<SEC-DOCUMENT>0001450923-13-000009.txt : 20130822
<SEC-HEADER>0001450923-13-000009.hdr.sgml : 20130822
<ACCEPTANCE-DATETIME>20130710133025
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001450923-13-000009
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20130710

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Gold Trust
		CENTRAL INDEX KEY:			0001450923
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-918-4954

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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						<font style="display: inline;">, &nbsp;</font><font style="display: inline;">NY</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">10022-2585</font></p>
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						<font style="display: inline;">575 Madison Avenue</font></p>
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						<font style="display: inline;">New York</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">NY</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">10022-2585</font></p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:7pt;">Peter J. Shea</font></p>
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						<font style="display: inline;">peter.shea@kattenlaw.com</font></p>
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						<font style="display: inline;">(212) 940-6447</font><font style="display: inline;"> direct</font></p>
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						<font style="display: inline;">(212) 894-5724</font><font style="display: inline;"> fax</font></p>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">July 10</font><font style="display: inline;">, 2013</font>
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		<p style="margin:0pt 0pt 12pt;text-align:left;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Via EDGAR</font>
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		<p style="margin:0pt 0pt 12pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">United States </font><font style="display: inline;">Securities and Exchange Commission</font><br /><font style="display: inline;">Washington, DC&nbsp;&nbsp;20549</font>
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		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">ETFS </font><font style="display: inline;font-weight:bold;font-style:italic;">Gold</font><font style="display: inline;font-weight:bold;font-style:italic;"> Trust</font>
		</p>
		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">File No</font><font style="display: inline;font-weight:bold;font-style:italic;">.: 1-</font><font style="display: inline;font-weight:bold;font-style:italic;">34441</font>
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		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Form 10-K for Fisc</font><font style="display: inline;font-weight:bold;font-style:italic;">al Year ended December 31, 2012</font>
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		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Filed February 28, 2013</font>
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		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Dear Ladies &amp; Gentlemen:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">On behalf of the ETFS </font><font style="display: inline;">Gold </font><font style="display: inline;">Trust (the &#x201C;</font><font style="display: inline;font-style:italic;">Trust</font><font style="display: inline;">&#x201D;) sponsored by our client ETF Securities USA LLC (the &#x201C;</font><font style="display: inline;font-style:italic;">Sponsor</font><font style="display: inline;">&#x201D;), we submit the response</font><font style="display: inline;">s</font><font style="display: inline;"> below </font><font style="display: inline;">with </font><font style="display: inline;">respect to </font><font style="display: inline;">the </font><font style="display: inline;">comment letter </font><font style="display: inline;">of </font><font style="display: inline;">the </font><font style="display: inline;">staff of the Securities and Exchange Commission (the &#x201C;</font><font style="display: inline;font-style:italic;">Commission</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;"> dated </font><font style="display: inline;">June 25, 2013 by Mr. Kevin Woody, Accounting Branch Chief, to Mr. Christopher Foulds, Chief Financial Officer and Treasurer of the Sponsor.&nbsp;&nbsp;For your convenience, the heading</font><font style="display: inline;">s</font><font style="display: inline;"> and comment</font><font style="display: inline;">s</font><font style="display: inline;"> in bold below correspond to the heading</font><font style="display: inline;">s</font><font style="display: inline;"> and comment</font><font style="display: inline;">s</font><font style="display: inline;"> in the staff&#x2019;s comment letter.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Form 10-K for the fiscal year ended December 31, 2012</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;text-decoration:underline;">2012 Form 10-K</font><font style="display: inline;font-weight:bold;text-decoration:underline;">&#x201D;)</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">General</font>
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		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">1.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;">In future </font><font style="display: inline;font-weight:bold;">Securities </font><font style="display: inline;font-weight:bold;">Exchange Act </font><font style="display: inline;font-weight:bold;">of 1934 (&#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Exchange Act</font><font style="display: inline;font-weight:bold;">&#x201D;) </font><font style="display: inline;font-weight:bold;">periodic reports, please provide a more detailed discussion of the market for gold.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">More detailed information on the market for gold</font><font style="display: inline;"> will be contained in the Trust&#x2019;s future periodic reports</font><font style="display: inline;"> on F</font><font style="display: inline;">orm 10-K</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">AUSTIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTURY CITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOUSTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRVING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOS ANGELES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><br /><font style="display: inline;font-family:Arial;font-size:6pt;">NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORANGE COUNTY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN FRANCISCO BAY AREA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHANGHAI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON, DC</font>
		</p>
		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">LONDON: KATTEN MUCHIN ROSENMAN UK LLP</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">A limited liability partnership including professional corporations</font>
		</p>
		<p style="margin:30pt 0pt 0pt;text-align:right;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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			&nbsp;

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</div>
		<p style="margin:30pt 0pt 0pt;text-align:right;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"><img src="sgol-20130710x10qg2.jpg" style="width: 1.375in; height: 0.4583333in" alt="Katten logo_1_375"></font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">United States Securities and Exchange Commission</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;">July 10, 2013</font><font style="display: inline;"></font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Page </font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Item 1. Business, page 1</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">The Trustee, page 5</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">2.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;">We note your disclosure that the Trustee has no right to visit the premises of any sub-custodian for the purposes of examining the Trust&#x2019;s gold. &nbsp;In future Exchange Act periodic reports, please clarify whether the Sponsor has any right to visit the premises of any sub-custodian for purposes of examining the gold.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">The requested clarification will be made in the Trust&#x2019;s future </font><font style="display: inline;">period</font><font style="display: inline;">ic</font><font style="display: inline;"> report</font><font style="display: inline;">s on </font><font style="display: inline;">F</font><font style="display: inline;">orm 10-K</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Custody of the Trust&#x2019;s Gold, Page 7</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">3.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;">We note your disclosure regarding custody of the trust&#x2019;s gold.&nbsp; In future Exchange Act period</font><font style="display: inline;font-weight:bold;">ic</font><font style="display: inline;font-weight:bold;"> reports, please identify and discuss in greater detail the controls that </font><font style="display: inline;font-weight:bold;">are </font><font style="display: inline;font-weight:bold;">in place to ensure that the gold held by the trust is safe.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">Please be advised that the security </font><font style="display: inline;">protocols, </font><font style="display: inline;">procedures and controls that the Trust&#x2019;s custodian and sub-custodians utilize to safeguard the Trust&#x2019;s gold are closely held secrets that neither the Sponsor nor the Trust&#x2019;s trustee are able to obtain or otherwise disclose.&nbsp;&nbsp;Such disclosure would not be in the best interest to the Trust or its shareholders because such </font><font style="display: inline;">public </font><font style="display: inline;">disclosure could increase the Trust&#x2019;s risk of loss and is not otherwise meaningful as compared to the identity of such custodians.&nbsp;&nbsp;Nevertheless, f</font><font style="display: inline;">uture period</font><font style="display: inline;">ic</font><font style="display: inline;"> reports </font><font style="display: inline;">on Form 10-K </font><font style="display: inline;">will </font><font style="display: inline;">provide </font><font style="display: inline;">greater detail </font><font style="display: inline;">regarding such controls, including </font><font style="display: inline;">the vault inspection rights </font><font style="display: inline;">and exercise of those rights </font><font style="display: inline;">with respect to its gold held by the Trust&#x2019;s custodian</font><font style="display: inline;">.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Item</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> 5. Market for Registrant&#x2019;s Common Equity, Related Stockholder&#x2026;.. page 18</font>
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		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">4.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;">We note your disclosure of the number of shares of the trust outstanding as of February 26</font><font style="display: inline;font-weight:bold;">,</font><font style="display: inline;font-weight:bold;"> 2013.&nbsp; In future Exchange Act periodic reports, please also disclose the approximate number of holders of the shares of the trust as of the latest practicable date or advise.&nbsp; Please refer to Item 201(b)(1) of Regulation S-K</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">Please be advised that the Trust&#x2019;s shares are exchange traded </font><font style="display: inline;">in</font><font style="display: inline;"> book-entry </font><font style="display: inline;">form </font><font style="display: inline;">only.&nbsp;&nbsp;The Trust does not conduct shareholder meetings or </font><font style="display: inline;">shareholder </font><font style="display: inline;">votes and is otherwise unaware of the beneficial ownership of its shares.&nbsp;&nbsp;The Trust&#x2019;s transfer agent can only observe that Cede &amp; Co., as the nominee of the Depository Trust Company (&#x201C;</font><font style="display: inline;font-style:italic;">DTC</font><font style="display: inline;">&#x201D;), is the sole record owner of the Trust&#x2019;s shares.&nbsp;&nbsp;Upon inquiry of DTC, the</font><font style="display: inline;"> transfer agent is</font><font style="display: inline;"> only</font><font style="display: inline;"> further</font><font style="display: inline;"> able to </font><font style="display: inline;">obtain</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the names of </font><font style="display: inline;">general</font><font style="display: inline;"> nominee accounts </font><font style="display: inline;">or &#x201C;street name holders&#x201D; without indication of beneficial ownership.&nbsp;&nbsp;Consequently, the Trust is unable to determine the number of holders of its shares with any degree of accuracy in response to Item 201(b)(1) of Regulation S-K.</font>
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		<p style="margin:30pt 0pt 0pt;text-align:right;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"><img src="sgol-20130710x10qg2.jpg" style="width: 1.375in; height: 0.4583333in" alt="Katten logo_1_375"></font>
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			<font style="display: inline;">United States Securities and Exchange Commission</font>
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			<font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;">July 10, 2013</font><font style="display: inline;"></font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">Page 3</font>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">Introduction, page 24</font>
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		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">5.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;">We note your statement that &#x201C;[a] list of current Authorised Participants is available from the Sponsor or the Trustee. In future Exchange Act periodic reports, please disclose the identities of the authorized participants.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">The requested Authorized Participant identities will be provided in the Trust&#x2019;s future periodic reports on Form 10-K.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Item 9A. Control and Procedures, page 29</font>
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		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">6.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">In light of your failure to provide the consent </font><font style="display: inline;font-weight:bold;">(the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Consent</font><font style="display: inline;font-weight:bold;">&#x201D;) </font><font style="display: inline;font-weight:bold;">of your registered independent public accounting firm </font><font style="display: inline;font-weight:bold;">(the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Auditor</font><font style="display: inline;font-weight:bold;">&#x201D;) </font><font style="display: inline;font-weight:bold;">within the original filing of your Form 10-K for the fiscal year ended December 31, 2012, please tell us the basis for your conclusion that your disclosure controls and procedures were effective as of December 31, 2012.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">The Trust acknowledges that disclosure controls and procedures, as defined by Rule 13a-15(e), applies to all disclosures required by a form and, by extension, Regulation S-K,</font><font style="font-family:Times New Roman;font-size:12pt;display: inline;"></font><font style="display: inline;"> including the consent of experts permitted by Item 601(b)(23)(ii) of Regulation S-K if such consent is not otherwise included in the applicable registration statement.&nbsp;&nbsp;As stated in the correspondence to the Commission by my partner, Kathleen Moriarty, dated June 3, 2013 (the &#x201C;</font><font style="display: inline;font-style:italic;">June 3, 2013 Letter</font><font style="display: inline;">&#x201D;) with regard to this matter, the Sponsor regards the failure to file the Consent very seriously and has adopted and instituted procedures reasonably designed to prevent this oversight in the future.&nbsp; </font>
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			<font style="display: inline;"><img src="sgol-20130710x10qg2.jpg" style="width: 1.375in; height: 0.4583333in" alt="Katten logo_1_375"></font>
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			<font style="display: inline;">United States Securities and Exchange Commission</font>
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			<font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;">July 10, 2013</font><font style="display: inline;"></font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">Page 4</font>
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			<font style="display: inline;">Nevertheless, Sponsor&#x2019;s management believes that the initial failure to file the Consent&nbsp;&nbsp;with the 2012 Form 10-K is not significant enough to undermine the basis of their conclusion on the effectiveness of such disclosure controls and procedures as stated in the 2012 Form 10-K.&nbsp;&nbsp;The lack of a Consent exhibit at the time of the initial filing of the 2012 Form 10-K was not considered significant when compared to the totality of information available to investors, including the information presented in the 2012 Form 10-K and the Trust&#x2019;s current registration statement on Form S-3 </font><font style="display: inline;">(File No. 333-173472)</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Further, the Sponsor&#x2019;s management was unaware, at the time of the original 2012 Form 10-K filing, of any reason that would have prevented the Auditor from providing the Consent for filing as an exhibit to the 2012 Form 10-K had one been requested. As previously stated in the June 3, 2013 Letter, we are unaware, after consultation with the Auditor&#x2019;s personnel, of any reason that would have prevented the Auditor from providing the Consent for filing with the initial 2012 Form 10-K. Consequently, the initial failure to file the Consent with the 2012 Form 10-K does not affect the basis of Sponsor management&#x2019;s conclusion, on behalf of the Trust, that the Trust&#x2019;s disclosure controls and procedures were effective as of December 31, 2012.</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">Item 10. Directors, Executive Offices and Corporate Governance, page 32</font>
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		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">7.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">We note your disclosure that this item is not applicable.&nbsp; However</font><font style="display: inline;font-weight:bold;">,</font><font style="display: inline;font-weight:bold;"> for those persons who perform policy making functions typically performed by an executive officer or persons who perform functions typically performed by a director on behalf of the </font><font style="display: inline;font-weight:bold;">registrant, in future Exchange A</font><font style="display: inline;font-weight:bold;">ct reports, please provide the information required by Item 401 of Regulation S-K.&nbsp; Refer to Rule 3b-7 under the Exchange Act and Rule 405 of Regulation C.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">Please be advised that the Trust is established as a grantor trust established by a trust agreement executed by the Sponsor and the Trust&#x2019;s trustee.&nbsp;&nbsp;As a grantor trust, the Trust has no policy making functions to be performed </font><font style="display: inline;">nor does it have</font><font style="display: inline;"> any officers, employees or directors</font><font style="display: inline;"> or individuals performing analogous functions</font><font style="display: inline;">.&nbsp;&nbsp;Any and all policies are set forth in the trust agreement governing the Trust.</font><font style="display: inline;"> &nbsp;Moreover, the discretionary authority of the Sponsor and the trustee are strictly proscribed by the trust agreement.&nbsp;&nbsp;Once established, the only things the Trust really can do is hold gold in exchange for the issuance of shares and deliver gold for the redemption of shares and the payment of the Sponsor&#x2019;s fee &#x2013; it is not permitted any other activities in order to receive the pass-through tax treatment as a grantor trust.&nbsp;&nbsp;Consequently, the requirements of Item 401 of Regulation S-K are inapplicable to the Trust.</font><font style="display: inline;"> &nbsp;Nevertheless, the Sponsor will consider adding the biographies of its principal exec</font><font style="display: inline;">utive and financial officers in</font><font style="display: inline;"> future reports on Form 10-K.</font>
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			<font style="display: inline;"><img src="sgol-20130710x10qg2.jpg" style="width: 1.375in; height: 0.4583333in" alt="Katten logo_1_375"></font>
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			<font style="display: inline;">United States Securities and Exchange Commission</font>
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			<font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;">July 10, 2013</font><font style="display: inline;"></font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">Page 5</font>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">Item 12. Security Ownership of Certain Beneficial Owners and&#x2026;.. page 32</font>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">Security Ownership of Certain Beneficial Owners, page 32</font>
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		<p style="margin:0pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">8.</font><font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">We note your tabular disclosure of shareholders that beneficially own more than five percent of the outstanding shares of the trust.&nbsp; In future Exchange Act periodic reports, please also ide</font><font style="display: inline;font-weight:bold;">ntify the persons who, directly</font><font style="display: inline;font-weight:bold;"> or indirectly, have or share voting and/or investment power with respect to the shares held by legal entities, such as BlackRock, Inc.&nbsp; Please refer to Instruction 2 to Item 403 of Regulation S-K and Rule 13d-3 under the Exchange Act.</font>
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		<p style="margin:0pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">In all future periodic reports requiring Regulation S-K, Item 403(a) disclosure, the Trust will provide the identification of the direct and indirect beneficial </font><font style="display: inline;">ownership </font><font style="display: inline;">of its shares held by lega</font><font style="display: inline;">l entities. </font>
		</p>
		<p style="margin:0pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">The Trust acknowledges that:</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-size:12pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">the Trust is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-size:12pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">s</font><font style="display: inline;">taff comments or changes to disclosure in response to staff comments do not foreclose the Commission</font><font style="display: inline;"> from taking any action with respect to the filing; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-size:12pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">the Trust may not a</font><font style="display: inline;">ssert staff comments as a defens</font><font style="display: inline;">e in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">If you have any further comments on questions about the foregoing, please do not hesitate to contact me at (212) 940-6447 or, in my absence, Kathleen Moriarty at (212) 940-6304.</font>
		</p>
		<p style="margin:0pt 0pt 6pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Very truly yours,</font>
		</p>
		<p style="margin:0pt 0pt 6pt 216pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<br /><font style="display: inline;">/s/&nbsp;&nbsp;Peter J. Shea</font><br /><font style="display: inline;"></font><font style="display: inline;">Peter J. Shea</font>
		</p>
		<p style="margin:0pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">PJS/mb</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">cc:</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Christopher Foulds, Chief Financial Officer and Treasurer, ETF Securities USA LLC </font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Beth Frohlichstein, Attorney-Adviser </font><br /><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Thomas Kluck, Legal Branch Chief</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Kathleen Moriarty, Partner</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Mark Rakip, Staff Accountant</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;border-top:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Kevin</font><font style="display: inline;"> Woody, Accounting Branch Chief</font><br /><font style="display: inline;"></font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
