the Trust Allocated Account. The Unallocated
Bullion Account Agreement
between
the Trustee and the Custodian establishes the Trust Unallocated
Account.
These
agreements are sometimes referred to together as the
"Custody Agreements" in this prospectus.
The following is a description of the material terms of
the
Custody Agreements. As the Custody Agreements are similar in form, they
are discussed together, with material distinctions between the
agreements noted.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">REPORTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
provides the Trustee
with reports for each business day, no later than the following
business day, identifying the movements of gold in and out of the Trust
Allocated Account and the credits and debits of gold to the Trust
Unallocated Account. The Custodian also
provides the Trustee with
monthly statements of
account for the Trust
Allocated Account and the Trust
Unallocated Account as of the last business day of each
month. The monthly statements
contain sufficient information to identify each bar
of gold held in the Trust Allocated Account and the
custodian or
subcustodian having possession of such
bar. Under the Custody Agreements, a
"business
day" means
any day other than a day (1) when the
NYSE is closed for regular trading or (2), if the
transaction
requires the receipt or delivery, or the
confirmation of receipt or delivery, of gold in the United Kingdom
or in some other jurisdiction
on a particular day, (A) when banks are
authorized to close in the United Kingdom or
in such other jurisdiction or when the
London gold market is closed or (B) when banks in the United Kingdom
or in such other jurisdiction
are, or the London gold market is, not open
for a full business day and the transaction requires the execution or
completion of procedures which cannot be executed
or completed by
the close of the business
day.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Except for
withdrawals
of physical gold made directly from the
Trust Allocated Account as to which transfer
of ownership is determined at the time the recipient
or its agent acknowledges in writing its receipt of
gold, the Custodian's records of all deposits to and
withdrawals from, and all debits and credits to, the
Trust Allocated Account and the Trust Unallocated
Account which are to occur on a business day, and all
end of business day account balances in the Trust
Allocated Account and Trust Unallocated Account, are
stated as of the close of the Custodian's business
(usually 4:00 PM London time) on such business
day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">SUBCUSTODIANS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under
the Allocated Bullion Account Agreement, the Custodian may select
subcustodians to perform any of
its
duties, including holding gold for it.
These subcustodians may
in turn select other subcustodians to perform
their duties, including holding gold for them,
but the Custodian is not
responsible for (and therefore has no
liability in relation to) the selection of
those other
subcustodians.
The Allocated Bullion Account Agreement requires the Custodian to use
reasonable care in selecting any
subcustodian and provides
that, except for the Custodian's obligation to
use commercially reasonable efforts to obtain delivery of gold held by
subcustodians
when necessary, the Custodian will not be liable for the
acts or omissions, or for the solvency, of any
subcustodian
that it selects unless the selection of
that subcustodian was
made negligently or in bad faith. The
subcustodians
selected and used by the Custodian as of the date of this
prospectus are: the Bank of England, The Bank of Nova Scotia
(ScotiaMocatta), Deutsche Bank AG, JPMorgan
Chase Bank, and UBS AG.
The Allocated Bullion Account Agreement provides that the Custodian
will notify the Trustee if it selects any additional
subcustodians or stops
using any
subcustodian
it has previously selected.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">LOCATION AND SEGREGATION OF
GOLD; ACCESS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold held for the Trust
Allocated Account by the Custodian
is held at
the Custodian's London
vault.
Gold held by the
Custodian's currently selected
subcustodians
and by
subcustodians of
subcustodians may be held
in vaults
located in
England
or in other locations.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
segregates by
identification in its books and records the Trust's gold
in the Trust Allocated Account from any
other gold which it owns or holds for others and
requires
the
subcustodians it
selects &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">47</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Custody Agreements</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
to so segregate the Trust's
gold held by them. This requirement
reflects the
current
custody
practice
in the London bullion
market, and under the Allocated
Bullion Account Agreement, the Custodian is
deemed to have
communicated
such requirement by
virtue of its
participation
in the London
bullion market. The
Custodian's books and records identify every
bar of gold held in
the Trust Allocated Account in its own vault
by refiner, assay or fineness,
serial number and gross and fine weight.
Subcustodians
selected by the Custodian
are expected to identify in their
books and records each bar of gold held for the Custodian by serial
number and such subcustodians may use other
identifying
information.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may, upon reasonable notice, visit the Custodian's
premises up to twice a year and examine the
Trust's gold held there and the Custodian's records
concerning the Trust Allocated Account and the
Trust Unallocated Account. The Trust's
independent auditors may also visit the Custodian's premises
in connection with their audit of the
financial statements of the Trust. Visits
are
not allowed when
no gold of the Trust is held in the
Custodian's vault.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS INTO THE TRUST UNALLOCATED
ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
credits to the Trust
Unallocated Account the amount of gold it
receives from the Trust
Allocated
Account,
an Authorized Participant Unallocated Account or from other
third party unallocated accounts for credit to the Trust Unallocated
Account. Unless otherwise agreed
by the Custodian in
writing,
the only gold the Custodian will accept in physical form for
credit to the Trust Unallocated Account is gold the Trustee has
transferred from the Trust Allocated Account.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS FROM THE TRUST UNALLOCATED
ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
transfers gold from the
Trust Unallocated Account only in
accordance with the Trustee's instructions to the
Custodian. A transfer of gold from the Trust Unallocated Account may
only be made (1) by
transferring gold to a third party unallocated
account, (2)
by transferring gold to the Trust Allocated
Account, or (3) by
either
(A)
making gold available for collection at the
Custodian's vault premises or
at such other location as the Custodian may
specify
or
(B),
if separately agreed, delivering the gold to such location
as the Custodian and the Trustee agree
at the Trust's expense and
risk. Any gold
made available in physical
form will be in a form which complies with
the rules, regulations, practices and
customs of the LBMA, the
Bank of England or any applicable regulatory
body (Custody Rules) or in such other form as may be agreed between the
Trustee and the Custodian, and in all cases
will comprise one or more
whole gold
bars selected by
the Custodian.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian will
use commercially reasonable efforts to transfer
gold from the Trust
Unallocated Account
to the Trust
Allocated Account
by the close of business (London
time) on each business day, such that the amount of gold
that remains credited to the Trust Unallocated Account does not exceed
430 fine ounces.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS INTO THE TRUST
ALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
receives transfers of
gold into the Trust Allocated Account only at the Trustee's
instructions given pursuant to the Unallocated Bullion Account
Agreement by debiting gold from the Trust Unallocated
Account and crediting such gold to the Trust Allocated
Account.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS FROM
THE TRUST ALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
transfers gold from the
Trust Allocated Account only in
accordance with the Trustee's
instructions. Generally,
the Custodian transfers
gold from the Trust Allocated Account only by debiting gold from the
Trust Allocated Account and crediting the gold to the Trust Unallocated
Account. When the Trustee instructs the Custodian to make gold
physically available, the Custodian will transfer gold from the Trust
Allocated Account by debiting gold from the Trust Allocated Account and
making such gold available for collection or delivery as described in
the following paragraph.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">WITHDRAWALS OF
GOLD DIRECTLY FROM THE TRUST
ALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the Trustee's
instruction, the Custodian
debits gold from the
Trust Allocated Account and make the gold available
for collection by the Trustee or, if separately agreed, for delivery by
the Custodian in &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">48</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Custody Agreements</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
accordance with its usual
practices at the
Trust's expense and
risk. The Trustee and the Custodian expect that the Trustee will
withdraw gold physically from the Trust
Allocated Account (rather
than by crediting it to the Trust
Unallocated
Account
and instructing a further transfer from that account) only
in exceptional circumstances, such as
if, for some unforeseen
reason, it was not possible to transfer gold
in unallocated form. The Custodian
is not
obliged to effect any requested delivery if, in its
reasonable opinion, (1) this would cause the
Custodian or its agents to be in breach of the
Custody Rules or other
applicable law, court order or regulation, (2)
the costs incurred would be excessive or (3)
delivery is impracticable for any reason. When gold is
physically withdrawn from the Trust Allocated
Account pursuant to the Trustee's instruction, all right, title,
risk and interest in and to the gold withdrawn shall pass to the person
to whom or to or for whose account such gold is transferred, delivered
or collected at the time the recipient or its agent acknowledges in
writing its receipt of gold. Unless
the Trustee specifies the bars of gold to be debited from the Trust
Allocated Account, the Custodian is entitled to select the
gold
bars.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">RIGHT TO REFUSE
TRANSFERS
OR AMEND TRANSFER PROCEDURES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian may
refuse to accept transfers of gold
to the Trust Unallocated
Account, amend the procedures for transferring gold
to or from the Trust
Unallocated Account or for the physical withdrawal of gold from the
Trust Unallocated Account or the Trust Allocated Account or impose such
additional procedures in relation to the transfer of gold
to or from the Trust
Unallocated Account as the Custodian may from time to time consider
appropriate. The Custodian will notify the Trustee
within a commercially reasonable time before the Custodian amends
these procedures or
imposes additional ones, and, in doing so, the
Custodian will consider the Trustee's need to communicate any
changes to Authorized
Participants and
others.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">FEES AND
EXPENSES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For the
Custodian's services under the
Allocated
Bullion Account Agreement
and in connection with
the Custodian's processing of orders
to create and redeem Baskets, the Custodian shall receive from the
Trust
a fee payable
quarterly
in arrears that is accrued daily at an annual
rate equal to
0.10%
of the average
daily
aggregate value of the
gold held in the Trust Allocated Account and the Trust Unallocated
Account. Beginning
January 1, 2005, the
Custodian's fee will be payable monthly
in
arrears. This
fee will include any
UK
value added or similar tax should any such tax apply. If the Trust uses
an additional or successor custodian, the fee paid to such custodian
may not include any applicable
UK
value added or similar
tax.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian receives
no fee under the
Unallocated
Bullion Account
Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust will pay on demand
all costs, charges and
expenses incurred by
the Custodian in connection with the performance of its duties and
obligations under the Custody Agreements or otherwise in connection
with the gold held in the Trust Allocated Account or the Trust
Unallocated
Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRUST
UNALLOCATED ACCOUNT CREDIT AND DEBIT BALANCES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">No interest will
be paid by the Custodian on any credit balance to the Trust Unallocated
Account. Unless otherwise agreed to by the Trustee and the Custodian,
the Trustee may not
maintain a negative balance
in the Trust Unallocated
Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">EXCLUSION OF LIABILITY&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
will use reasonable care in the performance of its duties under the
Custody Agreements and will only be responsible for any loss or damage
suffered by the
Trust
as a direct result of any
negligence,
fraud or willful default in the performance of its duties. The
Custodian's liability under the Allocated Bullion Account
Agreement is further limited to the market
value of the gold held in the Trust Allocated Account at the time
such
negligence, fraud or willful default is discovered by the
Custodian, provided that the Custodian promptly notifies the Trustee of
its discovery. The Custodian's liability under the Unallocated
Bullion Account Agreement is further
limited to the amount of the
gold credited to the
Trust Unallocated Account at the time
such
negligence, fraud or willful default is discovered by the
Custodian, provided that the Custodian promptly notifies the Trustee of
its discovery.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">49</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Custody Agreements</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Furthermore, the Custodian has no duty to
make or take or to require any subcustodian selected by it to make or
take any special arrangements or precautions beyond those required by
the Custody Rules or as
specifically
set forth in the Custody
Agreements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">INDEMNITY&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust
will, solely out of the Trust's
assets, indemnify the
Custodian and each
of its
officers,
directors, employees and affiliates (on an after tax basis)
on demand against all costs and expenses, damages, liabilities and
losses which the Custodian or
any such
officer, director, employee or affiliate may suffer or incur
in connection with the Custody Agreements, except to the extent that
such sums are due directly to the Custodian's or
such
officer's,
director's,
employer's
or
affiliate's
negligence,
willful default or fraud.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">INSURANCE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian will maintain
such insurance for its business, including
its bullion and custody business, as it deems appropriate. The
Trustee and the Sponsor
(so long as the Sponsor is WGTS)
may, subject to confidentiality restrictions, review this
insurance coverage from time to time upon
reasonable prior
notice.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">FORCE MAJEURE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
is
not liable for any
delay in performance or any non-performance of any of its obligations
under the Custody Agreements by reason of any cause beyond its
reasonable control, including,
acts
of God, war or
terrorism.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TERMINATION&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee and the Custodian may each terminate any Custody
Agreement upon 90
business days' prior
notice, provided that the Custody Agreements may not be
terminated for the first year following the date of the formation of
the Trust unless the Trust is terminated.
The Custody Agreements will also terminate
90
business days after the resignation or
removal of the Trustee unless (1)
a successor trustee of the Trust is
appointed prior to the end of the
90
business day
period or
(2)
the full
liquidation of
the Trust is started within the 90 business
day period and the Trustee requests that the Custodian continue the
Custody Agreements in effect until the liquidation of the Trust is
complete. If either the Allocated Bullion Account Agreement
or the Unallocated Bullion Account Agreement is
terminated, the other agreement automatically
terminates.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If redelivery
arrangements for the gold held in the Trust Allocated Account are not
made, the Custodian may continue to store the gold and charge storage
fees and expenses incurred by the
Custodian, and, after six months
from the termination date, the Custodian may sell the gold and account
to the Trustee for the proceeds, less any amounts due to the Custodian
under the Allocated Bullion Account
Agreement. If arrangements for transfer or repayment,
as the case may be, of the balance in the Trust Unallocated Account are
not made, the Custodian may continue to charge
expenses incurred by the
Custodian, and, after six months
from the termination date, the Custodian may close the Trust
Unallocated Account and account to the Trustee for the proceeds, less
any amounts due to the Custodian under the Unallocated Account Bullion
Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GOVERNING LAW&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Custody Agreements are governed by English law. The Trustee and the
Custodian both consent to the non-exclusive
jurisdiction of the courts of the State of New York and the
federal courts located in the borough of Manhattan in New York
City. Such consent
is
not required for any person to assert a claim of New York jurisdiction
over the Trustee or the
Custodian.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">50</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Creation
and Redemption of Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust will create and redeem
Shares from
time to time, but only in one or more Baskets
(a Basket equals
a block of 100,000
Shares). The creation
and redemption of Baskets will only be made in exchange for the
delivery to
the Trust or the
distribution by the Trust of the
amount of gold and any cash represented by the Baskets being created or
redeemed, the amount of
which will be based on the
combined NAV of the number of
Shares
included in the Baskets being created or
redeemed determined on the day the
order to create or redeem
Baskets is properly
received.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized
Participants are the only persons that
may place orders to
create and redeem Baskets.
Authorized Participants must be
(1)
registered broker-dealers or other securities market
participants, such as banks and other
financial
institutions,
which are not required to register as broker-dealers to engage in
securities transactions,
and (2)
participants in DTC. To
become an Authorized Participant, a person must
enter into a Participant
Agreement with the Sponsor
and the Trustee. The Participant
Agreement provides the procedures for the creation and redemption of
Baskets and for the delivery of the gold and any cash required for such
creations and redemptions. The
Participant Agreement and the related
procedures attached thereto may be amended by the Trustee and the
Sponsor, without the consent of any
Shareholder or Authorized Participant. Authorized
Participants pay a transaction fee
of $2,000 to the Trustee for
each order they
place
to create or redeem one or more
Baskets.
Authorized
Participants who make deposits with the Trust in exchange for Baskets
receive no
fees, commissions or other form of
compensation or inducement of any kind from either the Sponsor
or the Trust, and no such person has any
obligation or responsibility to the Sponsor or the Trust to effect
any sale or resale of
Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized Participants are
cautioned that some of
their activities will result in their being
deemed participants in a distribution in a manner which would render
them statutory underwriters and subject
them to the prospectus-delivery and liability provisions of the
Securities Act, as described in
"Plan of
Distribution."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Prior to initiating any creation or redemption order, an Authorized
Participant must have entered into an
agreement with the Custodian to establish an Authorized
Participant Unallocated Account in London (Participant Unallocated
Bullion Account Agreement). Authorized Participant Unallocated
Accounts may only be used for transactions
with the Trust. Gold held in
Authorized Participant
Unallocated Accounts
is
not segregated
from the Custodian's
assets, as a
consequence of which
an
Authorized
Participant will have
no proprietary interest in
any specific bars of
gold held by the Custodian.
Credits to
its
Authorized Participant
Unallocated Account are
therefore at
risk of the Custodian's insolvency. No
fees will be charged by the Custodian for
the use of
the Authorized Participant Unallocated
Account as long as the Authorized Participant Unallocated
Account is used solely for gold transfers to
and from the Trust Unallocated Account and the Custodian (or
one of its affiliates) receives compensation for
maintaining the Trust Allocated Account. Authorized
Participants should be aware that the
Custodian's liability threshold under the Participant Unallocated
Bullion Account Agreement is gross
negligence, not negligence, which is the Custodian's
liability threshold under the Trust's
Custody Agreements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As the terms of
the Participant Unallocated Bullion Account Agreement differ in certain
respects from the terms of the Trust's
Unallocated Bullion Account Agreement, potential Authorized
Participants should review the terms
of the
Participant Unallocated Bullion Account Agreement carefully. The form
of Participant Unallocated Bullion Account
Agreement is attached as an attachment to the Participant
Agreement. A copy of the Participant
Agreement may be obtained by potential Authorized Participants from
the Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Certain Authorized Participants are expected to have the facility to
participate directly in the gold bullion market and the gold futures
market. In some cases, an Authorized
Participant may from time to time acquire gold from or sell gold to its
affiliated gold trading desk, which may profit in these instances.
The Sponsor believes that the size and
operation of the gold bullion market make it unlikely that an
Authorized Participant's direct
activities in the gold or securities markets will impact the price of
gold or the price of the Shares. Each
Authorized Participant
will be
registered
as a broker-dealer under the Securities
Exchange Act of 1934 (Exchange Act) and
regulated
by
the
NASD,
or will be exempt from
being or otherwise will not be required to be so regulated or
registered, and
will
be qualified to act as a &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">51</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
broker or dealer in the
states or other
jurisdictions where the nature of its business so
requires. Certain Authorized Participants
may
be regulated under federal and state banking
laws and regulations. Each Authorized
Participant will have its own set of rules and procedures, internal
controls and information barriers as it
determines is appropriate in light of its own regulatory
regime.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized Participants may act for their
own accounts or as agents for broker-dealers, custodians and other
securities market participants that wish to create or redeem Baskets.
An order for one or more Baskets may be
placed
by an Authorized Participant on behalf of multiple
clients.
As
of the date of this prospectus, Bear Hunter Structured Products,
LLC,
Citigroup Global
Markets
Inc.,
Goldman, Sachs &amp; Co.,
HSBC Securities (USA) Inc.,
J.P. Morgan Securities
Inc., Lehman
Brothers
Inc.,
Merrill Lynch
Professional Clearing Corp., RBC Capital Markets Corporation and
UBS Securities
LLC, have
each
signed
a Participant Agreement with the Trust
and, upon the effectiveness of such
agreement, may create and redeem Baskets as
described above. Persons interested in
purchasing Baskets should contact the Sponsor or the Trustee to obtain
the contact information for
the
Authorized Participants. Shareholders who are not Authorized
Participants will only be able to redeem
their Shares through an Authorized
Participant.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All
gold will be delivered to the Trust and distributed by the Trust in
unallocated form through credits and debits
between Authorized Participant Unallocated Accounts and the Trust
Unallocated Account. Gold transferred from
an Authorized Participant Unallocated Account to the Trust in
unallocated form
is
first credited to the
Trust Unallocated Account. Thereafter, the Custodian
allocates
specific bars of gold representing the
amount of gold credited to the Trust Unallocated Account (to the
extent such amount is representable by whole
gold bars) to the Trust Allocated Account. The movement of
gold is reversed for the distribution of
gold to an Authorized Participant in connection with the redemption
of Baskets.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All gold
bullion represented by a credit to
any Authorized
Participant Unallocated Account and to the Trust
Unallocated Account and all gold bullion held in the Trust
Allocated Account with the Custodian must be of at least
a minimum
fineness
(or purity) of
995 parts per
1,000
(99.5%) and otherwise conform to the rules,
regulations practices and customs of the LBMA, including the
specifications for a London Good Delivery
Bar.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under
the Participant
Agreement, the Sponsor
has agreed
to indemnify the Authorized
Participants
against certain
liabilities, including liabilities under the Securities
Act, and to
contribute to
the payments the Authorized Participants
may be required to
make in respect of those liabilities. The
Trustee has
agreed to reimburse the Authorized
Participants, solely from and to the extent
of the Trust's assets,
for indemnification
and contribution amounts due from the Sponsor
in respect of such liabilities to the
extent the Sponsor has not paid such amounts when
due.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following description of the procedures for the creation and
redemption of Baskets is only a summary and an investor should refer to
the relevant provisions of the Trust Indenture and the form of
Participant Agreement for more detail, each of which is attached as an
exhibit to the registration statement of which this prospectus is a
part. The form of Participant Unallocated Bullion
Account Agreement is attached as an attachment to the form
of Participant Agreement
which may be obtained from the
Trustee. See "Where
You Can Find More Information" for information about where
you can obtain the registration statement.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">CREATION
PROCEDURES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">On any business day, an Authorized Participant may
place an order with the Trustee to create one or
more Baskets. For purposes of processing both purchase and redemption
orders, a "business
day" means any day other than a
day (1) when the NYSE is closed for regular
trading
or
(2),
if the order requires the receipt or delivery, or the confirmation of
receipt or delivery, of
gold in the United Kingdom or in some other
jurisdiction on a particular day, (A)
when banks are authorized to close in the United
Kingdom or in such other
jurisdiction or when the London gold market
is closed or (B) when banks in the United Kingdom
or in such other jurisdiction
are, or the London gold market is, not open
for a full business day and the transaction requires the execution or
completion of
procedures which
cannot be executed or completed
by the close of the business
day. Purchase orders must be placed by
4:00 PM or the
close of regular trading on the NYSE,
whichever is
earlier.
The day on which the Trustee
receives a valid
purchase order is the
purchase order
date.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">52</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">By placing a
purchase order, an
Authorized Participant agrees to deposit
gold with
the
Trust, or a
combination of gold and cash, as
described below. Prior to the delivery of
Baskets for a purchase order, the Authorized Participant must also have
wired to the Trustee the non-refundable transaction fee due for the
purchase order.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Determination of required
deposits</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The total deposit required to create each
Basket (Creation Basket Deposit)
is an
amount of gold and cash, if any, that is in the same proportion to the
total assets of the Trust (net of estimated
accrued but unpaid
fees, expenses and other
liabilities) on the date the order to
purchase is properly received as the number of Shares to be
created under the
purchase order is in proportion to the total
number of Shares outstanding on the date the order is
received. The Sponsor
anticipates
that in the ordinary course of the Trust's operations a cash
deposit will not be required for the creation of
Baskets.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The amount of the required gold deposit is determined by dividing
the number of ounces of gold held by the Trust by the number of Baskets
outstanding, as adjusted for estimated
accrued but unpaid fees and expenses as
described in the next paragraph.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The amount of any
required cash deposit is determined as follows. The
estimated unpaid fees, expenses and
liabilities of the Trust accrued through the purchase
order date are subtracted from
any cash held or
receivable by the Trust as of the purchase
order date. The remaining amount is
divided by the number of
Shares
outstanding immediately before the purchase order
date and then multiplied by the number
of Shares being created
pursuant to the purchase
order. If the resulting amount is positive, this
amount is the required cash deposit. If the resulting amount
is negative, the amount of the required gold deposit
is
reduced by the number of fine ounces
of gold equal in value to
that resulting amount,
determined at the price of gold used in
calculating the
NAV of the Trust
on
the purchase order date. Fractions of
a fine ounce of gold
smaller than 0.001
of a
fine ounce
which are included in the gold deposit amount are
disregarded. All questions as to the composition of a
Creation Basket Deposit
are
finally determined by the
Trustee.
The Trustee's determination of the Creation Basket Deposit shall
be final and binding on all persons interested in the
Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Delivery of
required deposits</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An Authorized
Participant who places a purchase
order is responsible for crediting its Authorized
Participant Unallocated Account with the required gold deposit amount
by the end of the second business day in London
following the purchase order
date. Upon receipt of the gold deposit amount, the
Custodian, after receiving appropriate instructions from the Authorized
Participant and the Trustee, will
transfer on the third business day following
the purchase order date
the gold deposit amount from the Authorized Participant Unallocated
Account to the Trust Unallocated Account and the Trustee will direct
DTC to credit the number of Baskets
ordered to the Authorized Participant's DTC
account. The expense and risk of delivery, ownership
and safekeeping of gold until such gold has been received by the Trust
shall be borne solely by the Authorized
Participant. The
Trustee may accept delivery of gold by such other means as the Sponsor,
from time to time, may determine to be acceptable for the Trust,
provided that the same is disclosed in a prospectus relating to the
Trust filed with the SEC pursuant to Rule 424 under the
Securities Act.
If gold is to be delivered other than as
described above, the Sponsor is authorized to establish such procedures
and to appoint such custodians and establish such custody accounts in
addition to those described in this
prospectus as the
Sponsor determines to be desirable.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Acting on standing instructions
given by the Trustee, the Custodian will transfer the gold
deposit amount from the Trust Unallocated Account to the Trust
Allocated Account by transferring gold bars from its inventory to the
Trust Allocated Account. The
Custodian will use
commercially reasonable
efforts to complete the transfer of gold to
the Trust Allocated Account prior to the time by which the Trustee is
to credit the Basket to the Authorized Participant's
DTC
account; if, however, such transfers have not been completed by such
time, the number of
Baskets ordered will be delivered against
receipt of the gold deposit amount
in
the Trust Unallocated Account, and all
Shareholders
will be exposed to the risks of unallocated gold
to the extent of that gold deposit amount
until the Custodian completes the allocation
process.
See
"Risk
Factors &mdash; Gold held in the Trust's unallocated
gold account
and any Authorized Participant's unallocated gold account will
not be segregated from the Custodian's
assets..."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">53</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Because
gold is allocated only in multiples of whole bars, the
amount of gold allocated from the Trust Unallocated Account to the
Trust Allocated Account may be less than the total fine
ounces of gold credited
to the Trust Unallocated Account. Any
balance
is held in the Trust
Unallocated Account. The Custodian will
use commercially reasonable
efforts to minimize the amount of gold held in the Trust
Unallocated Account; no more than 430 ounces of gold
is expected to be held
in the Trust Unallocated Account at the close of each business
day.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Rejection of
purchase orders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may reject a
purchase order or a
Creation
Basket Deposit if:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">It determines that the
purchase order or the
Creation
Basket Deposit is not in
proper form;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Sponsor believes that the purchase
order or the
Creation
Basket Deposit would have
adverse tax consequences to the Trust or its Shareholders;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The acceptance
or
receipt
of the
Creation
Basket Deposit would, in
the opinion of counsel to the Sponsor, be unlawful;
or&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Circumstances outside the
control of the Trustee, the Sponsor or the Custodian make
it, for all practical
purposes, not feasible to process
creations of
Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">None of the
Trustee, the
Sponsor
or
the Custodian will be liable for the rejection of any
purchase
order or Creation Basket Deposit.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">REDEMPTION PROCEDURES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The procedures by which an Authorized
Participant can redeem one or more Baskets mirror
the procedures for the creation of Baskets. On any business day, an
Authorized Participant may place an order with the Trustee to redeem
one or more Baskets.
Redemption
orders must be placed by 4:00 PM or
the close of regular trading on the
NYSE, whichever is
earlier.
A redemption order so received is effective
on the date it is received in satisfactory form by the
Trustee.
The redemption procedures allow Authorized
Participants to redeem Baskets and do not entitle an individual
Shareholder to redeem any Shares in an amount less than a Basket, or to
redeem Baskets other than through an Authorized Participant.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">By
placing a redemption order, an Authorized Participant agrees to
deliver the
Baskets to be
redeemed through DTC's book-entry
system to the Trust not later than the third
business day following the effective date of the redemption
order. Prior to the delivery of the
redemption distribution for a redemption order, the Authorized
Participant must also have wired to the Trustee the non-refundable
transaction fee due for the redemption order.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Determination of redemption distribution</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The redemption distribution from the Trust
consists of (1) a credit
to the redeeming Authorized Participant's Authorized Participant
Unallocated Account representing the
amount of the gold held by the Trust evidenced by the Shares
being redeemed plus or minus (2) the cash redemption
amount. The cash redemption amount is equal to the
value of
all assets of the Trust other than gold
less
all
estimated accrued but
unpaid expenses and other liabilities,
divided by the number of Baskets outstanding
and multiplied by the
number of Baskets included in the Authorized Participant's
redemption order. The Trustee
distributes any positive
cash redemption amount through DTC to the account
of the Authorized Participant as recorded on DTC's book entry
system. If the cash redemption amount is negative, the
credit to the Authorized
Participant Unallocated
Account
is
reduced by the number of
ounces of gold equal in
value to the
negative cash redemption amount, determined
at the price of gold used in calculating the
NAV of the Trust
on
the redemption order date. The Sponsor
anticipates that in the
ordinary course
of the Trust's operations
there will be no cash
distributions
made to Authorized Participants upon
redemptions.
Fractions of
a
fine ounce of
gold included in the redemption distribution smaller than 0.001
of
a
fine ounce are
disregarded. Redemption distributions
are subject to the
deduction of any applicable tax or other governmental charges which may
be due.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">54</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Delivery of redemption
distribution</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The redemption distribution due from the Trust
is delivered to the
Authorized Participant on the third business day following the
redemption order date
if, by
9:00
AM
New York time on such third business day, the
Trustee's DTC account has been credited with the
Baskets to be
redeemed. If the
Trustee's DTC account has not been
credited with all of the Baskets to
be redeemed by such time,
the redemption distribution
is
delivered to the extent of whole Baskets received. Any remainder of the
redemption distribution
is
delivered on the next business
day to the extent of remaining whole Baskets
received if the Trustee receives the fee
applicable to the extension of the redemption distribution date
which
the Trustee may, from time to time, determine and the
remaining
Baskets to be redeemed are credited to the
Trustee's DTC account by
9:00
AM New York time on such next business
day. Any further
outstanding amount of the the redemption
order shall be cancelled. The Trustee is also
authorized to deliver the redemption distribution
notwithstanding that the
Baskets
to be redeemed are not
credited to the Trustee's DTC account by
9:00
AM New York time on the third business day following
the redemption order date if the Authorized Participant
has collateralized its obligation to deliver the
Baskets
through
DTC's book entry
system on such terms as
the Sponsor and the Trustee may from time to
time agree
upon.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
transfers
the redemption gold amount from the Trust Allocated Account to the
Trust Unallocated Account and, thereafter,
to the redeeming Authorized
Participant's Authorized Participant Unallocated
Account. The Authorized Participant
and
the Trust are each at risk in respect of
gold credited to
their
respective unallocated accounts in the
event of the
Custodian's
insolvency. See "Risk Factors
&mdash; Gold held in the Trust's unallocated gold account and any
Authorized Participant's unallocated gold account will not be
segregated from the Custodian's
assets..."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As with the
allocation of gold to the Trust Allocated Account which occurs upon a
purchase order, if in
transferring gold from the Trust Allocated Account to the Trust
Unallocated Account in connection with a redemption order there is an
excess amount of gold transferred to the Trust
Unallocated Account, the excess over the gold redemption amount will be
held in the Trust Unallocated Account. The Custodian will
use commercially reasonable
efforts to minimize the amount of
gold held in the Trust Unallocated Account; no
more than 430 ounces of gold is
expected to be held in the Trust Unallocated
Account at the close of each business
day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Suspension or rejection of redemption
orders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may, in its discretion, and will when
directed by the Sponsor, suspend the right of redemption, or postpone
the redemption settlement date, (1) for any
period during which the NYSE is closed other than customary weekend or
holiday closings, or trading on the NYSE is suspended or restricted,
(2) for any period during which an emergency
exists as a result of which delivery, disposal or evaluation of
gold is not reasonably practicable,
or (3) for such other period as the Sponsor
determines to be necessary for the protection of the Shareholders.
None of the
Sponsor, the
Trustee
or
the Custodian will be
liable to any person or in any way for any loss or damages
that may result from any such suspension or postponement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee will reject a
redemption order if the order is not in proper form as described in the
Participant Agreement or if the fulfillment of the order, in the
opinion of its counsel, might be unlawful.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">CREATION AND REDEMPTION TRANSACTION FEE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">To compensate the
Trustee for services
in processing the creation and redemption of
Baskets, an Authorized Participant
is required to pay a
transaction fee to the Trustee of
$2,000 per order to create
or redeem Baskets. An order may include multiple Baskets. The
transaction fee may be reduced, increased or otherwise
changed by the Trustee with the consent of
the Sponsor.
The Trustee shall notify DTC of any agreement to change
the transaction fee and will not implement
any
increase in the fee for the redemption of
Baskets until 30 days after the date of the notice. A
transaction fee may not exceed
0.10% of the value
of a Basket at the time the creation and redemption order is
accepted.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Tax
Responsibility</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized Participants are responsible for any transfer tax, sales
or use tax, recording tax, value added tax
or similar tax or governmental charge applicable to the creation or
redemption of Baskets, regardless
&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">55</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
of whether or not such tax or charge is
imposed directly on the Authorized
Participant, and agree
to indemnify the Sponsor, the Trustee and the Trust if
they are required by law to pay any such
tax, together with any applicable penalties,
additions to tax or interest
thereon.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">56</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Trust Indenture&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust operates
under the terms of the Trust Indenture, dated as of
November
12,
2004, between the
Sponsor and the Trustee.
A copy of the Trust
Indenture is
available for inspection at the Trustee's office. The
following is a description of the material terms of the Trust
Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE
SPONSOR&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This section summarizes some of the important provisions of the
Trust Indenture which apply to the Sponsor. For a general description
of the Sponsor's role concerning the
Trust, see "The
Sponsor
&ndash;
The Sponsor's
Role."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Liability of
the
Sponsor
and indemnification</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor will not be liable to the
Trustee or any Shareholder for any action taken or for
refraining from taking any action in good
faith, or for errors in judgment or for depreciation or loss incurred
by reason of the sale of any gold or other
assets of the Trust. However,
the
preceding
liability exclusion will not protect the
Sponsor against any liability resulting from its own gross negligence,
bad faith, willful misconduct or willful
malfeasance in the performance of its duties or the reckless disregard
of its obligations and duties to the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor and its
shareholders, members,
directors, officers, employees, affiliates
and subsidiaries
are
indemnified from the Trust and held harmless against
certain losses,
liabilities or expenses incurred
in the performance of its duties under the
Trust Indenture without gross
negligence, bad faith, willful misconduct, willful
malfeasance or reckless disregard of the indemnified
party's obligations and duties under the Trust
Indenture. Such indemnity includes payment from the Trust
of the costs and expenses incurred in defending against
any claim or liability under the Trust Indenture.
Under
the Trust Indenture, the Sponsor may be able to seek indemnification
from the Trust for payments it makes in
connection with the Sponsor's activities under the Trust
Indenture to the extent its conduct does
not disqualify it from receiving such indemnification under the terms
of the Trust Indenture. The Sponsor shall
also be indemnified from the Trust and held harmless against any loss,
liability or expense arising under the Distribution Agreement, the
Marketing Agent Agreement or any Participant Agreement insofar as such
loss, liability or expense arises from any untrue statement or alleged
untrue statement of a material fact contained in any written statement
provided to the Sponsor by the Trustee.
Any amounts payable to the Sponsor
are
secured by a lien on the Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor has agreed to
indemnify certain
parties against certain
liabilities
described under
"Risk Factors &ndash; The
Trust's obligation to reimburse
the Marketing
Agent,
the Authorized
Participants
and certain
parties
..&nbsp;.&nbsp;."
and to contribute to
payments that
such
parties may be required to make in respect
of
those
liabilities.
The
Trustee has
agreed to reimburse
such
parties, solely from and to the extent of
the Trust's assets,
for indemnification and contribution
amounts due from the Sponsor in respect of
such liabilities to the extent the Sponsor has not paid such amounts
when due.
The
Sponsor has agreed that, to the extent the Trustee pays any amount in
respect of the reimbursement obligations described in the preceding
sentence, the Trustee, for the benefit of the Trust, will be subrogated
to and will succeed to the rights of the party so reimbursed against
the
Sponsor.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Resignation
of the
Sponsor;
successor sponsors</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor
may resign its position as sponsor at any time by delivering to the
Trustee an executed instrument of
resignation. The resignation will not become effective until the
earlier of the time when
(1) the
Trustee appoints a successor sponsor to assume, with appropriate
compensation from the Trust, the duties and
obligations of the Sponsor, (2) the Trustee agrees to act as sponsor
without appointing a successor sponsor, or
(3) if a successor sponsor has not been
found within 60 days following the date the instrument of resignation
was delivered, the date the Trustee
terminates and liquidates the Trust
and
distributes
all remaining assets to
DTC
for distribution to DTC Participants who are then
owners of
Shares
on the records of
DTC.
Any successor sponsor must be satisfactory
to the Trustee. Upon effective resignation, the Sponsor will be
discharged and will no longer be liable in
any manner except as to acts or omissions occurring prior to such
resignation, and the new sponsor will then
undertake and perform all duties and be entitled to all rights and
compensation as sponsor under the Trust
Indenture.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">57</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Sponsor fails to undertake or
perform or becomes incapable of undertaking or performing any
of its duties required under the Trust
Indenture, and the failure is not cured within 15 business
days following receipt of notice from the
Trustee of the failure, or if the Sponsor is adjudged bankrupt
or insolvent, or a receiver of the Sponsor
or of its property is appointed, or a trustee or liquidator or
any public officer takes charge or control
of the Sponsor or of its property or affairs for the purpose
of rehabilitation, conservation or
liquidation, then, in any such case, the Trustee may do any one or more
of the
following
(1) appoint a successor sponsor to assume,
with such compensation from the Trust as the
Trustee may deem reasonable under the circumstances,
the duties and obligations of the resigning
Sponsor, (2) agree to act as sponsor without appointing
a successor sponsor, or (3) terminate and
liquidate the Trust and
distribute its remaining assets. The Trustee
has no obligation to appoint a successor sponsor or to assume the
duties of the Sponsor and will have no
liability to any person because the Trust is terminated as described in
the preceding
sentence.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may transfer all
or substantially all of its assets to an entity which carries on the
business of the Sponsor, if at the time of
the transfer the successor assumes all of the obligations of the
Sponsor under the Trust
Indenture. In such an
event, the Sponsor will then be relieved of
all further liability under the Trust
Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE TRUSTEE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This section
summarizes some of the important provisions of the Trust Indenture
which apply to the Trustee. For a general description of the
Trustee's role concerning the Trust, see "The
Trustee &minus; The Trustee's Role."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Qualifications of the trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee and
any successor trustee must be (1) a bank,
trust company, corporation or national banking association organized
and doing business under the laws of the United States or
any of its
states,
and authorized under such laws to exercise corporate trust
powers, (2) a participant in DTC or such
other securities depository as shall then be acting
and (3), unless counsel to the
Sponsor, the appointment of which is
acceptable to the Trustee, determines that such requirement
is not necessary for the exception under
section 408(m)(3)(B) of
the United States Internal Revenue Code
of 1986, as amended (Code), to apply, a
banking institution as defined in Code
section
408(n). The Trustee and any successor trustee must
have, at all times, an aggregate capital, surplus, and undivided
profits of not less than
$500
million.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">General duty of care of
trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
is
not under any duty to
give the property held by it under the Trust Indenture any
greater degree of care than it gives its own similar
property.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Limitation on trustee's
liability</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
is not
liable for the disposition of gold or moneys, or in
respect of any evaluation which it makes under the
Trust Indenture or otherwise, or for any action taken or
omitted or for any loss or injury resulting from its actions or its
performance or lack of performance of its duties under the Trust
Indenture in the absence of gross negligence or willful misconduct on
its part. In no event will the Trustee be liable for acting in
accordance with or conclusively relying upon any instruction, notice,
demand, certificate or document from the Sponsor, an Authorized
Participant or any entity acting on their behalf which the Trustee
believes is given as authorized by the Trust Indenture.
In addition, the Trustee
is
not liable for any
delay in performance or for the non-performance
of
any of its obligations under the Trust Indenture by reason of
causes beyond
its reasonable control, including acts of
God, war or terrorism. The
Trustee is not
liable for any indirect, consequential, punitive or
special damages, regardless of the form of action and whether or not
any such damages were foreseeable or contemplated, or for an amount in
excess of the value of the Trust's
assets.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Trustee's liability for custodial services and
agents</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
is
not answerable for the
default of the Custodian or any other custodian of the
Trust's gold employed at the direction
of the Sponsor or selected by the Trustee with reasonable care.
The Trustee &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">58</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
may also employ custodians for Trust assets
other than gold, agents, attorneys, accountants,
auditors and other professionals and shall not be
answerable for the default or misconduct of any of
them if they were selected with reasonable care. The
fees and expenses charged by custodians for the
custody of gold and related services, agents,
attorneys, accountants, auditors or other professionals, and
expenses reimbursable to any custodian under a custody
agreement authorized by the Trust Indenture,
exclusive of fees for services to be performed by the
Trustee,
are
expenses of the Trust. Fees paid for the
custody of assets other than gold
are
an expense of the Trustee.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Taxes</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
is
not personally liable for any taxes or other
governmental charges imposed upon the gold
or its custody, moneys or other Trust assets, or on the income
therefrom or the sale or proceeds of the
sale thereof, or upon it as Trustee or upon or in respect of the Trust
or the Shares. For all such taxes and
charges and for any expenses, including counsel's fees, which the
Trustee may sustain or incur with respect to
such taxes or charges, the Trustee will be reimbursed and indemnified
out of the Trust's assets and the
payment of such amounts shall be secured by a lien on the
Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Indemnification of
the trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee and its
directors, shareholders, officers, employees, agents and affiliates
will be indemnified from the Trust's
assets against any loss, liability or expense (1)
in connection with
the acceptance or administration of the Trust and any
actions taken in accordance with the Trust
Indenture or the administration of the Trust or in
connection with any offer or sale of Shares
incurred without (A) gross negligence,
bad faith, willful misconduct and willful
malfeasance on the part of the indemnified
party and
without (B) reckless disregard on the part
of the indemnified party of its obligations and duties under the
Trust Indenture or (2) related to any
filings or submissions, or the failure to make any filings or
submissions, with the SEC concerning the
Shares, except where the loss, liability or expense arises out of any
written information provided by the Trustee
to the Sponsor for any such filings or submissions. Such
indemnity shall include payment from the
Trust of the costs and expenses incurred by the indemnified party
in investigating or defending itself against
any claim or liability. Any amounts payable to an
indemnified party may be payable in advance
or will be secured by a lien on the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Indemnity for
actions taken to protect the trust</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is under no obligation to appear in, prosecute or defend
any action that in its opinion may involve
it in expense or liability, unless it is furnished with reasonable
security and indemnity against the expense
or liability. The Trustee's costs resulting from the
Trustee's appearance in, prosecution of or
defense of any such action are deductible from and
constitute a lien
against the Trust's assets. Subject to
the preceding conditions, the Trustee shall, in its discretion,
undertake such action as it may deem
necessary to protect the Trust and the rights and
interests of all Shareholders pursuant to the terms of the
Trust Indenture.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Protection for amounts due to trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If any
fees or costs
owed to the Trustee under the
Trust Indenture are not paid when due, the Trustee
may sell or otherwise dispose
of any Trust assets (including gold)
and pay itself from the proceeds.
As security for all obligations owed to
the Trustee under the Trust Indenture, the Sponsor, each Authorized
Participant and each Shareholder grants
the Trustee a continuing security interest in, and
a lien on, the Trust's assets and all Trust
distributions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Holding of trust property other than
gold</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
holds
and records the
ownership of the Trust's assets in such a manner so that they
are
not be subject to any right, charge, security interest,
lien or claim of any kind in favor of the Trustee or its
creditors, except a claim for payment of services,
advances, indemnities and expenses by the Trustee in
providing services as trustee or, in the case of cash
deposits held by the Trustee, liens or rights in favor of
creditors of the Trustee arising under bankruptcy,
insolvency or similar laws.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee
holds
any money the Trust receives, without interest, as a deposit for the
account of the Trust in accordance with the
provisions of the Trust Indenture, until it is required to be
disbursed. Any &nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">59</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust assets other than gold
or cash will be held by the Trustee either directly or through the
Federal Reserve Treasury Book Entry System
for United States and federal agency securities (Book Entry
System), DTC, or through any other clearing
agency or similar system (Clearing Agency), if available. The
Trustee
has no
responsibility or liability for the actions or omissions of the Book
Entry System, DTC or any Clearing
Agency. The
Trustee shall not be liable for ascertaining or acting upon any calls,
conversions, exchange offers, tenders,
interest rate changes, or similar matters relating to securities held
at DTC.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Resignation, discharge or removal of trustee; successor
trustees</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may resign by
executing an instrument of
resignation, filing
it with the Sponsor,
and mailing a copy of a notice
of its resignation to all
DTC Participants for
distribution to the Shareholders not less
than 60 days before the date when
the resignation is to take
effect.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor may remove the Trustee and appoint a successor Trustee if it
determines that (1) the Trustee is guilty of
willful misconduct or malfeasance or willful disregard of its duties
under the Trust Indenture, (2) the Trustee
has acted in bad faith in performing its duties under the Trust
Indenture, (3) there has occurred a material
deterioration in the creditworthiness of the Trustee or (4) there has
occurred one or more negligent acts or
omissions on the part of the Trustee which have a material adverse
effect, either singly or together, on the
Trust or the interests of the Shareholders and the Trustee has not,
within 15 days of receipt of the
Sponsor's notice of such material
adverse effect, (A) cured such
material adverse
effect or responded to the notice explaining
the steps it will take to cure such material
adverse effect and cures such
material adverse
effect within 30 days from the date of the
notice and (B) established, to the Sponsor's satisfaction, that
such act or omission (or acts or omissions)
will not recur. Shareholders representing at
least 66 2/3% of the Shares then
outstanding may at any time remove the
Trustee by delivery of a written
instrument to the Trustee and the Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the
Trustee does not meet the qualification for a trustee under the Trust
Indenture, fails to undertake or perform or becomes incapable of
undertaking or performing any of its duties required under the Trust
Indenture, and the failure
is not
cured within 15 business days following receipt of
notice from the Sponsor of the failure, or is adjudged
bankrupt or insolvent, or a receiver of the Trustee
or of its property is appointed, or a trustee or liquidator or any
public officer takes charge or control of the Trustee or of its
property or affairs for the purposes of rehabilitation, conservation or
liquidation, then, in any such case, the Sponsor
will remove the
Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon
receiving notice of resignation or upon the removal of the Trustee, the
Sponsor shall use its best efforts promptly to appoint a successor
trustee in the manner and meeting the qualifications provided in the
Trust Indenture, by written instrument or instruments delivered to the
resigning Trustee and the successor trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Any resignation or removal
of a trustee and appointment of a successor trustee
will become effective
upon the acceptance of appointment by the successor trustee. Notice of
the appointment of a successor trustee shall be mailed promptly after
acceptance of the appointment by the successor trustee to all
DTC Participants for
distribution to the Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon effective
resignation or removal, the
retiring
trustee will be discharged from
liability under the Trust Indenture
except as to acts or omissions occurring prior to such
resignation or
removal.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Trustee is
removed or resigns and no successor trustee is appointed within 60 days
after the date notice of removal is received by the Trustee or the
date the Trustee
issues its notice of
resignation, the Trustee will terminate and liquidate the
Trust and distribute its remaining
assets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE
CUSTODIAN AND CUSTODY OF THE TRUST'S
GOLD&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This section summarizes some of
the important provisions of the Trust Indenture which apply to the
Custodian and the custody of the Trust's gold. For a general
description of the Custodian's role, see "The
Custodian
&ndash;
The Custodian's Role."
For more information on the custody of the Trust's gold, see
"Custody of the Trust's Gold" and
"Description of the Custody
Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee, on behalf of the Trust,
has entered into
the Custody Agreements
with the Custodian under which the Custodian
maintains the Trust
Allocated Account and the Trust Unallocated
Account.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">60</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Before
entering into the Custody
Agreements, the
Trustee
determined
that, subject to the
limitations and shortcomings that are described under
"Risk Factors" and
"Custody of the Trust's
Gold," the Custody
Agreements
establishing the Trust Allocated Account and Trust Unallocated Account
protect the Trust and the interests of the
Shareholders.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is responsible for monitoring the performance
of the Custodian and any successor
custodian or additional custodian and for enforcing the
obligations of each such custodian as
is necessary to protect
the Trust and the rights and interests of the Shareholders. In the
event that the Trustee determines that the
maintenance of gold with a particular
custodian is not in the best
interests of the Shareholders, the Trustee
will so advise the Sponsor and take such
reasonable action as the Sponsor will direct, or, if the
Sponsor has not given direction within one business day,
the
Trustee
will initiate action to remove
the gold from the custody of such
custodian or take such other action as the Trustee
determines appropriate to safeguard the interests of the
Shareholders. However, see "The
Trustee &ndash;
The Trustee's Role" for
a description of limitations on the ability of the
Trustee to monitor the performance of the Custodian.
The Trustee shall have no liability for any such action
taken at the direction of the Sponsor or, in the absence of such
direction, any action taken by it in good
faith.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Appointment and removal of
custodians</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may
direct the Trustee to employ one or more other custodians in addition
to or in replacement of the Custodian,
provided that the Sponsor may not direct the employment of a
successor custodian or an additional
custodian without the Trustee's consent if the employment would
have a material adverse effect on the
Trustee's ability to perform its duties. The Trustee may, with
the prior approval of the Sponsor, also
employ one or more
successor or additional
custodians selected by the Trustee for
the safekeeping of gold and services in
connection with the deposit and delivery of
gold. Before
gold may be placed with any additional or successor custodian, the
Trustee will determine that the custody
agreements and
any
related custody
arrangements applicable to the additional
or successor custodian substantially satisfy certain
specified requirements set forth in the
Trust Indenture, unless the Sponsor has permitted the Trustee to
enter into such custody agreements without
satisfaction of one or
more of
these
requirements.
Investors should be aware that these
requirements are
different in certain respect than the
requirements set forth in the Custody
Agreements.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">VALUATION OF
GOLD, DEFINITION OF NET
ASSET VALUE AND ADJUSTED NET ASSET VALUE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As of the London
PM
Fix on each day
that the NYSE is open for regular trading
or, if there is no
London PM
Fix on
such
day or the
London PM Fix has
not been announced by 12:00
PM
New York time on
such
day, as of 12:00
PM
New York time on such
day (Evaluation Time), the
Trustee evaluates the
gold held by the Trust and determine both the
ANAV
and the NAV of the
Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">At the Evaluation
Time, the Trustee
values the Trust's
gold on the basis of that day's London PM Fix
or, if no London PM Fix is made on
such day or has not
been announced by
the Evaluation
Time, the next most recent London gold
price fix (AM or PM) determined prior to
the Evaluation Time
is used, unless the
Trustee, in consultation with the Sponsor,
determines that such price is inappropriate as a basis for
evaluation.
In the event the
Trustee and the Sponsor determine that the London PM
Fix
or last prior London
fix
is not an appropriate basis for
evaluation of the Trust's
gold, they shall identify an alternative
basis for such
evaluation to be
employed by the Trustee. Neither the
Trustee nor the Sponsor shall be liable to any person for the
determination that the London PM
Fix or last prior London
gold price
fix is not appropriate as a basis for
evaluation of the
Trust's
gold or for any determination as to the
alternative basis for such
evaluation provided that such determination
is made in good faith. See
"Operation of the Gold Bullion Market &ndash; The London
Bullion Market" for a description of the London PM
Fix.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Once the value of the gold has been determined,
the Trustee subtracts
all estimated accrued but unpaid
fees (other than the fees
accruing for the evaluation day
which are computed by reference
to the ANAV
of the Trust or
the custody
fees accruing for the evaluation day which
are based on
the value of
the gold held by the Trust), expenses and other liabilities
of the Trust from the total value of the gold and all other assets of
the Trust (other than any amounts credited to the Trust's reserve
account, if established). The resulting figure is the ANAV of the
Trust. The ANAV of the Trust is used to
compute the
fees of the Sponsor, the Trustee
and the Marketing Agent.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">61</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">To determine the Trust's NAV, the
Trustee subtracts the
amount of estimated accrued but
unpaid fees accruing for the evaluation day
which are computed by
reference to the ANAV
of the Trust and to
the value of the gold held by the
Trust from the ANAV
of the
Trust.
The
resulting figure is the NAV of the Trust. The Trustee
also determines the NAV
per Share by dividing the NAV of the Trust
by the number of the Shares outstanding as of the close of
trading on the NYSE (which includes the net number of
any
Shares
created or redeemed on such evaluation
day).&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee's estimation of accrued but unpaid fees, expenses and
liabilities is
conclusive upon all persons interested in
the Trust and no revision or correction in any computation made under
the Trust Indenture
is
required by reason of any difference in
amounts
estimated from those actually paid.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor and
the Shareholders may rely on any evaluation furnished by the Trustee,
and the Sponsor has no
responsibility for the evaluation's accuracy. The determinations
the Trustee makes will be made in good faith upon the basis of, and the
Trustee will not be liable for any errors contained in, information
reasonably available to it. The Trustee will not be liable to the
Sponsor, DTC, the Shareholders
or any other
person for errors in
judgment. However, the
preceding liability
exclusion will not protect the Trustee against any liability resulting
from willful misfeasance, willful misconduct, bad faith or
gross negligence in the performance of its duties or
the reckless disregard of
its obligations and duties.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">EXPENSES OF THE
TRUST&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All expenses of
the Trust are
paid by the Trust through the sale of the Trust's gold by the
Trustee. The Trustee
charged
no fee and
assumed
the Trust's operating expenses (other than extraordinary
expenses) for the
period from the Trust's formation
through the day the Shares
commenced
trading on the NYSE. The Trustee and the Sponsor have entered into a
separate agreement relating to payment by the Sponsor
to
the Trustee for
this
period.
These
payments are not reimbursable to the
Sponsor by the Trust. If the Sponsor fails
to pay the Trustee under such
agreement, the Trustee
may recover the unpaid amounts from the assets of the Trust, and may
sell the
Trust's
gold as necessary to provide funds for such unpaid
amounts.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Trustee's
fee and
expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees
are paid to the Trustee as compensation for services performed under
the Trust Indenture. The Trustee's
fee is payable monthly in arrears and is accrued daily at an annual
rate equal to 0.02% of the ANAV of
the Trust, subject to a minimum fee of $500,000 and a maximum fee of $2
million per year. The Trustee
charges
the Trust for its expenses and disbursements incurred in connection
with the Trust (including the expenses of
the Custodian paid by the Trustee), exclusive of fees of agents for
services to be performed by the Trustee,
and for any extraordinary services performed by the Trustee for
the Trust.
The Trustee's fee
may be changed by the Trustee and Sponsor in good
faith to account for significant changes in the Trust's
administration or the Trustee's
duties.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Sponsor's fee and
expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the
Sponsor as compensation
for
services
performed under
the Trust Indenture and
services
in connection with maintaining a website for the Trust, including
licensing costs, and with the marketing of the Shares.
The Sponsor's fee is payable monthly
in arrears and is accrued daily at an annual rate equal to
0.15%
of the ANAV of the Trust. The Sponsor
is
reimbursed
from the Trust for all of its disbursements and expenses incurred in
connection with the Trust.
For
seven
years from the date of the Trust Indenture or
until
the earlier termination of the
Marketing
Agent Agreement, if at the end of any month
during
this
period the estimated ordinary expenses of
the Trust exceed an amount equal to 0.40% per
year
of the daily ANAV of the Trust for such month, the Sponsor's fee
is subject to reduction. See
"Business of the
Trust &ndash;
Trust Expenses &ndash;
Fee Reduction."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Other
expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In addition,
the following expenses are or may be charged to the
Trust:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses
of custody, deposit or delivery of gold
(other than expenses borne by Authorized
Participants)
and disbursements
charged by and indemnification due any
Custodian;&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">62</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Fees
of the Trustee for extraordinary
services;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Various
taxes and governmental charges and any
taxes, fees and charges payable by the Trustee with respect to the
creation or redemption of
Baskets;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses
and costs of any action taken by the Trustee or the Sponsor to protect
the Trust and the rights and interests of
Shareholders;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Amounts for indemnification
of the Trustee or the Sponsor as
permitted under the Trust Indenture;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Amounts for
reimbursement
in
respect of certain claims described under
"Risk Factors &ndash; The
Trust's obligation to
reimburse the
Marketing Agent,
the Authorized
Participants
and
certain parties
..&nbsp;.&nbsp;."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses incurred in
contacting Shareholders;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Legal and auditing
expenses, and the compensation paid to agents properly employed
by or on behalf of the
Trustee;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Fees
paid to DTC for custody of the
Shares;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Federal
and state annual fees in keeping the registration of the Shares on a
current basis for the issuance of
Baskets;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses
of the Sponsor relating to the printing and distribution of marketing
materials describing the Trust and the
Shares;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Fees
and expenses of
the Marketing Agent;
and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Stationery, postage and all
other out-of-pocket expenses of the Trust not otherwise stated above
incurred by the Trustee, the Sponsor or the
Custodian or any additional or successor custodian pursuant to actions
permitted or required under the Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">SALES OF
GOLD&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee at the direction of the
Sponsor or in its own discretion sells the
Trust's gold as necessary to pay the Trust's expenses. When
selling gold to pay expenses, the Trustee
endeavors to sell the
smallest amounts of gold needed to pay expenses in order to minimize
the Trust's holdings of assets other than gold. Unless otherwise
directed by the Sponsor, when selling gold the
Trustee endeavors to
sell at the price established by the London PM Fix. The
Trustee
places
orders with dealers (which may include the Custodian) through which the
Trustee expects to receive the
most favorable price and execution of
orders. The Custodian may be the purchaser
of such gold only if the sale transaction
is made at the next
London gold price fix (either AM or PM) following the sale
order. Neither
the Trustee nor the Sponsor
is
liable for depreciation or loss incurred by
reason of any sale. See "United States Federal
Tax Consequences &ndash; Taxation of
US
Shareholders" for information on the tax treatment of gold
sales.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
also sells the
Trust's gold if the Sponsor
notifies
the Trustee that
the sale of gold is
required by applicable law or regulation or in
connection with the termination and liquidation of the Trust. The
Trustee will not be
liable or responsible in any way for depreciation or loss incurred by
reason of any sale of gold directed by the Sponsor.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Any property
received by the Trust other than gold, cash or an amount receivable in
cash (such as, for example, an insurance claim) will be promptly sold
or otherwise disposed of by the Trustee at the direction of the Sponsor
and the resulting proceeds will be credited to the Trust's cash
account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Cash account and reserve
account</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
maintains
a cash account for the Trust in which proceeds of gold sales and other
cash received by the Trustee
on behalf
of the Trust
are
held. On each business day, the Trustee
reports
the balance of the cash account to the Sponsor. The Trustee may
withdraw funds from the cash account to
establish a reserve account for any taxes, other governmental charges
and contingent or future
liabilities.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee
deducts
its fee from the cash
account monthly in
arrears. The Trustee
charges
the cash account its disbursements for
payment of expenses at such times as the Trustee determines
convenient in its administration of the
Trust.&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">63</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE SECURITIES DEPOSITORY;
BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">DTC
acts as securities
depository for the Shares. DTC is a
limited-purpose trust company organized under the laws of the State of
New York, a member of the Federal Reserve System, a
"clearing corporation" within the meaning of
the New York Uniform Commercial Code, and a "clearing
agency" registered pursuant to the provisions of
section 17A of the
Exchange
Act. DTC was created to hold securities
of DTC Participants and
to facilitate the clearance and settlement of transactions in such
securities among the DTC Participants through electronic book-entry
changes. This eliminates the need for physical movement of securities
certificates. DTC Participants include securities brokers and dealers,
banks, trust companies, clearing corporations, and certain other
organizations, some of whom (and/or their representatives) own DTC.
Access to the DTC system is also available to others such as banks,
brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a DTC Participant, either directly or
indirectly. DTC
has
agreed to administer its book-entry system in accordance
with its rules and by-laws and the
requirements of law.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Individual certificates will not
be issued for the Shares. Instead, global
certificates
are signed by the
Trustee and the Sponsor on behalf of the
Trust, registered in the name of Cede &amp; Co., as nominee for DTC,
and deposited with the Trustee on behalf of DTC. The global
certificates
evidence
all of the Shares
outstanding at any time.
The representations, undertakings and agreements made on the part of
the Trust in the global
certificates are made
and intended for the purpose of binding only the Trust and not the
Trustee or the Sponsor
individually.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the
settlement date of any creation, transfer or redemption of
Shares, DTC
credits or
debits, on its book-entry registration and
transfer system, the amount of the Shares so created, transferred or
redeemed to the accounts of the appropriate DTC Participants. The
Trustee and the
Authorized
Participants designate the
accounts to be credited and charged in the case of
creation or redemption of
Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Beneficial ownership of
the Shares is limited to
DTC Participants, Indirect Participants and persons holding interests
through DTC Participants and Indirect Participants. Owners of
beneficial interests in the Shares
is shown on, and the
transfer of ownership is
effected only through, records maintained by DTC (with respect to DTC
Participants), the records
of DTC Participants (with respect to Indirect
Participants),
and the records of Indirect Participants (with respect to
Shareholders that are
not DTC Participants or Indirect Participants).
Shareholders are
expected to receive from or through the DTC Participant
maintaining the account through which the Shareholder
has purchased their Shares a written confirmation relating
to such purchase.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders that are not DTC Participants
may transfer the Shares through DTC by instructing the
DTC Participant
or Indirect Participant
through which the Shareholders hold their
Shares to transfer the Shares.
Shareholders that are DTC Participants may transfer
the
Shares
by instructing DTC in accordance with the
rules of DTC. Transfers
are made in accordance
with standard securities industry practice.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">DTC may decide to
discontinue providing its service with respect to Baskets and/or the
Shares by giving notice to the Trustee and the Sponsor. Under such
circumstances, the Trustee and the Sponsor will either find a
replacement for DTC to perform its functions at a comparable cost or,
if a replacement is unavailable, terminate the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The rights of the Shareholders generally
must be exercised by DTC Participants acting on their behalf
in accordance with the rules and procedures
of DTC. Because the
Shares
can only be held in book-entry form through DTC and DTC Participants,
investors must rely on DTC, DTC
Participants and any other financial intermediary through which they
hold the
Shares to receive the benefits and exercise
the rights described in this section. Investors should
consult with their broker or financial
institution to find out about procedures and requirements for
securities held in book-entry form through
DTC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">SHARE SPLITS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Sponsor believes that the per Share price in the secondary
market for Shares has fallen outside a desirable trading price range,
the Sponsor may direct the Trustee to declare a split or reverse split
in the number of Shares outstanding and to make a corresponding change
in the number of Shares constituting a Basket.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">64</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">BOOKS AND RECORDS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
keeps proper books of
record and account of the Trust at its office located in New York or
such office as it may subsequently designate upon
notice. These books and
records are open to inspection by any person who
establishes to the Trustee's satisfaction that such person is a
Shareholder upon reasonable advance notice at all reasonable
times during the usual business hours of the Trustee.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee keeps a
copy of the Trust Indenture on
file in its office which
is
available for inspection on reasonable advance notice at all
reasonable times during its usual business hours by any
Shareholder.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">STATEMENTS, FILINGS AND REPORTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">After
the end of each fiscal year, the Sponsor will cause to be prepared an
annual report for the Trust containing
audited financial statements. The annual report will be in such form
and contain such information as
is
then required by applicable laws, rules and
regulations and may contain such additional
information which the Sponsor determines
shall be included. The annual report shall be filed with the
SEC and the
NYSE
and shall be
distributed to such persons and in such manner, as shall be required by
applicable laws, rules and
regulations.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor is responsible
for the registration and qualification of the Shares under the federal
securities laws and any other securities and
blue sky laws of the
US
or any other jurisdiction as the Sponsor may
select. The Sponsor will also prepare, or cause to be
prepared, and file any periodic reports or updates
required under the Exchange
Act.
The Trustee will assist and
support the Sponsor in
the preparation of such
reports.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The accounts of the Trust will be audited, as required by law and as
may be directed by the Sponsor, by independent certified public
accountants designated from time to time by the
Sponsor.
The accountants report will be
furnished by the Trustee to Shareholders upon request.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee will make such elections, file such tax returns, and prepare,
disseminate and file such tax reports, as it is advised by its counsel
or accountants are from time to time required by any applicable
statute, rule or
regulation.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
costs incurred in connection with such statements,
filings and
reports
are
expenses of the Trust.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">FISCAL
YEAR&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The fiscal year of the Trust
is
the period ending
September 30 of each year. The Sponsor may
select an alternate fiscal year.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TERMINATION OF THE
TRUST&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor
may, and
it is anticipated that the Sponsor will, direct the Trustee
to terminate and liquidate the Trust
at any time after the first
anniversary of the Trust's inception when the NAV of
the Trust is less than
$350 million (as adjusted for
inflation by reference to the National
Consumer Price Index as described in the Trust
Indenture).
The Sponsor may direct the Trustee to
terminate the Trust if the CFTC determines that the Trust is
a commodities pool under the
CEA.
The Trustee may also terminate the
Trust upon the agreement of Shareholders owning at
least 66 2/3% of the outstanding
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will terminate and liquidate the Trust if
any of the following
events occurs:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">DTC is
unwilling or unable to perform its functions under the Trust Indenture
and the Sponsor determines that no suitable
replacement is
available;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Shares are de-listed from the NYSE and are not listed for trading on
another US national
securities exchange or through the Nasdaq Stock Market within five
business days from the date the Shares are
de-listed;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
NAV of the Trust remains less than
$50 million for a
period of
50
consecutive business days at any time after the first 90 days of the
Shares being traded on the
NYSE;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Sponsor is unable to perform its duties or becomes bankrupt or
insolvent and the Trustee has not appointed a successor and has not
itself agreed to act as
sponsor
of the Trust;&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">65</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Sponsor resigns and the Trustee has not appointed a successor and has
not itself agreed to act as
sponsor of
the Trust within 60 days from the resignation notification
date;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Trustee resigns or is
removed and no successor
trustee is appointed by
the Sponsor within 60 days from the resignation or removal notification
date;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Custodian resigns and
no
successor custodian is employed within 60
days from the resignation notification
date;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
sale of all of the Trust's
assets;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Trust fails to qualify for treatment, or ceases to be treated, for US
federal income tax purposes, as a grantor
trust;
or&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
maximum period for which the Trust is allowed to exist under New York
law
ends.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee will give
written notice of the
termination of the Trust, specifying the date of
termination, upon which DTC will no longer permit
transfers,
to DTC Participants for
distribution to the Shareholders
at least 20 days prior to the termination of the Trust. The Trustee
will, within a reasonable time after the termination of the Trust, sell
the Trust's gold and, after payment of outstanding
accrued fees, expenses and liabilities and
establishment of any reserves deemed appropriate by the Trustee for
applicable taxes, other governmental charges or contingent or future
liabilities, distribute the proceeds to Shareholders.
The Trustee is not required to invest any proceeds it
holds for distribution to the Shareholders, unless the
Sponsor directs that the proceeds will be invested
pending distribution.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">AMENDMENTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust
Indenture can be amended by the Sponsor and the Trustee without the
Shareholders'
consent in order to (1) correct any ambiguities, defects or
inconsistencies in the Trust Indenture or to address other matters or
questions arising under the Trust Indenture in a manner that will
not materially adversely affect the
interests of Shareholders as determined in good faith
by the Sponsor, and (2) make any change required by the SEC.
The Trust Indenture may also be amended by the Sponsor and the Trustee
with the consent of Shareholders representing at
least 51% of the Shares outstanding. However, the
Trust Indenture may not be amended without the consent of all of the
Shareholders if the amendment would (1) permit the acquisition of any
asset other than gold and cash acquired in accordance with the Trust
Indenture, (2) reduce the interest of any Shareholder in the Trust, or
(3) reduce the percentage of Shareholders required to consent to the
amendment. The Trustee shall provide each DTC Participant with copies
of a notice of any amendment for the DTC Participant to distribute to
the Shareholders for whom the DTC Participant holds Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GOVERNING LAW; CONSENT TO NEW YORK JURISDICTION&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust
Indenture, and the rights of the
Sponsor, the Trustee, DTC (as registered owner of the Trust's
global
certificates for
Shares)
and the Shareholders under the Trust Indenture, are governed
by the laws of the State of New York.
The
Sponsor,
the Trustee and DTC and, by accepting
Shares, each
DTC
Participant and each Shareholder, consents to the
jurisdiction of the courts of the State of New York and
any federal courts located in the borough of
Manhattan in New York City. Such consent in not
required for any person to assert a claim of New York jurisdiction over
the Sponsor or the
Trustee.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">66</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">United
States Federal Tax Consequences&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following discussion of the
material United States federal income tax consequences that generally
apply to the purchase, ownership and disposition of
Shares by a US Shareholder
(as defined below), and certain United States federal income, gift and
estate tax consequences that may apply to an investment in Shares by a
Non-US Shareholder (as
defined below), represents, insofar as it describes conclusions as to
US federal tax law and
subject to the limitations and qualifications described therein, the
opinion of Carter Ledyard &amp; Milburn LLP, special
United States federal tax counsel to the Sponsor. The discussion below
is based on the Code, Treasury
Regulations promulgated under the Code and judicial and administrative
interpretations of the Code, all as in effect on the date
of this prospectus and
all of which are subject to change either prospectively or
retroactively. The tax treatment of Shareholders may vary depending
upon their own particular circumstances. Certain Shareholders
(including broker-dealers, traders or other investors with special
circumstances) may be subject to special rules not discussed below. In
addition, the following discussion applies only to investors who
hold Shares as "capital
assets" within the meaning of Code
section 1221. Moreover, the discussion
below does not address the effect of any state, local or foreign tax
law on an owner of Shares. Purchasers of Shares are urged to consult
their own tax advisors with respect to all federal, state, local and
foreign tax law considerations potentially applicable to their
investment in Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For purposes of this discussion, a
"US Shareholder" is a Shareholder that
is:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">An individual who is treated
as a citizen or resident of the United States for US federal income tax
purposes;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">A corporation created
or organized in or under the laws of the United States or any political
subdivision thereof;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">An estate,
the income of which is includible in gross income for US federal income
tax purposes regardless of its source; or&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">A trust, if a court within the
United States is able to exercise primary supervision over the
administration of the trust and one or more US persons have the
authority to control all substantial decisions of the
trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A Shareholder that is not a US Shareholder
as defined above is generally considered a "Non-US
Shareholder" for purposes of this discussion. For United
States federal income tax purposes, the treatment of any beneficial
owner of an interest in a partnership, including any entity treated as
a partnership for United States federal income tax purposes, will
generally depend upon the status of the partner and upon the activities
of the partnership. Partnerships and partners in partnerships should
consult their tax advisors about the United States federal income tax
consequences of purchasing, owning and disposing of
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Taxation of the Trust</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust will be classified as a "grantor
trust" for US
federal income tax purposes. As a result, the Trust itself will not be
subject to US federal
income tax. Instead, the Trust's income and expenses will
"flow through" to the Shareholders, and the
Trustee will report the Trust's income, gains, losses and
deductions to the Internal Revenue Service
(IRS)
on that basis.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Taxation of
US
Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders generally will be treated,
for US federal income tax
purposes, as if they directly owned a pro rata share of the underlying
assets held in the Trust. Shareholders also will be treated as if they
directly received their respective pro rata shares of the Trust's
income, if any, and as if they directly incurred their respective pro
rata shares of the Trust's expenses. In the case of a Shareholder
that purchases Shares for
cash, its initial tax basis in its pro rata share of the
assets held in the Trust at the time it acquires its Shares will be
equal to its cost of acquiring the Shares. In the case of a Shareholder
that acquires its Shares as part of a
creation, the delivery of
gold to the Trust in exchange for the underlying gold &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">67</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">United
States Federal Tax Consequences</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
represented by the Shares will not be a
taxable event to the Shareholder, and the Shareholder's tax basis
and holding period for the Shareholder's pro rata share of the
gold held in the Trust will be the same as its tax basis and holding
period for the gold delivered in exchange therefor. For purposes of
this discussion, it is assumed that all of a Shareholder's Shares
are acquired on the same date, at the same price per Share and, except
where otherwise noted, that the sole asset of the Trust is gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">When the Trust sells gold, for example to pay expenses, a
Shareholder generally will recognize gain or loss in an amount equal to
the difference between (1)
the Shareholder's pro rata share of the amount realized by the
Trust upon the sale and
(2) the
Shareholder's tax basis for its pro rata share of the gold that
was sold, which gain or loss will
generally be long-term or short-term capital gain or loss, depending
upon whether the Shareholder has held its
Shares for more than one year. A Shareholder's tax
basis for its share of any gold sold by the Trust generally will be
determined by multiplying the Shareholder's total basis for its
share of all of the gold held in the Trust immediately prior to the
sale, by a fraction the numerator of which is the amount of gold sold,
and the denominator of which is the total amount of the gold held in
the Trust immediately prior to the sale. After any such sale, a
Shareholder's tax basis for its pro rata share of the gold
remaining in the Trust will be equal to its tax basis for its share of
the total amount of the gold held in the Trust immediately prior to the
sale, less the portion of such basis allocable to its share of the gold
that was sold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon a Shareholder's sale of some or all of
its Shares, the Shareholder will be treated as having sold the portion
of its pro rata share of the gold held in the Trust at the time of the
sale that is attributable to the Shares sold. Accordingly, the
Shareholder generally will recognize gain or loss on the sale in an
amount equal to the difference between
(1) the amount realized
pursuant to the sale of the Shares, and
(2) the
Shareholder's tax basis for the portion of its pro rata share of
the gold held in the Trust at the time of sale that is attributable to
the Shares sold, as determined in the manner described in the preceding
paragraph.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A redemption of some or all of a Shareholder's
Shares in exchange for the underlying gold represented by the Shares
redeemed generally will not be a taxable event to the Shareholder. The
Shareholder's tax basis for the gold received in the redemption
generally will be the same as the Shareholder's tax basis for the
portion of its pro rata share of the gold held in the Trust immediately
prior to the redemption that is attributable to the Shares redeemed.
The Shareholder's holding period with respect to the gold
received should include the period during which the Shareholder held
the Shares redeemed. A subsequent sale of the gold received by the
Shareholder will be a taxable event.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">After any sale or
redemption of less than all of a Shareholder's Shares, the
Shareholder's tax basis for its pro rata share of the gold held
in the Trust immediately after such sale or redemption generally will
be equal to its tax basis for its share of the total amount of the gold
held in the Trust immediately prior to the sale or redemption, less the
portion of such basis which is taken into account in determining the
amount of gain or loss recognized by the Shareholder upon such sale or,
in the case of a redemption, which is treated as the basis of the gold
received by the Shareholder in the redemption.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As noted above,
the foregoing discussion assumes that all of a Shareholder's
Shares were acquired on
the same date and at the same price per Share. If a Shareholder owns
multiple lots of Shares (i.e., Shares acquired on different dates
and/or at different prices), it is uncertain whether the Shareholder
may use the "specific identification" rules
that apply under Treas. Reg. &sect;1.1012-1(c) in the case of sales of
shares of stock, in determining the amount, and the long-term or
short-term character, of any gain or loss recognized by the Shareholder
upon the sale of gold by the Trust, upon the sale of any Shares by the
Shareholder, or upon the sale by the Shareholder of any gold received
by it upon the redemption of any of its Shares. The IRS could take the
position that a Shareholder has a blended tax basis and holding period
for its pro rata share of the underlying gold in the Trust.
Shareholders that hold multiple lots of Shares, or that are
contemplating acquiring multiple lots of Shares, should consult their
own tax advisers as to the determination of the tax basis and holding
period for the underlying gold related to such Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Maximum 28% Long-Term Capital
Gains Tax Rate for
US Shareholders who are
Individuals</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under current law, gains recognized by
individuals from the sale of "collectibles,"
including gold bullion, held for more than one year are taxed at a
maximum rate of 28%, rather than the
15% rate applicable
to &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">68</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">United
States Federal Tax Consequences</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
most other long-term capital gains. For these
purposes, gain recognized by an individual upon the sale of an interest
in a trust that holds collectibles is treated as gain recognized on the
sale of collectibles, to the extent that the gain is attributable to
unrealized appreciation in value of the collectibles held by the trust.
Therefore, any gain recognized by an individual
US Shareholder
attributable to a sale of Shares held for more than one year, or
attributable to the Trust's sale of any gold bullion which the
Shareholder is treated (through its ownership of Shares) as having held
for more than one year, generally will be taxed at a maximum rate of
28%. The tax rates for capital gains recognized upon the sale of
assets held by an individual
US Shareholder for one
year or less or by a taxpayer other than an individual
US taxpayer are generally
the same as those at which ordinary income is taxed.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Brokerage Fees and Trust Expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Any
brokerage or other transaction fee incurred by a Shareholder in
purchasing Shares will be treated as part of the Shareholder's
tax basis in the underlying assets of the Trust. Similarly, any
brokerage fee incurred by a Shareholder in selling Shares will reduce
the amount realized by the Shareholder with respect to the sale.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders will be required to recognize gain or loss upon a sale
of gold by the Trust (as discussed above), even though some or all of
the proceeds of such sale are used by the Trustee to pay Trust
expenses. Shareholders may deduct their respective pro rata shares of
each expense incurred by the Trust to the same extent as if they
directly incurred the expense. Shareholders who are individuals,
estates or trusts, however, may be required to treat some or all of the
expenses of the Trust as miscellaneous itemized deductions. Individuals
may deduct certain miscellaneous itemized deductions only to the extent
they exceed 2% of adjusted gross income. In addition, such
deductions may be subject to phase-outs and other limitations under
applicable provisions of the Code.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Investment by
Regulated Investment Companies</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mutual funds and other
investment vehicles which are "regulated investment
companies" within the meaning of Code section 851 should
consult with their tax advisors concerning
(1) the likelihood that an
investment in Shares, although they are a
"security" within the meaning of the
Investment Company Act of 1940, may be considered an investment in the
underlying gold for purposes of Code section 851(b), and
(2) the extent to which an
investment in Shares might nevertheless be consistent with preservation
of their qualification under Code section 851.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Investment by Certain Retirement
Plans</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Code section
408(m) provides that the acquisition of a
"collectible" by an individual retirement
account (IRA) or a participant-directed
account maintained under any plan that is tax-qualified under Code
section 401(a) is treated as a taxable
distribution from the account to the owner of the IRA, or to the
participant for whom the plan account is
maintained, of an amount equal to the cost to the account of acquiring
the collectible. The Sponsor
has
received a private letter ruling from the
IRS to the effect that a purchase of Shares
by an IRA, or by a participant-directed account under a Code section
401(a) plan, will not be treated as
resulting in a taxable distribution to the IRA owner or plan
participant under Code section 408(m).
However, if any of the Shares so purchased are distributed from the IRA
or plan account to the IRA owner or plan
participant, or if any gold received by such IRA or plan account upon
the redemption of any of the Shares purchased by it
is
distributed to the IRA owner or plan participant, the
Shares or gold so distributed will be subject to
federal income tax in the year of distribution, to the
extent provided under the applicable
provisions of Code section 408(d) or Code section 402. See also
"ERISA and Related
Considerations."&nbsp;</p>
</div>
</div>
</div>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">United States Information Reporting and Backup
Withholding For us and non-US
Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
will file certain information returns with the IRS, and provide certain
tax-related information to Shareholders, in
connection with the Trust. Proposed regulations, if finalized in their
current form, would require that each
Shareholder be provided with information regarding its allocable
portion of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">69</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">United
States Federal Tax Consequences</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust's annual
income (if any)
and expenses, and sales of Trust assets, including, in the case of a
sale of gold, the amount of proceeds
attributable to each Share. Each Shareholder, however, would be
required to determine for itself the amount
of gain or loss recognized with respect to such sales.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A
US Shareholder may be
subject to US backup
withholding tax in certain circumstances unless it provides its
taxpayer identification number and complies with certain certification
procedures. Non-US
Shareholders may have to comply with certification procedures to
establish that they are not a
US person in order to
avoid the information reporting and backup withholding tax
requirements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The amount of any backup withholding will be
allowed as a credit against a Shareholder's
US federal income tax
liability and may entitle such a Shareholder to a refund, provided that
the required information is furnished to the IRS.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Income Taxation of Non-US
Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust does not expect to generate
taxable income except for gain (if any) upon the sale of gold.
A Non-US Shareholder generally will not be
subject to US federal income tax with respect to gain
recognized upon the sale or other disposition of
Shares, or upon the sale of gold by the Trust, unless (1)
the Non-US Shareholder is an individual and is present
in the United States for 183 days or more during
the taxable year of the sale or other
disposition, and the gain is treated as being from United
States sources; or (2) the gain is
effectively connected with the conduct by the Non-US Shareholder of a
trade or business in the United States and
certain other conditions are met.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Estate and
Gift Tax Considerations for
Non-US
Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the
US federal tax law,
individuals who are neither citizens nor residents (as determined for
estate and gift tax purposes) of the United States are subject to
estate tax on all property that has a
US
"situs." Shares may well be considered to
have a US situs for these
purposes. If they are, then Shares would be includible in the
US gross estate of a
non-resident alien Shareholder. For the year
2004,
US estate tax is imposed
at rates of up to
48% of the fair
market value of the taxable estate. The
US estate tax rate is
subject to change in future years. In addition,
the
US federal
"generation-skipping transfer tax" may apply
in certain circumstances. The estate of a non-resident alien
Shareholder who was resident in a country which has an estate tax
treaty with the United States may be entitled to benefit from such
treaty.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For non-citizens and non-residents of the United States,
the US federal gift tax
generally applies only to gifts of tangible personal property or real
property having a US
situs. Tangible personal property (including gold) has a
US situs if it is
physically located in the United States. Although the matter is not
settled, it appears that ownership of Shares should not be considered
ownership of the underlying gold for this purpose, even to the extent
that gold were held in custody in the United States. Instead, Shares
should be considered intangible property, and therefore they should not
be subject to US gift tax
if transferred during the holder's lifetime.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Such Shareholders
are urged to consult their tax advisers regarding the possible
application of US estate,
gift and generation-skipping transfer taxes in their particular
circumstances.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Taxation in Jurisdictions Other Than the
United States</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Prospective purchasers of Shares that are
based in or acting out of a jurisdiction other than the United States
are advised to consult their own tax advisers as to the tax
consequences, under the laws of such jurisdiction (or any other
jurisdiction not being the United States to which they are subject), of
their purchase, holding, sale and redemption of or any other dealing in
Shares and, in particular, as to whether any value added tax, other
consumption tax or transfer tax is payable in relation to such
purchase, holding, sale, redemption or other
dealing.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">70</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">ERISA
and Related Considerations&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Employee Retirement Income
Security Act of 1974, as amended
(ERISA),
and/or Code section 4975
impose certain requirements on employee benefit plans
and certain other plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and certain collective
investment funds or insurance company general or separate accounts in
which such plans or arrangements are invested, that are subject to
ERISA and/or the Code (collectively,
Plans),
and on persons who are fiduciaries with respect to the investment of
assets treated as "plan assets" of a Plan.
Government plans and some church plans are not subject to the fiduciary
responsibility provisions of ERISA or the provisions of section 4975 of
the Code, but may be subject to substantially similar rules under state
or other federal law.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In contemplating an investment of a
portion of Plan assets in Shares, the Plan fiduciary responsible for
making such investment should carefully consider, taking into account
the facts and circumstances of the Plan, the "Risk
Factors" discussed above and whether such investment is
consistent with its fiduciary responsibilities, including, but not
limited to
(1) whether the
fiduciary has the authority to make the investment under the
appropriate governing plan
instrument,
(2) whether the
investment would constitute a direct or indirect non-exempt prohibited
transaction with a party in
interest,
(3) the
Plan's funding
objectives,
and (4) whether
under the general fiduciary standards of investment prudence and
diversification such investment is appropriate for the Plan, taking
into account the overall investment policy of the Plan, the composition
of the Plan's investment portfolio and the Plan's need for
sufficient liquidity to pay benefits when due.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">It is anticipated
that the Shares will constitute "publicly-held offered
securities" as defined in Department of Labor Regulations
&sect; 2510.3-101(b)(2). Accordingly, Shares purchased by a
Plan, and not the Plan's interest in the underlying gold bullion
held in the Trust represented by the Shares, should be treated as
assets of the Plan, for purposes of applying the
"fiduciary responsibility" and
"prohibited transaction" rules of ERISA and
the Code. See also "United States Federal
Tax Consequences
&mdash;
Investment by Certain Retirement
Plans."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">71</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Plan
of
Distribution&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust
issues
Shares in Baskets to Authorized Participants from time to time in
exchange for deposits of the amount of gold
and any cash represented by the Baskets being created. Because new
Shares can be created and issued on an
ongoing basis, at any point during the life of the Trust, a
"distribution,"
as such term is used in the Securities Act,
will be occurring.
Authorized Participants, other
broker-dealers and other persons are
cautioned
that
some of their activities will result in
their being deemed participants in a distribution in a
manner which would render them statutory
underwriters and subject them to the
prospectus-delivery and liability provisions of the Securities Act. For
example, an Authorized Participant, other
broker-dealer firm or its client will be deemed a statutory
underwriter if it purchases a Basket from
the Trust, breaks the Basket down into the constituent Shares
and sells the Shares to its customers; or if
it chooses to couple the creation of a supply of new Shares with
an active selling effort involving
solicitation of secondary market demand for the Shares. A determination
of whether one is an underwriter must take
into account all the facts and circumstances pertaining to
the activities of the broker-dealer or its
client in the particular case, and the examples mentioned
above should not be considered a complete
description of all the activities that would lead to categorization
as an
underwriter.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investors who purchase
Shares through a
commission/fee-based
brokerage account
may
pay
commissions/fees
charged by the brokerage account.
Investors
are encouraged to
review the terms of their brokerage accounts
for details on applicable charges.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Dealers who are not
"underwriters" but are participating in a
distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an
"unsold allotment" within the meaning of
section 4(3)(C) of the
Securities Act, would be
unable to take advantage of the prospectus-delivery exemption provided
by section 4(3) of the
Securities Act.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor intends to qualify the Shares in states selected by the
Sponsor and through broker-dealers who are members of
the
NASD.
Investors intending to create or redeem Baskets
through Authorized
Participants in transactions not
involving a broker-dealer registered in such investor's state of
domicile or residence should consult their legal advisor regarding
applicable broker-dealer or securities regulatory requirements under
the state securities laws prior to such creation or
redemption.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent
is
assisting the Sponsor in (1) developing a
marketing plan for the Trust on an ongoing basis, (2)
preparing
marketing materials regarding the Shares, including the content on the
Trust's website, (3) executing the marketing plan for the Trust,
(4) incorporating gold
into its exchange-traded fund
research, and
(5)
licensing the
"streetTRACKS<sup>&reg;</sup>"
trademark. Fees
are
paid to the Marketing Agent by the Trustee
from the assets of the Trust as compensation
for services preformed pursuant to the Marketing Agent
Agreement.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor has agreed to
indemnify
certain
parties against
certain liabilities, including liabilities
under the Securities
Act,
and to contribute to
payments that
such
parties may be
required to make in respect
of those
liabilities.
The
Trustee has
agreed to
reimburse
such
parties, solely from and to the extent of
the Trust's assets,
for indemnification and contribution amounts
due from the Sponsor in respect of such
liabilities to the extent the Sponsor has not paid such amounts
when due.
See
"Risk
Factors
&mdash; The Trust's obligation to
reimburse the
Marketing Agent,
the Authorized
Participants
and certain
parties
..&nbsp;.&nbsp;."
In addition, the WGC has agreed to indemnify
certain
parties
against certain
liabilities, as described in
"Legal
Proceedings."&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares trade on
the NYSE under the symbol
"GLD."&nbsp;</p>
</div>
</div>

</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">72</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Legal
Proceedings&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor, the WGC, the Trust and BNY,
as Trustee of the Trust, have been named as
defendants in a civil lawsuit filed by
plaintiffs Gemini Diversified Holdings LLC and Dan Ascani in the
Supreme Court of the State of New York,
County of New York, on November 6, 2003 (Index
No. 119243/03). The complaint alleges breach of
contract and misappropriation of trade
secrets under the Trade Secrets Act of the State of Georgia, and
seeks compensatory damages in excess of
$450,000, preliminary and permanent injunctive
relief, costs and attorneys fees and other
relief.
The lawsuit is in its
discovery phase.
The Sponsor believes it has good defenses against these
claims.
The Sponsor
and the WGC
have
agreed to indemnify the
Marketing
Agent and
UBS Securities LLC, as
Purchaser in the initial public offering of 2,300,000
Shares, against
liabilities arising out of the complaint.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Legal
Matters&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The validity of the Shares
have been passed upon
for the Sponsor by Carter Ledyard
&amp; Milburn LLP, New York, New
York, who, as special
US tax counsel to the
Trust, also
rendered an opinion regarding
the material federal income tax consequences relating to the
Shares.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Experts&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
financial statement included in this prospectus and included elsewhere
in the registration statement
has
been audited by Deloitte &amp; Touche LLP,
an independent registered public accounting firm, as stated in their
report appearing herein and elsewhere in the registration statement,
and is
included in reliance upon the
report of such firm
given upon their authority as experts in accounting and
auditing.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Where You Can Find More Information&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor has filed on behalf of the Trust a registration
statement on Form S-1 with the SEC under the Securities
Act. This prospectus does not contain all of the
information set forth in the registration statement (including the
exhibits to the registration statement), parts of which have been
omitted in accordance with the rules and regulations of the SEC. For
further information about the Trust or the Shares, please refer to the
registration statement, which you may inspect, without charge, at the
public reference facilities of the SEC at the below address or online
at www.sec.gov, or obtain at prescribed rates from the public reference
facilities of the SEC at the below address. Information about
the Trust and the Shares can also be obtained from the Trust's
website.
The internet address of
the Trust's website
is
www.streettracksgoldshares.com.
This internet address is only
provided here as a convenience to you to allow you to
access the Trust's website, and the information
contained on or connected to the Trust's
website is not part of this prospectus or the registration
statement of which this prospectus is part.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is subject
to the informational requirements of the Exchange Act
and the Sponsor,
on behalf of the
Trust,
will file
quarterly and annual
reports and other information with the SEC. The Sponsor will file an
updated prospectus annually for the Trust pursuant to the Securities
Act. The reports and other information can be inspected at
the public reference facilities of the SEC
located at 450 Fifth Street, N.W., Washington, D.C. 20549 and online at
www.sec.gov. You may also obtain copies of such material from the
public reference facilities of the SEC at 450 Fifth Street, N.W.,
Washington, D.C. 20549, at prescribed rates. You may obtain more
information concerning the operation of the public reference facilities
of the SEC by calling the SEC at 1-800-SEC-0330 or visiting
online at www.sec.gov.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">73</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Report
of Independent
Registered Public Accounting
Firm&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 12pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">To the Sponsor, Trustee and the
Unitholders of the<br>
streetTRACKS<sup>&reg;</sup> Gold
Trust&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">We have audited the
accompanying Statement of
Financial Condition of the
streetTRACKS<sup>&reg;</sup> Gold Trust (the
"Trust"), as of November 12, 2004. This
financial statement is the responsibility of the Trust's
management. Our responsibility is to express an opinion on this
financial statement based on our audit.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">We conducted our
audit in accordance with the
standards of the Public Company
Accounting
Oversight Board (United
States). Those
standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In our
opinion, such financial statement presents
fairly, in all material respects, the
financial position of the Trust as of November 12, 2004 in
conformity
with accounting principles generally accepted in the United States of
America.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 24pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">/s/ Deloitte &amp; Touche
LLP&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">New
York, New
York<br>November
12,
2004&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-1</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Statement
of Financial Condition&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 8pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As of
November
12,
2004&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 241.945pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 52.0275pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 10.9725pt">
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</td><td>
<div style="width: 7.9725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 37.055pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 7.9725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 10pt; text-indent: -10pt; border-bottom: 2px solid #000000;"><font style="font-weight: bold; font-style: normal">Assets</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 2px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Investment
in
gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Total
assets</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 10pt; text-indent: -10pt; border-bottom: 2px solid #000000;"><font style="font-weight: bold; font-style: normal">Liabilities</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 2px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Total
liabilities</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Commitments and
Contingencies</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Redeemable
Shares:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Shares
at redemption value to investors (issued and outstanding
as of November 12,
2004; unlimited authorized: no par
value)</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Shareholders'
Equity:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Retained
Earnings</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Total
Liabilities,
Redeemable
Shares
and
Shareholders'
Equity</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>


<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: NaNpt;text-indent: 100pt; padding-top: 100pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">See Notes to
the
Financial
Statement.&nbsp;</p>
</div>

</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-2</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Notes
to the Financial Statement&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As of
November
12,
2004&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">1.&nbsp;&nbsp;&nbsp;&nbsp;ORGANIZATION&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
streetTRACKS<sup>&reg;</sup> Gold Trust (the
"Trust") is an investment trust formed on
November
12, 2004
under New York law pursuant to a trust indenture. The Trust holds gold
and will from time to
time to issue Shares (in
minimum denominations of 100,000, also referred to as
"Baskets") in exchange for deposits of gold
and to distribute gold in connection with redemption of Baskets. The
investment objective of the Trust is for the Shares to reflect the
performance of the price of gold bullion, less the Trust's
expenses.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will at the direction of the Sponsor or in
its own discretion, sell the Trust's
gold as necessary to pay the Trust's expenses. When selling gold
to pay expenses, the Trustee will endeavor to sell the smallest amounts
of gold needed to pay expenses in order to minimize the Trust's
holdings of assets other than gold. Unless otherwise directed by the
Sponsor, when selling gold the Trustee will endeavor to sell at the
price established by the London PM Fix. The Trustee will place orders
with dealers (which may include the Custodian) through which the
Trustee expects to receive the most favorable price and execution of
orders. The Custodian may be the purchaser of such gold only if the
sale transaction is made at the next London gold price fix (either AM
or PM) following the sale order. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">On the date of the formation of the Trust, the Custodian received
30,000 ounces of unallocated gold on behalf of the Trust in exchange
for the issuance of three (3) Baskets (each Basket is equivalent to
100,000 Shares). The per Share price
of
each of the
Shares contained in a Basket was equal to
one-tenth ( 1/10) of an ounce of
gold. The value of the gold
deposited with the Trust has been based on a price for an ounce of gold
of $436.05. This price
is the price for an ounce of gold as set by the London PM Fix on the
date of the formation of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The fiscal
year end of the Trust is September
30.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING
POLICIES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The preparation of financial statements in accordance
with accounting principles generally accepted in the United States
requires those responsible for preparing financial statements to make
estimates and assumptions that affect the reported amounts and
disclosures. Actual results could differ from those estimates. The
following is a summary of significant accounting policies followed by
the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.1&nbsp;&nbsp;&nbsp;&nbsp;Valuation of Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">Gold acquired, or disposed of, by the Trust will be recorded
at average cost. Gold will
be valued at
the lower of cost or
market.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.2&nbsp;&nbsp;&nbsp;&nbsp;Creations
&amp; Redemptions of Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The Trust will create and redeem
Shares from time to time on a continuous basis, but only in one or more
Baskets (a Basket equals a block of 100,000 Shares). The creation and
redemption of Baskets will only be made in exchange for the delivery to
the Trust or the distribution by the Trust of the amount of gold and
any cash represented by the Baskets being created or redeemed, the
amount of which will be based on the combined net asset value of the
number of Shares included in the Baskets being created or redeemed
determined on the day the order to create or redeem Baskets is properly
received.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">As
the Shares of the Trust are redeemable
at the option of
the Authorized Participants only in
Baskets, the Trust has classified the
Shares as Redeemable
Shares
on the Statement of Financial Condition. An
Authorized Participant
is
a person who (1) is a registered
broker-dealer or other securities market participant such as a bank or
other financial institution which is not required to register as a
broker-dealer to engage in securities transactions, (2) is a
participant in DTC, (3) has entered into a Participant Agreement with
the Trustee and (4) has established an Authorized Participant
Unallocated Account with the Custodian. Only Authorized Participants
may place &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-3</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Notes
to the Financial Statement</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">
orders to create or redeem one or
more Baskets. The Trust
records the redemption value, which represents its maximum obligation,
as Redeemable
Shares
with the difference from historical cost as
an offsetting amount to Retained Earnings.
At
November
12,
2004,
there are no Shares whose redemption value exceeds
their
historical value.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">Changes in the shares
at
November
12, 2004
are as
follows:&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 233.515pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 50.2425pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 12.7575pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.7575pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 45.485pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 9.7575pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Opening
balance</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Creations</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;300,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Redemptions</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Balance at
November
12,
2004</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;300,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The typical settlement period for Shares is
three
business days. In the event of a trade date
at period end, where a settlement is pending, a respective accounts
receivable and/or payable will be
recorded.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.3&nbsp;&nbsp;&nbsp;&nbsp;Organization
Costs&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The costs of the Trust's organization and
the initial offering of the Shares, estimated at
$9.45 million to
$10.45 million, will be
borne directly by the Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.4&nbsp;&nbsp;&nbsp;&nbsp;Income
Taxes&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The Trust will be classified as a
"grantor trust" for US federal income tax
purposes. As a result, the Trust itself will not be subject to US
federal income tax. Instead, the Trust's income and expenses will
"flow through" to the Shareholders, and the
Trustee will report the Trust's income, gains, losses and
deductions to the Internal Revenue Service on that
basis. At
November
12, 2004, no
amounts had
"flowed
through"
to the Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">3.&nbsp;&nbsp;&nbsp;&nbsp;Investment in
Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The following represents the
changes in ounces of gold
and the respective
value (lower of cost or market)
at
November
12,
2004&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 211.195pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 45.9025pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.248750000000001pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.24875pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 25.502499999999998pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.24875pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.248750000000001pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 10.848749999999999pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 7.84875pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 36.3025pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 7.84875pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Amount<br>in
ounces</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Amount<br>in US$</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Opening balance</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Creations</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;30,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Redemption</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Sales of Gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Balance as of
November
12,
2004</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;30,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">4.&nbsp;&nbsp;&nbsp;&nbsp;RELATED
PARTIES - SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING AGENT FEES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees will be paid to the Sponsor as compensation for services
performed under the Trust Indenture and for services performed in
connection with maintaining the Trust's website and marketing the
Shares. The Sponsor's fee is payable monthly in arrears and is
accrued daily at an annual rate equal to 0.15% of the
average net asset value
("ANAV")
of the Trust, subject to reduction as described below. The
Sponsor will receive reimbursement from the Trust for all of its
disbursements and expenses incurred in connection with the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees will be paid to the Trustee as compensation for services
performed under the Trust Indenture. The Trustee's fee is payable
monthly in arrears and is accrued daily at an annual rate equal to
0.02% of the ANAV of the Trust, subject to a minimum fee of
$500,000 and a maximum fee of $2 million per year. The Trustee's
fee is subject to modification as determined by the Trustee and the
Sponsor in good faith to account for significant changes in the
Trust's administration or the Trustee's duties. The Trustee
will charge the Trust for its expenses and disbursements incurred in
connection with the Trust (including the expenses of the Custodian paid
by the Trustee), exclusive of fees of agents for services to be
performed by the Trustee, and for any extraordinary services performed
by the Trustee for the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Affiliates of the Trustee may from
time to time act as Authorized Participants or purchase or sell gold or
Shares for their own account, as agent for their customers and for
accounts over which they exercise investment discretion.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-4</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Notes
to the Financial Statement</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Custodian under the
Allocated Bullion Account Agreement as compensation for its custody
services. Under the Allocated Bullion Account Agreement, the Custodian
is entitled to a fee that is accrued daily at an annual rate equal to
0.10% of the average daily aggregate value of the gold held in
the Trust's allocated gold account (Trust Allocated Account) and
the Trust's unallocated gold account (Trust Unallocated Account),
payable in quarterly installments in arrears. The Custodian does not
receive a fee under the Unallocated Bullion Account Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian and its affiliates may from time to time act as
Authorized Participants or purchase or sell gold or Shares for their
own account, as agent for their customers and for accounts over which
they exercise investment discretion.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees will be paid to the
Marketing Agent by the Trustee from the assets of the Trust as
compensation for services performed pursuant to the agreement among the
Sponsor, the Trustee on behalf of the Trust and the Marketing Agent
(Marketing Agent Agreement). The Marketing Agent's fee is payable
monthly in arrears and is accrued daily at an annual rate equal to
0.15% of the ANAV of the Trust, subject to reduction as
described below.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent and its affiliates may from
time to time act as Authorized Participants or purchase or sell gold or
Shares for their own account, as agent for their customers and for
accounts over which they exercise investment
discretion.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For seven years
from the date of the Trust Indenture or until the earlier termination
of the Marketing Agent Agreement, if at the end of any month during
this period the estimated ordinary expenses of the Trust exceed an
amount equal to 0.40% per year of the daily ANAV of the Trust
for such month, the fees payable to the Sponsor and the Marketing Agent
from the assets of the Trust for such month will be reduced by the
amount of such excess in equal shares up to the amount of their fees.
Investors should be aware that if the gross value of the Trust&rsquo;s
assets is less than approximately $388 million, the ordinary expenses
of the Trust will be accrued at a rate greater than 0.40% per
year of the daily ANAV of the Trust, even after the Sponsor and the
Marketing Agent have completely reduced their combined fees of
0.30% per year of the daily ANAV of the Trust. This amount is
based on the estimated ordinary expenses of the Trust described in
&lsquo;&lsquo;Business of the Trust &mdash; Trust
Expenses&rsquo;&rsquo; and may be higher if the Trust&rsquo;s actual
ordinary expenses exceed those estimates. Additionally, if the Trust
incurs unforeseen expenses that cause the total ordinary expenses of
the Trust to exceed 0.70% per year of the daily ANAV of the
Trust, the ordinary expenses will accrue at a rate greater than
0.40% per year of the daily ANAV of the Trust, even after the
Sponsor and the Marketing Agent have completely reduced their combined
fees of 0.30% per year of the daily ANAV of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the end of the seven year period or the earlier
termination of the Marketing Agent Agreement, the fee reduction will
expire and the estimated ordinary expenses of the Trust which are
payable from the assets of the Trust each month may be more than they
would have been during the period when the fee reduction is in effect,
thus reducing the
net
asset value of the Trust more rapidly than
if the fee reduction was in effect and adversely affecting the value of
the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">At the date of formation of the Trust,
there were no amounts payable to related
parties.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">5.&nbsp;&nbsp;&nbsp;&nbsp;CONCENTRATION
OF RISK&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The trust's sole
business activity is the investment in gold.
Therefore, changes in the fair market value
of gold will have a material effect
on the
Trust's financial condition. In the
event that the price of gold declines, the Sponsor expects the value of
an investment in the Shares to decline
proportionately. Several factors could
affect the price of gold:
(i) global gold supply
and demand, which is influenced by such factors as forward selling by
gold producers, purchases made by gold producers to unwind gold hedge
positions, central bank purchases and sales, and production and cost
levels in major gold-producing countries such as South Africa, the
United States and
Australia,
(ii) investors'
expectations with respect to the rate of
inflation,
(iii) currency
exchange rates; (iv)
interest
rates,
(v) investment and
trading activities of hedge funds and commodity
funds,
and (vi)
global or regional political, economic or
financial events and
situations.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-5</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: center;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 324pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">[THIS
PAGE INTENTIONALLY LEFT
BLANK.]&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 240pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;"><div align="center" style="width:  642;"><img src="html_94538gold.jpg" style="margin-top: 288pt;" align="middle"></div><div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 240pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: center; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">PART
II&mdash;INFORMATION NOT REQUIRED IN PROSPECTUS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: center; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TABLE OF CONTENTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Item
13.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution.*</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The expenses expected to be incurred in connection with the
issuance and distribution of the securities being registered, other
than underwriting compensation, are as set forth below. Except for the
registration fee payable to the Securities and Exchange
Commission, which is
included
in the "Registration fees" section
below, all such expenses are estimated:&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="546">
<tr>
<td>
<div style="width: 215.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 46.75pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 11pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 8pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 37pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 8pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Registration
fees
</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;513,742</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Printing and engraving expenses
</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;425,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Legal fees and expenses
</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;&nbsp;&nbsp;4,000,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Insurance </td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;170,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Accounting</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;72,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Miscellaneous
</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;550,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Total</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;5,730,742</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 60pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 6pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: normal">*</font>&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 480pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: normal">Subject
to revision upon
completion of the
offering.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Item
14.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Section 18-108 of the Delaware Limited Liability Company Act
provides that a limited liability company may indemnify and hold
harmless any members, managers or other persons against any and all
claims and demands whatsoever, subject to any standards and
restrictions set forth in the limited liability company agreement of
the limited liability company.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Section 18 of the
Sponsor's Amended and Restated Limited
Liability Company Agreement provides that, to the fullest extent
permitted by applicable law, a member or officer of the Sponsor shall
be entitled to indemnification from the Sponsor for any loss, damage or
claim incurred by the member or officer for any act or omission
performed or omitted by the member or officer in good faith on behalf
of the Sponsor and in a manner reasonably believed to be within the
scope of the authority conferred on the member or officer by the
Sponsor's Amended and Restated Limited
Liability Company Agreement, provided, however, that no member or
officer shall be entitled to be indemnified if the loss, damage or
claim was due to the member's or officer's fraud or willful
misconduct. A member's or officer's
reasonably incurred costs and expenses in defending pending or
threatened actions, suits or proceedings will be paid in advance by the
Sponsor
if
the member or officer provides an undertaking to repay the amounts
advanced
if it is ultimately determined that the member or officer is not
entitled to be indemnified by the
Sponsor.
The indemnity and the
advance
of expenses is limited to the
Sponsor's assets, and no member of the Sponsor shall have
personal liability for such indemnity.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Section 7.05 of
the Trust Indenture provides that the Sponsor and its directors,
shareholders, members, officers, employees,
affiliates and subsidiaries shall be indemnified from
the Trust and held harmless against any loss, liability or expense
incurred by an indemnified party without (1) gross negligence, bad
faith, willful misconduct or willful malfeasance on the part of the
indemnified party arising out of or in connection with the performance
of its obligations under the Trust Indenture or any actions taken in
accordance with the provisions of the Trust Indenture or (2) the
indemnified party's reckless disregard of its obligations and
duties under the Trust Indenture.
Each indemnified party will also be
indemnified from the Trust and held harmless against any loss,
liability or expense under the distribution agreement between the
Sponsor and UBS
Securities LLC, as
Purchaser&nbsp;in
the initial public offering of&nbsp;2,300,000
Shares, the Marketing Agent Agreement or
any Participant Agreement where such loss, liability or
expense arises
from any untrue statement or alleged untrue
statement of a material fact
contained in any written statement provided
by the Trustee. The indemnity shall include payment from the
Trust of the indemnified party's costs and expenses of defending
itself against any such indemnified
claim or liability.&nbsp;</p>
</div>
</div>

</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In addition,
the WGC has entered into separate
indemnification agreements with certain officers of the Sponsor which
require the WGC, among other things, to
indemnify the officers against certain &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">II-1</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
liabilities which may arise by reason of
their status as officers of the Sponsor. The Sponsor or
the WGC also intends to maintain director
and officer liability insurance for the Sponsor, if available on
reasonable terms.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales
of Unregistered Securities.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 20pt;  border-left: 0pt solid #ffffff;">Not applicable.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement
Schedules.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 20pt;  border-left: 0pt solid #ffffff;">(a)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 20pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 7.5pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 4.5pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 1.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 2pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 1.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 4.5pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 54.375pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 51.375pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 254.25pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 51.375pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Exhibit<br>Number</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Description</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">1.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Distribution
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">1.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
Purchaser
Reimbursement
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">3.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Certificate of
Formation of World Gold Trust
Services,
LLC*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">3.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Amended and
Restated Limited Liability Company
Agreement of World Gold Trust Services,
LLC*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">4.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Trust
Indenture*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">4.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Participant
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">4.3</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Sponsor Payment and
Reimbursement
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">5.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Opinion of Carter
Ledyard &amp; Milburn LLP as
to
legality*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">8.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Opinion of Carter
Ledyard &amp; Milburn LLP
as
to tax
matters*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Allocated Bullion Account
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Unallocated Bullion Account
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.3</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Participant Unallocated Bullion
Account Agreement (included as Attachment B to the Form
of Participant Agreement
filed as Exhibit
4.2)*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.4</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
Depository
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.5</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">License
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.6</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
Marketing
Agent
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.7</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form
of World Gold Trust
Services,
LLC Funding
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.8</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
World Gold Council/World Gold Trust
Services, LLC License
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.9</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
Marketing Agent License
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.10</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Marketing Agent Reimbursement
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">23.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Consent of
Deloitte &amp; Touche
LLP</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">23.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Consents of
Carter Ledyard &amp; Milburn LLP
are included in
Exhibits
5.1 and
8.1*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">24.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Powers of attorney are included on the
signature page to
the Trust's
registration
statement
filed with the Securities and Exchange Commission on May 13,
2003*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">99.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Code of Ethics of World Gold Trust Services,
LLC*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">99.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Opinion
of Davenport
Lyons*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 20pt;  border-left: 0pt solid #ffffff;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously
filed.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 20pt;  border-left: 0pt solid #ffffff;">(b)&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statement Schedules&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 20pt;  border-left: 0pt solid #ffffff;">Not
applicable.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">II-2</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Item
17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The undersigned
Registrant hereby
undertakes:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">(1)&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which
offers or sales are being made, a post-effective amendment to this
registration statement:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 66pt;text-indent: 40pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(i)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 420pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">To
include any prospectus required by section 10(a)(3) of the Securities
Act of 1933;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 66pt;text-indent: 40pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(ii)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 420pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">To reflect in the
prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the
Securities and Exchange Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of
Registration Fee" table in the effective registration
statement; and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 66pt;text-indent: 40pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(iii)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 420pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">To include any
material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material
change to such information in the registration
statement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">(2)&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">(3)&nbsp;&nbsp;&nbsp;&nbsp;If applicable,
to provide to the underwriter at the closing specified in
the underwriting agreements certificates in such denominations and
registered in such names as required by the underwriter to permit
prompt delivery to each purchaser.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">(4)&nbsp;&nbsp;&nbsp;&nbsp;That insofar
as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to
the foregoing provisions, or otherwise, the
Registrant has been
advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in
the Securities Act of
1933 and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the
payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person
of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the
securities being registered, the
Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question of whether such indemnification by
it is against public policy as expressed in the
Securities Act of 1933 and will be
governed by the final adjudication of such
issue.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">II-3</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: center; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">SIGNATURES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">

<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing
on Form
S-1 and has duly caused this
post-effective amendment to
the registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, New
York, on December
17,
2004.&nbsp;</p>
</div>
</div>

</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 132.625pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 30.1875pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 5.625pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 2.625pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.75pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 2.625pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 5.625pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 30.1875pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.1875pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 132.625pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 27.1875pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="7" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">WORLD
GOLD TRUST SERVICES, LLC<br> Sponsor of the Equity Gold
Trust</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">By:</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">/s/ J. Stuart Thomas</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">J. Stuart
Thomas<br> Managing Director</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Pursuant
to the requirements of the Securities Act of
1933, this amendment to the
registration statement has been signed by the following
persons in the
capacities*
and on the dates
indicated.&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="593">
<tr>
<td><img src="spacer.gif" height="1" width="218"></td><td><img src="spacer.gif" height="1" width="16"></td><td><img src="spacer.gif" height="1" width="234"></td><td><img src="spacer.gif" height="1" width="16"></td><td><img src="spacer.gif" height="1" width="109"></td>
</tr>
<tr>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">
Signature
</td><td></td><td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Capacity</td><td></td><td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">
Date
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/
J. Stuart Thomas</td><td rowspan="3"></td><td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Managing
Director<br>(principal
executive
officer)</td><td rowspan="3"></td><td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">
December
17,
2004
</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">J. Stuart
Thomas</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">**</td><td rowspan="3"></td><td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Chief Financial Officer and
Treasurer<br>(principal
financial officer and<br> principal accounting
officer)**<br>
</td><td rowspan="3"></td><td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">
December
17,
2004
</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">James
Lowe</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
</table>



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<img src="spacer.gif" height="1" width="1"></div>
</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 22.5pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 101pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 28.5pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 57.5pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 12.75pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">**By:</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">/s/ J. Stuart Thomas</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">J. Stuart Thomas<br>
Attorney-in-fact</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding-top: 12pt; margin: 0pt;">
<table border="0" cellpadding="0" cellspacing="0">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="79"></td>
</tr>
</table>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">*&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Registrant is a
trust and the persons are
signing in their capacities as officers of World Gold
Trust Services, LLC, the Sponsor of the
Registrant.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">II-4</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: serif; font-size: 10pt; text-align: center;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">EXHIBIT
INDEX&nbsp;</p>
</div>
</div>
</div>

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<div style="width: 20pt;">
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</td><td>
<div style="width: 7.5pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
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</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
</td><td>
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</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
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</td><td>
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</td><td>
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<img src="spacer.gif" height="1" width="1"></div>
</td>
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<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Exhibit<br>Number</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Description</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">1.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Distribution
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">1.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Purchaser
Reimbursement
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">3.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Certificate of Formation of World Gold
Trust Services, LLC*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">3.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Amended and Restated Limited Liability
Company Agreement of World Gold Trust Services,
LLC*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">4.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Trust
Indenture*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">4.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Participant
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">4.3</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Sponsor Payment and
Reimbursement
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">5.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Opinion of Carter
Ledyard &amp; Milburn LLP as
to
legality*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">8.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Opinion of
Carter Ledyard &amp; Milburn LLP
as to tax
matters*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Allocated Bullion Account
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Unallocated Bullion Account
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.3</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Participant Unallocated Bullion
Account Agreement (included as Attachment B to the Form
of Participant Agreement
filed as Exhibit
4.2)*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.4</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
Depository
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.5</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">License
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.6</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
Marketing
Agent
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.7</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form
of World Gold Trust
Services,
LLC Funding
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.8</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
World Gold Council/World Gold
Trust Services,
LLC
License
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.9</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of
Marketing Agent License
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">10.10</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Form of Marketing Agent
Reimbursement
Agreement*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">23.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Consent of
Deloitte &amp; Touche
LLP</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">23.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Consents of
Carter Ledyard &amp; Milburn LLP
are included in
Exhibits
5.1 and
8.1*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">24.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Powers of attorney are included on the
signature page to the
Trust's
registration
statement
filed with the Securities and Exchange Commission on May 13,
2003*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">99.1</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Code of Ethics of World Gold
Trust Services,
LLC*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">99.2</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 10pt; text-align: left; vertical-align: top;font-weight: normal; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">Opinion of
Davenport
Lyons*</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: top; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

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filed.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
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<TEXT>
<HTML><HEAD><TITLE></TITLE></HEAD><BODY><PRE>
<PAGE>

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Registration Statement of streetTRACKS(R) Gold
Trust on Form S-1 (Registration No. 333-105202) of our report dated November 12,
2004, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to us under the heading "Experts" in such
Prospectus.

/s/ DELOITTE & TOUCHE LLP


New York, New York
December 17, 2004






</PRE></BODY></HTML>

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-----END PRIVACY-ENHANCED MESSAGE-----
