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<SEC-DOCUMENT>0000930413-09-001615.txt : 20091019
<SEC-HEADER>0000930413-09-001615.hdr.sgml : 20091019

<ACCEPTANCE-DATETIME>20090326160737

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000930413-09-001615

CONFORMED SUBMISSION TYPE:	S-1

PUBLIC DOCUMENT COUNT:		4

FILED AS OF DATE:		20090326

DATE AS OF CHANGE:		20090904


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ETFS Gold Trust

		CENTRAL INDEX KEY:			0001450923

		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		S-1

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-158221

		FILM NUMBER:		09706800



	BUSINESS ADDRESS:	

		STREET 1:		ETF SECURITIES USA LLC

		STREET 2:		555 CALIFORNIA STREET, SUITE 2900

		CITY:			SAN FRANCISCO

		STATE:			CA

		ZIP:			94104

		BUSINESS PHONE:		415-404-6332



	MAIL ADDRESS:	

		STREET 1:		ETF SECURITIES USA LLC

		STREET 2:		555 CALIFORNIA STREET, SUITE 2900

		CITY:			SAN FRANCISCO

		STATE:			CA

		ZIP:			94104



</SEC-HEADER>

<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>c57028_s-1.htm
<TEXT>
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  <TITLE>3B2 EDGAR HTML -- c57028_preflight.htm</TITLE>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>As filed with the Securities and Exchange Commission on March 26, 2009</B></FONT></P>
<P align="right" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Registration No. 333- <font style="word-spacing: 3.00pc;">&nbsp;</font></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:3.00pt;;"><hr noshade="noshade" color="k" align="center" style="width:100%; height:1.00pt;margin-top:-8pt;"></FONT></P>
<P align="center" style="margin:2.1mm 0 0; margin-top:-10pt;"><FONT style="font-family:serif; font-size:4.5mm; "><B>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</B></FONT></P>
<P align="center" style="margin:2.8mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; "><B>F</B></FONT><FONT style="font-family:serif; font-size:3.7mm; "><B>ORM</B></FONT><FONT style="font-family:serif; font-size:5.2mm; "><B> S-1<br>REGISTRATION STATEMENT UNDER<br>THE SECURITIES ACT OF 1933</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.9mm; "><B>ETFS GOLD TRUST</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>Sponsored by ETF Securities USA LLC</B><br>(Exact name of Registrant as specified in its charter)</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:33.33%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:33.33%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:33.33%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      New York</B><br>(State or other jurisdiction of<br>incorporation or organization)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      6189</B><br>(Primary Standard Industrial Classification Code Number)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><br>(I.R.S. Employer Identification No.)</FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>555 California Street<br>Suite 2900<br>San Francisco, CA 94104<br>(415) 404-6332</B><br>(Address, including zip code, and telephone number, including area code, of Registrant&#146;s principal executive offices)</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>c/o ETF Securities USA LLC<br>555 California Street<br>Suite 2900<br>San Francisco, CA 94104<br>(415) 404-6332</B><br>(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Copies to:</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:48.68%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:48.68%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Kathleen H. Moriarty, Esq.<br>Katten Muchin Rosenman LLP<br>575 Madison Avenue<br>New York, NY 10022</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Peter J. Shea, Esq.<br>Katten Muchin Rosenman LLP<br>575 Madison Avenue<br>New York, NY 10022</B></FONT></P></TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Approximate date of commencement of proposed sale to the public: </B>As soon as practicable after this registration statement becomes effective.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#83;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:52.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:47.37%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Large accelerated filer <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Accelerated filer <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Non-accelerated filer <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#83;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Smaller reporting company <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (Do not check if a smaller reporting company)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>

<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Calculation of Registration Fee</B></FONT></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%; border:solid .5pt black; margin-top:6pt;" >
<TR valign="bottom">
    <TD width="16%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="5%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="16%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="3%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="2%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="16%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="3%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="2%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="16%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="3%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="2%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD width="16%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width="16%" align="center">
    <P style="text-indent:-2.8mm; margin:0 0 0 2.8mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B><br>Title of each class of<br>securities to be registered</B></FONT></P></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%" align="center"><font style="font-family:serif; font-size:3.1mm; "><b>Amount
          to<br>
    be registered</b></font></TD>
    <TD width="3%" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B><br>
    </B></FONT></P></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="16%" align="center"><font style="font-family:serif; font-size:3.1mm; "><b>Proposed
          maximum<br>
    offering price per Share(1)</b></font></TD>
    <TD width="3%" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B><br>
    </B></FONT></P></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="16%" align="center"><font style="font-family:serif; font-size:3.1mm; "><b>Proposed
          maximum<br>
    aggregate offering price(1)</b></font></TD>
    <TD width="3%" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B><br>
    </B></FONT></P></TD>
    <TD width="2%" align="center"><h5>&nbsp;</h5></TD>
    <TD width="16%" align="center"><font style="font-family:serif; font-size:3.1mm; "><b>Amount
          of<br>
    registration fee</b></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="16%" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="5%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="16%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="3%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="2%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="16%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="3%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="2%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="16%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="3%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
    <TD width="2%" style="border-top:solid 0.2mm Black; "><h5>&nbsp;</h5></TD>
    <TD width="16%" style="border-top:solid 0.2mm Black; ">&nbsp;</TD>
  </TR>




  <TR valign="bottom" bgcolor="#e5ffff">
    <TD width="16%">
    <P style="text-indent:-2.8mm; margin:0 0 0 8.4mm; "><FONT style="font-family:serif; font-size:3.1mm; ">ETFS Gold Shares</FONT></P></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%" align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
      1,100,000</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
    <td width="3%"><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="2%"><P><FONT style="font-family:serif; font-size:3.1mm; ">
      $</FONT></P></TD>
    <TD width="16%" align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
       893.25</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
    <td width="3%"><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="2%"><P><FONT style="font-family:serif; font-size:3.1mm; ">
      $</FONT></P></TD>
    <TD width="16%" align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
       982,575,000</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
    <td width="3%"><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="2%"><h5><FONT style="font-family:serif; font-size:3.1mm; ">
      $</FONT></h5></TD>
    <TD width="16%" align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
       54,828</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
  </TR>
</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; ">
      Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(d) under the Securities Act of 1933. The initial Baskets of Shares will be offered at a per Share price equal to the value of one-tenth of an ounce of gold based on the price of one-tenth of an ounce of gold. The
      price of gold is based upon the London PM Fix of $893.25 per ounce on March 18, 2009.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:1.00pt;;"><hr noshade="noshade" color="k" align="center" style="width:100%; height:3.00pt;margin-top:-8pt;"></FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.5mm; color:#ff163d; "><B>The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities 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 we are not soliciting an offer to buy these securities in any jurisdiction where the
  offer or sale is not permitted.</B></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#ff163d; "><B>Subject to Completion  <font style="word-spacing: 2.00pc;">&nbsp;</font></B></FONT><FONT style="font-size:3.8mm; color:#ff163d; ">&#149;<FONT style="font-family:serif; "><B>, 2009</B></FONT></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>PRELIMINARY PROSPECTUS,</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:4.5mm; "><B>__________,000 ETFS Gold Shares</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:6.6mm; "><B>ETFS Gold Trust</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The ETFS Gold Trust (Trust) will issue ETFS Gold Shares (Shares) which represent units of fractional undivided beneficial interest in and ownership of the Trust. ETF Securities USA LLC is the sponsor of the Trust (Sponsor), The Bank of New York Mellon is the trustee of the Trust (Trustee), and
  HSBC Bank USA, N.A. is the custodian of the Trust (Custodian). The Trust intends to issue additional Shares on a continuous basis.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares may be purchased from the Trust only in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a Basket). The Trust will issue Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis as described in &#147;Plan of Distribution.&#148; Baskets
  will be offered continuously at the net asset value (NAV) for 50,000 Shares on the day that an order to create a Basket is accepted by the Trustee.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Prior to this offering, there has been no public market for the Shares. The Shares will trade on the NYSE Arca under the symbol &#147;[ <font style="word-spacing: 0.50pc;">&nbsp;</font>].&#148;</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Investing in the Shares involves significant risks. See &#147;Risk Factors&#148; starting on page [6].</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>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.</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are neither interests in nor obligations of the Sponsor or the Trustee.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">ETFS is a registered service mark of ETF Securities Limited.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will issue Shares from time to time in Baskets, as described in &#147;Creation and Redemption of Shares.&#148; It is expected that the Shares will be sold to the public at varying prices to be determined by reference to, among other considerations, the price of gold and the trading price of the Shares on
  the NYSE Arca at the time of each sale.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On ________________, 2009, an Initial Purchaser, subject to conditions, has purchased 50,000 Shares, which comprise the initial Baskets, as described in &#147;Plan of Distribution.&#148; Delivery of the initial Baskets will be made on or about _________, 2009. The Trust received all proceeds from the offering of the
  initial Baskets in gold in an amount equal to the full initial price for the initial Baskets.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:76.55%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.20%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.99%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Per Share</B></FONT><FONT style="font-family:serif; font-size:2.1mm; "><SUP><B>(1)</B></SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Per Basket</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Public offering price for the initial Baskets</FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP>(2)</SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
        <font style="word-spacing: 3.00pc;">&nbsp;</font></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
        <font style="word-spacing: 3.00pc;">&nbsp;</font></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The initial Baskets were created at a per Share price equal to the value of one-tenth (1/10) of an ounce of gold on the date of formation of the ETFS Gold Trust.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Initial Purchaser may receive commissions/fees from investors who purchase Shares from the initial Baskets through their commission/fee-based brokerage accounts.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The date of this prospectus is _____, 2009.</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>TABLE OF CONTENTS</B></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:93.57%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:3.80%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Page</B></FONT></P></TD>
  </TR>


  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#statement1>Statement Regarding Forward-Looking Statements</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      ii</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#glossary1>Glossary of Defined Terms</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      ii</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#prospectus1>Prospectus Summary</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#offering1>The Offering</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#risk1>Risk Factors</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      6</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#use1>Use of Proceeds</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      12</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#overview1>Overview of the Gold Industry</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      13</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description1>Description of the Trust</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      21</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#sponsor1>The Sponsor</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#trustee1>The Trustee</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#custodian1>The Custodian</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      24</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description2>Description of the Shares</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      24</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#custody1>Custody of the Trust&#146;s Gold</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      25</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description3>Description of the Custody Agreements</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      26</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#creation1>Creation and Redemption of Shares</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      29</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description4>Description of the Trust Agreement</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      34</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#united1>United States Federal Income Tax Consequences</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      44</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#erisa1>ERISA and Related Considerations</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      46</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#plan1>Plan of Distribution</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      49</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#legal1>Legal Matters</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      50</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#experts1>Experts</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      50</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#where1>Where You Can Find More Information</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      50</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#report1>Report of Independent Registered Public Accounting Firm</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      F-1</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#statement2>Statement of Financial Condition</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      F-2</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are not registered for public sale in any jurisdiction other than the United States.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">i</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=statement1>STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This prospectus contains &#147;forward-looking statements&#148; with respect to the Trust&#146;s financial conditions, results of operations, plans, objectives, future performance and business. Statements preceded by, followed by or that include words such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;anticipate,&#148;
  &#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148; &#147;potential&#148; or similar expressions are intended to identify some of the forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are included, along with this statement, for purposes of complying with the safe harbor
  provisions of that Act. 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&#146;s
  operations, the Sponsor&#146;s plans and references to the Trust&#146;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&#146;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 &#147;Risk Factors.&#148; 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&#146;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&#146;s expectations or predictions.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=glossary1>GLOSSARY OF DEFINED TERMS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In this prospectus, each of the following quoted terms have the meanings set forth after such term:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Allocated Bullion Account Agreement&#148;&#151;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 &#147;Custody
  Agreements.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;ANAV&#148;&#151;Adjusted NAV. See &#147;Description of the Trust Agreement &#151;Valuation of Gold, Definition of Net Asset Value and Adjusted Net Asset Value&#148; 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 and the Sponsor.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Authorized Participant&#148;&#151;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 an
  Authorized 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Authorized &#147;Participant Agreement&#148;&#151;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Authorized Participant Unallocated Account&#148;&#151;An unallocated gold account established with the Custodian by an Authorized Participant. Each Authorized Participant&#146;s Authorized Participant </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Authorized Participant Unallocated Bullion Account Agreement&#148;&#151;The agreement between an Authorized Participant and the Custodian which establishes the Authorized Participant Unallocated Account.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Basket&#148;&#151;A block of 50,000 Shares is called a &#147;Basket.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Book Entry System&#148;&#151;The Federal Reserve Treasury Book Entry System for United States and federal agency securities.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;CEA&#148;&#151;Commodity Exchange Act of 1936, as amended.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;CFTC&#148;&#151;Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Clearing Agency&#148;&#151;Any clearing agency or similar system other than the Book Entry System or DTC.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Code&#148;&#151;The United States Internal Revenue Code of 1986, as amended.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Creation Basket Deposit&#148;&#151;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Custodian&#148; or &#147;HSBC&#148;&#151;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&#146;s gold.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Custody Agreements&#148;&#151;The Allocated Bullion Account Agreement together with the Unallocated Bullion Account Agreement.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Custody Rules&#148;&#151;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;DTC&#148;&#151;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 will act as the securities depository for the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;DTC Participant&#148; Participants in DTC, such as banks, brokers, dealers and trust companies.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Evaluation Time&#148;&#151;The time at which the Trustee will evaluate the gold held by the Trust and determine 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 Arca 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 noon New York time on such day, the Trustee is authorized to use the most recently announced London gold price fix (AM or PM) unless the Sponsor determines that such price is inappropriate as a basis for evaluation.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Exchange&#148; or &#147;NYSE Arca&#148;&#151;NYSE Arca, the venue where Shares are listed and traded.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;FINRA&#148;&#151;The Financial Industry Regulatory Authority, Inc.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;FSA&#148;&#151;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;FSM Act&#148;&#151;The Financial Services and Markets Act 2000.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Indirect Participants&#148;&#151;Those banks, brokers, dealers, trust companies and others who maintain, either directly or indirectly, a custodial relationship with a DTC Participant.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">iii</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Initial Purchaser&#148;&#151;The purchaser of the Seed Baskets and also known as the Lead Market Maker.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;LBMA&#148;&#151;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 &#147;London Good Delivery Lists,&#148; 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Lead Market Maker&#148;&#151;The designated market maker on the NYSE Arca for the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;London Good Delivery Bar&#148;&#151;A bar of gold meeting the London Good Delivery Standards.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;London Good Delivery Standards&#148;&#151;The specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars as set forth in &#147;The Good Delivery Rules for Gold and Silver Bars&#148; published by the LBMA. The London Good Delivery Standards are described in
  &#147;Operation of the Gold Bullion Market&#151;The London Bullion Market.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;London PM Fix&#148;&#151;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 &#147;Operation of the Gold Bullion Market&#151;The London Bullion Market&#148; for a
  description of the operation of the London PM Fix.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;NAV&#148;&#151;Net asset value. See &#147;Description of the Trust Agreement&#151;Valuation of Gold, Definition of Net Asset Value and Adjusted Net Asset Value&#148; for a description of how the NAV of the Trust and the NAV per Share are calculated.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;OTC&#148;&#151;The global Over-the-Counter market for the trading of gold which consists of transactions in spot, forwards, and options and other derivatives.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Seed Baskets&#148;&#151;The two Baskets issued to the Lead Market Maker in exchange for the deposit into the Trust of 10,000 ounces of gold in connection with the formation of the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Shareholders&#148;&#151;Owners of beneficial interests in the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Shares&#148;&#151;Units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust and named &#147;ETFS Gold Shares&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Sponsor&#148;&#151;ETF Securities USA LLC, a Delaware limited liability company.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;tonne&#148;&#151;One metric tonne which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trust&#148;&#151;The ETFS Gold Trust, an investment trust, formed on [______, 2009] under New York law pursuant to the Trust Agreement.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trust Agreement&#148;&#151;The Depository Trust Agreement between 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trust Allocated Account&#148;&#151;The allocated gold account of the Trust established with the Custodian by the Allocated Bullion Account Agreement. The Trust Allocated Account will be used to hold the gold deposited with the Trust in allocated form (<I>i.e.</I>, as individually identified bars of gold).</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trustee&#148; or &#147;BNYM&#148;&#151;The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers. BNYM is the trustee of the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trust Unallocated Account&#148;&#151;The unallocated gold account of the Trust established with the Custodian by the Unallocated Bullion Account Agreement. The Trust Unallocated Account will be 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.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">iv</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Unallocated Bullion Account Agreement&#148;&#151;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 &#147;Custody
  Agreements.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;US Shareholder&#148;&#151;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.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">v</FONT></P>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=prospectus1>PROSPECTUS SUMMARY</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>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 &#147;Risk Factors&#148; beginning on page [6], before making an investment decision about the Shares.</I></FONT></P>
<P style="margin:4.9mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Structure</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust is an investment trust, formed on [___, 2009] under New York law pursuant to the Trust Agreement. 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&#146;s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment in gold. The material terms of the Trust Agreement are discussed in greater detail
  under the section &#147;Description of the Trust Agreement&#148;. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and are expected to be traded under the ticker symbol [ <font style="word-spacing: 0.83pc;">&nbsp;</font>] on the NYSE Arca.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s Sponsor is ETF Securities USA LLC. The Sponsor is a Delaware limited liability company and was formed on November 24, 2008, and is wholly-owned by ETF Securities Limited. Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor, ETF
  Securities Limited, as 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will arrange for the creation of the Trust, the registration of the Shares for their public offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the
  Trustee&#146;s monthly fee and out-of-pocket expenses, the Custodian&#146;s fee, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor will also pay the costs of the Trust&#146;s organization and the initial sale of the Shares,
  including the applicable SEC registration fees.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee is The Bank of New York Mellon. The Trustee is generally responsible for the day-to-day administration of the Trust. This includes (1) transferring the Trust&#146;s gold as needed to pay the Sponsor&#146;s Fee in gold (gold transfers 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) selling the Trust&#146;s
  gold as needed to pay any extraordinary Trust expenses that are not assumed by the Sponsor. The general role, responsibilities and regulation of the Trustee are further described in &#147;The Trustee.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian is HSBC Bank USA, N.A. The Custodian is responsible for the safekeeping of the Trust&#146;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
  will maintain 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 &#147;The Custodian&#148; and
  &#147;Custody of the Trust&#146;s Gold.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Detailed descriptions of certain specific rights and duties of the Trustee and the Custodian are set forth in &#147;Description of the Trust Agreement&#148; and &#147;Description of the Custody Agreements.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Overview</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s operations. The Shares are designed for investors </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">1</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">who want a cost-effective and convenient way to invest in gold. Advantages of investing in the Shares include:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Minimal Credit Risk. The Shares represent an interest in physical bullion owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole bar or which is held temporarily to effect a creation or redemption of Shares). Physical bullion of the Trust in
      the Custodian&#146;s possession is not subject to borrowing arrangements with third parties. Other than the gold temporarily being held in an unallocated gold account with the Trust, the physical bullion of the Trust is not subject to counterparty or credit risks. &#147;Risk Factors&#151;Gold held in the Trust&#146;s
      unallocated gold account and any Authorized Participant&#146;s unallocated gold account will not be segregated from the Custodian&#146;s assets....&#148; This contrasts with most other financial products that gain exposure to bullion through the use of derivatives that are subject to counterparty and credit risks.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Ease and Flexibility of Investment. The Shares will trade on the NYSE Arca and will provide institutional and retail investors with indirect access to the gold bullion market. The Shares are expected to be bought and sold on the NYSE Arca like any other exchange-listed securities. The close of
      the NYSE Arca trading session is 4:00 PM New York time.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Expenses. 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&#146;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.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investing in the Shares does not insulate the investor from certain risks, including price volatility. See &#147;Risk Factors.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Principal Offices</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s office is located at 555 California Street, Suite 2900, San Francisco, California 94104. The Sponsor&#146;s office is located at 555 California Street, Suite 2900, San Francisco, California 94104 and its telephone number is (415) 404-6332. The Trustee has a trust office at 101 Barclay Street, Floor
  6E, New York, New York 10286. The Custodian is located at 8 Canada Square, London, E14 5HQ, United Kingdom.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=offering1>THE OFFERING</a></B></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:26.32%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:65.79%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>




  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Offering</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Use of proceeds</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Proceeds received by the Trust from the issuance and sale of Baskets, including the two Baskets (Seed Baskets) issued to the Initial Purchaser, who is the Lead Market Maker, on ______, 2009 in connection with the formation of the Trust, and the Shares (as described on the
      front page of this prospectus) will consist of gold deposits and, possibly from time to time, cash. Pursuant to the Trust Agreement, during the life of the Trust such proceeds will only be (1)&nbsp;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&#146;s ongoing expenses.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Exchange symbol</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      [ <font style="word-spacing: 2.00pc;">&nbsp;</font>]</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      CUSIP</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      [ <font style="word-spacing: 2.00pc;">&nbsp;</font>]</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Creation and redemption</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Trust expects to create and redeem the Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 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 will be 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 is 5,000 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&#146;s expenses and the sale or delivery of the Trust&#146;s gold to
      pay the Trust&#146;s expenses. See &#147;Business of the Trust&#151;Trust Expenses.&#148; Baskets may be created or redeemed only by Authorized Participants, who will 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 &#147;Creation and Redemption of Shares&#148; for more details.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Net Asset Value</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The NAV of the Trust is the aggregate value of the Trust&#146;s assets less its liabilities (which include estimated accrued but unpaid fees and expenses). In determining the NAV of the Trust, the Trustee will value 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 &#147;Operation of the Gold Bullion Market&#151;The
      London Bullion Market&#148; for a description of the operation of the London gold price fix. The Trustee will determine the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the London PM Fix for the day or 12:00 noon New York
      time. If no London PM Fix is made on a particular evaluation day or has not been announced by 12:00 noon 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 Sponsor determines that such price is inappropriate to use as basis for such determination. The Trustee will also determine the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      </B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">3</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:26.32%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:65.79%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Trust expenses</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Trust&#146;s only ordinary recurring expense is expected to be the remuneration due to the Sponsor (Sponsor&#146;s Fee). In exchange for the Sponsor&#146;s Fee, the Sponsor has agreed to assume the ordinary administrative and marketing expenses that the Trust is expected to incur.
      The Sponsor will also pay the costs of the Trust&#146;s organization and the initial sale of the Shares, including the applicable SEC registration fees.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Sponsor&#146;s Fee</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Sponsor&#146;s Fee will be accrued daily and will be payable in-kind monthly in arrears. The Sponsor, from time to time, may waive all or a portion of the Sponsor&#146;s Fee at its discretion for stated periods of time. The Sponsor is under no obligation to continue a waiver after
      the end of such stated period, and, if such waiver is not continued, the Sponsor&#146;s Fee will thereafter be paid in full. The Trustee will from time to time deliver gold in such quantity as may be necessary to permit payment of the Sponsor&#146;s Fee and sell gold in such quantity as
      may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee is authorized to sell gold at such times and in the smallest amounts required to permit such cash payments as they become due, it being the intention to avoid or
      minimize the Trust&#146;s holdings of assets other than gold. Accordingly, the amount of gold to be sold will vary from time to time depending on the level of the Trust&#146;s expenses and the market price of gold. See &#147;Business of the Trust&#151;Trust Expenses.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Each delivery or sale of gold by the Trust to pay the Sponsor&#146;s Fee or other expenses will be a taxable event to Shareholders. See &#147;United States Federal Tax Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Termination events</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Trustee will terminate and liquidate the Trust if one of the following events occurs:</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      the Shares are delisted from the NYSE Arca and are not approved for listing on another national securities exchange within five business days of their delisting;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Shareholders acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      60 days have elapsed since the Trustee notified the Sponsor of the Trustee&#146;s election to resign and a successor trustee has not been appointed and accepted its appointment;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      the SEC determines that the Trust is an investment company under the Investment Company Act of 1940 and the Trustee has actual knowledge of that determination;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      the aggregate market capitalization of the Trust, based on the closing price for the Shares, was less than $350 million (as adjusted for inflation) at any time after the first anniversary after the Trust&#146;s formation and the Trustee receives, within six months after the last of
      those trading days, notice from the Sponsor of its decision to terminate the Trust;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936 and the Trustee has actual knowledge of that determination;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      </B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">4</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:26.32%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:65.79%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      the Trust fails to qualify for treatment, or ceases to be treated, for United States federal income tax purposes, as a grantor trust, and the Trustee receives notice from the Sponsor that the Sponsor determines that, because of that tax treatment or change in tax treatment,
      termination of the Trust is advisable;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      60 days have elapsed since DTC ceases to act as depository with respect to the Shares and the Sponsor has not identified another depository which is willing to act in such capacity; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      the Trustee elects to terminate the Trust after the Sponsor is deemed conclusively to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or
      liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Upon the termination of the Trust, the Trustee will sell the Trust&#146;s gold and, after paying or making provision for the Trust&#146;s liabilities, distribute the proceeds to Shareholders surrendering Shares. See &#147;Description of the Trust Agreement&#151;Termination of the Trust.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Authorized Participants</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 (Authorized Participant Agreement) and (4) have established an unallocated gold account with the Custodian (Authorized Participant
      Unallocated Account). The Authorized 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 &#147;Creation and Redemption of Shares&#148; for more details.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Clearance and settlement</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Shares will be evidenced by one or more global certificates that the Trustee will issue to DTC. The Shares will be 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.</FONT></P></TD>
  </TR>
</TABLE>

<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Summary of Financial Condition</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">As of the close of business on _______, 2009, the date of the formation of the Trust, the NAV of the Trust, which represents the value of the gold deposited into the Trust in exchange for the Seed Baskets, was $_____ and the NAV per Share was $_____. See &#147;Statement of Financial Condition&#148;
  elsewhere in this prospectus.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">5</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=risk1>RISK FACTORS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>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&#146;s financial statements and the related notes.</I></FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The value of the Shares relates directly to the value of the gold held by the Trust and fluctuations in the price of gold could materially adversely affect an investment in the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;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:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investors&#146; expectations with respect to the rate of inflation;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Currency exchange rates;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Interest rates;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investment and trading activities of hedge funds and commodity funds; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Global or regional political, economic or financial events and situations.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>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 NYSE Arca and London and Commodity Exchange, Inc., a subsidiary of
  New York Mercantile Exchange, Inc. (COMEX).</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;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 NYSE Arca and the major gold markets. While the Shares will trade on the NYSE Arca until 4:00 PM New York time, liquidity in the market for gold will be
  reduced after the close of the major world gold markets, including London and the COMEX. As a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>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.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>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.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s management in other positions are no indication of their ability 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Shares and their value could decrease if unanticipated operational or trading problems arise.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">There may be unanticipated problems or issues with respect to the mechanics of the Trust&#146;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 &#147;managed&#148; by traditional methods, to the
  extent that unanticipated operational or trading problems or issues arise, the Sponsor&#146;s past experience and qualifications may not be suitable for solving these problems or issues.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares closely linked to the price of gold may not exist and, as a result, the price of the Shares may fall.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If the processes of creation and redemption of shares (which depend on timely transfers of gold to and by the custodian) encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage
  opportunity arising from discrepancies between the price of the Shares and the price of the underlying gold may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the Shares
  may fluctuate independently of the price of gold and may fall.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The liquidity of the Shares may also be affected by the withdrawal from participation of one or more Authorized Participants.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant portion of the Shares&#146; daily trading volume on the Exchange withdraw from participation, the liquidity of the Shares will likely decrease which could adversely affect
  the market price of the Shares and result in your incurring a loss on your investment.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>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.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 neither the Sponsor nor the Trustee 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s gold is
  sold as part of the Trust&#146;s liquidation, the resulting proceeds distributed to Shareholders will </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">7</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">be less than if gold prices were higher at the time of sale. See &#147;Description of the Trust Agreement&#151;Termination of the Trust&#148; 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The lack of a market for the Shares may limit the ability of Shareholders to sell the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Prior to the date of this prospectus, there has been no market for the Shares, and there can be no assurance that an active public market for the Shares will develop. If an active public market for the Shares does not exist or continue, the market prices and liquidity of the Shares may be adversely
  affected.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Shareholders will not have the rights enjoyed by investors in certain other vehicles.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;oppression&#148; or &#147;derivative&#148; 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 &#147;Description of the Shares&#148; for a description of the limited rights of holders of Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>An investment in the Shares may be adversely affected by competition from other methods of investing in gold.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will compete 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&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The price of gold may be affected by the sale of ETVs tracking gold markets.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">To the extent existing exchange traded vehicles (ETVs) tracking gold markets represent a significant proportion of demand for physical gold bullion, large redemptions of the securities of these ETVs could negatively affect physical gold bullion prices and the price and NAV of the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Crises may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 2008 financial credit crisis resulted in significant depressed prices of gold largely due to forced sales and
  deleveraging from institutional investors such as hedge funds and pension funds. Crises in the future may impair gold&#146;s price performance which would, in turn, adversely affect an investment in the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Several factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of Shares. Among them:</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A significant increase in gold hedging activity by gold producers. Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, adversely affecting the price of the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A significant change in the attitude of speculators and investors towards gold. Should the speculative community take a negative view towards gold, it could cause a decline in world gold prices, negatively impacting the price of the Shares.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">8</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trust&#146;s gold may be subject to loss, damage, theft or restriction on access.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">There is a risk that part or all of the Trust&#146;s gold could be lost, damaged or stolen. Access to the Trust&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trust&#146;s lack of insurance protection and the Shareholders&#146; limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian and any subcustodian exposes the Trust and its Shareholders to the risk of loss of the Trust&#146;s gold for which no person is liable.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will not insure its gold. The Custodian will maintain insurance with regard to its business on such terms and conditions as it considers appropriate in connection with its custodial obligations and will be responsible for all costs, fees and expenses arising from the insurance policy or policies.
  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 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 will 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. Further, Shareholders&#146; 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. Consequently, a loss may be suffered with respect to the Trust&#146;s gold which is not covered by insurance and for which no person is liable in
  damages.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Custodian&#146;s limited liability under the Custody Agreements and English law may impair the ability of the Trust to recover losses concerning its gold and any recovery may be limited, even in the event of fraud, to the market value of the gold at the time the fraud is discovered.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The liability of the Custodian is limited under the Custody Agreements. Under the agreements between the Trustee and the Custodian which establish the Trust&#146;s unallocated gold account (Unallocated Bullion Account Agreement) and the Trust&#146;s allocated gold account (Allocated Bullion Account
  Agreement), 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
  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 Unallocated Account at the time such negligence, fraud or willful default is discovered by
  the Custodian. Under each Authorized 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 Authorized Participant Unallocated Bullion Account Agreement
  by reason of any cause beyond its </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">9</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The obligations of the Custodian and English subcustodians are governed by English law, which may frustrate the Trust in attempting to receive legal redress against the Custodian or any subcustodian concerning its gold.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The obligations of the Custodian under the Custody Agreements and the Authorized 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trust may not have adequate sources of recovery if its gold is lost, damaged, stolen or destroyed.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If the Trust&#146;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&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Shareholders and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian and any subcustodian.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Neither the Shareholders nor any Authorized Participant will have 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Because neither the Trustee nor the Custodian oversees or monitors the activities of subcustodians who may hold the Trust&#146;s gold, failure by the subcustodians to exercise due care in the safekeeping of the Trust&#146;s gold could result in a loss to the Trust.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Allocated Bullion Account Agreement described in &#147;Description of the Custody Agreements,&#148; the Custodian may appoint from time to time one or more subcustodians to hold the Trust&#146;s gold on a temporary basis pending delivery to the Custodian. The subcustodians which the Custodian
  currently uses are the Bank of England, Brink&#146;s Global Services Inc., Via Mat International and LBMA clearing 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, making the Custodian liable only for negligence or bad faith in the selection of such subcustodians, and has an obligation to use commercially reasonable efforts to obtain delivery of the Trust&#146;s gold from any subcustodians appointed by the Custodian. Otherwise, the Custodian is not liable
  for the acts or omissions of its subcustodians. 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. </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">Furthermore, the Trustee may have no right to visit the premises of any subcustodian for the purposes of examining the Trust&#146;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 Allocated Bullion Account Agreement and the Unallocated Bullion Account Agreement (together, the Custody Agreements)
  the Trustee has only limited rights to visit the premises of the Custodian for the purpose of examining the Trust&#146;s gold and certain related records maintained by the Custodian. See &#147;Custody of the Trust&#146;s Gold&#148; for more information about subcustodians that may hold the Trust&#146;s gold.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The obligations of any subcustodian of the Trust&#146;s gold are not determined by contractual arrangements but by LBMA rules and London bullion market customs and practices, which may prevent the Trust&#146;s recovery of damages for losses on its gold custodied with subcustodians.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">There are expected to be no written contractual arrangements between subcustodians that hold the Trust&#146;s gold and the Trustee or the Custodian because traditionally such arrangements are based on the LBMA&#146;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&#146;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&#146;s gold is lost or damaged while in the custody of a 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&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>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.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 the Custodian may be different from the reported fineness or weight required by the LBMA&#146;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 &#147;Operation of the Gold Bullion Market&#151;The London Bullion Market.&#148; The Custodian&#146;s responsibility for the allocation to the Trust of gold meeting LBMA standards is described in &#147;Description of the Custody Agreements&#151;Transfers from
  the Trust Unallocated Account.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Gold held in the Trust&#146;s unallocated gold account and any Authorized Participant&#146;s unallocated gold account will not be segregated from the Custodian&#146;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&#146;s insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trust&#146;s allocated gold account.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s unallocated gold account (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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">11</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;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&#146;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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s allocated account (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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>In issuing Baskets, the Trustee will rely 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.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian&#146;s definitive records are prepared after the close of its business day. However, when issuing Baskets, the Trustee will rely on information reporting the amount of gold credited to the Trust&#146;s accounts which it receives from the Custodian during the business day and which is subject to
  correction during the preparation of the Custodian&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The sale of the Trust&#146;s gold to pay expenses not assumed by the Sponsor at a time of low gold prices could adversely affect the value of the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will sell gold held by the Trust to pay Trust expenses not assumed by the Sponsor 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&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Trustee under the Trust Agreement.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. That means the Sponsor or the Trustee may require the assets of the Trust to be sold in
  order to cover losses or liability suffered by it. Any sale of that kind would reduce the net asset value of the Trust and the value of the Shares.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=use1>USE OF PROCEEDS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Proceeds received by the Trust from the issuance and sale of Baskets, including the Seed Baskets and the Shares (which are described on the front page of this prospectus), will consist of gold deposits and, possibly from time to time, cash. Pursuant to the Trust Agreement, 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&#146;s ongoing expenses.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">12</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=overview1>OVERVIEW OF THE GOLD INDUSTRY</a></B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Introduction</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This section provides a brief introduction to the gold industry by looking at some of the key participants, detailing the primary sources of demand and supply and outlining the role of the &#147;official&#148; sector (i.e., central banks) in the market.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Market Participants</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The participants in the world gold market may be classified in the following sectors: the mining and producer sector, the banking sector, the official sector, the investment sector, and the manufacturing sector. A brief description of each follows.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Mining and Producer Sector</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This group includes mining companies that specialize in gold and silver production, mining companies that produce gold as a by-product of other production (such as a copper or silver producer), scrap merchants and recyclers.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Banking Sector</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Bullion banks provide a variety of services to the gold market and its participants, thereby facilitating interactions between other parties. Services provided by the bullion banking community include traditional banking products as well as mine financing, physical gold purchases and sales, hedging and
  risk management, inventory management for industrial users and consumers, and gold deposit and loan instruments.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Official Sector</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The official sector encompasses the activities of the various central banking operations of gold-holding countries. According to statistics released by the World Gold Council, central banks are estimated to hold approximately 32,000 tonnes of gold reserves, or approximately 20% of existing above-
  ground stocks. Since March 2004, the European Central Bank and 14 other central banks have operated under the Central Bank Gold Agreement (CBGA) commonly called the &#147;Washington Accord on Gold.&#148; The CBGA is due to expire in September 2009. The CBGA maintains a cap on lending and
  derivatives activities and allows a maximum level of sales of 500 tonnes per year, with an overall total of no more than 2,500 tonnes permitted during the five-year life of the CBGA.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Investment Sector</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This sector includes the investment and trading activities of both professional &amp; private investors and speculators. These participants range from large hedge and mutual funds to day-traders on futures exchanges, and retail-level coin collectors.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Manufacturing Sector</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The fabrication and manufacturing sector represents all the commercial and industrial users of gold for whom gold is a daily part of their business. The jewelry industry is a large user of gold. Other industrial users of gold include the electronics and dental industries.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">13</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>World Gold Supply and Demand 1998&#150;2007 (in tonnes)</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 Gold Survey 2008.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:35.09%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      1998</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      1999</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2000</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2001</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2002</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2003</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2004</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2005</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2007</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Mine production</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2574</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2602</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2618</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2645</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2618</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2621</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2493</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2548</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2486</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2476</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Official sector sales</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      363</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      477</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      479</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      520</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      547</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      620</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      479</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      663</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      370</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      481</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Old gold scrap</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1108</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      620</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      619</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      749</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      872</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      985</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      878</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      897</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1126</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      956</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Net producer hedging</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      97</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      506</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -15</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -151</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -412</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -289</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -438</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -92</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -410</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      -446</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Total reported supply</B></FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP><B>1</B></SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      4142</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      4205</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3701</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3763</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3625</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3937</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3412</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      4016</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3572</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3467</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Gold fabrication in carat jewellery</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3169</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3139</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3204</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2660</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2482</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2613</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2708</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2284</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2401</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Gold fabrication in electronics</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      226</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      247</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      283</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      197</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      206</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      233</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      262</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      281</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      308</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      311</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Gold fabrication in other industrial &amp; decorative applications</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      103</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      99</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      99</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      97</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      83</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      81</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      84</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      88</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      91</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      92</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Gold fabrication in dentistry</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      64</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      66</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      69</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      69</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      69</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      67</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      68</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      62</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      61</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      58</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Retail investment</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      261</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      359</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      166</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      357</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      339</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      292</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      339</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      386</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      401</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      402</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Investment in Exchange Traded Funds and related products</FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP>2</SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      39</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      133</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      208</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      260</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      251</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Total identifiable demand</B></FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP><B>1</B></SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3823</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3910</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3821</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3728</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3360</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3194</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3499</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3733</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3405</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      3515</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Supply less demand</B></FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP><B>3</B></SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      319</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      295</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      -120</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      35</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      265</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      743</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      -87</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      283</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      167</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      -48</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:4mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Figures may not add to totals due to independent rounding.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Including SPDR Gold Shares, Gold Bullion Securities, Gold Bullion Securities (Australia), NewGold Gold Debentures, iShares Comex Gold Trust, Central Fund of Canada, ZKB Gold, Goldist, ETFS Physical Gold and Central Gold Trust.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This is the residual from combining all the other data in the table. The 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 other than that in Exchange Traded Funds and similar products,
      movements in stocks and other elements together with any residual error.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following are some of the main characteristics of the gold market illustrated by the table:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Gold supply over the past ten years has averaged 3,784 tonnes with primary production (new mine output) accounting for approximately two thirds of the total.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">There is a slight overall decline in gold supply when comparing the average 5-year period ended 2002 to the average 5-year period ended 2007 at 3,887 tonnes and 3,681 tonnes respectively.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The biggest source of demand for gold output over the period shown has come from the jewellery sector which has accounted for an average of 83% of all demand. Demand from this sector has typically exceeded annual world mine production, meaning additional sources of supply have been relied
  upon to fill the gap.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A significant new source of demand has been from the Investment in Exchange Traded Funds and related products comprising of 894 tonnes over 6 years and a cumulative average growth rate of 109%.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Statistics published by Gold Fields Mineral Services Ltd Gold Survey 2008.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">14</FONT></P>
<p><hr color=#000000 noshade></p>
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<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Historical Chart of the Price of Gold</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The price of gold is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements in the price of gold in the past are not a reliable indicator of future movements. Movements may be influenced by various factors, including announcements from
  central banks regarding a country&#146;s reserve gold holdings, agreements among central banks, political uncertainties around the world, and economic concerns.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following chart illustrates the movements in the price of an ounce of gold in US dollars from January 1998 to October 2008:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><p align="center"><img src="c57028graph.jpg" style="margin:0 0 0 0; border:   ;"></p></FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Operation of the Gold Bullion Market</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Global Over-The-Counter Market</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The OTC market trades on a 24-hour per day continuous basis and accounts for most global gold trading.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 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 ten market-making members of the LBMA are: Barclays Bank plc, Deutsche Bank AG, HSBC Bank USA, N.A. (through its London branch), Goldman
  Sachs International, JPMorgan Chase Bank, ScotiaMocatta (a division of the Bank of Nova Scotia), Soci&eacute;t&eacute; G&eacute;n&eacute;rale, Mitsui &amp; Co Precious Metals Inc, Royal Bank of Canada, 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&#146; requirements. The OTC market has no formal structure and no open-outcry meeting place.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The main centers of the OTC market are London and New York. 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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">15</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">world&#146;s major bullion dealers are either members or associate members of the LBMA. Of the ten market-making members of the LBMA, six offer clearing services. There are a further 59 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 November 24, 2008. These numbers may change from time to time as new members are added and existing members drop out.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#151;the differential between a dealer&#146;s &#147;buy&#148; and &#147;sell&#148; 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. This period lasts for approximately four hours each New York
  business day morning.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The London Bullion Market</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;London Good Delivery Lists,&#148; 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The term &#147;loco London&#148; 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 acceptable refiner) and appearance set forth in &#147;The Good Delivery Rules for Gold and Silver
  Bars&#148; published by the LBMA. Gold bars meeting these requirements are described in this prospectus from time to time as &#147;London Good Delivery Bars.&#148; 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Twice daily during London trading hours there is a fix which provides reference gold prices for that day&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. The chairmanship now rotates annually among the five member firms. 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 members of the gold fixing are currently The Bank of Nova Scotia&#151;ScotiaMocatta, Deutsche Bank AG, HSBC Bank USA, N.A., Soci&eacute;t&eacute; </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">16</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">G&eacute;n&eacute;rale and Barclays Bank plc. 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;trying price,&#148; 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Futures Exchanges</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The most significant gold futures exchanges are the COMEX and the Tokyo Commodity Exchange (TOCOM). The COMEX 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 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Other Exchanges</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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).</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Market Regulation</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The TOCOM has authority to perform financial and operational surveillance on its members&#146; 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&#146; prices. To
  act as a Futures Commission Merchant Broker, a broker must obtain a license from Japan&#146;s Ministry of Economy, Trade and Industry (METI), the regulatory authority that oversees the operations of the TOCOM.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">17</FONT></P>
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<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Not A Regulated Commodity Pool</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will not trade in gold futures contracts on the COMEX or on any other futures exchange. The Trust will take delivery of physical gold that complies with the COMEX gold delivery rules or the LBMA gold delivery rules. Because the Trust will not trade in gold futures contracts on any
  futures exchange, the Trust with not be regulated by the CFTC under the Commodity Exchange Act as a &#147;commodity pool,&#148; and will not be operated by a CFTC-regulated commodity pool operator. Investors in the Trust will not receive the regulatory protections afforded to investors in regulated
  commodity pools, nor may the COMEX or any futures exchange enforce its rules with respect to the Trust&#146;s activities. In addition, investors in the Trust will not benefit from the protections afforded to investors in gold futures contracts on regulated futures exchanges.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">18</FONT></P>
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<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>BUSINESS OF THE TRUST</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The activities of the Trust will be limited to (1) issuing Baskets in exchange for the gold deposited with the Custodian as consideration, (2) delivering gold as necessary to cover the Sponsor&#146;s Fee and selling gold as necessary to pay Trust expenses not assumed by the Sponsor and other liabilities and
  (3) delivering gold in exchange for Baskets surrendered for redemption. The Trust will not be actively managed. It will not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of gold.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Objective</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust&#146;s expenses. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold. An investment in physical gold
  requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Although the Shares will not be the exact equivalent of an investment in gold, they provide investors with an alternative that allows a level of participation in
  the gold market through the securities market.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Strategy Behind the Shares</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are intended to offer investors an opportunity to participate in the gold market through an investment in securities. 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; "><I>
      Easily Accessible and Relatively Cost Efficient.</I> 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 and for many investors, transaction costs related to the Shares will be lower than those associated with the purchase, storage and insurance of physical gold.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Exchange Traded and Transparent.</I> The Shares will trade on the NYSE Arca, providing investors with an efficient means to implement various investment strategies. Upon effectiveness of the registration statement of which this prospectus is a part, the Shares will be eligible for margin accounts and
      will be backed by the assets of the Trust and the Trust will not hold or employ any derivative securities. Furthermore, the value of the Trust&#146;s holdings will be reported on the Trust&#146;s website daily.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Minimal Credit Risk.</I> The Shares represent an interest in physical bullion owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole bar or which is held temporarily to effect a creation or redemption of Shares). Physical bullion of the Trust in
      the Custodian&#146;s possession is not subject to borrowing arrangements with third parties. Other than the gold temporarily being held in an unallocated gold account with the Trust, the physical bullion of the Trust is not subject to counterparty or credit risks. &#147;Risk Factors&#151;Gold held in the Trust&#146;s
      unallocated gold account and any Authorized Participant&#146;s unallocated gold account will not be segregated from the Custodian&#146;s assets....&#148; This contrasts with most other financial products that gain exposure to bullion through the use of derivatives that are subject to counterparty and credit risks.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">19</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Secondary Market Trading</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">While the Trust&#146;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 Arca 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 NYSE Arca and the COMEX and London. While the Shares will trade on the NYSE Arca until 4:00 PM New York time, liquidity in the global gold market will be reduced after
  the close of the COMEX 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Expenses</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s only ordinary recurring expense is expected to be equal to the Sponsor&#146;s Fee. In exchange for the Sponsor&#146;s Fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&#146;s monthly fee and out-of-pocket expenses, the
  Custodian&#146;s fee, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor will also pay the costs of the Trust&#146;s organization and the initial sale of the Shares, including the applicable SEC registration fees.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor&#146;s Fee will accrue daily at an annualized rate equal to 0.[ <font style="word-spacing: 0.50pc;">&nbsp;</font>]% of the adjusted net asset value of the Trust and will be payable monthly in arrears. The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor&#146;s Fee at its discretion for a stated period of time.
  Presently, the Sponsor intends to waive a portion of its fee and reduce the Sponsor&#146;s Fee to 0.__% for the first year of the Trust&#146;s operations beginning on the Trust&#146;s inception date and ending on _________, 2010. After _________, 2010, the Sponsor may renew its fee waiver, waive a larger or smaller
  portion of its fee or not renew its fee waiver. If the Sponsor does not continue its partial fee waiver after ________, 2010, the full Sponsor&#146;s Fee will accrue and be paid to the Sponsor for subsequent periods. The Sponsor is under no obligation to continue to waive all or part of the Sponsor&#146;s Fee after
  the fixed end date of its waiver.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor&#146;s Fee shall be paid by delivery of gold to an account maintained by the Custodian for the Sponsor on an Unallocated Basis, monthly on the first business day of the month in respect of fees payable for the prior month. The delivery shall be of that number of ounces of gold which equals
  the daily accrual of the Sponsor&#146;s Fee for such prior month calculated at the London PM Fix.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell gold in such quantity and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee is authorized to sell gold at such times
  and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust&#146;s holdings of assets other than gold. Accordingly, the amount of gold to be sold will vary from time to time depending on the level of the Trust&#146;s expenses and the
  market price of gold. The Custodian has agreed to purchase from the Trust, at the request of the Trustee, gold needed to cover Trust expenses at a price at least equal to the price used by the Trustee to determine the value of the gold held by the Trust on the date of the sale.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Cash held by the Trustee pending payment of the Trust&#146;s expenses will not bear any interest. Each delivery or sale of gold by the Trust to pay the Sponsor&#146;s Fee or other Trust expenses will be a taxable event to Shareholders. See &#147;United States Federal Income Tax Consequences&#151;Taxation of US
  Shareholders.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Impact of Trust Expenses on the Trust&#146;s Net Asset Value</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will deliver gold to the Sponsor to pay the Sponsor&#146;s Fee and sell gold to raise the funds needed for the payment of all Trust expenses not assumed by the Sponsor. The purchase price received as consideration for such sales will be the Trust&#146;s sole source of funds to cover its liabilities. The
  Trust will not engage in any activity designed to derive a profit from changes in the price of gold. Gold not needed to redeem Baskets, or to cover the Sponsor&#146;s Fee and Trust expenses not assumed by the Trustee, will be held in physical form by the Custodian (except for residual amounts </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">20</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">not exceeding 430 ounces of gold, the maximum weight to make one Good Delivery Bar, which will be held in unallocated form by the Custodian on behalf of the Trust). As a result of the recurring deliveries of gold necessary to pay the Sponsor&#146;s Fee in-kind and potential sales of gold to pay in cash
  the Trust expenses not assumed by the Sponsor, the net asset value of the Trust and, correspondingly, the fractional amount of physical gold represented by each Share will decrease over the life of the Trust. New deposits of gold, received in exchange for additional new Baskets issued by the Trust, will
  not reverse this trend.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Hypothetical Expense Example</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table, prepared by the Sponsor, illustrates the anticipated impact of the deliveries and sales of gold discussed above on the fractional amount of gold represented by each outstanding Share for three years. It assumes that the only dispositions of gold will be those deliveries needed to
  pay the Sponsor&#146;s Fee and that the price of gold and the number of Shares remain constant during the three-year period covered. The table does not show the impact of any extraordinary expenses the Trust may incur. Any such extraordinary expenses, if and when incurred, will accelerate the decrease in
  the fractional amount of gold represented by each Share. In addition, the table does not show the effect of any waivers of the Sponsor&#146;s Fee that may be in effect from time to time.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:62.72%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.87%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.44%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="20" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Year</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      1</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      3</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Hypothetical gold price per ounce</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       900.00</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       900.00</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       900.00</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Sponsor&#146;s Fee</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Shares of Trust, beginning</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      100,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ounces of gold in Trust, beginning</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Beginning adjusted net asset value of the Trust</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       9,000,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ounces of gold to be delivered to cover the Sponsor&#146;s Fee</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ounces of gold in Trust, ending</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ending adjusted net asset value of the Trust</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ending NAV per share</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description1>DESCRIPTION OF THE TRUST</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust is an investment trust, formed on _________, 2009 under New York law pursuant to the Trust Agreement. 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&#146;s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of investing in gold. The material terms of
  the Trust Agreement are discussed under &#147;Description of the Trust Agreement.&#148; 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
  delivered to pay the Sponsor&#146;s Fee or 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 delivery or sale of gold to pay fees and expenses by the Trust is a taxable event to
  Shareholders. See &#147;United States Federal Income Tax Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, or the Trustee is subject to regulation as a commodity pool operator or a commodity trading adviser in connection with the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust expects to create and redeem Shares from time to time but only in Baskets (a Basket equals a block of 50,000 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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">21</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">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 will be 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 is 5,000 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 delivery or sale of the Trust&#146;s gold to pay the Sponsor&#146;s Fee or Trust&#146;s expenses. Baskets may be created or redeemed only by Authorized Participants, who will pay a transaction fee of $500 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 &#147;Plan of Distribution.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will determine the NAV of the Trust on each day that the NYSE Arca is open for regular trading, at the earlier of the London PM Fix for such day or 12:00 noon New York time. The NAV of the Trust is the aggregate value of the Trust&#146;s assets less its estimated accrued but unpaid
  liabilities (which include accrued expenses). In determining the Trust&#146;s NAV, the Trustee will value the gold held by the Trust based on the London PM Fix price for an ounce of gold. The Trustee will also determine the NAV per Share. If on a day when the Trust&#146;s NAV is being calculated the London
  PM Fix is not available or has not been announced by 12:00 noon New York time, the gold price from the next most recent London fix (AM or PM) will be used, unless the Sponsor determines that such price is inappropriate to use.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s assets will 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 not assumed by the Sponsor. Except for the transfer of gold in or out of the Trust Unallocated Account in connection with the
  creation or redemption of Baskets, upon a delivery of gold to pay the Sponsor&#146;s Fee or upon a sale of gold to pay the Trust&#146;s expenses not assumed by the Sponsor, 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. Each Share will represent a proportional interest, based on the total number of Shares outstanding, in the gold and any cash held by the Trust, less the Trust&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s website
  (www.etfsecurities.com) will provide ongoing 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 Arca is open for regular trading and will be posted on the Trust&#146;s website.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust has no fixed termination date.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=sponsor1>THE SPONSOR</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor is a Delaware limited liability company and was formed on November 24, 2008. The Sponsor&#146;s office is located at 555 California Street, Suite 2900, San Francisco, California 94104. Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor, the sole
  member of the Sponsor, ETF Securities Limited, is not responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole member of the Sponsor.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">22</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Sponsor&#146;s Role</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will arrange for the creation of the Trust, the registration of the Shares for their public offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the
  Trustee&#146;s monthly fee and out-of-pocket expenses, the Custodian&#146;s fee, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor will also pay the costs of the Trust&#146;s organization and the initial sale of the Shares,
  including the applicable SEC registration fees.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital, surplus and undivided profits of
  at least $150 million), (ii) if, having received written notice of a material breach of its obligations under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to the implementation of an amendment to the Trust&#146;s initial Internal Control over
  Financial Reporting. The Sponsor also has the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary
  thereafter. The Sponsor also has the right to approve any new or additional Custodian that the Trustee may wish to appoint.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will (1) develop a marketing plan for the Trust on an ongoing basis, (2) prepare marketing materials regarding the Shares, including the content of the Trust&#146;s website and (3) execute the marketing plan for the Trust.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=trustee1>THE TRUSTEE</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, will serve as the Trustee. BNYM has a trust office at 101 Barclay Street, New York, New York 10286. BNYM 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 an Authorized Participant Agreement may be obtained from BNYM. A
  copy of the Trust Agreement is available for inspection at BNYM&#146;s trust office identified above. Under the Trust Agreement, the Trustee is required to maintain capital, surplus and undivided profits of $150 million.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trustee&#146;s Role</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust&#146;s operational records. The Trustee&#146;s principal responsibilities include (1) transferring the Trust&#146;s gold as needed to pay the Sponsor&#146;s Fee in gold (gold transfers are expected to occur
  approximately monthly in the ordinary course), (2) valuing the Trust&#146;s gold and 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, (4) selling the Trust&#146;s gold as needed to pay any extraordinary Trust expenses that are not assumed by the Sponsor, (5) when appropriate, making distributions of cash or other property to Shareholders, and (6) receiving and reviewing reports from or on the Custodian&#146;s custody of and transactions
  in the Trust&#146;s gold. The Trustee shall, with respect to directing the Custodian, act in accordance with the instructions of the Sponsor. If the Custodian resigns, in the absence of such instructions, the Trustee may initiate action to appoint an additional or replacement Custodian. The ability of the Trustee
  and the Sponsor to monitor the performance of the Custodian may be limited because under the Custody Agreements the Trustee, Sponsor and the Sponsor&#146;s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining the Trust&#146;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&#146;s gold or any records maintained by the subcustodian, and no subcustodian is </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such subcustodian.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee&#146;s monthly fees and out-of-pocket expenses will be paid by the Sponsor.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=custodian1>THE CUSTODIAN</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">HSBC Bank USA, N.A. will serve as the Custodian of the Trust&#146;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&#146;s 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&#146;s London custodian operations are subject to supervision by the FSA.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Custodian&#146;s Role</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will maintain for each Authorized Participant and the unallocated and allocated gold accounts it will maintain for the Trust. The Custodian is responsible for allocating specific bars of gold bullion to the Trust&#146;s allocated gold account. The Custodian will provide
  the Trustee with regular reports detailing the gold transfers in and out of the Trust&#146;s unallocated and allocated gold accounts and identifying the gold bars held in the Trust&#146;s allocated gold account.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian&#146;s fees will be paid by the Sponsor.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description2>DESCRIPTION OF THE SHARES</a></B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>General</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee will create Shares only in Baskets (a Basket equals a block of 50,000 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Description of Limited Rights</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares do not represent a traditional investment and you should not view them as similar to &#147;shares&#148; of a corporation operating a business enterprise with management and a board of directors. As a Shareholder, you will not have the statutory rights normally associated with the ownership of
  shares of a corporation, including, for example, the right to bring &#147;oppression&#148; or &#147;derivative&#148; actions. All Shares are of the same class with equal rights and privileges. Each Share is </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 Agreement. 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Distributions</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. See &#147;Description of the Trust Agreement&#151;Termination of the Trust.&#148; 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Voting and Approvals</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust Agreement require advance notice
  to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval is required for any amendment to the Trust Agreement.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Redemption of the Shares</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares may only be redeemed by or through an Authorized Participant and only in Baskets. See &#147;Creation and Redemption of Shares&#148; for details on the redemption of the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Book-Entry Form</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Individual certificates will not be issued for the Shares. Instead, one or more global certificates will be deposited by the Trustee with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates will evidence all of the Shares outstanding at any time. Under the Trust
  Agreement, 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 will be made in accordance with standard securities industry practice.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=custody1>CUSTODY OF THE TRUST&#146;S GOLD</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Custody of the gold bullion deposited with and held by the Trust will be 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will allocate 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The process of withdrawing gold from the Trust for a redemption of a Basket will follow 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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;Creation and Redemption of Shares.&#148;</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description3>DESCRIPTION OF THE CUSTODY AGREEMENTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;Custody Agreements&#148; 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Reports</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will provide 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 and containing sufficient information
  to identify each bar of gold held in the Trust Allocated Account and the custodian or subcustodian having possession of such bar. The Custodian will also provide 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. Under the Custody Agreements, a &#147;business day&#148; means any day other than a day (1) when the NYSE Arca 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian&#146;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&#146;s business (usually 4:00 PM London time) on such business day.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Subcustodians</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Allocated Bullion Account Agreement, the Custodian may select subcustodians to perform any of its duties, including temporarily holding gold for it. These subcustodians may in turn select other subcustodians to perform their duties, including temporarily 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&#146;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, N.A., UBS AG, Barclays Bank PLC, Johnson Matthey plc, Brink&#146;s Global Services Inc. and Via Mat
  International. 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.</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Location and Segregation of Gold; Access</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Gold held for the Trust Allocated Account by the Custodian will be held at the Custodian&#146;s London vault. Gold temporarily held by the Custodian&#146;s currently selected subcustodians and by subcustodians of subcustodians may be held in vaults located in England or in other locations.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will segregate by identification in its books and records the Trust&#146;s gold in the Trust Allocated Account from any other gold which it owns or holds for others and will require the subcustodians it selects to so segregate the Trust&#146;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&#146;s books and records will 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee may, upon reasonable notice, visit the Custodian&#146;s premises up to twice a year and examine the Trust&#146;s gold held there and the Custodian&#146;s records concerning the Trust Allocated Account and the Trust Unallocated Account. With respect to the Trust Unallocated Account, a second visit
  to the Custodian&#146;s premises in any calendar year shall require the consent of the Custodian, which consent may not be withheld unreasonably. The Trust&#146;s independent auditors may also visit the Custodian&#146;s premises in connection with their audit of the financial statements of the Trust. Visits will not be
  allowed when no gold of the Trust is held in the Custodian&#146;s vault.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers into the Trust Unallocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will credit 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 that the Trustee has transferred from the Trust Allocated Account.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers from the Trust Unallocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will transfer gold from the Trust Unallocated Account only in accordance with the Trustee&#146;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; (3) by transferring gold to pay the Sponsor&#146;s Fee, in connection with a sale to pay other expenses of the Trust or in connection with the liquidation of the Trust; or (4) by either (A) making gold available for collection at the Custodian&#146;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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will use commercially reasonable efforts to transfer gold from the Trust Unallocated Account to the Trust Allocated Account by 2:00 PM London time on each business day. In doing so, the Custodian shall identify bars or ingots of a weight most closely approximating, but not
  exceeding, the balance in the Unallocated Account and shall transfer such weight from the Unallocated Account to the Allocated Account.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">27</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers into the Trust Allocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will receive transfers of gold into the Trust Allocated Account only at the Trustee&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers from the Trust Allocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will transfer gold from the Trust Allocated Account only in accordance with the Trustee&#146;s instructions. Generally, the Custodian will transfer gold from the Trust Allocated Account only by debiting gold from the Trust Allocated Account and crediting the gold to the Trust Unallocated
  Account.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Right to Refuse Transfers or Amend Transfer Procedures</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 necessary due to a change in rules of a banking or regulatory association governing the Custodian. 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&#146;s need to communicate any changes to Authorized Participants and others.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian receives no fee under the Unallocated Bullion Account Agreement.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Unallocated Account Credit and Debit Balances</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Exclusion of Liability</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Indemnity</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will, solely out of the Trust&#146;s assets, indemnify the Custodian (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which the Custodian may suffer or incur in connection with the Custody Agreements, except to the extent that such sums are due
  directly to the Custodian&#146;s negligence, willful default or fraud.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">28</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Insurance</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will maintain such insurance for its business, including its bullion and custody business, as it deems appropriate in connection with its custodial and other obligations and will be responsible for all costs, fees and expenses arising from the insurance policy or policies attributable to its
  relationship with the Trust. The Trustee and the Sponsor may, subject to confidentiality restrictions, review this insurance coverage from time to time upon reasonable prior notice.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Force Majeure</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will not be 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Termination</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee and the Custodian may each terminate any Custody Agreement upon 90 business days&#146; prior notice, provided that the Custody Agreements may not be terminated prior to ______, 20__ unless the Trust is terminated. The Custody Agreements may be terminated by the Custodian or the
  Trust upon written notice effective immediately in the event that (1) it becomes unlawful for either party to have entered into the agreement or to provide or receive the services thereunder or (2) either party determines in its sole view that the other party is insolvent or faces impending insolvency. If
  either the Allocated Bullion Account Agreement or the Unallocated Bullion Account Agreement is terminated, the other agreement automatically terminates.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Governing Law</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=creation1>CREATION AND REDEMPTION OF SHARES</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized 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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">creations and redemptions. The Authorized 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 will pay a transaction fee of $500 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 will 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;Plan
  of Distribution.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 (Authorized 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&#146;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&#146;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&#146;s liability threshold under the Authorized Participant Unallocated Bullion
  Account Agreement is gross negligence, not negligence, which is the Custodian&#146;s liability threshold under the Trust&#146;s Custody Agreements.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">As the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the Trust&#146;s Unallocated Bullion Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant Unallocated Bullion Account
  Agreement carefully. A copy of the Authorized Participant Unallocated Bullion Account Agreement may be obtained by potential Authorized Participants from the Custodian. A copy of the Authorized Participant Agreement may be obtained by potential Authorized Participants from the Trustee.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. Each Authorized Participant will be registered as a broker-dealer under the Securities Exchange Act of 1934 (Exchange Act) and regulated by FINRA 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 broker or
  dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants will 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, ____, _____ and _____ have each signed an Authorized 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.</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will first be credited to the Trust Unallocated Account. Thereafter, the Custodian will allocate 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Authorized 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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 Agreement and the form of Authorized Participant Agreement for more detail, each of which is attached as an exhibit to the
  registration statement of which this prospectus is a part. See &#147;Where You Can Find More Information&#148; for information about where you can obtain the registration statement.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Creation Procedures</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets. Creation and redemption orders will be accepted on &#147;business days&#148; the NYSE Arca is open for regular trading. Settlements of such orders requiring receipt or delivery, or
  confirmation of receipt or delivery, of gold in the United Kingdom or another jurisdiction will occur on &#147;business days&#148; when (1) banks in the United Kingdom or such other jurisdiction and (2) the London gold markets are regularly open for business. If such banks or the London gold markets are not
  open for regular business for a full day, such a day will only be a &#147;business day&#148; for settlement purposes if the settlement procedures can be completed by the end of such day. Settlement of orders requiring receipt or delivery, or confirmation of receipt or delivery, of Shares will occur, after confirmation
  of the applicable gold delivery, on &#147;business days&#148; the NYSE Arca is open for regular trading. Purchase orders must be placed by 4:00 PM or the close of regular trading on the NYSE Arca, whichever is earlier. The day on which the Trustee receives a valid purchase order is the purchase order date.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Determination of required deposits</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The total deposit required to create each Basket (Creation Basket 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 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&#146;s operations a cash deposit will not be required for the creation of
  Baskets.</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will be 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 will be finally determined by the Trustee. The Trustee&#146;s determination of the Creation Basket Deposit shall be final and binding on all persons interested in the Trust.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Delivery of required deposits</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 third 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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;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 &#147;Risk Factors&#151;Gold held in the Trust&#146;s unallocated gold account
  and any Authorized Participant&#146;s unallocated gold account will not be segregated from the Custodian&#146;s assets....&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 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 (maximum weight to make one Good Delivery Bar) is expected to be held in the Trust Unallocated Account at the close of each
  business day.</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Rejection of purchase orders</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit if not presented in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel, might be unlawful. None of the Trustee,
  the Sponsor or the Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Redemption Procedures</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The procedures by which an Authorized Participant can redeem one or more Baskets will 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 Arca, 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Determination of redemption distribution</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The redemption distribution from the Trust will consist of (1) a credit to the redeeming Authorized Participant&#146;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&#146;s
  redemption order. The Trustee will distribute any positive cash redemption amount through DTC to the account of the Authorized Participant as recorded on DTC&#146;s book entry system. If the cash redemption amount is negative, the credit to the Authorized Participant Unallocated Account will be
  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&#146;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 will be subject to the deduction of any applicable tax or other governmental charges
  which may be due.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Delivery of redemption distribution</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The redemption distribution due from the Trust will be 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&#146;s DTC account has been credited with the Baskets to be redeemed. If
  the Trustee&#146;s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution will be delivered to the extent of whole Baskets received. Any remainder of the redemption distribution will be 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&#146;s DTC account by 9:00 AM New York time on such next
  business day. Any further outstanding amount of the redemption order shall be cancelled. The Trustee is also authorized to deliver the redemption distribution </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">notwithstanding that the Baskets to be redeemed are not credited to the Trustee&#146;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&#146;s book entry
  system on such terms as the Sponsor and the Trustee may from time to time agree upon.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will transfer the redemption gold amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter, to the redeeming Authorized Participant&#146;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&#146;s insolvency. See &#147;Risk Factors&#151;Gold held in the Trust&#146;s unallocated gold account and any Authorized Participant&#146;s unallocated gold account will not be segregated from the Custodian&#146;s assets....&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 (maximum weight to make one Good
  Delivery Bar) is expected to be held in the Trust Unallocated Account at the close of each business day.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Suspension or rejection of redemption orders</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is
  suspended or restricted or (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable. 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Creation and Redemption Transaction Fee</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">To compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant will be required to pay a transaction fee to the Trustee of $500 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Tax Responsibility</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 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.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description4>DESCRIPTION OF THE TRUST AGREEMENT</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust operates under the terms of the Trust Agreement, dated as of ________, 2009 between the Sponsor and the Trustee. A copy of the Trust Agreement is available for inspection at the Trustee&#146;s office. The following is a description of the material terms of the Trust Agreement.</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Sponsor</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This section summarizes some of the important provisions of the Trust Agreement which apply to the Sponsor. For a general description of the Sponsor&#146;s role concerning the Trust, see &#147;The Sponsor&#151;The Sponsor&#146;s Role.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Liability of the Sponsor and indemnification</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor and its members, managers, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without (1) gross negligence, bad faith,
  willful misconduct or willful malfeasance on the part of such indemnified party arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard on the part of such
  indemnified party of its obligations and duties under the Trust Agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred by such indemnified party in defending itself against any claim or liability in its capacity as Sponsor. Any amounts payable to a indemnified
  party may be payable in advance or shall be secured by a lien on the Trust. The Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable in respect of the Trust Agreement and the interests of the Shareholders and, in such event, the legal expenses and costs of any
  such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor may rely on all information provided by the Trustee for securities filings, including a free writing prospectus or marketing materials. If such information is incorrect or omits material information and is the foundation for a claim against the Sponsor, the Sponsor may be entitled to
  indemnification from the Trust.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Successor sponsors</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trustee</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This section summarizes some of the important provisions of the Trust Agreement which apply to the Trustee. For a general description of the Trustee&#146;s role concerning the Trust, see &#147;The Trustee&#151;The Trustee&#146;s Role.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Qualifications of the Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 $150 million.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>General duty of care of Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee is a fiduciary under the Trust Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee are limited by, and are only those specifically set forth in, the Trust Agreement. For limitations of the fiduciary duties of the Trustee, see the limitations
  on liability set forth in &#147;The Trustee&#151;Limitation on Trustee&#146;s liability&#148; and &#147;The Trustee&#151;Trustee&#146;s liability for custodial services and agents.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Limitation on Trustee&#146;s liability</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will not be liable for the disposition of gold or moneys, or in respect of any evaluation which it makes under the Trust Agreement 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 Agreement in the absence of gross negligence, bad faith, willful misconduct or willful malfeasance on its part or reckless disregard on its part of its obligations and duties under the Trust Agreement. 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 Agreement. In no event will the Trustee be liable for acting or omitting to act in reliance upon the
  advice of or information from legal counsel, accountants or any other person believed by it in good faith to be competent to give such advice or information. In addition, the Trustee will not be liable for any delay in performance or for the non-performance of any of its obligations under the Trust
  Agreement by reason of causes beyond its reasonable control, including acts of God, war or terrorism. The Trustee will not be 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&#146;s assets.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Trustee&#146;s liability for custodial services and agents</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will not be answerable for the default of the Custodian or any other custodian of the Trust&#146;s gold employed at the direction of the Sponsor or selected by the Trustee with reasonable care. The Trustee 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 Agreement, exclusive of fees for services to be performed by the Trustee, will be expenses of the Trust. Fees paid for the custody of assets other than gold will be an expense of the Trustee.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Taxes</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will not be 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
  which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises. For all such taxes and </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">charges and for any expenses, including counsel&#146;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&#146;s assets and the payment of such amounts shall be secured by a lien on the Trust.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Indemnification of the Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee, its directors, employees and agents shall be indemnified from the Trust and held harmless against any loss, liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the
  Trust Agreement or by reason of the Trustee&#146;s acceptance of the Trust incurred without (1) gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such indemnified party in connection with the performance of its obligations under the Trust Agreement or any actions taken in
  accordance with the provisions of the Trust Agreement or (2) reckless disregard on the part of such indemnified party of its obligations and duties under the Trust Agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred by such indemnified party in defending
  itself against any claim or liability in its capacity as Trustee. Any amounts payable to a indemnified party may be payable in advance or shall be secured by a lien on the Trust.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Indemnity for actions taken to protect the Trust</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s costs resulting from the Trustee&#146;s appearance in,
  prosecution of or defense of any such action are deductible from and will constitute a lien against the Trust&#146;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 Agreement.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Protection for amounts due to Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If any fees or costs owed to the Trustee under the Trust Agreement are not paid when due by the Sponsor, the Trustee may sell or otherwise dispose of any Trust assets (including gold) and pay itself from the proceeds provided, however, that the Trustee may not charge to the Trust unpaid fees
  owed to the Trustee by the Sponsor in excess of the fees payable to the Sponsor by the Trust. As security for all obligations owed to the Trustee under the Trust Agreement, the Sponsor, each Authorized Participant and each Shareholder grants the Trustee a continuing security interest in, and a lien on,
  the Trust&#146;s assets and all Trust distributions.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Holding of Trust property other than gold</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will hold and record the ownership of the Trust&#146;s assets in a manner so that it will be owned by the Trust and the Trustee as trustee thereof for the benefit of the Shareholders for the purposes of, and subject to and limited by the terms and conditions set forth in, the Trust Agreement.
  Other than issuance of the Shares, the Trust shall not issue or sell any certificates or other obligations or, except as provided in the Trust Agreement, otherwise incur, assume or guarantee any indebtedness for money borrowed.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">All moneys held by the Trustee hereunder shall be held by it, without interest thereon or investment thereof, as a deposit for the account of the Trust. Such monies held hereunder shall be deemed segregated by maintaining such monies in an account or accounts for the exclusive benefit of the Trust.
  The Trustee 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 such custodians, agents, attorneys, accountants, auditors and other professionals if such custodians,
  agents, attorneys, accountants, auditors or other professionals shall have been selected with reasonable care. Any 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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">federal agency securities (Book Entry System), DTC, or through any other clearing agency or similar system (Clearing Agency), if available. The Trustee will have 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Resignation, discharge or removal of Trustee; successor trustees</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee may at any time resign as Trustee by written notice of its election so to do, delivered to the Sponsor, and such resignation shall take effect upon the appointment of a successor Trustee and its acceptance of such appointment.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor may remove the Trustee in its discretion by written notice delivered to the Trustee at least 90 days prior to the fifth anniversary of the date of the Trust Agreement or, thereafter, by written notice delivered to the Trustee at least 90 days prior to the last day of any subsequent three-
  year period.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor may also remove the Trustee at any time if the Trustee (1) ceases to be a Qualified Bank (as defined below), (2) is in material breach of its obligations under the Trust Agreement and fails to cure such breach within 30 days after receipt of written notice from the Sponsor or
  Shareholders acting on behalf of at least 25% of the outstanding Shares specifying such default and requiring the Trustee to cure such default, or (3) fails to consent to the implementation of an amendment to the Trust&#146;s initial Internal Control Over Financial Reporting deemed necessary by the Sponsor
  and, after consultations with the Sponsor, the Sponsor and the Trustee fail to resolve their differences regarding such proposed amendment. Under such circumstances, the Sponsor, acting on behalf of the Shareholders, may remove the Trustee by written notice delivered to the Trustee and such removal
  shall take effect upon the appointment of a successor Trustee and its acceptance of such appointment.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A &#147;Qualified Bank&#148; means a bank, trust company, corporation or national banking association organized and doing business under the laws of the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (i) is a DTC Participant
  or a participant in such other depository as is then acting with respect to the Shares; (ii) unless counsel to the Sponsor, the appointment of which is acceptable to the Trustee, determines that the following requirement is not necessary for the exception under Section 408(m) of the Code, to apply, is a
  banking institution as defined in Section 408(n) of the Code and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and undivided profits of at least $150,000,000.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor may also remove the Trustee at any time if the Trustee merges into, consolidates with or is converted into another corporation or entity in a transaction in which the Trustee is not the surviving entity. The surviving entity from such a transaction shall be the successor of the Trustee
  without the execution or filing of any document or any further act; however, during the 90-day period following the effectiveness of such transaction, the Sponsor may, by written notice to the Trustee, remove the Trustee and designate a successor Trustee.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If the Trustee resigns or is removed, the Sponsor, acting on behalf of the Shareholders, shall use its reasonable efforts to appoint a successor Trustee, which shall be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to the Sponsor, acting on behalf of the
  Shareholders, an instrument in writing accepting its appointment hereunder, and thereupon such successor Trustee, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums
  due it and on the written request of the Sponsor, acting on behalf of the Registered Owners, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Trust&#146;s assets to
  such successor, and shall deliver to such successor a list of the Shareholders of all outstanding Shares. The Sponsor or any such successor Trustee shall promptly mail notice of the appointment of such successor Trustee to the Shareholders.</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">If the Trustee resigns and no successor trustee is appointed within 60 days after the date the Trustee issues its notice of resignation, the Trustee will terminate and liquidate the Trust and distribute its remaining assets.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Custodian and Custody of the Trust&#146;s Gold</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This section summarizes some of the important provisions of the Trust Agreement which apply to the Custodian and the custody of the Trust&#146;s gold. For a general description of the Custodian&#146;s role, see &#147;The Custodian&#151;The Custodian&#146;s Role.&#148; For more information on the custody of the Trust&#146;s gold,
  see &#147;Custody of the Trust&#146;s Gold&#148; and &#147;Description of the Custody Agreements.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee, on behalf of the Trust, will enter into the Custody Agreements with the Custodian under which the Custodian will maintain the Trust Allocated Account and the Trust Unallocated Account.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Before entering into the Custody Agreements, the Trustee will seek the consent of the Sponsor, who will determine that, subject to the limitations and shortcomings that are described under &#147;Risk Factors&#148; and &#147;Custody of the Trust&#146;s Gold,&#148; the Custody Agreements establishing the Trust Allocated
  Account and Trust Unallocated Account protect the Trust and the interests of the Shareholders. Prior to the initial deposit of gold with a custodian which is in addition to or in lieu of the Custodian, the Sponsor will determine that the relevant custody agreement and related custody arrangements include
  certain provisions intended to assure the safe custody of the gold held by the custodian unless the Sponsor has permitted the Trustee in writing to enter into the relevant custody agreement without one or more of such provisions.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will appoint accountants or other inspectors to monitor the accounts and operations 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. The Trustee has no obligation to monitor the activities of any Custodian other than to receive and review such reports of the gold held for the Trust by such Custodian and of transactions in gold held for the account of the Trust made by such Custodian pursuant to the Custody
  Agreements. In the event that the Sponsor determines that the maintenance of gold with a particular custodian is not in the best interests of the Shareholders, the Sponsor will direct the Trustee to 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 &#147;The Trustee&#151;The Trustee&#146;s Role&#148; 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Appointment and removal of custodians</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s consent if the employment would have a
  material adverse effect on the Trustee&#146;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 applicable to the additional or successor custodian substantially satisfy certain specified requirements set forth in the Trust Agreement, unless the Sponsor has permitted the
  Trustee to enter into such custody agreements without satisfaction of these requirements. Investors should be aware that these requirements are different in certain respect than the requirements set forth in the Custody Agreements.</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Valuation of Gold, Definition of Net Asset Value and Adjusted Net Asset Value</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">As of the London PM Fix on each day that the NYSE Arca 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 noon New York time on such day, as of 12:00 noon New York time on such day (Evaluation Time), the
  Trustee will evaluate the gold held by the Trust and determine both the ANAV and the NAV of the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">At the Evaluation Time, the Trustee will value the Trust&#146;s gold on the basis of that day&#146;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 will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the London PM Fix or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust&#146;s gold is not an
  appropriate basis for evaluation of the Trust&#146;s gold, it 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&#146;s gold or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith. See &#147;Operation of the Gold Bullion Market&#151;The London Bullion Market&#148; for a description of the London PM Fix.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Once the value of the gold has been determined, the Trustee will subtract all estimated accrued but unpaid fees, 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&#146;s reserve account, if established).
  The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor&#146;s Fee.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">To determine the Trust&#146;s NAV, the Trustee will subtract the amount of estimated accrued but unpaid fees 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 will
  also determine 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 Arca (which includes the net number of any Shares created or redeemed on such evaluation day).</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee&#146;s estimation of accrued but unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those
  actually paid.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor and the Shareholders may rely on any evaluation furnished by the Trustee, and the Sponsor will have no responsibility for the evaluation&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Other Expenses</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If at any time, other expenses are incurred outside the daily business of the Trust and the Sponsor&#146;s Fee, the Trustee will at the discretion of the Sponsor or in its own discretion sell the Trust&#146;s gold as necessary to pay such expenses. The Trust shall not bear any expenses incurred in connection with
  the issuance and distribution of the securities being registered. These expenses shall be paid by the Sponsor.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">40</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Sales of Gold</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will at the direction of the Sponsor or in its own discretion sell the Trust&#146;s gold as necessary to pay the Trust&#146;s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor&#146;s Fee. The Sponsor&#146;s Fee will be paid through delivery of gold from the
  Trust Unallocated Account that had been de-allocated from the Trust Allocated Account for this purpose. When selling gold to pay other expenses, the Trustee will endeavor to sell the smallest amounts of gold needed to pay expenses in order to minimize the Trust&#146;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. See &#147;United States Federal
  Income Tax Consequences&#151;Taxation of US Shareholders&#148; for information on the tax treatment of gold sales.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will also sell the Trust&#146;s gold if the Sponsor notifies the Trustee that sale 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Securities Depository; Book-Entry-Only System; Global Security</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">DTC will act 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 &#147;clearing corporation&#148; within the meaning of the New York Uniform Commercial Code, and a &#147;clearing
  agency&#148; 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 is expected to agree with and represent to the DTC Participants that it will administer its book-entry system in accordance with its rules
  and by-laws and the requirements of law.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Individual certificates will not be issued for the Shares. Instead, one or more global certificates will be 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
  will 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Upon the settlement date of any creation, transfer or redemption of Shares, DTC will credit or debit, 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 will designate the accounts to be credited and charged in the case of creation or redemption of Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Beneficial ownership of the Shares will be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in the Shares will be shown on, and the transfer of ownership will be effected only through,
  records maintained by DTC (with respect to DTC Participants), the records of DTC Participants </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">41</FONT></P>
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<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">(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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will be made in accordance with standard securities industry practice.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Share Splits</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Books and Records</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will keep 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&#146;s satisfaction that such person is a
  Shareholder upon reasonable advance notice at all reasonable times during the usual business hours of the Trustee.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will keep a copy of the Trust Agreement on file in its office which will be available for inspection on reasonable advance notice at all reasonable times during its usual business hours by any Shareholder.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Statements, Filings and Reports</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will be 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 Arca and shall be distributed to such persons and in such manner, as shall be required by applicable laws, rules and regulations.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">42</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The costs incurred in connection with such statements, filings and reports will be expenses of the Trust.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Fiscal Year</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The fiscal year of the Trust will initially be the period ending December 31 of each year. The Sponsor may select an alternate fiscal year.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Termination of the Trust</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will set a date on which the Trust shall terminate and mail notice of the termination to the Shareholders at least 30 days prior to the date set for termination if any of the following occurs:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Trustee is notified that the Shares are delisted from the NYSE Arca and are not approved for listing on another national securities exchange within five business days of their delisting;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Shareholders acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">60 days have elapsed since the Trustee notified the Sponsor of the Trustee&#146;s election to resign and a successor trustee has not been appointed and accepted its appointment;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">the SEC determines that the Trust is an investment company under the Investment Company Act of 1940 and the Trustee has actual knowledge of such Commission determination;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">the aggregate market capitalization of the Trust, based on the closing price for the Shares, was less than $350 million (as adjusted for inflation) at any time after the first anniversary after the Trust&#146;s formation and the Trustee receives, within six months after the last of those trading days, notice
      from the Sponsor of its decision to terminate the Trust;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936 and the Trustee has actual knowledge of that determination;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">the Trust fails to qualify for treatment, or ceases to be treated, for United States federal income tax purposes, as a grantor trust, and the Trustee receives notice from the Sponsor that the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is
      advisable;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">60 days have elapsed since DTC ceases to act as depository with respect to the Shares and the Sponsor has not identified another depository which is willing to act in such capacity; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">the Trustee elects to terminate the Trust after the Sponsor is deemed conclusively to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer
      taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On and after the date of termination of the Trust, the Shareholders will, upon (i) surrender of Shares then held, (ii) payment of the fee of the Trustee for the surrender of Shares, and (iii) payment of any applicable taxes or other governmental charges, be entitled to delivery of the amount of Trust
  assets represented by those Shares. The Trustee shall not accept any deposits of gold after the date of termination. If any Shares remain outstanding after the date of termination, the Trustee thereafter shall discontinue the registration of transfers of Shares, shall not make any distributions to
  Shareholders, and shall not give any further notices or perform any further acts </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">43</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">under the Trust Agreement, except that the Trustee will continue to collect distributions pertaining to Trust assets and hold the same uninvested and without liability for interest, pay the Trust&#146;s expenses and sell gold as necessary to meet those expenses and will continue to deliver Trust assets, together
  with any distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares surrendered to the Trustee (after deducting or upon payment of, in each case, the fee of the Trustee for the surrender of Shares, any expenses for the account of the
  Shareholders in accordance with the terms and conditions of the Trust Agreement, and any applicable taxes or other governmental charges).</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">At any time after the expiration of 90 days following the date of termination of the Trust, the Trustee may sell the Trust assets then held under the Trust Agreement and may thereafter hold the net proceeds of any such sale, together with any other cash then held by the Trustee under the Trust
  Agreement, without liability for interest, for the pro rata benefit of the Shareholders that have not theretofore surrendered their Shares. After making such sale, the Trustee shall be discharged from all obligations under the Trust Agreement, except to account for such net proceeds and other cash (after
  deducting, in each case, any fees, expenses, taxes or other governmental charges payable by the Trust, the fee of the Trustee for the surrender of Shares and any expenses for the account of the Shareholders in accordance with the terms and conditions of the Trust Agreement, and any applicable taxes or
  other governmental charges). Upon the termination of the Trust, the Sponsor shall be discharged from all obligations under the Trust Agreement except for its certain obligations to the Trustee that survive termination of the Trust Agreement.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Amendments</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee and the Sponsor may amend any provisions of the Trust Agreement without the consent of any Shareholder. Any amendment that imposes or increases any fees or charges (other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise
  prejudices any substantial existing right of the Shareholders will not become effective as to outstanding Shares until 30 days after notice of such amendment is given to the Shareholders. Amendments to allow redemption for quantities of gold smaller or larger than a Basket or to allow for the sale of gold
  to pay cash proceeds upon redemption shall not require notice pursuant to the preceding sentence. Every Shareholder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by
  the Trust Agreement as amended thereby. In no event shall any amendment impair the right of the Shareholder to surrender Baskets and receive therefor the amount of Trust assets represented thereby, except in order to comply with mandatory provisions of applicable law.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Governing Law; Consent to New York Jurisdiction</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust Agreement, and the rights of the Sponsor, the Trustee, DTC (as registered owner of the Trust&#146;s global certificates for Shares) and the Shareholders under the Trust Agreement, 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.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=united1>UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following discussion of the material United States federal income tax consequences that generally will apply to the purchase, ownership and disposition of Shares by a US Shareholder (as defined below), and certain United States federal income 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 income tax law and subject to the limitations and qualifications described therein, the opinion of Katten Muchin Rosenman LLP, counsel to the Sponsor and special US tax counsel to
  the Trust. An opinion of counsel, however, is not binding on the Internal </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">Revenue Service (IRS) or on the courts, and does not preclude the IRS from taking a contrary position. 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, banks and other financial institutions, insurance companies, real estate
  investment trusts, tax-exempt entities, Shareholders whose functional currency is not the US dollar 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 will hold Shares as &#147;capital assets&#148; within
  the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer tax 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 or any transfer tax considerations potentially applicable to their investment in Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">For purposes of this discussion, a &#147;US Shareholder&#148; is a Shareholder that is:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      An individual who is treated as a citizen or resident of the United States for US federal income tax purposes;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of the United States or any political subdivision thereof;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">An estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for US federal tax purposes) is generally considered a &#147;Non-US Shareholder&#148; 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Taxation of the Trust</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will be classified as a &#147;grantor trust&#148; for US federal income tax purposes. As a result, the Trust itself will not be subject to US federal income tax. Instead, the Trust&#146;s income and expenses will &#147;flow through&#148; to the Shareholders, and the Trustee will report the Trust&#146;s income, gains, losses
  and deductions to the IRS on that basis.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Taxation of US Shareholders</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s income, if any, and as if they
  directly incurred their respective pro rata shares of the Trust&#146;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 represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder&#146;s tax basis and holding period for the Shareholder&#146;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 (except to the extent of any cash contributed for such Shares). For </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">purposes of this discussion, it is assumed that all of a Shareholder&#146;s Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their tax advisors as to the determination of
  the tax basis and holding period for the underlying gold related to such Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s pro rata share of the amount realized by the Trust upon the sale and (2) the Shareholder&#146;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 a holding period in its Shares of longer than one year. A Shareholder&#146;s tax basis for its share of any gold sold by the Trust generally will be determined by
  multiplying the Shareholder&#146;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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Upon a Shareholder&#146;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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A redemption of some or all of a Shareholder&#146;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&#146;s tax basis for the gold received in the redemption generally will be the same as the
  Shareholder&#146;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&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">After any sale or redemption of less than all of a Shareholder&#146;s Shares, the Shareholder&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">An Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received from exchange-traded products that are substantially similar to the Trust in the Trust&#146;s Shares. Authorized Participants and other investors should consult their tax
  advisors as to whether and under what circumstances the reinvestment in the Shares of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Maximum 28% Long-term Capital Gains Tax Rate for US Shareholders who are Individuals</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under current law, gains recognized by individuals from the sale of &#147;collectibles,&#148; including gold bullion, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 15% rate applicable to 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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">attributable to the Trust&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Brokerage Fees and Trust Expenses</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Any brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, to the extent that such expenses may be deducted, 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 further limitations under applicable provisions of the Code, and may not be deductible at all for alternative minimum tax purposes.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Investment by Regulated Investment Companies</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Mutual funds and other investment vehicles which are &#147;regulated investment companies&#148; 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 &#147;security&#148; 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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>United States Information Reporting and Backup Withholding for US and Non-US Shareholders</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee or the appropriate Broker will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection with the Trust. Each Shareholder will be provided with information regarding its allocable portion of the Trust&#146;s annual income (if any)
  and expenses, and sales of Trust assets, including the amount of proceeds attributable to each Share.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The amount of any backup withholding will be allowed as a credit against a Shareholder&#146;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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Income Taxation of Non-US Shareholders</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Taxation in Jurisdictions other than the United States</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=erisa1>ERISA AND RELATED CONSIDERATIONS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;plan assets&#148; 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 &#147;Risk Factors&#148; 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&#146;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&#146;s investment portfolio and the Plan&#146;s need for
  sufficient liquidity to pay benefits when due.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">It is anticipated that the Shares will constitute &#147;publicly-held offered securities&#148; as defined in Department of Labor Regulations &sect;2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan&#146;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 &#147;fiduciary responsibility&#148; and &#147;prohibited transaction&#148; rules of ERISA and the Code.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Investment by Certain Retirement Plans</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Code section 408(m) provides that the acquisition of a &#147;collectible&#148; 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 IRS has issued private letter rulings to the effect that a purchase of shares in a Trust holding precious metals 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, 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 sections 408(d), 408(m) or 402.</FONT></P>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=plan1>PLAN OF DISTRIBUTION</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In addition to, and independent of the initial purchases by the Initial Purchaser (described below), the Trust will issue Shares in Baskets to Authorized Participants in exchange for deposits of gold on a continuous basis. Because new Shares can be created and issued on an ongoing basis, at any point
  during the life of the Trust, a &#147;distribution,&#148; as such term is used in the Securities Act, will be occurring. 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, a 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 directly 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 a particular market participant 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 could lead to designation as an underwriter.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investors that purchase Shares through a commission/fee-based brokerage account may pay commissions/fees charged by the brokerage account. We recommend that investors review the terms of their brokerage accounts for details on applicable charges.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Dealers that are not &#147;underwriters&#148; but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an &#147;unsold allotment&#148; 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor intends to qualify the Shares in states selected by the Sponsor and that sales be made through broker-dealers who are members of FINRA. Investors intending to create or redeem Baskets through Authorized Participants in transactions not involving a broker-dealer registered in such
  investor&#146;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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On _________, 2009, the Initial Purchaser has purchased 100,000 Shares which compose the initial Baskets. The Initial Purchaser intends to make a public offering of the initial Baskets at a per Share offering price that will vary, depending on, among other factors, the price of gold and the trading
  price of the Shares on the NYSE Arca at the time of offer. The Initial Purchaser will not receive from the Trust, the Sponsor, the Trustee or any of their affiliates a fee or other compensation in connection with the sale of the Shares. With respect to sale of the Shares comprising the initial Baskets and
  in the event that the Initial Purchaser or any affiliate acts as Authorized Participant, it may receive commissions/fees from investors who purchase Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will not bear any expenses in connection with the offering or sales of the initial Baskets of Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The offering of Baskets is being made in compliance with Conduct Rule 2810 of FINRA. Accordingly, the Initial Purchaser will not make any sales to any account over which it has discretionary authority without the prior written approval of a purchaser of Shares. Neither the Initial Purchaser nor
  the Authorized Participants receive from the Trust or the Sponsor any compensation in connection with an offering of the Shares. Accordingly, there is, and will be, no payment of underwriting compensation in connection with any such offering of Shares in excess of 10% of the gross proceeds of the
  offering.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Initial Purchaser will not act as an Authorized Participant with respect to the initial Baskets, and its activities with respect to the initial Baskets will be distinct from those of an Authorized Participant.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares will trade on the NYSE Arca under the symbol &#147;[ <font style="word-spacing: 1.00pc;">&nbsp;</font>].&#148;</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">49</FONT></P>
<p><hr color=#000000 noshade></p>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=legal1>LEGAL MATTERS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The validity of the Shares will be passed upon for the Sponsor by its counsel Katten Muchin Rosenman LLP, New York, New York, who, as special US tax counsel to the Trust, will also render an opinion regarding the material US federal income tax consequences relating to the Shares.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=experts1>EXPERTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The financial statement included in this prospectus has been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein, and is included in reliance upon the report of such firm given upon their authority as experts in accounting and
  auditing.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=where1>WHERE YOU CAN FIND MORE INFORMATION</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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&#146;s website. The internet address of the Trust&#146;s website will be www.etfsecurites.com. This internet address is only provided here as a
  convenience to you to allow you to access the Trust&#146;s website, and the information contained on or connected to the Trust&#146;s website is not part of this prospectus or the registration statement of which this prospectus is part.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 <B>100 F Street, NE, Washington, DC 20548 </B>and online at www.sec.gov. You may also obtain copies of such material from the public reference facilities of the SEC at <B>100 F Street, NE, Washington, DC
  20548</B>, 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.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">50</FONT></P>
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<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=report1>Report of Independent Registered Public Accounting Firm</a></B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>[To be provided by amendment]</B></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">F-1</FONT></P>
<p><hr color=#000000 noshade></p>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=statement2>Statement of Financial Condition</a></B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>[To be provided by amendment]</B></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">F-2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>ETFS Gold Trust</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">___,000 ETFS Gold Shares</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">PROSPECTUS</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">______________, 2009</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Until _______, 2009 (25 calendar days after the date of this prospectus), all dealers effecting transactions in the Shares, whether or not participating in this distribution, may be required to deliver a prospectus. This requirement is in addition to the obligations of dealers to deliver a prospectus when
  acting as underwriters and with respect to unsold allotments or subscriptions.</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>PART II&#151;INFORMATION NOT REQUIRED IN PROSPECTUS</B></FONT></P>
<P align="center" style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>TABLE OF CONTENTS</B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 13. Other Expenses of Issuance and Distribution.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by the Sponsor.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 14. Indemnification of Directors and Officers.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Section 7.05 of the Trust Agreement 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 Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) the indemnified
  party&#146;s reckless disregard of its obligations and duties under the Trust Agreement. The indemnity shall include payment from the Trust of the indemnified party&#146;s costs and expenses of defending itself against any claim or liability based on its capacity as Sponsor under the Trust Agreement.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 15. Recent Sales of Unregistered Securities.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Not applicable.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 16. Exhibits and Financial Statement Schedules.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(a) Exhibits</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:13.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:86.84%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Exhibit<br>Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Description</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Form of Depository Trust Agreement*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Form of Authorized Participant Agreement*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4.3</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Form of Global Certificate*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
    Opinion of Katten Muchin Rosenman LLP as to legality*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
    Opinion of Katten Muchin Rosenman LLP as to tax matters*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Form of Allocated Bullion Account Agreement*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Form of Unallocated Bullion Account Agreement*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.3</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Form of Depository Agreement*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Consent of Deloitte &amp; Touche LLP*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Consents of Katten Muchin Rosenman LLP are included in Exhibits 5.1 and 8.1*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      24.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Powers of attorney are included on the signature page to the Trust&#146;s registration statement filed with the Securities and Exchange Commission on ________, 2009.*</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      99.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Opinion of Katten Muchin Rosenman Cornish LLP*</FONT></P></TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:7pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      *</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; ">
      To be supplied by amendment</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(b) Financial Statement Schedules</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Not applicable.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 17. Undertakings.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The undersigned Registrant hereby undertakes:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-1</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; margin:0 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(ii) 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 &#147;Calculation of Registration Fee&#148; table in the
  effective registration statement; and</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(iii) 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(2) 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(i) If the Registrant is relying on Rule 430B (&sect;230.430B of this chapter):</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) (&sect;230.424(b)(3) of this chapter) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) (&sect;230.424(b)(2), (b)(5), or (b)(7) of this chapter) as part of a registration statement in reliance or Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) (&sect;230.415(a)(1)(i), (vii), or
  (x) of this chapter) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of an included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the
  first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability proposes of the issuer and any person that is at that date an underwriter such date shall be deemed to be a new effective date of the registration statement relating to the securities
  in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
  or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchase with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in
  the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(ii) If the Registrant is subject to Rule 430C (&sect;230.430C of this chapter), each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A
  (&sect;230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:0 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to
  a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(5) That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of
  any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(i) Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of this chapter);</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(iv) Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(6) 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.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-3</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>SIGNATURES</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, California, on March 26, 2009.</FONT></P>
<P style="margin:6.3mm 0 0 80.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">ETF SECURITIES USA LLC<br>Sponsor of the ETFS Gold Trust</FONT></P>
<TABLE style="margin:9.2mm 0 0 80.1mm; font-size:0.5mm; ">
  <TR valign="top">
    <TD style="width:0%;"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      By: </FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:0 0 0.4mm; "><FONT style="font-family:serif; font-size:3.8mm; ">/s/  F</FONT><FONT style="font-family:serif; font-size:2.8mm; ">RED</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 J</FONT><FONT style="font-family:serif; font-size:2.8mm; ">HEON</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
    <P style="margin:-0.6mm 0 0; text-align:left;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Fred Jheon<br>President and Chief Executive Officer</B></FONT></P>
    <P align="left" style="margin:0; ">&nbsp;</P><P style="margin-bottom:-6pt;">&nbsp;</P></TD>
  </TR>
</TABLE>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Each person whose signature appears below hereby constitutes Fred Jheon and Greg Burgess, and each of them singly, his true and lawful attorneys-in-fact with full power to sign on behalf of such person, in the capacities indicated below, any and all amendments to this registration statement and any
  subsequent related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, and generally to do all such things in the name and on behalf of such person, in the capacities indicated below, to enable the Registrant to comply with the provisions of the Securities Act of 1933 and
  all requirements of the Securities and Exchange Commission thereunder, hereby ratifying and confirming the signature of such person as it may be signed by said attorneys-in-fact, or any of them, on any and all amendments to this registration statement or any such subsequent related registration
  statement.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;">
  <TR valign="bottom">
    <TD colspan="3" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Signature</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Capacity</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Date</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center"><P><FONT style="font-family:serif; font-size:4.5mm; ">
&nbsp;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" style="width:30.89%;">
    <P style="margin:2.1mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.8mm; ">/</FONT><FONT style="font-family:serif; font-size:2.8mm; ">S</FONT><FONT style="font-family:serif; font-size:3.8mm; ">/ F</FONT><FONT style="font-family:serif; font-size:2.8mm; ">RED</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 J</FONT><FONT style="font-family:serif; font-size:2.8mm; ">HEON</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
    <P align="center" style="margin:-0.6mm 0 0; text-align:center;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Fred Jheon</B></FONT></P><P style="margin-bottom:-6pt;">&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD style="width:45.03%;">
    <P style="text-indent:-3.5mm; margin:2.1mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">President and Chief Executive Officer (principal executive officer)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="right" style="width:18.82%;">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">March 26, 2009</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" style="width:30.89%;">
    <P style="margin:2.1mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.8mm; ">/s/ G</FONT><FONT style="font-family:serif; font-size:2.8mm; ">REG</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 B</FONT><FONT style="font-family:serif; font-size:2.8mm; ">URGESS</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
    <P align="center" style="margin:-0.6mm 0 0; text-align:center;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Greg Burgess</B></FONT></P><P style="margin-bottom:-6pt;">&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD style="width:45.03%;">
    <P style="text-indent:-3.5mm; margin:2.1mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="right" style="width:18.82%;">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">March 26, 2009</FONT></P></TD>
  </TR>
</TABLE>

<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:7pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      *</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; ">
      The Registrant will be a trust and the persons are signing in their capacities as officers of ETF Securities USA LLC, the Sponsor of the Registrant.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-4</FONT></P>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>5
<FILENAME>filename5.htm
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table width="100%" border="0">
  <tr>
    <td width="70%">&nbsp;</td>
    <td><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="img1.jpg"><br> </p></td>
  </tr>
  <tr>
    <td width="70%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="70%">&nbsp;</td>
    <td><font size="2">575 Madison Avenue<br>New York, NY 10022-2585<br>212.940.8800 tel<br>212.940.8776 fax
    </font></td>
  </tr>
  <tr>
    <td width="70%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="70%">&nbsp;</td>
    <td><font size="2">P<font size="1">ETER</font> J. S<font size="1">HEA</font><br>
      peter.shea@kattenlaw.com<br>
      212-940-6447 direct<br>
    212 894-5724 fax</font></td>
  </tr>
</table>



<p style=' margin-bottom:0pt; margin-top:72pt;text-align:left;'><font size=2>March 26, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><U><font SIZE=2>VIA EDGAR</font></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Securities and Exchange Commission</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Washington, D.C.  20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p><i><b><font size=2>Re: Form S-1 Filing for ETFS Gold Trust </font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Dear Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:12pt; text-align:justify;'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of the ETFS Gold Trust (&#147;</font><i><font size=2>Trust</font></i><font size=2>&#148;) sponsored by our client, ETF Securities USA LLC, we are filing pursuant to the Securities Act of 1933 with this correspondence the registration statement on Form&nbsp;S-1 covering the proposed registration of up to 1,100,000 ETFS Gold Shares of the Trust (&#147;</font><i><font size=2>Registration Statement</font></i><font size=2>&#148;).  A blackline copy of the Registration Statement reflecting differences between the Registration Statement and the registration statement of ETFS Silver Trust is being sent to the Commission&#146;s Staff under separate cover.</font></p>

<p style=' margin-bottom:12pt; text-align:justify;'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The required registration fee in the amount of $54,828.00 has been paid by wire transfer through the FEDWIRE system. </font></p>

<p style=' margin-bottom:12pt; text-align:justify;'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please do not hesitate to contact me at (212) 940-6447 or Kathleen H. Moriarty at (212) 940-6304 if you have any questions or comments with respect to the foregoing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>




<table width="100%" border="0">
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    <td width="60%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td><font size=2>/s/ Peter J. Shea</font></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td><font size="2">Peter J. Shea</font></td>
  </tr>
</table>

<p style=' margin-bottom:24pt; margin-top:0pt; text-indent:53.85%;text-align:justify;'></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:53.85%;text-align:justify;'></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:53.85%;text-align:justify;'><font size=2>&nbsp;</font></p>



<table width="100%" border="0" cellpadding=0 cellspacing=0>
<tr>
<td width="5%" valign=top nowrap >
<p><font size=2>Cc:  </font></p> </td>
<td nowrap valign=top >
  <p><font size=2>Mr. H. Roger Schwall</font></p> </td> </tr>
    <tr >
        <td width="5%" valign=top nowrap >
<p><font size=1>&nbsp;</font></p> </td>
  <td nowrap valign=top >
  <p><font size=2>Mr. Fred Jheon</font></p> </td> </tr>
    <tr >
        <td width="5%" valign=top nowrap >
      <p><font size=1>&nbsp;</font></p> </td>
  <td nowrap valign=top >
  <p><font size=2>Mr. Greg Burgess</font></p> </td> </tr></table>

<p><hr color=#000000 noshade></p>

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