<SEC-DOCUMENT>0001387131-21-003000.txt : 20210301
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<ACCEPTANCE-DATETIME>20210301104556
ACCESSION NUMBER:		0001387131-21-003000
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		41
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210301
DATE AS OF CHANGE:		20210301

FILER:

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

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34441
		FILM NUMBER:		21695363

	BUSINESS ADDRESS:	
		STREET 1:		C/O ABERDEEN STANDARD INVESTMENTS
		STREET 2:		712 FIFTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-446-2020

	MAIL ADDRESS:	
		STREET 1:		C/O ABERDEEN STANDARD INVESTMENTS
		STREET 2:		712 FIFTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ETFS Gold Trust
		DATE OF NAME CHANGE:	20081126
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 12pt; font-family: Times New Roman, Times, Serif"><div style="border-top: Black 4pt solid; border-bottom: Black 1pt solid; font: 1pt Times New Roman, Times, Serif; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 14pt Times New Roman, Times, Serif"><b>UNITED
STATES SECURITIES AND EXCHANGE COMMISSION </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 12pt Times New Roman, Times, Serif"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 18pt Times New Roman, Times, Serif"><b>Form
<span id="xdx_90D_edei--DocumentType_c20200101__20201231_zE54ZQrpsMB2"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:DocumentType">10-K</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font: 12pt Times New Roman, Times, Serif"><b><span id="xdx_909_edei--DocumentAnnualReport_c20200101__20201231_zUGUB8ugKhta"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" format="ixt:booleantrue" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span></b></span></td>
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                                         REPORT PURSUANT TO SECTION&#160;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><span style="font: 12pt Times New Roman, Times, Serif"><b>For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 12pt Times New Roman, Times, Serif"><b>or</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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                                         REPORT PURSUANT TO SECTION&#160;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></p>
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        the Transition Period from <span style="text-decoration: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span>&#160;to&#160;<span style="text-decoration: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></b></span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Commission
File Number: <span id="xdx_904_edei--EntityFileNumber_c20200101__20201231_z8DEx6qjusC8"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityFileNumber">001-34441</ix:nonNumeric></span>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 6pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-family: Times New Roman, Times, Serif"><div style="border-top: Black 1pt solid; font: 1pt Times New Roman, Times, Serif; width: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 6pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 24pt Times New Roman, Times, Serif"><b><span id="xdx_90C_edei--EntityRegistrantName_c20200101__20201231_zhOAsqizHJsh"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityRegistrantName">ABERDEEN STANDARD GOLD ETF TRUST</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(Exact
name of registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 49%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="xdx_902_edei--EntityIncorporationStateCountryCode_c20200101__20201231_z6KL7YWHthl2"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">New York</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 4%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 47%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="xdx_90F_edei--EntityTaxIdentificationNumber_c20200101__20201231_zfTLGfcjLB6g"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityTaxIdentificationNumber">26-4587209</ix:nonNumeric></span></b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(State
                                         or other jurisdiction of incorporation or</i></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>organization)</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(I.R.S.
    Employer Identification No.)</i></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 49%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>c/o
    Aberdeen Standard Investments ETFs Sponsor LLC</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 4%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; color: Black; vertical-align: top; width: 47%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="xdx_909_edei--EntityAddressPostalZipCode_c20200101__20201231_zHT0HHdBGIPf"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityAddressPostalZipCode">10019</ix:nonNumeric></span></b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="xdx_902_edei--EntityAddressAddressLine1_c20200101__20201231_zbtCA003AKJg"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityAddressAddressLine1">712 Fifth Avenue</ix:nonNumeric></span>, <span id="xdx_908_edei--EntityAddressAddressLine2_c20200101__20201231_zetmiXWHWQt7"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityAddressAddressLine2">49<sup>th</sup> Floor</ix:nonNumeric></span></b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="xdx_90A_edei--EntityAddressCityOrTown_c20200101__20201231_zNbRsyXXrUP6"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityAddressCityOrTown">New York</ix:nonNumeric></span>, <span id="xdx_906_edei--EntityAddressStateOrProvince_c20200101__20201231_z3FMQnBqrrId"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityAddressStateOrProvince">NY</ix:nonNumeric></span></b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Address
        of principal executive offices)</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; color: Black; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Zip
        Code)</i></span></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>(<span id="xdx_90B_edei--CityAreaCode_c20200101__20201231_zoYxeQNYbm6c"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:CityAreaCode">844</ix:nonNumeric></span>)
<span id="xdx_909_edei--LocalPhoneNumber_c20200101__20201231_z5YCkFtcjnFk"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:LocalPhoneNumber">383-7289</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Registrant&#8217;s
telephone number, including area code) </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 40%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 24%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 32%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Name
    of each exchange on which registered</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; white-space: nowrap; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="xdx_906_edei--Security12bTitle_c20200101__20201231_zJumGmql9tTi"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:Security12bTitle">Aberdeen
    Standard Physical Gold Shares ETF</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; white-space: nowrap; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="xdx_90D_edei--TradingSymbol_c20200101__20201231_zJSABLEXQiA"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:TradingSymbol">SGOL</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; white-space: nowrap; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="xdx_907_edei--SecurityExchangeName_c20200101__20201231_ziVMumUX4djh"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE Arca</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. <span id="xdx_90C_edei--EntityWellKnownSeasonedIssuer_c20200101__20201231_zyB4zRR92Txe"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityWellKnownSeasonedIssuer">Yes</ix:nonNumeric></span>&#160;&#9746;&#160;&#160;&#160;No&#160;&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes&#160;&#9744;&#160;&#160;&#160;<span id="xdx_90A_edei--EntityVoluntaryFilers_c20200101__20201231_zDv3EmtQApL"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span>&#160;&#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Indicate
by check mark whether the registrant (1)&#160;has filed all reports required to be filed by Section&#160;13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2)&#160;has been subject to such filing requirements for the past 90 days. <span id="xdx_900_edei--EntityCurrentReportingStatus_c20200101__20201231_zxxA7DuIxId2"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>&#160;&#9746;&#160;&#160;&#160;No&#160;&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files). <span id="xdx_904_edei--EntityInteractiveDataCurrent_c20200101__20201231_zL9gtVnJe3cf"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;&#9746;&#160;&#160;&#160;No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer,&#160;a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated
filer&#8221;, &#8220;smaller reporting company&#8221;, and &#8220;emerging growth company&#8221;&#160;in Rule 12b-2 of the Exchange
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 24%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="xdx_90B_edei--EntityFilerCategory_c20200101__20201231_zdP6uiEBAsgg"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" name="dei:EntityFilerCategory">Large Accelerated Filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 4%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 42%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 26%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Accelerated
    Filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 4%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9744;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Non-Accelerated
    Filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Smaller
    Reporting Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="xdx_909_edei--EntitySmallBusiness_c20200101__20201231_zWy5npYSyd5h"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" format="ixt:booleanfalse" name="dei:EntitySmallBusiness">&#9744;</ix:nonNumeric></span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Emerging
    Growth Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="xdx_902_edei--EntityEmergingGrowthCompany_c20200101__20201231_z6snQpYfNrr4"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). &#9744; Yes&#160;&#160;&#160;&#160;&#9746;
<span id="xdx_90D_edei--EntityShellCompany_c20200101__20201231_zmREnutH5mla"><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Aggregate
market value of the registrant&#8217;s shares outstanding held by non-affiliates of the registrant based upon the closing price
of a share on June 30, 2020 as reported by the NYSE Arca, Inc. on that date: $<span id="xdx_901_edei--EntityPublicFloat_iI_c20200630_zJDq9EoHSuP3"><ix:nonFraction name="dei:EntityPublicFloat" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,217,915,871</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">As
of February 24, 2021, Aberdeen Standard Gold ETF Trust had <span id="xdx_907_edei--EntityCommonStockSharesOutstanding_iI_c20210224_z5ZtPxWVDgu6"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2021-02-24" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">147,100,000</ix:nonFraction></span> Aberdeen Standard Physical Gold Shares ETF outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>DOCUMENTS
INCORPORATED BY REFERENCE:</b> None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>FORWARD
LOOKING STATEMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">This
Annual Report on Form 10-K contains various &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private
Securities Litigation Reform Act of 1995, as amended. Forward-looking statements usually include the words, &#8220;anticipates,&#8221;
&#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221;
&#8220;understands&#8221; and other words suggesting uncertainty. We remind readers that forward-looking statements are merely
predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could
cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different
from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Additional
significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>TABLE
OF CONTENTS</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10ka001"><b>PART
    I</b></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka002">Item
    1. Business</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka003">Trust
    Objective</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka004">Overview
    of the Gold Industry</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka005">Operation
    of the Gold Bullion Market</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka006">Secondary
    Market Trading</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka007">Valuation
    of Gold and Computation of Net Asset Value</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka009">Trust
    Expenses</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">9</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka010">Deposit
    of Gold; Issuance of Shares</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">9</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka011">Withdrawal
    of Gold; Redemption of Shares</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka012">Creation
    and Redemption Transaction Fee</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">11</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka013">The
    Sponsor</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">11</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka014">The
    Trustee</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">12</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka015">The
    Custodian</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">13</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka016">Inspection
    of Gold</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">13</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka017">Description
    of the Shares</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">13</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka018">Custody
    of the Trust&#8217;s Gold</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">14</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka019">United
    States Federal Income Tax Consequences</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">15</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 20pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka020">ERISA
    and Related Considerations</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka021">Item
    1A. Risk Factors</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">19</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka022">Item
    1B. Unresolved Staff Comments</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">28</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka023">Item
    2. Properties</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">28</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka024">Item
    3. Legal Proceedings</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">28</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka025">Item
    4. Mine Safety Disclosure</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">28</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10ka026"><b>PART
    II</b></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">29</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka027">Item
                                         5. Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer
                                         Purchases of Equity Securities&#160;</a></b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">29</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka028">Item
    6. Selected Financial Data</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">31</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka029">Item
    7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">31</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka030">Item
    7A. Quantitative and Qualitative Disclosures about Market Risk</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">36</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka031">Item
    8. Financial Statements and Supplementary Data</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">36</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka032">Item
    9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">37</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka033">Item
    9A. Controls and Procedures</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">37</span></td></tr>
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    9B. Other Information</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">39</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10ka035"><b>PART
    III</b></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">41</span></td></tr>
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    10. Directors, Executive Officers and Corporate Governance</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">41</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka037">Item
    11. Executive Compensation</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">41</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka038">Item
    12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">41</span></td></tr>
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    13. Certain Relationships and Related Transactions, and Director Independence</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">42</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka040">Item
    14. Principal Accounting Fees and Services</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">43</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka041">PART
    IV</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">44</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka042">Item&#160;&#160;15.
    Exhibits, Financial Statement Schedule</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">44</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><a href="#sgol10ka043">Item
    16. Form 10K Summary</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">45</span></td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka001"></span>PART
I</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka002"></span>Item
1. Business </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
purpose of the&#160;Aberdeen Standard Gold ETF Trust (the &#8220;Trust&#8221;) is to own gold transferred to the Trust in exchange
for shares issued by the Trust (&#8220;Shares&#8221;). Each Share represents a fractional undivided beneficial interest in and
ownership of the Trust. The assets of the Trust&#160;consist solely of&#160;gold bullion.&#160;The Trust was formed on September
1, 2009 when an initial deposit of gold was made in exchange for the issuance of two Baskets (a &#8220;Basket&#8221; consists
of 100,000 Shares). </span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
sponsor of the Trust is Aberdeen Standard Investments ETFs Sponsor LLC (the &#8220;Sponsor&#8221;). The trustee of the Trust is
The Bank of New York Mellon (the &#8220;Trustee&#8221;) and the custodian is JPMorgan Chase Bank N.A., London Branch (the &#8220;Custodian&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust&#8217;s Shares at redeemable value increased from $1,195,896,624 at December 31, 2019 to $2,652,511,503 at December 31,
2020, the Trust&#8217;s fiscal year end. Outstanding Shares in the Trust increased from 82,000,000 Shares at December 31, 2019
to 146,200,000 Shares at December 31, 2020.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It
does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of&#160;gold.
The&#160;gold held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the &#8220;Sponsor&#8217;s
Fee&#8221;), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on
an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its
assets, or (3) as otherwise required by law or regulation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 does not and will not hold or trade in commodities futures contracts, &#8220;commodity interests&#8221; or
any other instruments regulated by the Commodity Exchange Act (the &#8220;CEA&#8221;), as administered by the Commodity Futures
Trading Commission (the &#8220;CFTC&#8221;) and the National Futures Association (&#8220;NFA&#8221;). The Trust is not a commodity
pool for purposes of the CEA and the Shares are not &#8220;commodity interests,&#8221; and neither the Sponsor nor the Trustee
is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust
has no fixed termination date.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor of the registrant maintains an Internet website at www.aberdeenstandardetfs.us through which the registrant&#8217;s annual
reports on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as
reasonably practicable after they have been filed or furnished to the Securities and Exchange Commission (the &#8220;SEC&#8221;).
Additional information regarding the Trust may also be found on the SEC&#8217;s EDGAR database at www.sec.gov.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka003"></span>Trust
Objective</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#8217;s operations. The Shares are intended to constitute a simple and cost-effective means of making an investment
similar to an investment in physical gold. An investment in physical&#160;gold requires expensive and sometimes complicated arrangements
in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense and complications
have resulted in investments in physical&#160;gold being efficient only in amounts beyond the reach of many investors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit
risk, of gaining investment benefits similar to those of holding&#160;gold bullion. The Shares offer an investment that: </span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;&#160;<i>Is
Easily Accessible</i>. The Shares trade on the NYSE Arca and provide institutional and retail investors with indirect access to
the&#160;gold bullion market. The Shares are bought and sold on the NYSE Arca like&#160;any other exchange-listed securities.
The close of the NYSE Arca trading session is 4:00 p.m. New York time.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;&#160;<i>Is
Relatively Cost Effective</i>. 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&#8217;s ongoing expenses will be lower than the costs associated with buying
and selling&#160;gold bullion and storing and insuring&#160;gold bullion in a traditional allocated&#160;gold account.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;&#160;<i>Has
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&#160;bar or which is held temporarily to effect a creation or
redemption of Shares). Physical&#160;Bullion of the Trust in the Custodian&#8217;s possession is not subject to borrowing
arrangements with third parties. Other than the&#160;gold temporarily being held in an unallocated&#160;gold account with the
Custodian, the physical bullion of the Trust is not subject to counterparty or credit risks. See<i>&#8220;Risk
Factors&#8212;Gold held in the Trust&#8217;s unallocated&#160;gold account and any Authorized Participant&#8217;s
unallocated&#160;gold account is not segregated from the Custodian&#8217;s assets...&#8221; </i>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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investing
in the Shares does not insulate the investor from certain risks, including price volatility. See &#8220;Risk Factors.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka004"></span>Overview
of the Gold</b>&#160;<b>Industry</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">In
this annual report, the term &#8220;ounces&#8221; refers to fine troy ounces.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Market
Participants</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Mining
and Producer Sector</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Banking
Sector</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
bullion banks provide a variety of services to the gold market and its participants, thereby facilitating interactions between
other parties. Services provided by the gold 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Official Sector</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 35,000 tonnes (when used in this annual
report &#8220;tonne&#8221; refers to one metric tonne, which is equivalent to 1,000 kilograms or 32,151 troy ounces) of gold reserves,
or approximately 20% of existing above-ground stocks. From 2009 to 2019, the European Central Bank and other central banks of
Europe operated under a series of four Central Bank Gold Agreements (&#8220;CBGA&#8221;).&#160;&#160;The CBGA limited the amount
of gold that these banks were allowed to sell for the duration of each agreement, helping to stabilize the gold market.&#160;&#160;The
CBGA had the desired effect, and the gold market has become more balanced, eliminating the need for a formal agreement going forward.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Investment Sector</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">This
sector includes the investment and trading activities of both professional&#160;and private investors and speculators. These participants
range from large hedge and mutual funds to day-traders on futures exchanges, and retail-level coin collectors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Manufacturing Sector</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>World
Gold Supply and Demand 2010-2019 (in tonnes)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
following table sets forth a summary of the world gold supply and demand for the period from 2010 to 2019 and is based on information
reported by the World Gold Council.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(tonnes)</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2010</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2011</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2012</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2013</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2014</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2015</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2016</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2017</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2018</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2019</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Supply</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 30%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Mine
    production</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,771</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,868</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,882</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,076</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,180</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,222</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,251</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,247</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,332</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,530</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Scrap</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,743</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,698</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,700</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,303</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,159</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,180</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,306</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,210</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,178</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,281</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    Hedging Supply</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-106</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-40</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-39</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">108</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">21</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">32</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-41</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-0.7</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    Supply</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4,408</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4,584</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4,542</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4,340</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4,447</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,083</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,099</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,066</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,726</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,559</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,464</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,953</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,214</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,129</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,122</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Industrial
    Fabrication</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">480</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">470</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">432</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">428</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">411</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">376</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">366</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">380</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">391</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">326</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Electronics</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">346</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">342</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">310</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">306</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">297</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">267</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">264</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">277</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">288</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">262</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Dental
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">48</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">43</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">39</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">36</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">34</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">32</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">30</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">29</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">13.9</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">443</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Bars</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">800</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">284</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">257</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">248</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">292</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Physical
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    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,903</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4,449</span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Physical
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    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">505</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-59</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">93</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-1,094</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-151</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-20</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">958</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">428</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">365</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">823</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">ETF
    Inventory Build</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">384</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">189</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">279</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-879</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-155</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-117</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">539</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">177</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">59</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">398</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Exchange
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">54</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-6</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-10</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-98</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-48</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">86</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;-</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-21</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    Balance</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">67</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-242</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-176</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">-117</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">145</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">333</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">251</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">327</span></td><td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 2pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">425</span></td></tr>
</table>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Source:
World Gold Council Gold Survey 2020</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
following are some of the main characteristics of the gold market illustrated by the table:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">One
factor which separates gold from other precious metals is that there are large above-ground stocks which can be quickly mobilized.
As a result of gold&#8217;s liquidity, gold often acts more like a currency than a commodity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Over
the past ten years, (new) mine production of gold has experienced a modest rise of an average of 2.75% per annum. Of the three
sources of supply, mine production accounts for 73% in 2019. Recycled gold volumes have ranged from 1,159 tonnes to 1,743 tonnes
over the past 10 years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">On
the demand side, jewelry is clearly the greatest source of demand, representing 53% of demand in 2019.&#160;Industrial demand
has fluctuated between 8% and 14% of total demand over the past 10 years. Exchange traded product inventory build had seen
strong growth through 2012, followed by outflows in 2013, 2014 and 2015 as the price of gold fell by a cumulative 30% between
2013 and 2015. Exchange traded product inventory build has been positive each year from 2016 to 2019. During the 2013 price
crash, retail coin and bar demand rose to a 10-year high as retail investors, especially from China, were enticed by the
falling prices. Retail coin and bar demand has since tapered off. Investor inflows into ETFs returned in 2016 amid heightened
market uncertainty and continued to see&#160;398 tonnes of inflows in 2019.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Historical
Chart of the Price of Gold</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#8217;s reserve gold holdings, agreements among central banks,
political uncertainties around the world, and economic concerns.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
following chart illustrates the movements in the price of an ounce of gold in U.S. Dollars from December 31, 2010 to December
31, 2020:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;<img src="sgol10k001.jpg" alt="" /></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
gold price tends to rise during periods of low real interest rates and high monetary expansion, as they are often associated with
currency debasement and systemic financial failures. The gold price peaked at US$2,067 per ounce in August 2020 as the uncertainties
regarding the pandemic, and U.S. presidential election drove prices higher. 2020 proved to be a stellar year for gold rising 18.0%.
Additionally, the trends of 3 years of investor outflows in global ETFs and net negative investor sentiment in gold futures positioning
reversed in 2016 and continued through 2020. Low real interest rates, tepid economic growth, and concerns regarding the recovery
of the pandemic were key tailwinds for gold that sparked a return of investor interest.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka005"></span>Operation
of the Gold Bullion Market</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
global trade in&#160;gold consists of Over-the-Counter (&#8220;OTC&#8221;) transactions in spot, forwards, and options and other
derivatives, together with exchange-traded futures and options.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Global
Over-The-Counter Market<br />
&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
OTC market trades on a 24-hour per day continuous basis and accounts for most global gold trading.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 London Bullion Market Association (&#8220;LBMA&#8221;), 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 twelve
market-making members of the LBMA are: BNP Paribas, Citibank N.A., HSBC, Goldman Sachs International, ICBC Standard Bank Plc,
JPMorgan Chase Bank, The Bank of Nova Scotia, Merrill Lynch International, Morgan Stanley &amp; Co. International Ltd.,
Standard Chartered Bank, Toronto-Dominion Bank 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&#8217; requirements. The OTC market has no formal structure and no open-outcry meeting place.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
main centers of the OTC market are London, Zurich 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 gold bars (1 kilogram or less) and will hedge their exposure by selling into one of these main OTC centers. Bullion
dealers have offices around the world and most of the world&#8217;s major bullion dealers are either members or associate members
of the LBMA. Of the twelve market-making members of the LBMA, six offer clearing services. There are a further 74 full members,
plus a number of associate members around the world. The number of LBMA market-making, clearing and full members reported in this
annual report are correct as of the date of this report. These numbers may change from time to time as new members are added and
existing members drop out.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#8212;the differential between a dealer&#8217;s &#8220;buy&#8221; and &#8220;sell&#8221; 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 Commodity Exchange, Inc. (&#8220;COMEX&#8221;), a designated contract market within the CME
Group. This period lasts for approximately four hours each New York business day morning.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
London Gold Bullion Market</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 &#8220;Good Delivery List,&#8221; which
is a list of LBMA accredited refiners of gold. The LBMA also coordinates market clearing and vaulting, promotes good trading practices
and develops standard documentation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
terms &#8220;loco London&#8221; gold and &#8220;loco Zurich&#8221; gold refer to gold physically held in London and Zurich, respectively,
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 &#8220;The Good Delivery Rules for Gold and Silver Bars&#8221; published
by the LBMA. Gold bars meeting these requirements are described in this annual report from time to time as &#8220;London Good
Delivery Bars.&#8221; The unit of trade in London is the troy ounce, whose gram conversion is: 1,000 grams equals 32.1507465 troy
ounces and 1 troy ounce equals 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 refiners 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">On
March 20, 2015, ICE Benchmark Administration (&#8220;IBA&#8221;) began administering the operation of an &#8220;equilibrium auction,&#8221;
which is an electronic, tradable and auditable, over-the-counter auction market with the ability to settle trades in US Dollars
(&#8220;USD&#8221;), Euros or British Pounds for LBMA-authorized participating gold bullion banks or market makers (&#8220;gold
participants&#8221;) that establishes a reference gold price for that day&#8217;s trading. IBA&#8217;s equilibrium auction is
the gold valuation replacement selected by the LBMA for the London gold fix previously determined by the London Gold Market Fixing
Ltd. that was discontinued on March 19, 2015. IBA&#8217;s equilibrium auction, like the previous gold fixing process, establishes
and publishes fixed prices for troy ounces of gold twice each London trading day during fixing sessions beginning at 10:30 a.m.
London time (the &#8220;LBMA AM Gold Price&#8221;) and 3:00 p.m. London time (the &#8220;LBMA PM Gold Price&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Daily
during London trading hours the LBMA AM Gold Price and the LBMA PM Gold Price each provide reference gold prices for that day&#8217;s
trading. Many long-term contracts will be priced on either the basis of the LBMA AM Gold Price or the LBMA PM Gold Price, and
market participants will usually refer to one or the other of these prices when looking for a basis for valuations. The LBMA AM
Gold Price and the LBMA PM Gold Price, determined according to the methodologies of IBA and disseminated electronically by IBA
to selected major market data vendors, such as Refinitiv and Bloomberg, are widely used benchmarks for daily gold prices
and are quoted by various financial information sources as the London gold fix was previously. The Trust values its gold on the
basis of the LBMA PM Gold Price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
LBMA PM Gold Price is the result of an &#8220;equilibrium auction&#8221; because it establishes a price for a troy ounce of gold
that clears the maximum amount of bids and offers for gold entered by order-submitting gold participants each day. The opening
bid and subsequent bid prices are generated by an algorithm based method, and each auction is actively supervised by IBA staff.
There are currently 15 direct gold participants (Bank of China, Bank of Communications, Citibank N.A., Coins &#8216;N Things,
Goldman Sachs, HSBC Bank USA NA, Industrial and Commercial Bank of China (ICBC), StoneX Financial Ltd., Jane Street Global Trading,
LLC, JPMorgan Chase Bank, N.A. London Branch, Koch Supply and Trading LP, Marex Financial Limited, Morgan Stanley, Standard Chartered
Bank and Toronto-Dominion Bank), and IBA uses ICE&#8217;s front-end system, WebICE, as the technology platform that allows direct
participants as well as sponsored clients to manage their orders in the auction in real time via their own screens.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
IBA auction process begins with a notice of an auction round issued to gold participants before the commencement of the auction
round stating a gold price in U.S. Dollars, at which the auction round will be conducted. An auction round lasts 30 seconds. Gold
participants electronically place bid and offer orders at the round&#8217;s stated price and indicate whether the orders are for
their own account or for the account of clients. Aggregate bid and offer volume will be shown live on WebICE, providing a level
playing field for all participants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">At
the end of the auction round, the IBA system evaluates the equilibrium of the bid and offer orders submitted. If bid and offer
orders indicate an imbalance outside of acceptable tolerances established for the IBA system (normally 10,000 oz) (e.g., too many
purchase orders submitted compared to sell orders or vice versa), the auction chairman calculates a new auction round price principally
based on the volume weighting of bid and offer orders submitted in the immediately completed auction round. For instance, if the
order imbalance indicates that purchase orders (bids) outweigh sales orders (offers) then a new auction round price will be issued
that will be increased over that used in the prior auction round. Likewise, the new auction round price will be decreased from
the prior round&#8217;s price if offers outweigh bids. To clear the imbalance, the IBA system then issues another notice of auction
round to gold participants at the newly calculated price. During this next 30 second auction round, gold participants again submit
orders, and after it ends, the IBA system evaluates for order imbalances. If order imbalances persist, a new auction price is
calculated and a further auction round will occur. This auction round process continues until an equilibrium within specified
tolerances is determined to exist. Once the IBA system determines that orders are in equilibrium within system tolerances, the
auction process ends and the equilibrium auction round price becomes the LBMA PM Gold Price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
LBMA PM Gold Price and all bid and offer order information for all auction rounds become publicly available electronically
via IBA instantly after the conclusion of the equilibrium auction. Since April 1, 2015, the LBMA PM Gold Price has been
regulated by the Financial Conduct Authority (&#8220;FCA&#8221;) in the United Kingdom (&#8220;UK&#8221;). IBA also has an
Oversight Committee, made up of market participants, industry bodies, direct participant representatives, infrastructure
providers and IBA. The Oversight Committee allows the LBMA to continue to have significant involvement in the oversight of
the auction process, including, among other matters, changes to the methodology and accreditation of direct participants.
Additionally, IBA watches over the price discovery process for the LBMA PM Gold Price and ensures that it meets the
International Organization of Securities Commission&#8217;s (IOSCO) Principles for Financial Benchmarks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
LBMA PM Gold Price is widely viewed as a full and fair representation of all or material market interest at the conclusion of
the equilibrium auction. IBA&#8217;s LBMA PM Gold Price electronic auction methodology is similar to the non-electronic process
previously used to establish the London gold fix where the London gold fix process adjusted the gold price up or down until all
the buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA PM Gold Price has several
advantages over the previous London gold fix. The LBMA PM Gold Price auction process is fully transparent in real time to the
gold participants and, at the close of each equilibrium auction, to the general public.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
LBMA PM Gold Price auction process is also fully auditable by third parties since an audit trail exists from the time of each
notice of an auction round. Moreover, the LBMA PM Gold Price&#8217;s audit trail and active, real time surveillance of the auction
process by IBA as well as FCA&#8217;s oversight of IBA, deters manipulative and abusive conduct in establishing each day&#8217;s
LBMA PM Gold Price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Since
March 20, 2015, the Sponsor determined that the London gold fix, which ceased to be published as of March 19, 2015, could no longer
serve as a basis for valuing gold bullion received upon purchase of the Trust&#8217;s Shares, delivered upon redemption of the
Trust&#8217;s Shares and otherwise held by the Trust on a daily basis, and that the LBMA PM Gold Price is an appropriate alternative
for determining the value of the Trust&#8217;s gold each trading day. The Sponsor also determined that the LBMA PM Gold Price
fairly represents the commercial value of gold bullion held by the Trust and the &#8220;Benchmark Price&#8221; (as defined in
Trust Agreement) as of any day is the LBMA PM Gold Price for such day.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Zurich Bullion Market</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">After
London, the second principal center for spot or physical gold trading is Zurich. For eight hours a day, trading occurs simultaneously
in London and Zurich&#8212;with Zurich normally opening and closing an hour earlier than London. During these hours, Zurich closely
rivals London in its influence over the spot price because of the importance of the three major Swiss banks&#8212;Credit Suisse,
Swiss Bank Corporation, and Union Bank of Switzerland (UBS)&#8212;in the physical gold market. Each of these banks has long maintained
its own refinery, often taking physical delivery of gold and processing it for other regional markets. The loco Zurich bullion
specification is the same as for the London bullion market, which allows for gold physically located in Zurich to be quoted loco
London and vice versa.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Futures
Exchanges</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
most significant gold futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo Commodity Exchange (&#8220;TOCOM&#8221;). 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 trades gold futures almost continuously (with one short break in the evening) through its CME Globex electronic
trading system and clears through its central clearing system. On June 6, 2003, TOCOM adopted a similar clearing system. In each
case, the exchange acts as a counterparty for each member for clearing purposes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Other
Exchanges</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">There
are other gold exchange markets, such as the Istanbul Gold Exchange (trading gold since 1995), the Shanghai Gold Exchange (trading
gold since 2002), the Hong Kong Chinese Gold &amp; Silver Exchange Society (trading gold since 1918) and the Singapore Mercantile
Exchange (trading gold since 2010).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Market
Regulation</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
global&#160;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&#160;LBMA, falls under
the authority of the Financial Conduct Authority (&#8220;FCA&#8221;) as provided by the Financial Services and Markets Act 2000
(&#8220;FSM Act&#8221;). 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation
of spot, commercial forwards, and deposits of&#160;gold 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
TOCOM has authority to perform financial and operational surveillance on its members&#8217; 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&#8217; prices. To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license
from Japan&#8217;s Ministry of Economy, Trade and Industry (&#8220;METI&#8221;), the regulatory authority that oversees the operations
of the TOCOM.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
US Commodity Futures Trading Commission (&#8220;CFTC&#8221;) regulates trading in commodity contracts, such as futures, options
and swaps. In addition, under the Commodity Exchange Act of 1936 (&#8220;CEA&#8221;), the CFTC has jurisdiction to prosecute manipulation
and fraud in any commodity (including precious metals)&#160;traded in interstate commerce as spot as well as deliverable forwards.
The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka006"></span>Secondary
Market Trading </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">While
the Trust&#8217;s investment objective is for the Shares to reflect the performance of&#160;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
net asset value (the value of the Trust&#8217;s assets less its liabilities (&#8220;NAV&#8221;)) 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, COMEX and the London and Zurich&#160;gold markets. While the Shares trade on the NYSE Arca until 4:00 PM New York
time, liquidity in the global&#160;gold market is 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka007"></span>Valuation
of Gold and Computation of Net Asset Value </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">On
each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day
(the &#8220;Evaluation Time&#8221;), the Trustee evaluates the gold held by the Trust and determines the NAV of the Trust. For
the purposes of making these calculations, a business day means any day other than a day when NYSE Arca is closed for regular
trading.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">At
the Evaluation Time, the Trustee values the Trust&#8217;s gold on the basis of that day&#8217;s LBMA PM Gold Price (the USD price
for an ounce of gold set by the LBMA-accredited participating bullion banks or market makers in an electronic, tradable and auditable
over-the-counter auction operated by IBA at 3:00 p.m. London time, on each London business day and disseminated electronically
by IBA to selected major market data vendors, such as Refinitiv and Bloomberg). If no LBMA PM Gold Price is made on such
day or has not been announced by the Evaluation Time, the next most recent LBMA PM Gold Price 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 LBMA PM Gold Price or such other publicly available price as the Sponsor may deem fairly represents
the commercial value of the Trust&#8217;s gold is not an appropriate basis for evaluation of the Trust&#8217;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 LBMA PM Gold Price or such other publicly available price is not appropriate
as a basis for evaluation of the Trust&#8217;s gold or for any determination as to the alternative basis for such evaluation provided
that such determination is made in good faith.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Once
the value of the&#160;gold has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees
accruing for such day on which the valuation takes place which are&#160;computed by reference to the value of the Trust or its
assets), expenses and other liabilities of the Trust from the total value of the&#160;gold and&#160;any other assets of the Trust.
The resulting figure is the adjusted net asset value (&#8220;ANAV&#8221;) of the Trust. The ANAV of the Trust is used to compute
the Sponsor&#8217;s Fee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">All
fees accruing for the day on which the valuation takes place which are&#160;computed by reference to the value of the Trust or
its assets shall be calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued
fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee&#160;also determines the NAV per Share
by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes
the net number of any Shares created or redeemed on such evaluation day).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee&#8217;s estimation of accrued but unpaid fees, expenses and liabilities&#160;are 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka009"></span>Trust
Expenses </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust&#8217;s only ordinary recurring expense is the Sponsor&#8217;s Fee. In exchange for the Sponsor&#8217;s Fee, the Sponsor
has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&#8217;s monthly fee
and out-of-pocket expenses, the Custodian&#8217;s fee and reimbursement of the Custodian&#8217;s expenses under the Custody Agreements,
Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Effective
December 1, 2018, the Sponsor&#8217;s Fee accrues daily at an annualized rate equal to 0.17% of the ANAV of the Trust and is payable
monthly in arrears. Prior to December 1, 2018, the Sponsor&#8217;s Fee accrued daily at an annualized rate equal to 0.39% of the
ANAV of the Trust. The Sponsor&#8217;s Fee is paid by delivery of gold to an account maintained by the Custodian for the Sponsor
on an unallocated basis. The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor&#8217;s Fee at
its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any of its fee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Furthermore,
the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor&#8217;s Fee attributable to Shares held
by institutional investors subject to minimum shareholding and lock up requirements as determined by the Sponsor to foster stability
in the Trust&#8217;s asset levels. Any such rebate will be subject to negotiation and written agreement between the Sponsor and
the investor on a case by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor&#8217;s Fee. Neither
the Trust nor the Trustee will be a party to any Sponsor&#8217;s Fee rebate arrangements negotiated by the Sponsor. Any Sponsor&#8217;s
Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor&#8217;s Fee is 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 is of that number
of ounces of gold which equals the daily accrual of the Sponsor&#8217;s Fee for such prior month calculated at the LBMA PM Gold
Price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#8217;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&#8217;s expenses and the market price of gold. The Custodian is authorized
to purchase from the Trust, at the request of the Trustee, gold needed to cover Trust expenses not assumed by the Sponsor at the
price used by the Trustee to determine the value of the gold held by the Trust on the date of the sale.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor&#8217;s Fee for the year ended December 31, 2020 was $3,640,527 (December 31, 2019: $1,680,258; December 31, 2018: $3,567,948).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Cash
held by the Trustee pending payment of the Trust&#8217;s expenses will not bear any interest.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka010"></span>Deposit
of Gold; Issuance of Shares</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust creates and redeems Shares from time to time, but only in one or more Baskets&#160;&#160;Prior to November 4, 2019, the
number of Shares that constituted a Basket was 50,000 Shares. Effective November 4, 2019, the Basket size was increased to 100,000
Shares (the &#8220;Basket Size Change&#8221;).&#160; Only registered broker-dealers, or other securities market participants not
required to register as broker-dealers such as banks or other financial institutions, who (1) are participants in the&#160;DTC
and (2) have entered into written agreements with the Sponsor and the Trustee (each an &#8220;Authorized Participant&#8221;) can
deposit&#160;gold and receive Baskets of Shares in exchange.&#160;The creation and redemption of Baskets is only made in exchange
for the delivery to the Trust or the distribution by the Trust of the amount of&#160;gold represented by the Baskets being created
or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or
redeemed determined on the day the order to create or redeem Baskets is properly received.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">All
gold bullion deposited with the Custodian or for the Custodian by the Zurich Sub-Custodian<sup>1 </sup>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.</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creation
and redemption orders are accepted on &#8220;business days&#8221; the NYSE Arca is open for regular trading. Settlements of such
orders requiring receipt or delivery, or confirmation of receipt or delivery, of&#160;gold in the United Kingdom, Zurich or another
jurisdiction occurs on &#8220;business days&#8221; when (1) banks in the United Kingdom, Zurich or such other jurisdiction and
(2) the London or Zurich&#160;gold markets are regularly open for business. If such banks or the London or Zurich&#160;gold markets
are not open for regular business for a full day, such a day will only be a &#8220;business day&#8221; for settlement purposes
if the settlement procedures can be completed by the end of such day.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">On
any business day, an Authorized Participant may place an order with the Trustee to purchase one or more Baskets. Purchase orders
must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. A purchase order so
received is effective on the date it is received in satisfactory form by the Trustee. By placing a purchase order, an Authorized
Participant agrees to deposit&#160;gold with the Trust, 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 (as
explained under &#8220;Creation and Redemption Transaction Fee&#8221; below).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">An
Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account,
either loco London or loco Zurich, with the required gold deposit amount&#160;by the second business day in London or Zurich following
the purchase order date. Upon receipt of the&#160;gold deposit amount, the Custodian, after receiving appropriate instructions
from the Authorized Participant and the Trustee, will transfer on the second business day following the purchase order date the&#160;gold
deposit amount from the Authorized Participant Unallocated Account to the unallocated&#160;gold account of the Trust established
with the Custodian under the Unallocated Account Agreement between the Trustee and the Custodian (the &#8220;Trust Unallocated
Account&#8221;) and the Trustee will direct the Depository Trust Company (the &#8220;DTC&#8221;) to credit the number of Baskets
ordered to the Authorized Participant&#8217;s DTC account. Acting on standing instructions given by the Trustee, the Custodian
will transfer the&#160;gold deposit amount from the Trust Unallocated Account to the allocated&#160;gold account of the Trust
established with the Custodian under the Allocated Account Agreement between the Trustee and the Custodian (the &#8220;Trust Allocated
Account&#8221;), by transferring specific&#160;gold&#160;bars from its inventory or the inventory of the Zurich Sub-Custodian
to the Trust Allocated Account. The Trust&#8217;s Unallocated Account Agreement and Allocated Account Agreement are referred to
collectively as the &#8220;Custody Agreements.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka011"></span>Withdrawal
of Gold; Redemption of Shares</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets.
On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders
must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. 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 owner of beneficial interests in the Shares (a &#8220;Shareholder&#8221;)
to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized Participant.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><sup>1</sup>The
Zurich Sub-Custodian is any firm selected by the Custodian to hold the Trust&#8217;s gold in the Trust Allocated Account
(defined below) in the firm&#8217;s Zurich vault premises on a segregated basis and whose appointment has been approved by
the Sponsor. The Custodian will use reasonable care in selecting any Zurich Sub-Custodian. As of the date of this annual
report, the Zurich Sub-Custodian used by the Custodian is UBS AG, named in the Allocated Account Agreement, though the Zurich
Sub-Custodian currently does not hold any of the Trust&#8217;s gold.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">By
placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC&#8217;s book-entry
system to the Trust not later than the second 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 (as explained under &#8220;Creation and Redemption Transaction
Fee&#8221; below).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant&#8217;s Authorized Participant
Unallocated Account, either loco London or loco Zurich, representing the amount of the&#160;gold held by the Trust evidenced by
the Shares being redeemed. Fractions of a fine ounce of&#160;gold included in the redemption distribution smaller than 0.001 of
a fine ounce are disregarded. Redemption distributions are subject to the deduction of any applicable tax or other governmental
charges which may be due.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka012"></span>Creation
and Redemption Transaction Fee </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">To
compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required
to pay a transaction fee to the Trustee of $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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka013"></span>The
Sponsor </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of Aberdeen Standard Investments Inc. (&#8220;ASII&#8221;).
Aberdeen Standard Investments is a brand of the investment businesses of Standard Life Investments plc, its affiliates and subsidiaries.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment
advisers: ASII, Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia)
Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate
Funds) Ltd.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor&#8217;s office is located at c/o Aberdeen Standard Investments ETFs Sponsor LLC, 712 Fifth Avenue, 49th Floor, New York,
NY 10019. Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor, the sole member of the
Sponsor, ASII, is not responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole
member of the Sponsor.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Sponsor&#8217;s Role</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor arranged 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&#8217;s monthly fee and out-of-pocket expenses, the Custodian&#8217;s fee and the reimbursement
of the Custodian&#8217;s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing
costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of the Trust&#8217;s organization
and the initial sale of the Shares, including the applicable SEC registration fees.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor does 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&#8217;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 and any new or additional Zurich Sub-Custodian that the Custodian may wish to appoint.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing
materials regarding the Shares, including the content of the Trust&#8217;s website and (3) executes the marketing plan for the
Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka014"></span>The
Trustee</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers (&#8220;BNYM&#8221;),
serves as the Trustee. BNYM has a trust office at 2 Hanson Place, Brooklyn, New York 11217. BNYM is subject to supervision by
the New York State Financial Services 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&#8217;s
trust office identified above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits
of at least $150 million. As of December 31, 2020, the Trustee was in compliance with these conditions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Trustee&#8217;s Role</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust&#8217;s operational
records. The Trustee&#8217;s principal responsibilities include (1) transferring the Trust&#8217;s&#160;gold as needed to pay
the Sponsor&#8217;s Fee in&#160;gold (gold transfers are expected to occur approximately monthly in the ordinary course), (2)
valuing the Trust&#8217;s&#160;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&#8217;s&#160;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&#8217;s custody of and transactions in the Trust&#8217;s gold. The Trustee shall, with respect to directing
the Custodian, act in accordance with the instructions of the Sponsor. If the Custodian resigns, the Trustee shall appoint an
additional or replacement Custodian selected by the Sponsor. The Trustee intends to regularly communicate with the Sponsor to
monitor the overall performance of the Trust. The Trustee does not monitor the performance of the Custodian, the Zurich Sub-Custodian,
or any other sub-custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements. The
Trustee, along with the Sponsor, will liaise with the Trust&#8217;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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee&#8217;s monthly fees and out-of-pocket expenses are paid by the Sponsor.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Affiliates
of the Trustee may from time to time act as Authorized Participants or purchase or sell&#160;gold or Shares for their own account,
as agent for their customers and for accounts over which they exercise investment discretion. Affiliates of the Trustee are subject
to the same transaction fee as other Authorized Participants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka015"></span>The
Custodian </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">JPMorgan
Chase Bank, N.A. (&#8220;JPMorgan&#8221;) serves as the Custodian of the Trust&#8217;s gold. JPMorgan is a national banking association
organized under the laws of the United States of America. JPMorgan is subject to supervision by the Federal Reserve Bank of New
York and the Federal Deposit Insurance Corporation. JPMorgan&#8217;s London office is regulated by the FCA and is located at 25
Bank Street, London, Canary Wharf, E14 5JP, United Kingdom. JPMorgan is a subsidiary of JPMorgan Chase &amp; Co. While the United
Kingdom operations of the Custodian are regulated by the FCA, the custodial services provided by the Custodian and any sub-custodian,
including the Zurich Sub-Custodian under the Custody Agreements, are presently not a regulated activity subject to the supervision
and rules of the FCA. The Zurich Sub-Custodian that the Custodian currently uses is UBS AG, which is located at 45 Bahnhofstrasse,
8021 Zurich, Switzerland.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Custodian&#8217;s Role </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Custodian is responsible for safekeeping of the Trust&#8217;s gold deposited with it by Authorized Participants in connection
with the creation of Baskets. The Custodian is also responsible for selecting the Zurich Sub-Custodian and its other sub-custodians,
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
holds the Trust&#8217;s allocated gold at its London and Zurich vault premises. The Custodian is responsible for allocating specific
bars of gold bullion to the Trust Allocated Account. The Custodian provides the Trustee with regular reports detailing the gold
transfers in and out of the Trust&#8217;s unallocated and allocated gold accounts and identifying the gold bars held in the Trust&#8217;s
allocated gold account.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Custodian&#8217;s fees and expenses under the Custody Agreements are paid by the Sponsor.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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. The Custodian and its
affiliates are subject to the same transaction fee as other Authorized Participants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka016"></span>Inspection
of Gold</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Under
the Custody Agreements, the Trustee, the Sponsor and the Sponsor&#8217;s auditors and inspectors may, only up to twice a year,
visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s&#160;gold and
certain related records maintained by the Custodian. Under the Allocated Account Agreement, the Custodian agreed to procure similar
inspection rights from the Zurich Sub-Custodian.&#160;Visits by auditors and inspectors to the Zurich Sub-Custodian&#8217;s facilities
will be arranged through the Custodian. Other than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have
no right to visit the premises of any sub-custodian for the purposes of examining the Trust&#8217;s&#160;gold or any records maintained
by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct
of the facilities, procedures, records or creditworthiness of such sub-custodian.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has exercised its right to visit the Custodian and the Zurich Sub-Custodian, in order to examine the gold&#160;and the
records maintained by them. Inspections were conducted by Inspectorate International Limited, a leading commodity inspection and
testing company retained by the Sponsor, as of August 14, 2020. Due to unprecedented social lock-down policies implemented in the UK and Switzerland to help prevent the spread of COVID-19, neither the
Sponsor, nor Inspectorate, were able to perform a physical inspection of the Trust's gold at December 31, 2020. In lieu of a physical
inspection, the Sponsor performed alternative procedures to verify the gold held by the Trust at December 31, 2020. These procedures included
confirmation of the gold bar list and total ounces of gold held by the Custodian at December 31, 2020, and an independent recalculation
of ounces of gold for each creation or redemption transaction from August 14, 2020, the date of the last physical inspection, through
December 31, 2020. The Sponsor and Inspectorate also virtually inspected a selection of gold bars held by the Custodian on behalf of the
Trust, verifying the weight of the bars and that the serial numbers of the bars selected matched the records of the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka017"></span>Description
of the Shares </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>General</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares
only in Baskets and only upon the order of an Authorized Participant. Effective November 4, 2019, the number of Shares that constitute
a Basket for the purposes of creations and redemptions is 100,000 Shares. Prior to November 4, 2019, a Basket consisted of 50,000
Shares. 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 Trust&#8217;s then-current and effective registration statement
with the SEC will require the registration of such additional Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Description
of Limited Rights </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating
a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated
with the ownership of shares of a corporation, including, for example, the right to bring &#8220;oppression&#8221; or &#8220;derivative&#8221;
actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable
and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Distributions</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">If
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction
of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges
and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee
for a distribution will be entitled to receive their pro rata portion of any distribution.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Voting
and Approvals </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Redemption
of the Shares </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Shares may only be redeemed by or through an Authorized Participant and only in Baskets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Book-Entry
Form </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Individual
certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC
and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Under the Trust 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka018"></span>Custody
of the Trust&#8217;s Gold</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Custody
of the gold bullion deposited with and held by the Trust is provided by the Custodian at the London and Zurich vaults of the Custodian
and/or the Zurich Sub-Custodian, and by other sub-custodians on a temporary basis. The Custodian is a market maker, clearer and
approved weigher under the rules of the LBMA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Custodian is the custodian of the gold bullion credited to the Trust Allocated Account in accordance with the Custody Agreements.
The Custodian segregates the gold bullion credited to the Trust Allocated Account from any other precious metal it holds or holds
for others by entering appropriate entries in its books and records, and requires any Zurich Sub-Custodian it appoints to also
segregate the gold bullion from the other gold held by them for other customers of the Custodian and the Zurich Sub-Custodians&#8217;
other customers. The Custodian requires any Zurich Sub-Custodian it appoints to identify in such Zurich Sub-Custodian&#8217;s
books and records the Trust as having the rights to the gold bullion credited to its Trust Allocated Account. Under the Custody
Agreements, the Trustee, the Sponsor and the Sponsor&#8217;s auditors and inspectors may inspect the vaults of the Custodian and
the Zurich Sub-Custodian. See &#8220;<i>Inspection of Gold</i>&#8221;.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of gold
in unallocated form. Acting on standing instructions given by the Trustee specified in the Custody Agreements, the Custodian allocates
or requires the Zurich Sub-Custodian to 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
process of withdrawing&#160;gold from the Trust for a redemption of a Basket follows the same general procedure as for depositing&#160;gold
with the Trust for a creation of a Basket, only in reverse. Each transfer of&#160;gold between the Trust Allocated Account and
the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of&#160;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&#160;amount
of gold held in the Trust Unallocated Account as of the close of each business day. See &#8220;Deposit of Gold; Issuance of Shares&#8221;
and &#8220;Withdrawal of Gold; Redemption of Shares.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka019"></span>United
States Federal Income Tax Consequences</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition
of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply to an investment
in Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986
as amended (the &#8220;Code&#8221;). The discussion below is based on the Code, United States Treasury Regulations (&#8220;Treasury
Regulations&#8221;) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on
the date of this annual report 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 U.S. 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 hold Shares as &#8220;capital assets&#8221;
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, including substantial
changes to the Code made in the Tax Cuts and Jobs Act (P.L. 115-97).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">For
purposes of this discussion, a &#8220;US Shareholder&#8221; is a Shareholder that is:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;&#160;An
individual who is treated as a citizen or resident of the United States for US federal income tax purposes;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;&#160;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;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;&#160;An
estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;&#160;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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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) generally is considered a &#8220;Non-US Shareholder&#8221; for purposes of this discussion. For US federal
income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a
partnership for US federal income tax purposes, generally depends 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 US federal income tax consequences
of purchasing, owning and disposing of Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Taxation
of the Trust </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is classified as a &#8220;grantor trust&#8221; for US federal income tax purposes. As a result, the Trust itself is not
subject to US federal income tax. Instead, the Trust&#8217;s income and expenses &#8220;flow through&#8221; to the Shareholders,
and the Trustee reports the Trust&#8217;s income, gains, losses and deductions to the Internal Revenue Service (&#8220;IRS&#8221;)
on that basis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Taxation
of US Shareholders </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Shareholders
generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets
held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust&#8217;s
income, if any, and as if they directly incurred their respective pro rata share of the Trust&#8217;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 by the Trust at the
time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares
as part of a creation of a Basket, the delivery of&#160;gold to the Trust in exchange for the Shares is not a taxable event to
the Shareholder, and the Shareholder&#8217;s tax basis and holding period for the Shares are the same as its tax basis and holding
period for the&#160;gold delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes
of this discussion, it is assumed that all of a Shareholder&#8217;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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">When
the Trust sells or transfers 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&#8217;s pro rata share of the amount realized by the Trust upon the sale or
transfer and (2) the Shareholder&#8217;s tax basis for its pro rata share of the gold that was sold or transferred. Such 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&#8217;s tax basis for its share of any gold sold by the Trust generally will
be determined by multiplying the Shareholder&#8217;s total basis for its Shares 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 by the Trust
immediately prior to the sale. After any such sale, a Shareholder&#8217;s tax basis for its pro rata share of the gold remaining
in the Trust will be equal to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable
to its share of the gold that was sold.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Upon
a Shareholder&#8217;s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the&#160;gold
held in the Trust at the time of the sale. 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&#8217;s
tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">A
redemption of some or all of a Shareholder&#8217;s Shares in exchange for the underlying&#160;gold represented by the Shares redeemed
generally will not be a taxable event to the Shareholder. The Shareholder&#8217;s tax basis for the&#160;gold received in the
redemption generally will be the same as the Shareholder&#8217;s tax basis for the Shares redeemed. The Shareholder&#8217;s holding
period with respect to the&#160;gold received should include the period during which the Shareholder held the Shares redeemed.
A subsequent sale of the&#160;gold received by the Shareholder will be a taxable event.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#8217;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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Under
current law, gains recognized by individuals, estates or trusts from the sale of &#8220;collectibles,&#8221; including physical
gold, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to
most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for more
than one year, or attributable to the Trust&#8217;s sale of any physical&#160;gold 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 corporate taxpayer
are generally the same as those at which ordinary income is taxed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">In
addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed
on net investment income and gain. Shareholders should consult their tax advisor regarding this tax.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Brokerage
Fees and Trust Expenses</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Any
brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder&#8217;s
tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized
by the Shareholder with respect to the sale.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Shareholders
will be required to recognize gain or loss upon a sale of&#160;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
share 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. Under the Tax Cuts and Jobs Act (P.L. 115-97),
miscellaneous itemized deductions, including expenses for the production of income, will not be deductible for either regular
federal income tax or alternative minimum tax purposes for taxable years beginning after December 31, 2017 and before January
1, 2026.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Investment
by Regulated Investment Companies</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Mutual
funds and other investment vehicles which are &#8220;regulated investment companies&#8221; 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 &#8220;security&#8221;
within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying&#160;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. In recent administrative guidance, the IRS stated that it will no longer issue
rulings under Code section 851(b) relating to the determination of whether or not an instrument or position is a &#8220;security&#8221;,
but, instead, intends to defer to guidance from the SEC for such determination.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>United
States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information
to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding
its allocable portion of the Trust&#8217;s annual income (if any) and expenses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 backup withholding tax.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
amount of any backup withholding tax will be allowed as a credit against a Shareholder&#8217;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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Income
Taxation of Non-US Shareholders </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust does not expect to generate taxable income except for gains (if any) upon the sale of gold. A Non-US Shareholder generally
is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon
the sale of&#160;gold by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for
183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United
States.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Taxation
in Jurisdictions other than the United States</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka020"></span>ERISA
and Related Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), and/or Code section 4975 impose certain requirements
on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,
Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans
or arrangements are invested (collectively, &#8220;Plans&#8221;), and on persons who are fiduciaries with respect to the investment
of &#8220;plan assets&#8221; 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 other
federal law, or under state or local law (&#8220;Other Law&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 and the &#8220;Risk Factors&#8221; discussed above
and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited
to: (1) whether the investment is permitted under the Plan&#8217;s governing documents, (2) whether the fiduciary has the authority
to make the investment, (3) whether the investment is consistent with the Plan&#8217;s funding objectives, (4) the tax effects
of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In
addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are &#8220;parties
in interest&#8221; under ERISA or &#8220;disqualified persons&#8221; under section 4975 of the Code. A violation of these rules
may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar
restrictions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">It
is anticipated that the Shares will constitute &#8220;publicly offered securities&#8221; as defined in the Department of Labor
&#8220;Plan Asset Regulations,&#8221; &#167;2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to
the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should
be treated as assets of the Plan, for purposes of applying the &#8220;fiduciary responsibility&#8221; rules of ERISA and the &#8220;prohibited
transaction&#8221; rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine
whether there would be a similar result under the Other Law.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Investment
by Certain Retirement Plans </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Code
section 408(m) provides that the acquisition of a &#8220;collectible&#8221; by an individual retirement account (&#8220;IRA&#8221;)
or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (&#8220;Tax Qualified
Account&#8221;) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom
the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term
&#8220;collectible&#8221; is defined to include, with certain exceptions, &#8220;any metal or gem&#8221;. The IRS has issued several
private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)
plan, of publicly-traded shares in a trust holding precious metals&#160;will not be treated as resulting in a taxable distribution
to the IRA owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that,
if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account
participant, or if any precious metal is received by such IRA or Tax Qualified Account upon the redemption of any of the Shares
purchased by it, the Shares or&#160;precious metal&#160;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. Accordingly, potential IRA or Tax
Qualified Account investors are urged to consult with their own professional advisors concerning the treatment of an investment
in Shares under Code section 408(m).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka021"></span>Item
1A. Risk Factors </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Shareholders
should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the
other information included in this report, including the Trust&#8217;s financial statements and the related notes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><b>RISKS RELATED TO GOLD</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
price of&#160;gold may be affected by the sale of ETVs tracking the&#160;gold markets.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">To
the extent existing exchange traded vehicles (&#8220;ETVs&#8221;) tracking the&#160;gold markets represent a significant proportion
of demand for physical gold bullion, large redemptions of the securities of these ETVs could negatively affect physical&#160;gold
bullion&#160;prices and the price and NAV of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Crises
may motivate large-scale sales of&#160; gold&#160;which could decrease the price of&#160;gold and adversely affect an investment
in the Shares.&#160;</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 significantly 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&#8217;s price performance which would, in turn, adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>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:</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">A
                                         significant change in the attitude of speculators, investors and central banks towards
                                         gold. Should the speculative community take a negative view towards gold or central banking
                                         authorities determine to sell national gold reserves, either event could cause a decline
                                         in world gold prices, negatively impacting the price of the Shares.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>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.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#8217;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:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 China, Australia, Russia and the United States;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investors&#8217;
                                         expectations with respect to the rate of inflation;</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Currency
                                         exchange rates;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Interest
                                         rates;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
                                         and trading activities of hedge funds and commodity funds; and</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Global
                                         or regional political, economic or financial events and situations.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><b>RISKS RELATED TO THE SHARES</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
sale of the Trust&#8217;s&#160;gold to pay expenses not assumed by the Sponsor at a time of low&#160;gold prices could adversely
affect the value of the Shares.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee sells&#160;gold held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective
of then-current&#160;gold prices. The Trust is not actively managed and no attempt will be made to buy or sell&#160;gold to protect
against or to take advantage of fluctuations in the price of&#160;gold. Consequently, the Trust&#8217;s&#160;gold may be sold
at a time when the&#160;gold price is low, resulting in a negative effect on the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>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.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard 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 NAV of the Trust and the value of the Shares.</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>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, Zurich and COMEX.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Shares may trade at, above or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trust&#8217;s
assets. The trading price of the Shares fluctuates 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 trade on the NYSE Arca until 4:00 p.m. New York
time, liquidity in the market for gold is reduced after the close of the major world gold markets, including London, Zurich and
the COMEX. As a result, during this time, trading spreads, and the resulting premium or discount on the Shares, may widen.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>A
possible &#8220;short squeeze&#8221; due to a sudden increase in demand of Shares that largely exceeds supply may lead to price
volatility in the Shares.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investors
may purchase Shares to hedge existing gold exposure or to speculate on the price of gold. Speculation on the price of gold may
involve long and short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for
example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors
with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn,
dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often
referred to as a &#8220;short squeeze.&#8221; A short squeeze could lead to volatile price movements in Shares that are not directly
correlated to the price of gold.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>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.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 gold 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.&#160;Consequently, the market price&#160;of gold may decline immediately after Baskets
are created. If the price of gold declines, the trading price of the Shares may also decline.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Shares and their value could decrease if unanticipated operational or trading problems arise.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">There
may be unanticipated problems or issues with respect to the mechanics of the Trust&#8217;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 &#8220;managed&#8221;
by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor&#8217;s
past experience and qualifications may not be suitable for solving these problems or issues.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Discrepancies,
disruptions or unreliability of the LBMA PM Gold Price could impact the value of the Trust&#8217;s gold and the market price of
the Shares.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee values the Trust&#8217;s gold pursuant to the LBMA PM Gold Price. In the event that the LBMA PM Gold Price proves to be
an inaccurate benchmark, or the LBMA PM Gold Price varies materially from the prices determined by other mechanisms for valuing
gold, the value of the Trust&#8217;s gold and the market price of the Shares could be adversely impacted. Any future developments
in the LBMA PM Gold Price, to the extent it has a material impact on the LBMA PM Gold Price, could adversely impact the value
of the Trust&#8217;s gold and the market price of the Shares. It is possible that electronic failures or other unanticipated events
may occur that could result in delays in the announcement of, or the inability of the benchmark to produce, the LBMA PM Gold Price
on any given date. Furthermore, any actual or perceived disruptions that result in the perception that the LBMA PM Gold Price
is vulnerable to actual or attempted manipulation could adversely affect the behavior of market participants, which may have an
effect on the price of gold. If the LBMA PM Gold Price is unreliable for any reason, the price of gold and the market price for
the Shares may decline or be subject to greater volatility.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>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.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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. Additionally, redemptions could be suspended for any period during which (1) the NYSE Arca is closed (other
than customary weekend or holiday closings) or trading on the NYSE Arca is suspended or restricted, or (2) an emergency exists
as a result of which delivery, disposal or evaluation of the gold is not reasonably practicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
liquidity of the Shares may be affected by the withdrawal from participation of one or more Authorized Participants.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">In
the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant
portion of the Shares&#8217; 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 Shareholders incurring a loss on their
investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Shareholders
do 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 (&#8220;CEA&#8221;).</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 do not&#160;have the regulatory protections provided to investors in investment companies.
The Trust does not and will not hold or trade in commodity futures contracts, &#8220;commodity interests&#8221; or any other instruments
regulated by the CEA, as administered by the CFTC and the National Futures Association (&#8220;NFA&#8221;). Furthermore, the Trust
is not a commodity pool for purposes of the CEA and the Shares are not &#8220;commodity interests&#8221;, 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 Trust or the Shares. Consequently, Shareholders do not have the regulatory protections provided to investors in CEA-regulated
instruments or commodity pools operated by registered commodity pool operators or advised by commodity trading advisors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#160;gold prices are lower than the&#160;gold prices at the time when Shareholders purchased their
Shares. In such a case, when the Trust&#8217;s&#160;gold is sold as part of the Trust&#8217;s liquidation, the resulting proceeds
distributed to Shareholders will be less than if&#160;gold prices were higher at the time of sale.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
lack of an active trading market for the Shares may result in losses on investment at the time of disposition of the Shares.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Although
Shares are listed for trading on the NYSE Arca, it cannot be assumed that an active trading market for the Shares will develop
or be maintained. If an investor needs to sell Shares at a time when no active market for Shares exists, such lack of an active
market will most likely adversely affect the price the investor receives for the Shares (assuming the investor is able to sell
them).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Shareholders
do not have the rights enjoyed by investors in certain other vehicles.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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 &#8220;oppression&#8221; or &#8220;derivative&#8221; actions). In
addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors
or approve amendments to the Trust Agreement and do not receive dividends).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>An
investment in the Shares may be adversely affected by competition from other methods of investing in gold.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the&#160;gold
industry and other securities backed by or linked to gold, direct investments in&#160;gold and investment vehicles similar to
the Trust. Market and financial conditions, and other conditions beyond the Sponsor&#8217;s control, may make it more attractive
to invest in other financial vehicles or to invest in&#160;gold directly, which could limit the market for the Shares and reduce
the liquidity of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
amount of&#160;gold represented by each Share will decrease over the life of the Trust due to the recurring deliveries of&#160;gold
necessary to pay the Sponsor&#8217;s Fee in-kind and potential sales of&#160;gold to pay in cash the Trust expenses not assumed
by the Sponsor. Without increases in the price of&#160;gold sufficient to compensate for that decrease, the price of the Shares
will also decline proportionately over the life of the Trust.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
amount of&#160;gold represented by each Share decreases each day by the Sponsor&#8217;s Fee. In addition, although the
Sponsor has agreed to assume all organizational and certain administrative and marketing expenses incurred by the Trust (the Trustee&#8217;s monthly fee and out-of-pocket expenses, the Custodian&#8217;s fee and reimbursement of the Custodian&#8217;s expenses
under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000
per annum in legal expenses), in
exceptional cases certain Trust expenses may need to be paid by the Trust. Because the Trust does not have any income, it
must either make payments in-kind by deliveries of&#160;gold (as is the case with the Sponsor&#8217;s Fee) or it must
sell&#160;gold to obtain cash (as in the case of any exceptional expenses).&#160; The result of these sales of&#160;gold and
recurring deliveries of&#160;gold to pay the Sponsor&#8217;s Fee in-kind is a decrease in the amount of&#160;gold represented
by each Share. New deposits of gold, received in exchange for new Shares issued by the Trust, will not reverse this
trend.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">A
decrease in the amount of&#160;gold represented by each Share results in a decrease in each Share&#8217;s price even if the price
of&#160;gold bullion does not&#160;change. To retain the Share&#8217;s original price, the price of&#160;gold must increase. Without
that increase, the lesser amount of&#160;gold represented by the Share will have a correspondingly lower price. If this increase
does not occur, or is not sufficient to counter the lesser amount of&#160;gold represented by each Share, Shareholders will sustain
losses on their investment in Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">An
increase in Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will require
the Trustee to sell larger amounts of gold, and will result in a more rapid decrease of the amount of&#160;gold represented by
each Share and a&#160;corresponding decrease in its value.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>RISKS
RELATED TO THE CUSTODY OF GOLD&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Trust&#8217;s&#160;gold may be subject to loss, damage, theft or restriction on access.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">There
is a risk that part or all of the Trust&#8217;s&#160;gold could be lost, damaged or stolen. Access to the Trust&#8217;s&#160;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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Trust&#8217;s lack of insurance protection and the Shareholders&#8217; limited rights of legal recourse against the Trust, the
Trustee, the Sponsor, the Custodian, the Zurich Sub-Custodian and any other sub-custodian exposes the Trust and its Shareholders
to the risk of loss of the Trust&#8217;s&#160;gold for which no person is liable.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust does not insure its gold. The Custodian maintains insurance with regard to its business on such terms and conditions as
it considers appropriate in connection with its custodial obligations and is responsible for all costs, fees and expenses arising
from the insurance policy or policies. The Trust is not a beneficiary of any such insurance and does not have the ability to dictate
the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance
or any insurance with respect to the&#160;gold held by the Custodian on behalf of the Trust. In addition, the Custodian and the
Trustee do not require the Zurich Sub-Custodian or any other direct or indirect sub-custodians to be insured or bonded with respect
to their custodial activities or in respect of the&#160;gold held by them on behalf of the Trust. Further, Shareholders&#8217;
recourse against the Trust, the Trustee and the Sponsor under New York law, the Custodian, the Zurich Sub-Custodian and any other
sub-custodian under English law, and any other sub-custodian under the law governing their custody operations is limited. Consequently,
a loss may be suffered with respect to the Trust&#8217;s&#160;gold which is not covered by insurance and for which no person is
liable in damages.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Custodian&#8217;s limited liability under the Custody Agreements and English law may impair the ability of the Trust to recover
losses concerning its&#160;gold and any recovery may be limited, even in the event of fraud, to the market value of the&#160;gold
at the time the fraud is discovered.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
liability of the Custodian is limited under the Custody Agreements. Under the Custody Agreements between the Trustee and the Custodian
which establish the Trust&#8217;s unallocated&#160;gold account (&#8220;Unallocated Account&#8221;) and the Trust&#8217;s allocated&#160;gold
account (&#8220;Allocated Account&#8221;), 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 to the market value of the&#160;gold
lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian provided the Custodian notifies
the Trust and the Trustee promptly after the discovery of the loss or damage. Under each Authorized Participant Unallocated&#160;Bullion
Account Agreement (between the Custodian and an Authorized Participant establishing an Authorized Participant Unallocated Account),
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. For any Authorized Participant Unallocated
Bullion Account Agreement between an Authorized Participant and another gold clearing bank, the liability of the gold clearing
bank to the Authorized Participant may be greater or lesser than the Custodian&#8217;s liability to the Authorized Participant
described in the preceding sentence, depending on the terms of the agreement. 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 Account Agreement, the Unallocated
Account Agreement or the Authorized Participant Unallocated&#160;Bullion Account Agreement by reason of any cause beyond its reasonable
control, including acts of God, war or terrorism. As a result, the recourse of the Trustee or a Shareholder, under English law,
is limited. Furthermore, under English common law, the Custodian,&#160;the Zurich Sub-Custodian, or any other sub-custodian 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
obligations of the Custodian,&#160;the Zurich Sub-Custodian and any other sub-custodians are governed by English law, which may
frustrate the Trust in attempting to seek legal redress against the Custodian, the Zurich Sub-Custodian or any other sub-custodian
concerning its gold.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
obligations of the Custodian under the Custody Agreements are, and the Authorized Participant Unallocated&#160;Bullion Account
Agreements may be, governed by English law. The Custodian has entered into arrangements with&#160;the Zurich Sub-Custodian and
may enter into arrangements with any other sub-custodians for the custody or temporary holding of the Trust&#8217;s gold, which
arrangements may also be governed by English law. The Trust is a New York common law 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),&#160;LBMA rules or the customs and practices in the London custody
market. It may be difficult or impossible for the Trust to sue&#160;the Zurich Sub-Custodian or any other sub-custodian 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Although
the relationship between the Custodian and the Zurich Sub-Custodian concerning the Trust&#8217;s allocated&#160;gold is expressly
governed by English law, a court hearing any legal dispute concerning their arrangement may disregard that choice of law and apply
Swiss law, in which case the ability of the Trust to seek legal redress against&#160;the Zurich Sub-Custodian may be frustrated.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
obligations of the Zurich Sub-Custodian under its arrangement with the Custodian with respect to the Trust&#8217;s allocated&#160;gold
is expressly governed by English law. Nevertheless, a court in the United States, England or Switzerland may determine that English
law should not apply and, instead, apply Swiss law to that arrangement. Not only might it be difficult or impossible for a United
States or English court to apply Swiss law to the Zurich Sub-Custodian&#8217;s arrangement, but application of Swiss law may,
among other things, alter the relative rights and obligations of the Custodian and the Zurich Sub-Custodian to the extent that
a loss to the Trust&#8217;s&#160;gold may not have adequate or any legal redress. Further, the ability of the Trust to seek legal
redress against&#160;the Zurich Sub-Custodian may be frustrated by application of Swiss law.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Trust may not have adequate sources of recovery if its&#160;gold is lost, damaged, stolen or destroyed.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">If
the Trust&#8217;s&#160;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&#8217;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, the Zurich Sub-Custodian or any other
sub-custodian 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Shareholders
and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian, the Zurich
Sub-Custodian, and any other sub-custodian.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Neither
the Shareholders nor any Authorized Participant have a right under the Custody Agreements to assert a claim of the Trust against
the Custodian, the Zurich Sub-Custodian or any other sub-custodian. Claims under the Custody Agreements may only be asserted by
the Trustee on behalf of the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Custodian may be reliant to use the Zurich Sub-Custodian for the safekeeping of all or a substantial portion of the Trust&#8217;s
gold. Furthermore, the Custodian has limited obligations to oversee or monitor the Zurich Sub-Custodian.&#160;As a result, failure
by any Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust&#8217;s gold could result in a loss to the Trust.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
generally trades on a loco London or loco Zurich basis whereby the physical gold is held in vaults located in London or Zurich
or is transferred into accounts established in London or Zurich. The Custodian has a vault in Zurich and is able to use the Zurich
Sub-Custodian for the safekeeping of all or a substantial portion of the Trust&#8217;s allocated gold. Other than obligations
to (1) use reasonable care in appointing the Zurich Sub-Custodian, (2) require any Zurich Sub-Custodian to segregate the gold
held by it for the Trust from any other gold held by it for the Custodian and any other customers of the Custodian by making appropriate
entries in its books and records and (3) ensure that the Zurich Sub-Custodian provide confirmation to the Trustee that it has
undertaken to segregate the gold held by it for the Trust, the Custodian is not liable for the acts or omissions of the Zurich
Sub-Custodian. Other than as described above, the Custodian does not undertake to monitor the performance by the Zurich Sub-Custodian
of its custody functions. The Trustee&#8217;s obligation to monitor the performance of the Custodian is limited to receiving and
reviewing the reports of the Custodian. The Trustee does not monitor the performance of the Zurich Sub-Custodian or any other
sub-custodian. In addition, 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 and the Sponsor have only limited rights to visit the premises of the Custodian
or the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s gold and certain related records maintained by the
Custodian or Zurich Sub-Custodian.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">As
a result of the above, any failure by any Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust&#8217;s gold
may not be detectable or controllable by the Custodian or the Trustee and could result in a loss to the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Because
the Trustee does not, and the Custodian has limited obligations to, oversee and monitor the activities of sub-custodians who may
hold the Trust&#8217;s gold, failure by the sub-custodians to exercise due care in the safekeeping of the Trust&#8217;s gold could
result in a loss to the Trust.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Under
the Allocated Account Agreement, the Custodian may appoint from time to time one or more sub-custodians to hold the Trust&#8217;s
gold on a temporary basis pending delivery to the Custodian. The sub-custodians which the Custodian currently uses are the Bank
of England, ICBC Standard Bank plc, The Bank of Nova Scotia &#8211; ScotiaMocatta, HSBC Bank plc, Malca-Amit SA Zurich, Union
Bank of Switzerland (&#8220;UBS&#8221;) and Brinks Global Services Inc. and the Custodian may use other LBMA clearing members
that provide bullion vaulting and clearing services to third parties. The Custodian has selected the Zurich Sub-Custodian, and
the Zurich Sub-Custodian may maintain custody of all of the Trust&#8217;s allocated gold for the Custodian. The Custodian is required
under the Allocated Account Agreement to use reasonable care in appointing the Zurich Sub-Custodian and any other sub-custodians,
making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians, and has an obligation to
use commercially reasonable efforts to obtain delivery of the Trust&#8217;s gold from any&#160;sub-custodians appointed by the
Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its&#160;sub-custodians. These&#160;sub-custodians
may in turn appoint further&#160;sub-custodians, but the Custodian is not responsible for the appointment of these further&#160;sub-custodians.
The Custodian does not undertake to monitor the performance by&#160;sub-custodians of their custody functions or their selection
of further&#160;sub-custodians. The Trustee does not monitor the performance of the Custodian other than to review the reports
provided by the Custodian pursuant to the Custody Agreements and does not undertake to monitor the performance of any&#160;sub-custodian.
Furthermore, except for the Zurich Sub-Custodian, the Trustee may have no&#160;right to visit the premises of&#160;any&#160;sub-custodian&#160;for
the purposes of examining the Trust&#8217;s gold or any records maintained by the&#160;sub-custodian, and no&#160;sub-custodian&#160;will
be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness
of such&#160;sub-custodian. In addition, the ability of the Trustee to monitor the performance of the Custodian may be limited
because under the Allocated Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to visit
the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s gold and certain related
records maintained by the Custodian and the Zurich Sub-Custodian. See &#8220;Custody of the Trust&#8217;s Gold&#8221; for more
information about sub-custodians that may hold the Trust&#8217;s gold.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
obligations of any&#160;sub-custodian&#160;of the Trust&#8217;s gold are not determined by contractual arrangements but by LBMA
rules and London bullion market customs and practices, which may prevent the Trust&#8217;s recovery of damages for losses on its
gold custodied with&#160;sub-custodians.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Except
for the Custodian&#8217;s arrangement with the Zurich Sub-Custodian, there are expected to be no written contractual arrangements
between&#160;sub-custodians that hold the Trust&#8217;s gold and the Trustee or the Custodian because traditionally such arrangements
are based on the LBMA&#8217;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&#8217;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&#160;sub-custodian&#160;for losses relating to the safekeeping of gold.
If the Trust&#8217;s gold is lost or damaged while in the custody of a&#160;sub-custodian, the Trust may not be able to recover
damages from the Custodian or the sub-custodian. Whether a&#160;sub-custodian&#160;will be liable for the failure of&#160;sub-custodians
appointed by it to exercise due care in the safekeeping of the Trust&#8217;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&#160;sub-custodians
whether appointed by the Custodian or by another&#160;sub-custodian&#160;for any losses relating to the safekeeping of gold by
such&#160;sub-custodians.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>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.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">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&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Gold
held in the Trust&#8217;s unallocated gold account and any Authorized Participant&#8217;s unallocated gold account is not segregated
from the Custodian&#8217;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&#8217;s insolvency, there may be a delay and costs
incurred in identifying the bullion held in the Trust&#8217;s allocated gold account.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
which is part of a deposit for a purchase order or part of a redemption distribution is held for a time in the Trust Unallocated
Account and, previously or subsequently in, the Authorized Participant Unallocated Account of the purchasing or redeeming Authorized
Participant. During those times, the Trust and the Authorized Participant, as the case may be, have no proprietary rights to any
specific bars of gold held by the Custodian and are each 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&#8217;s gold in a timely manner,
in the proper amounts or otherwise in accordance with the terms of the Unallocated Account Agreement, or if a&#160;sub-custodian&#160;fails
to so segregate gold held by it on behalf of the Trust, unallocated gold will not be segregated from the Custodian&#8217;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&#8217;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<i>.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">In
the case of the insolvency of the Custodian, a liquidator may seek to freeze access to the&#160;gold held in all of the accounts
held by the Custodian, including the Trust Allocated Account. Although the Trust would be able to claim ownership of properly
allocated gold, the Trust could incur expenses in connection with asserting such claims, and the assertion of such a claim by
the liquidator could delay creations and redemptions of Baskets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>In
issuing Baskets, the Trustee relies on certain information received from the Custodian which is subject to confirmation after
the Trustee has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for
an amount of&#160;gold which is more or less than the amount of&#160;gold which is required to be deposited with the Trust.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Custodian&#8217;s definitive records are prepared after the close of its business day. However, when issuing Baskets, the Trustee
relies on information reporting the amount of&#160;gold credited to the Trust&#8217;s accounts which it receives from the Custodian
during the business day and which is subject to correction during the preparation of the Custodian&#8217;s definitive records
after the close of business. If the information relied upon by the Trustee is incorrect, the amount of&#160;gold actually received
by the Trust may be more or less than the amount required to be deposited for the issuance of Baskets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>GENERAL
RISKS&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and, to a lesser degree,
the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions
which could have a material adverse effect on the Trust&#8217;s record keeping and operations.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Custodian, the Trustee and the Marketing Agent depend upon information technology infrastructure, including network, hardware
and software systems to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their
computer systems, networks and information against cybersecurity threats, could result in a loss of information and adversely
impact their ability to conduct their business, including their business on behalf of the Trust. Despite implementation of network
and other cybersecurity measures, their security measures may not be adequate to protect against all cybersecurity threats.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Uncertainty
regarding the effects of Brexit could adversely affect the price of the Shares.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
United Kingdom left the European Union (the &#8220;EU&#8221;) (&#8220;Brexit&#8221;) on January 31, 2020, subject to a transitional
period which ended December 31, 2020. During the transitional period, although the United Kingdom was no longer a member state of the
EU, it remained subject to EU law and regulations as if it were still a member state. The United Kingdom and the EU were to negotiate
the terms of their future trading relationship during the transitional period. On December 24, 2020, negotiators representing
the United Kingdom and the EU came to a preliminary trade agreement, which was subsequently ratified by the UK Parliament. The
trade agreement must also be ratified by the European Parliament.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
unavoidable uncertainties and events related to Brexit could increase taxes and costs of business and cause volatility in currency
exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit
and European, United Kingdom or worldwide political, regulatory, economic or market conditions and could contribute to instability
in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically
divergent national laws and regulations as a new relationship between the United Kingdom and EU is defined and the United Kingdom
determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could
adversely affect the price of the Shares. In addition, the risk that Standard Life Aberdeen plc, the parent of the Sponsor and
which is headquartered in the United Kingdom, failed to adequately prepare for the end of Brexit&#8217;s transitional period could
have significant customer, reputation and capital impacts for Standard Life Aberdeen plc and its subsidiaries, including those
providing services to the Trust; however, Standard Life Aberdeen plc and its subsidiaries have detailed contingency planning in
place to seek to manage the consequences of Brexit to the Trust and to avoid any disruption on the Trust and to the services they
provide. Given the fluidity and complexity of the situation, we cannot provide assurance that the Trust will not be adversely
impacted despite these preparations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including the ongoing
novel coronavirus pandemic.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies
and markets around the world, including the United States. Financial markets have experienced extreme volatility trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time.
Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have
experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect
adversely the value and liquidity of the Trust's investments. The ultimate economic fallout from the pandemic, and the long-term
impact on economies, markets, industries and individual issuers, including the Trust and its service providers, are not known.
The information technology and other operational systems upon which the Trust&#8217;s service providers rely could be impaired
and the ability of employees of the Trust&#8217;s service providers to perform essential tasks on behalf of the Trust could be
disrupted. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented
actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be
effective to mitigate the economic and market disruption, will not be known for some time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka022"></span>Item
1B. Unresolved Staff Comments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka023"></span>Item
2. Properties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka024"></span>Item
3. Legal Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka025"></span>Item
4. Mine Safety Disclosure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka026"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka027"></span>Item
5. Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The Trust was
formed on September 1, 2009 (the &#8220;Date of Inception&#8221;) following an initial deposit of gold. The Trust&#8217;s Shares
have been listed on the NYSE Arca under the symbol SGOL since its initial public offering on September 9, 2009. The following
tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the
quarters during the years ended December 31, 2020 and 2019:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fiscal
                                 Year Ended December 31, 2020: Quarter Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: left"></p></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>High</b></span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Low</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">March
    31, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">16.61</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">14.12</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">June
    30, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.14</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">15.31</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">September
    30, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">19.85</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.05</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">December
    31, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18.76</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.08</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fiscal
    Year Ended December 31, 2019:</b> Quarter Ended<sup>(1)</sup></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>High</b></span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Low</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">March
    31, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">12.93</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">12.35</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">June
    30, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">13.71</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">12.25</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">September
    30, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">14.99</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">13.34</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">December
    31, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">14.62</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">14.01</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><sup>(1)</sup> After the close of markets on
November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued by the Trust (the "Split"). The information
presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
number of outstanding Share of the Trust as of February 24, 2021 was <span>147,100,000.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Monthly
Share Price</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported
for NYSE Arca transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Month</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>High</b></span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Low</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">August
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">19.85</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18.36</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">September
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18.95</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.91</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">October
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18.54</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.98</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">November
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18.76</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.08</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">December
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18.28</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.45</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">January
    2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">18.73</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17.55</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Issuer
Purchase of Equity Securities </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust issues and redeems Shares only with Authorized Participants in exchange for gold, only in aggregations of 100,000 Shares,
referred to as a Basket. A list of current Authorized Participants is available from the Sponsor or the Trustee and is included
in Item 7 of this report. Although the Trust does not purchase Shares directly from its Shareholders, in connection with the redemption
of Baskets, the Trust redeemed as follows during the years ended December 31, 2020 and 2019:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Month</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Total
    number of <br />
    Shares redeemed</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
    ounces of<br />
    gold per share</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">January
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">February
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">March
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">5,700,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">April
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">May 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">June
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">July
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">August
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">September
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,300,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">October
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,900,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">November
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,200,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">December
    2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,400,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">12,500,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Month</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Total
    number of <br />
    Shares redeemed</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
    ounces of <br />
    gold per share<sup>(1)</sup></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">January 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">February 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">March
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">April
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">May 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">June
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">July
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">August
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">September
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,500,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">October
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">November
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,300,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">December
    2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">7,800,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.0096</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><sup>(1)
</sup>After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued
by the Trust (the &#8220;Split&#8221;). In addition, effective November 4, 2019, the number of Shares in a block that constitutes
a Basket increased from 50,000 Shares to 100,000 Shares (the &#8220;Basket Size Change&#8221;). The information presented attributable
to periods prior to the Split and the Basket Size Change has been adjusted to reflect the effects of the Split and the Basket
Size Change.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka028"></span>Item
6. Selected Financial Data</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
following selected financial data for the reporting periods should be read in conjunction with the Trust&#8217;s financial statements
and related notes and <i>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</i>.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br /> December 31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br /> December 31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br /> December 31, 2018</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br /> December 31, 2017</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br /> December 31, 2016</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$, except for Share and per Share data)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 35%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,196,068</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">846,835</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,048,326</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">935,268</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    gain/(loss) on gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">367,389</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">155,359</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(18,588</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">110,859</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">53,946</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in net assets from operations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">363,748</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">153,679</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(22,156</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">106,862</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">50,022</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Weighted average number of Shares<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">124,112,022</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">73,381,967</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">77,198,630</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">83,869,863</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">82,506,831</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net increase
    / (decrease) in net assets per Share<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2.93</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2.09</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(0.29</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1.27</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.61</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net cash
    provided by operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1)
After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued by the
Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted to reflect
the effects of the Split.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka029"></span>Item
7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>This
information should be read in conjunction with the financial statements and notes to the financial statements included with this
report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In
some cases, such forward-looking statements can be identified by terminology such as &#8220;may,&#8221; &#8220;should,&#8221;
&#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221;
&#8220;potential&#8221; or the negative of these terms or other comparable terminology. We remind readers that forward-looking
statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown
risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially
different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Introduction</i>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Aberdeen Standard Gold ETF Trust (the &#8220;Trust&#8221;) is a trust formed under the laws of the State of New York. The Trust
does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the &#8220;Trustee&#8221;)
acting as trustee pursuant to the Depositary Trust Agreement (the &#8220;Trust Agreement&#8221;) between the Trustee and Aberdeen
Standard Investments ETFs Sponsor LLC, the sponsor of the Trust (the &#8220;Sponsor&#8221;). The Trust issues Shares representing
fractional undivided beneficial interests in its net assets. The assets of the Trust consist of gold bullion held by a custodian
as an agent of the Trust and responsible only to the Trustee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect,
at any given time, the price of the gold bullion owned by the Trust, less the Trust&#8217;s liabilities (anticipated to be principally
for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed
to obtain a profit from, or ameliorate losses caused by, changes in the price of gold.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust issues and redeems Shares only in exchange for gold, only in aggregations of 100,000 Shares effective November 4, 2019 (prior
to November 4, 2019, the number of Shares that constituted a Basket for creations and redemptions was 50,000 Shares) or integral
multiples thereof (each, a &#8220;Basket&#8221;), and only in transactions with registered broker-dealers or other securities
market participants not required to register as broker-dealers, such as a bank or other financial institution, that (1) are participants
in DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such
dealers, the &#8220;Authorized Participants&#8221;). As of the date of this annual report the Authorized Participants that have
signed an Authorized Participant Agreement with the Trust are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.,
Goldman Sachs &amp; Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corp.,
Mizuho Securities USA LLC, Morgan Stanley &amp; Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial BD,
LLC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Shares
of the Trust trade on the NYSE Arca under the symbol &#8220;SGOL&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investing
in the Shares does not insulate the investor from certain risks, including price volatility. The following table illustrates the
movement in the net asset value (&#8220;NAV&#8221;) of the Shares against the corresponding gold price (per 1/100 of an oz. of
gold) since inception:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>NAV
per Share vs. Gold Price from the September 9, 2009 (the Date of Inception) to December 31, 2020<sup>(1)</sup></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><img src="sgol10k002.jpg" alt="(GRAPHIC)" style="height: 396px; width: 750px" />&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1)
After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued by the
Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted to reflect
the effects of the Split.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
divergence of the NAV per Share from the gold price over time reflects the cumulative effect of the Trust expenses that arise
if an investment had been held since inception.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>Critical
Accounting Policy</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United
States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust&#8217;s
financial position and results of operations. These estimates and assumptions affect the Trust&#8217;s application of accounting
policies. Below we describe the valuation of gold bullion, a critical accounting policy that we believe is important to&#160;understanding&#160;the
results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion
of accounting policies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Valuation
of Gold </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
is held by the Custodian on behalf of the Trust. Gold is recorded at fair value. The cost of gold is determined according to the
average cost method and the fair value is based on the LBMA PM Gold Price. Realized gains and losses on transfers of gold, or
gold distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and
cost of gold transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><p style="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
                                         31, 2020&#160;</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><p style="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
                                         31, 2019&#160;</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><p style="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
                                         31, 2018</b>&#160;</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 59%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold - cost</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,135,209</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,011,343</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">786,969</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Unrealized
    gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">517,682</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">181,808</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">35,144</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold - fair value</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">822,113</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Inspection
of Gold</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Under
the Custody Agreements, the Trustee, the Sponsor and the Sponsor&#8217;s auditors and inspectors may, only up to twice a year,
visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s&#160;gold and
certain related records maintained by the Custodian. Under the Allocated Account Agreement, the Custodian agreed to procure similar
inspection rights from the Zurich Sub-Custodian.&#160;Visits by auditors and inspectors to the Zurich Sub-Custodian&#8217;s facilities
will be arranged through the Custodian. Other than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have
no right to visit the premises of any sub-custodian for the purposes of examining the Trust&#8217;s&#160;gold or any records maintained
by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct
of the facilities, procedures, records or creditworthiness of such sub-custodian.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has exercised its right to visit the Custodian and the Zurich Sub-Custodian, in order to examine the gold&#160;and the
records maintained by them. Inspections were conducted by Inspectorate International Limited, a leading commodity inspection and
testing company retained by the Sponsor, as of August 14, 2020. Due to unprecedented social lock-down policies implemented in the UK and Switzerland to help prevent the spread of COVID-19, neither the
Sponsor, nor Inspectorate, were able to perform a physical inspection of the Trust's gold at December 31, 2020. In lieu of a physical
inspection, the Sponsor performed alternative procedures to verify the gold held by the Trust at December 31, 2020. These procedures included
confirmation of the gold bar list and total ounces of gold held by the Custodian at December 31, 2020, and an independent recalculation
of ounces of gold for each creation or redemption transaction from August 14, 2020, the date of the last physical inspection, through
December 31, 2020. The Sponsor and Inspectorate also virtually inspected a selection of gold bars held by the Custodian on behalf of the
Trust, verifying the weight of the bars and that the serial numbers of the bars selected matched the records of the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>Liquidity
</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is not aware of any trends, demands, conditions, events or uncertainties that are reasonably likely to result in material
changes to its liquidity needs. In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume most of the expenses
incurred by the Trust. As a result, the only expense of the Trust during the period covered by this report was the Sponsor&#8217;s
Fee. The Trust&#8217;s only source of liquidity is its transfers and sales of gold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&#8217;s&#160;gold&#160;as necessary to
pay the Trust&#8217;s expenses not otherwise assumed by the Sponsor. The Trustee will not sell&#160;gold to pay the Sponsor&#8217;s
Fee but will pay the Sponsor&#8217;s Fee through in-kind transfers of&#160;gold to the Sponsor. At&#160;December 31, 2020 and
2019, the Trust did not have any cash balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Review
of Financial Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Financial
Highlights</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Year
    Ended<br /> December 31, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Year
    Ended<br /> December 31, 2019</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Year
    Ended<br /> December 31, 2018</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 59%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    gain/(loss) on gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">367,389</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">155,359</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(18,588</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    change in assets from operations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">363,748</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">153,679</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(22,156</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net cash
    provided by operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
year ended December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
net asset value (&#8220;NAV&#8221;) of the Trust is obtained by subtracting the Trust&#8217;s expenses and liabilities on any
day from the value of the gold owned by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust
on a given day by the number of Shares outstanding on that day.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust&#8217;s NAV increased from $1,195,896,624 at December 31, 2019 to $ 2,652,511,503 at December 31, 2020, a 121.80% increase
for the year. The increase in the Trust&#8217;s NAV resulted primarily from an increase in the price per ounce of gold, which
rose 24.61% from $1,514.75 at December 31, 2019 to $1,887.60 at December 31, 2020 and an increase in outstanding Shares, which
rose from 82,000,000 Shares at December 31, 2019 to 146,200,000 Shares at December 31, 2020, a result of 76,700,000 Shares (767
Baskets) being created and 12,500,000 Shares (125 Baskets) being redeemed during the year<sup>1</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
NAV per Share increased 24.42% from $14.58 at December 31, 2019 to $18.14 at December 31, 2020. The Trust&#8217;s NAV per Share
rose slightly less than the price per ounce of gold on a percentage basis due to the Sponsor&#8217;s Fee, which was $3,640,527
for the year, or 0.17% of the Trust&#8217;s ANAV.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
NAV per Share of $19.88 at August 6, 2020 was the highest during the year, compared with a low of $14.19 at March 19, 2020.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
increase in net assets from operations for the year ended December 31, 2020 was $363,748,468, resulting from a realized gain of
$642,860 on the transfer of gold to pay expenses, a realized gain of $30,872,826 on gold distributed for the redemption of Shares,
a change in unrealized gain on investment of gold of $335,873,309, offset by the Sponsor&#8217;s Fees of $3,640,527. Other than
the Sponsor&#8217;s Fee, the Trust had no expenses during the year ended December 31, 2020.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
year ended December 31, 2019 </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust&#8217;s NAV increased from $846,715,993 at December 31, 2018 to $1,195,896,624 at December 31, 2019, a 41.24% increase
for the year. The increase in the Trust&#8217;s NAV resulted primarily from an increase in the price per ounce of gold, which
rose 18.19% from $1,281.65 at December 31, 2018 to $1,514.75 at December 31, 2019 and an increase in outstanding Shares,
which rose from 68,500,000 Shares at December 31, 2018 to 82,000,000 Shares at December 31, 2019, a result of 21,300,000
Shares (213 Baskets) being created and 7,800,000 Shares (78 Baskets) being redeemed during the year<sup>1</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
NAV per Share increased 17.95% from $12.36 at December 31, 2018 to $14.58 at December 31, 2019. The Trust&#8217;s NAV per Share
rose slightly less than the price per ounce of gold on a percentage basis due to the Sponsor&#8217;s Fee, which was $1,680,258
for the year, or 0.17% of the Trust's ANAV.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
NAV per Share of $14.89 at September 4, 2019 was the highest during the year, compared with a low of $12.24 at April 23, 2019.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
increase in net assets from operations for the year ended December 31, 2019 was $153,678,908, resulting from a realized gain of
$154,397 on the transfer of gold to pay expenses, a realized gain of $8,540,847 on gold distributed for the redemption of Shares,
a change in unrealized gain on investment of gold of $146,663,922, offset by the Sponsor&#8217;s Fees of $1,680,258. Other than
the Sponsor&#8217;s Fee, the Trust had no expenses during the year ended December 31, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>The
year ended December 31, 2018&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust&#8217;s NAV decreased from $1,047,978,657 at December 31, 2017 to $846,715,993 at December 31, 2018, a 19.20% decrease for
the year. The decrease in the Trust&#8217;s NAV resulted primarily from a decrease in the price per ounce of gold, which fell
1.15% from $1,296.50 at December 31, 2017 to $1,281.65 at December 31, 2018 and a decrease in outstanding Shares, which fell from
83,500,000 Shares at December 31, 2017 to 68,500,000 Shares at December 31, 2018, a result of 12,500,000 Shares (125 Baskets)
being created and 27,500,000 Shares (275 Baskets) being redeemed during the year<sup>1</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><sup>1
</sup>After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued
by the Trust (the &#8220;Split&#8221;). In addition, effective November 4, 2019, the number of Shares in a block that constitutes
a Basket increased from 50,000 Shares to 100,000 Shares (the &#8220;Basket Size Change&#8221;). The information presented attributable
to periods prior to the Split and the Basket Size Change has been adjusted to reflect the effects of the Split and the Basket
Size Change.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
NAV per Share decreased 1.51% from $12.55 at December 31, 2017 to $12.36 at December 31, 2018. The Trust&#8217;s NAV per Share
fell slightly more than the price per ounce of gold on a percentage basis due to the Sponsor&#8217;s Fee, which was $3,567,948
for the year, or, effective December 1, 2018, 0.17% of the Trust&#8217;s ANAV (prior to December 1, 2018,
the Sponsor&#8217;s Fee was 0.39%).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
NAV per Share of $13.11 at January 25, 2018 was the highest during the year, compared with a low of $11.38 at August 17, 2018.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
decrease in net assets from operations for the year ended December 31, 2018 was $22,154,688, resulting from a realized gain of
$158,980 on the transfer of gold to pay expenses and a realized gain of $10,687,359 on gold distributed for the redemption of
Shares, offset by a change in unrealized loss on investment of gold of $29,433,079 and the Sponsor&#8217;s Fees of $3,567,948.
Other than the Sponsor&#8217;s Fee, the Trust had no expenses during the year ended December 31, 2018.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Off-Balance
Sheet Arrangements</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is not a party to any off-balance sheet arrangements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka030"></span>Item
7A. Quantitative and Qualitative Disclosures about Market Risk</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust Agreement does not authorize the Trustee to borrow for payment of the Trust&#8217;s ordinary expenses. The Trust does not
engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related
market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments..</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka031"></span>Item
8. Financial Statements and Supplementary Data <i>(Unaudited)</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Quarterly
Income Statements</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
Ended December 31, 2020</b></span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Three
    months ended</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    ended</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$, except for Share and per Share data)</i></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>March
    31</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>June
    30</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>September
    30</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">EXPENSES</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 35%; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Sponsor&#8217;s
    Fee</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">588</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">808</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,102</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,143</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,641</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">588</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">808</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,102</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,143</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,641</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    investment loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(588</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(808</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,102</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,143</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(3,641</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">REALIZED
    AND UNREALIZED GAINS / (LOSSES)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold transferred to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">89</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">120</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">208</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">226</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">643</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in; color: Black; text-align: left; text-indent: -0.1in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain / (loss) on gold distributed for the redemption of Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">9,417</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4,384</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17,072</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">30,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in unrealized gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">59,879</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">164,597</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">130,063</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(18,666</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">335,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    gain/(loss) on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">69,385</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">164,717</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">134,655</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,368</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">367,389</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">133,553</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1.42</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.94</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(0.02)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2.93</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Weighted
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">90,987,912</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">115,749,451</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">142,115,217</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">147,114,565</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">124,112,022</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
Ended December 31, 2019</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Three
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
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    31</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>June
    30</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>September
    30</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">EXPENSES</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 35%; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Sponsor&#8217;s
    Fee</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">373</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">374</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">434</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">499</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,680</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">373</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">374</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">434</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">499</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,680</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    investment loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(373</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(374</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(434</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(499</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,680</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">REALIZED
    AND UNREALIZED GAINS / (LOSSES)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold transferred to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">19</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">17</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">52</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">66</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">154</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in; color: Black; text-align: left; text-indent: -0.1in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain / (loss) on gold distributed for the redemption of Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,430</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,341</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">3,508</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,262</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8,541</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in unrealized gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">7,609</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">72,906</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">46,608</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">19,541</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">146,664</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">9,058</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">74,264</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">50,168</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">21,869</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">155,359</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in net assets from operations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8,685</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">73,890</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Net
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1.07</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.69</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">0.26</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2.09</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Weighted
    average number of Shares<sup>(1)</sup></i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">70,911,111</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">68,802,198</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">72,559,783</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">81,204,348</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">73,381,967</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><sup>(1)
</sup>After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued
by the Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted
to reflect the effects of the Split.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Note:
Quarterly balances may not add to totals due to independent rounding.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
financial statements required by Regulation S-X, together with the report of the Trust&#8217;s independent registered public accounting
firm appear on pages F-1 to F-13 of this filing.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka032"></span>Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka033"></span>Item
9A. Controls and Procedures</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Conclusion
Regarding the Effectiveness of Disclosure Controls and Procedures</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its
Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission&#8217;s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and
Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required
disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Under
the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the
Sponsor conducted an evaluation of the Trust&#8217;s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e)
and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded
that, as of December 31, 2020, the Trust&#8217;s disclosure controls and procedures were effective.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Internal
controls over financial reporting have been maintained throughout the Trust&#8217;s fiscal year ended December 31, 2020. There
have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust&#8217;s or Sponsor&#8217;s
internal control over financial reporting.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Management&#8217;s
Report on Internal Control over Financial Reporting</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor&#8217;s management is responsible for establishing and maintaining adequate internal control over financial reporting,
as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust&#8217;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control
over financial reporting includes those policies and procedures that:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
Trust&#8217;s assets;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that the Trust&#8217;s receipts and expenditures are being made only in accordance
with appropriate authorizations; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust&#8217;s
assets that could have a material effect on the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust&#8217;s internal control
over financial reporting as of December 31, 2020. In making this assessment, they used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in <i>Internal Control&#8212;Integrated Framework (2013)</i>. Their
assessment included an evaluation of the design of the Trust&#8217;s internal control over financial reporting and testing of
the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria,
the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal
control over financial reporting as of December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">KPMG
LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this
Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust&#8217;s
internal control over financial reporting as of December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b></b></span></p>

<p style="margin: 0 0 10pt; font-size: 10pt">To the Sponsor, Trustee and Shareholders<br />
Aberdeen Standard Gold ETF Trust:</p>

<p style="margin: 0 0 5pt; font-size: 10pt; font-style: italic">Opinion on Internal Control Over Financial Reporting</p>

<p style="margin: 0 0 10pt; font-size: 10pt">We have audited Aberdeen Standard Gold ETF Trust&#8217;s (the&#160;Trust)
internal control over financial reporting as of December&#160;31, 2020, based on criteria established in <i>Internal Control &#8211;
Integrated Framework (2013)</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion,
the Trust maintained, in all material respects, effective internal control over financial reporting as of December&#160;31, 2020,
based on criteria established in <i>Internal Control &#8211; Integrated Framework (2013)</i> issued by the Committee of Sponsoring
Organizations of the Treadway Commission.</p>

<p style="margin: 0 0 10pt; font-size: 10pt">We also have audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United&#160;States) (PCAOB), the statements of assets and liabilities of the Trust,
including the schedules of investments, as of December&#160;31, 2020 and 2019, the related statements of operations and changes
in net assets for each of the years in the three-year period ended December&#160;31, 2020, and the related notes (collectively,
the&#160;financial statements) and the financial highlights for each of the years in the three-year period ended December&#160;31,
2020, and our report dated February&#160;26, 2021 expressed an unqualified opinion on those financial statements and financial
highlights.</p>

<p style="margin: 0 0 5pt; font-size: 10pt; font-style: italic">Basis for Opinion</p>

<p style="margin: 0 0 10pt; font-size: 10pt">The Sponsor&#8217;s management is responsible for maintaining
effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Management&#8217;s Report on Internal Control over Financial Reporting. Our responsibility
is to express an opinion on the Trust&#8217;s internal control over financial reporting based on our audit. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.&#160;federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p>

<p style="margin: 0 0 10pt; font-size: 10pt">We conducted our audit in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also
included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion.</p>

<p style="margin: 0 0 5pt; font-size: 10pt; font-style: italic">Definition and Limitations of Internal Control Over
Financial Reporting</p>

<p style="margin: 0 0 10pt; font-size: 10pt">A company&#8217;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements and financial highlights for external purposes in accordance with generally accepted accounting principles. A company&#8217;s
internal control over financial reporting includes those policies and procedures that (1)&#160;pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&#160;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights
in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (3)&#160;provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a
material effect on the financial statements and financial highlights.</p>

<p style="margin: 0 0 10pt; font-size: 10pt">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.</p>

<p style="margin: 10pt 0; font-size: 10pt">/s/ KPMG LLP</p>

<p style="margin: 0 0 10pt; font-size: 10pt">New York, New York<br />
February&#160;26, 2021</p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka034"></span>Item
9B. Other Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka035"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka036"></span>Item
10. Directors, Executive Officers and Corporate Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust has no directors or executive officers.&#160;&#160;The biographies of the President and Chief Executive Officer of the Sponsor
and the Chief Financial Officer and Treasurer of the Sponsor are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>Christopher
Demetriou &#8211; President and Chief Executive Officer </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Mr.
Demetriou is Chief Executive Officer &#8211; Americas for ASII. Mr. Demetriou is a member of the Group Executive Committee as
well as several other committees within the organization. Mr. Demetriou is based in Philadelphia and is responsible for Aberdeen
Standard Investments&#8217; operations across North and South America. Mr. Demetriou previously held the position of Deputy Chief
Executive Officer &#8211; Americas for ASII from December 2016 to April 2018, Chief Financial Officer &#8211; Americas from January
2016 to December 2016, and Head of Finance &#8211; Americas from June 2014 to January 2016. Mr. Demetriou joined ASII in June
2014, as a result of Aberdeen&#8217;s acquisition of SVG, a FTSE 250 private equity investor based in London. While at SVG, from
June 2010 to June 2014, Mr. Demetriou was Group Financial Controller and Deputy Head of Strategy. Prior to joining SVG, Mr. Demetriou
worked at Ernst and Young, specializing in Asset and Wealth Management audits and transactions. Mr. Demetriou is a Chartered Accountant
and has a BA in Politics from the University of York in England.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>Andrea
Melia &#8211; Chief Financial Officer and Treasurer</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Ms.
Melia is Vice President and Head of Fund Operations, Traditional Assets &#8211; Americas for ASII. Ms. Melia has managed the fund
administration team since joining ASII in September 2009. Prior to joining ASII, Ms. Melia was Director of fund administration
and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc. and had worked with Princeton Administrators
since 1992. Ms. Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">As
described under Item 1 above, ASII is the parent of the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka037"></span>Item
11. Executive Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor&#8217;s Fee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka038"></span>Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Security
Ownership of Certain Beneficial Owners</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">There
are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Security
Ownership of Management </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Change
in Control </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Neither
the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka039"></span>Item
13. Certain Relationships and Related Transactions, and Director Independence</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust has no directors or executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka040"></span>Item
14. Principal Accounting Fees and Services</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Fees
for services performed by KPMG LLP for the years ended December 31, 2020 and 2019</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2020</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2019</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Audit
    fees &#8211; KPMG</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">77,825</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">72,900</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Audit
    related fees &#8211; KPMG</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">77,825</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">82,900</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Audit
Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust&#8217;s financial statements
included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided
by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP
for assurance and related services that are reasonably related to the performance of the audit or review of the Trust&#8217;s
financial statements. These services include the accountant providing a consent letter related to the Trust's registration statement filing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Pre-Approval
Policies and Procedures</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">As
referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures
with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka041"></span>PART
IV</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka042"></span>Item
15. Exhibits, Financial Statement Schedules</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>1.
Financial Statements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">See
Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>2.
Financial Statement Schedules</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Schedules
have been omitted since they are either not required, not applicable, or the information has otherwise been included.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>3.
Exhibits </b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; padding-top: 6pt; width: 11%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Exhibit
    No.</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; padding-top: 6pt; text-align: center; width: 89%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Description</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4.1(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000093041309004583/c57028_ex4-1.htm">Depositary
    Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158221 on September 1,
    2009</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4.1(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713119008547/ex4-1b.htm">Amendment
    to the Depositary Trust Agreement effective October 1, 2018, incorporated by reference to Exhibit 4.1 filed with Registration
    Statement No. 333-234637 on November 12, 2019</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4.1(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713118006605/ex4-1.htm">Second
    Amendment to the Depositary Trust Agreement effective December 1, 2018, incorporated by reference to Exhibit 4.1 filed with
    the Trust&#8217;s Current Report on Form 8-K on December 6, 2018</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4.1(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713119004414/ex4-1.htm">Third
    Amendment to the Depository Trust Agreement effective June 20, 2019, incorporated by reference to Exhibit 4.1 filed with the
    Trust&#8217;s Current Report on Form 8-K on June 13, 2019</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000145092317000024/sgol-20170930xex4_2.htm">Form
    of Authorized Participant Agreement, effective as of September 5, 2017, incorporated by reference to Exhibit 4.2 filed with
    the Trust&#8217;s Annual Quarterly Report on Form 10-Q for the quarter ended September 30, 2017.</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000093041309004583/c57028_ex4-3.htm">Global
    Certificate, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-158221 on September 1, 2009</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.1(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000093041309004583/c57028_ex10-1.htm">Allocated
    Account Agreement, incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-158221 on September
    1, 2009</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.1(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713118005292/ex10-1.htm">Amendment
    to the Allocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.1 filed with the Trust&#8217;s
    Current Report on Form 8-K on October 5, 2018</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.1(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713119004414/ex10-1.htm">Amendment
    to the Allocated Account Agreement and the Unallocated Account Agreement effective June 29, 2019, incorporated by reference
    to Exhibit 10.1 field with the Trust&#8217;s Current Report on Form 8-K on June 13, 2019</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.1(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713120005609/ex10-1.htm">Second
    amendment to the Allocated Account Agreement effective June 5, 2020 incorporated by reference to Exhibit 10.1 filed with the
    Trust&#8217;s Current Report on Form 8-K on June 11, 2020</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.2(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000093041309004583/c57028_ex10-2.htm">Unallocated
    Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-158221 on September
    1, 2009</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.2(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713118005292/ex10-2.htm">Amendment
    to the Unallocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.2 filed with the Trust&#8217;s
    Current Report on Form 8-K on October 5, 2018</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.2(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000138713120005609/ex10-2.htm">Second
    amendment to the Unallocated Account Agreement effective June 5, 2020 incorporated by reference to Exhibit 10.2 filed with
    the Trust&#8217;s Current Report on Form 8-K on June 11, 2020</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 11%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 89%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000093041309004583/c57028_ex10-3.htm">Depository
    Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-158221 on September 1, 2009</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.4(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000093041309004583/c57028_ex10-4.htm">Marketing
    Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 333-158221 on September 1,
    2009</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">10.4(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="http://www.sec.gov/Archives/edgar/data/1450923/000145092319000005/sgol-20181231xex10_4b.htm" title="sgol-20181231xex10_4b.htm">Novation
    of and Amendment No. 1 to the Marketing Agent Agreement effective as of October 1, 2018</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">23.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="ex23-1.htm">Consent of KPMG LLP, Independent Registered Public Accounting Firm</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">31.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="ex31-1.htm">Chief Executive Officer&#8217;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a>&#160;&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">31.2 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="ex31-2.htm">Chief Financial Officer&#8217;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a>&#160;&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">32.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="ex32-1.htm">Chief Executive Officer&#8217;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002&#160;&#160;</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">32.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="ex32-2.htm">Chief Financial Officer&#8217;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002&#160;&#160;</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">101</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The following financial statements
    from the Trust&#8217;s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL: (i) Statements
    of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the
    Financial Statements.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">101.SCH</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Inline XBRL Taxonomy Extension
    Schema Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">101.CAL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Inline XBRL Taxonomy Extension
    Calculation Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">101.DEF</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Inline XBRL Taxonomy Extension
    Definitions Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">101.LAB</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Inline XBRL Taxonomy Extension
    Labels Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">101.PRE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Inline XBRL Taxonomy Extension
    Presentation Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The cover page from the Trust&#8217;s
    Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL (included as Exhibit 101).</span></td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10ka043"></span>Item
16. Form 10-K Summary</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST<br />
FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020<br />
INDEX</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 95%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; width: 5%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Page</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10kb001">Report
    of Independent Registered Public Accounting Firm</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">F-2</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10kb002">Statements
    of Assets and Liabilities at December 31, 2020 and 2019</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">F-3</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10kb003">Schedules
    of Investments at December 31, 2020 and 2019</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">F-4</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10kb004">Statements
    of Operations for the years ended December 31, 2020, 2019 and 2018 </a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">F-5</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10kb005">Statements
    of Changes in Net Assets for the years ended December 31, 2020, 2019 and 2018 </a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">F-6</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10kb006">Financial
    Highlights for the years ended December 31, 2020, 2019 and 2018</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">F-7</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><a href="#sgol10kb007">Notes
    to the Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">F-8</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="sgol10kb001"></span>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b></b></span></p>

<p style="margin: 0 0 10pt; font-size: 10pt">To the Sponsor, Trustee and Shareholders<br />
Aberdeen Standard Gold ETF Trust:</p>

<p style="margin: 0 0 5pt; font-size: 10pt; font-style: italic">Opinion on the Financial Statements</p>

<p style="margin: 0 0 10pt; font-size: 10pt">We have audited the accompanying statements of assets and
liabilities of Aberdeen Standard Gold ETF Trust (the Trust), including the schedules of investments, as of December&#160;31, 2020
and 2019, the related statements of operations and changes in net assets for each of the years in the three-year period ended December&#160;31,
2020, and the related notes (collectively, the&#160;financial statements) and the financial highlights for each of the years in
the three-year period ended December&#160;31, 2020. In our opinion, the financial statements and financial highlights present fairly,
in all material respects, the financial position of the Trust as of December&#160;31, 2020 and 2019, and the results of its operations
and the changes in its net assets, for each of the years in the three-year period ended December&#160;31, 2020, and the financial
highlights for each of the years in the three-year period ended December&#160;31, 2020, in conformity with U.S.&#160;generally
accepted accounting principles.</p>

<p style="margin: 0 0 10pt; font-size: 10pt">We also have audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United&#160;States) (PCAOB), the Trust&#8217;s internal control over financial reporting
as of December&#160;31, 2020, based on criteria established in <i>Internal Control &#8211; Integrated Framework (2013)</i> issued
by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February&#160;26, 2021 expressed
an unqualified opinion on the effectiveness of the Trust&#8217;s internal control over financial reporting.</p>

<p style="margin: 0 0 5pt; font-size: 10pt; font-style: italic">Basis for Opinion</p>

<p style="margin: 0 0 10pt; font-size: 10pt">These financial statements and financial highlights are the
responsibility of the Sponsor&#8217;s management. Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Trust in accordance with the U.S.&#160;federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.</p>

<p style="margin: 0 0 10pt; font-size: 10pt">We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing
procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of
the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.</p>

<p style="margin: 0 0 5pt; font-size: 10pt; font-style: italic">Critical Audit Matter</p>

<p style="margin: 0 0 10pt; font-size: 10pt">The critical audit matter communicated below is a matter arising
from the current period audit of the financial statements and financial highlights that was communicated or required to be communicated
to the audit committee and that: (1)&#160;relates to accounts or disclosures that are material to the financial statements and
the financial highlights and (2)&#160;involved our especially challenging, subjective, or complex judgment. The communication of
a critical audit matter does not alter in any way our opinion on the financial statements and the financial highlights, taken as
a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter
or on the accounts or disclosures to which it relates.</p>

<p style="margin: 0 0 5pt 0.25in; font-size: 10pt; font-style: italic">Evaluation of the Evidence Pertaining to the
Existence of the Gold Holdings</p>

<p style="margin: 0 0 6pt 0.25in; font-size: 10pt">As presented on the December 31, 2020 schedule of investments,
the fair value of the Trust&#8217;s investment in gold was $2.65 billion, representing 100% of the Trust&#8217;s total assets,
and 1,405,430.5 ounces of gold holdings. The investment in gold was held by a third-party custodian (the custodian).</p>

<p style="margin: 0 0 6pt 0.25in; font-size: 10pt">We identified the evaluation of the evidence pertaining
to the existence of the gold holdings as a critical audit matter. Given the nature and volume of the gold holdings, subjective
auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of gold held by the
custodian.</p>

<p style="margin: 0 0 6pt 0.25in; font-size: 10pt">The following are the primary procedures we performed
to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls
over the Trust&#8217;s gold holdings process, including controls over (1) the comparison of the Trust&#8217;s records of gold held
to the custodian&#8217;s records, (2) the approval of gold deposits and withdrawals by the trustee of the Trust and (3) the roll
forward of gold holdings from the date of the Trust&#8217;s most recent physical inspection through December 31, 2020. We obtained
a schedule directly from the custodian of the Trust&#8217;s gold holdings held by the custodian as of December 31, 2020. We compared
the total ounces on such schedule to the Trust&#8217;s record of gold holdings. We also tested the Trust&#8217;s roll forward of
gold holdings from August 14, 2020 (the date of the Trust&#8217;s most recent physical inspection performed at the custodian&#8217;s
locations by a third party engaged by the Trust&#8217;s sponsor (the inspector)) through December 31, 2020 by (1) agreeing the
Trust&#8217;s records of gold holdings as of the last inspection date to the inspector&#8217;s and/or custodian&#8217;s records,
(2) agreeing gold holdings transactions to order confirmations and trade tickets, and (3) comparing the Trust&#8217;s expected
holdings to the schedule obtained directly from the custodian of the Trust&#8217;s gold holdings at December 31, 2020.</p>

<p style="margin: 10pt 0; font-size: 10pt; text-align: center"></p>

<p style="margin: 0 0 10pt; font-size: 10pt">We have served as the Trust&#8217;s auditor since 2015.</p>

<p style="margin: 10pt 0; font-size: 10pt">/s/ KPMG LLP</p>

<p style="margin: 0 0 10pt; font-size: 10pt">New York, New York<br />
February&#160;26, 2021</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="sgol10kb002"></span>Statements
of Assets and Liabilities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">At
December 31, 2020&#160;and 2019</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_309_111_pn3n3_zwZ4st7vgdl4" summary="xdx: Statement - Statements of Assets and Liabilities" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20201231_zSAJzJmfgIp1" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_495_20191231_zKeshEgbW0Sd" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$, except for Share and per Share data)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40C_eus-gaap--AssetsAbstract_iB_zshO2Yv1C7Zi" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">ASSETS</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_403_eus-gaap--InvestmentInPhysicalCommodities_i01I_maAz3ae_zHHm2y5wPNA2" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold (cost: December 31, 2020: $<span id="xdx_906_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_uUSD_c20201231_zZfVFyEVanj2" title="Investment in gold at cost"><ix:nonFraction name="us-gaap:InvestmentOwnedAtCost" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,135,209</ix:nonFraction></span>; December 31, 2019: $<span id="xdx_902_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_uUSD_c20191231_z6DqWce7NDcl"><ix:nonFraction name="us-gaap:InvestmentOwnedAtCost" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,011,343</ix:nonFraction></span>)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,652,891</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,193,151</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--AccountsReceivableNetNoncurrent_i01I_maAz3ae_zC8Cyk6ks8xg" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
    receivable</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="-sec-ix-hidden: xdx2ixbrl0053">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:AccountsReceivableNetNoncurrent" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,917</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--Assets_i01TI_mtAz3ae_maANzLLg_maANzcfB_z9JTTyAf0wQ7" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,652,891</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,196,068</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_406_eus-gaap--LiabilitiesAbstract_iB_zNhNYdmtfzKb" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">LIABILITIES</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40F_eus-gaap--AccountsPayableRelatedPartiesCurrent_i01I_maCzukr_zq6jnFCxI0Tb" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">379</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">171</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--Liabilities_i01TI_mtCzukr_msANzLLg_msANzcfB_zFRx6cuyRppl" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_401_eus-gaap--AssetsNet_iTI_mtANzLLg_mtANzcfB_znq93CKiGsyb" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:AssetsNet" contextRef="AsOf2019-12-31" id="Fact000069" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,195,897</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>See
Notes to the Financial Statements&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="sgol10kb003"></span>Schedules
of Investments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">At
December 31, 2020 and 2019</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_305_114_pn3n3_zJ42XxCJgaM" summary="xdx: Statement - Schedules of Investments" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Description</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>oz</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fair
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    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>%
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Description</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>oz</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_980_eus-gaap--InvestmentOwnedPercentOfNetAssets_iI_pip2_uPure_c20191231_zvPq82uu5Gbi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentOwnedPercentOfNetAssets" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99.77</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">%</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Other
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--NonInvestmentAssetsLessNonInvestmentLiabilities_iI_pn3n3_c20191231_zP7etVBjQIC5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilities" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,746</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_981_ecustom--NetAssetsPercentageOfNetAssets_iI_pip2_uPure_c20191231_z5fnV6h3jgI5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:NetAssetsPercentageOfNetAssets" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.00</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">%</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>See
Notes to the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="sgol10kb004"></span>Statements
of Operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">For
the years ended December 31, 2020, 2019, and 2018</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_113_pn3n3_znjMcaP3Evqi" summary="xdx: Statement - Statements of Operations" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
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    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40F_eus-gaap--SponsorFees_i01_maCzDeH_msNIGLzKHW_maOEzr6b_zSvwlyswyBx8" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; width: 61%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Sponsor&#8217;s
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,641</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,680</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,568</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--OperatingExpenses_i01T_mtOEzr6b_msNIGLz5m4_zNmBDARZT28f" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,641</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,680</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,568</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40D_ecustom--NetInvestmentGainLoss_iT_mtNIGLz5m4_maNILzn37_zcecDlOBruc3" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    investment loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:NetInvestmentGainLoss" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,641</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:NetInvestmentGainLoss" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,680</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:NetInvestmentGainLoss" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,568</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--NonoperatingGainsLossesAbstract_iB_z9cHLRdwWLI9" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">REALIZED
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_408_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_i01_maCzbQI_maTGLOBztVD_zKoCnmxFjtZh" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">643</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">154</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">159</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_i01_maCzbQI_maTGLOBzm8D_maTGLOBztVD_zcYYECErOjk7" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:RealizedGainLossOnBullionDistributedForRedemptionOfShares" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,873</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr id="xdx_40C_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_i01_pn3n3_maCzbQI_maTGLOBzm8D_maTGLOBztVD_zqQZze8ni3Rb" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
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<tr id="xdx_405_ecustom--TotalGainLossOnBullion_i01T_mtTGLOBztVD_maNILzn37_z14vlJBZZWL7" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:TotalGainLossOnBullion" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">18,588</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--NetIncomeLoss_iT_mtNILzn37_zdBlpZlzyBTd" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153,679</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">22,156</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40D_eus-gaap--EarningsPerShareBasic_pii_z0jmODfFt4Va" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Net
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2019-01-012019-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.09</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2018-01-012018-12-31" id="Fact000159" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.29</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0p0_z4xCVYdhVg23" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Weighted
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2018-01-012018-12-31" id="Fact000163" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Shares">77,198,630</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 0.25in"><span id="xdx_F08_zhG5Q8gVKdjj" style="font: 10pt Times New Roman, Times, Serif; color: Black">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span id="xdx_F17_zI12SSYb63ba" style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:footnote id="Footnote000164" xml:lang="en-US">After
    the close of markets on November 1, 2019, the Trust effected a <span id="xdx_902_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_pip0_dc_c20191101__20191102_zLnpoFEvCnd8" title="Share split ratio"><ix:nonFraction name="us-gaap:StockholdersEquityNoteStockSplitConversionRatio1" contextRef="From2019-11-012019-11-02" format="ixt-sec:numwordsen" decimals="INF" scale="0" unitRef="Pure">ten</ix:nonFraction></span>-for-one forward share split of the Shares issued by the
    Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted to
    reflect the effects of the Split.</ix:footnote></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>See
Notes to the Financial Statements&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="sgol10kb005"></span>Statements
of Changes in Net Assets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">For
the years ended December 31, 2020, 2019 and 2018</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30B_114_pn3n3_zaIliE9sQKn6" summary="xdx: Statement - Statements of Changes in Net Assets" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    Ended December 31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening balance
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_98C_eus-gaap--StockholdersEquity_iS_pn3n3_c20200101__20201231_z1rgj14xZo61" title="Opening balance" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,195,897</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_405_ecustom--NetInvestmentGainLoss_pn3n3_zCJx26sLbFMe" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net investment
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:NetInvestmentGainLoss" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,641</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr id="xdx_408_eus-gaap--RealizedInvestmentGainsLosses_z3aXK2rwfoVb" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31,516</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_400_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_zgVMgJAU0Vzf" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">335,873</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zRgkMZEkSr6h" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pii_uShares_c20200101__20201231_zMo9SRrwcKQ" title="Creations (in Shares)" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,700,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,296,036</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_409_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_di_z8Yq2UNcxcWj" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_986_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_iN_pii_di_uShares_c20200101__20201231_z1gmcawJQRsk" title="Redemptions (in Shares)" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">203,169</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_984_eus-gaap--StockholdersEquity_iE_pn3n3_c20200101__20201231_zON3Q6ZAJcw5" title="Closing balance" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,652,512</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_404_ecustom--NetInvestmentGainLoss_zueX0WmKgFng" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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<tr id="xdx_409_eus-gaap--RealizedInvestmentGainsLosses_znycOLJ843dc" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_zb4v2XCWsBv7" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr id="xdx_406_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zkcOaSbisBB3" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_987_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pii_uShares_c20190101__20191231_fKDEp_zhYFqljgI3dh" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-01-012019-12-31" id="Fact000199" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,300,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">297,717</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40C_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_di_zf0xYc75bhAe" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">102,215</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance at December 31, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_eus-gaap--SharesOutstanding_iE_pii_uShares_c20190101__20191231_fKDEp_zZGvuFLkDwQ5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2019-12-31" id="Fact000203" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">82,000,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_98A_eus-gaap--StockholdersEquity_iE_pn3n3_c20190101__20191231_zlOYhX1x6g7e" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,195,897</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td>
    <td colspan="2" id="xdx_49C_20180101__20181231_zUBHEQDqCAn8" style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(Amounts
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    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Amount</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening balance
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_eus-gaap--SharesOutstanding_iS_pii_uShares_c20180101__20181231_fKDEp_zxGRo9Sw3PV6" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2017-12-31" id="Fact000205" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">83,500,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_987_eus-gaap--StockholdersEquity_iS_pn3n3_c20180101__20181231_zpCLhNdzEbWb" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2017-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,047,979</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40F_ecustom--NetInvestmentGainLoss_zX0q77N7OYQb" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net investment
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<tr id="xdx_40C_eus-gaap--RealizedInvestmentGainsLosses_zinvk4xWqbe3" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_z9rF3qnP7UIe" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr id="xdx_408_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zUtSIhhSIgh4" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pii_uShares_c20180101__20181231_fKDEp_zxRrfMaO9Aa6" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2018-01-012018-12-31" id="Fact000215" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">157,503</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_di_zDDbuY8vHp2" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_iN_pii_di_uShares_c20180101__20181231_fKDEp_z0yoEL7C66t" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2018-01-012018-12-31" id="Fact000218" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">27,500,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">336,610</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance at December 31, 2018</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_98D_eus-gaap--StockholdersEquity_iE_pn3n3_c20180101__20181231_zdcBjbJiyFMc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2018-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">846,716</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 3%"><span id="xdx_F01_zFTT969jRaV3" style="font: 10pt Times New Roman, Times, Serif; color: Black">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; width: 97%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span id="xdx_F1D_zqPvRhoKsG4h" style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:footnote id="Footnote000221" xml:lang="en-US">After
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        the Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted
        to reflect the effects of the Split.</ix:footnote></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>See
Notes to the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="sgol10kb006"></span>Financial
Highlights</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">For
the years&#160;ended December 31, 2020, 2019&#160;and 2018</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_112_zHZeoHG76pQc" summary="xdx: Statement - Financial Highlights" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    Ended<br /> December 31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_495_20190101__20191231_zvNC3foVLyrd" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br /> December 31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
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    Ended<br /> December 31, 2018</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40D_ecustom--PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_iB_zKPqtqmH0da5" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Per
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr id="xdx_401_eus-gaap--NetAssetValuePerShare_iS_zI6qDoyzqkXb" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_402_ecustom--IncomeFromInvestmentOperationsAbstract_iB_ztLFfT4ETOf" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Income
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<tr id="xdx_409_ecustom--NetInvestmentIncomLossPerShare_zxwzVSV3yAXc" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_403_ecustom--NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_zM7QpxSBMFNl" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Total
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<tr id="xdx_404_ecustom--ChangeInNetAssetsFromOperationsPerShare_zc0TWfKhBRE3" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; text-indent: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:ChangeInNetAssetsFromOperationsPerShare" contextRef="From2018-01-012018-12-31" id="Fact000247" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.19</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_407_eus-gaap--NetAssetValuePerShare_iE_zmy61tzBS2a8" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2020-12-31" id="Fact000249" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.14</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2019-12-31" id="Fact000250" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">14.58</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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</table>

<table cellpadding="0" cellspacing="0" id="xdx_30A_112_zXiA3wgpGp17" summary="xdx: Statement - Financial Highlights" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 59%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_499_20200101__20201231_ziD0Pebg17F2" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 10%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_495_20190101__20191231_zH1RrxZbuLx9" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 10%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_497_20180101__20181231_z3SQgxPDtF9b" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 10%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 3%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_400_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0p0_zkyo6JRSKFc" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Weighted
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:AnnualizedRateOfSponsorsFee" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.17</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:AnnualizedRateOfSponsorsFee" contextRef="From2018-01-012018-12-31" id="Fact000259" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.38</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">%<sup id="xdx_F20_zAMB21OggaBf">(2)</sup></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_40E_ecustom--AnnualizedNetInvestmentIncomeLossRatio_iN_dpi_zm7hvwk8Rv29" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:AnnualizedNetInvestmentIncomeLossRatio" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.17</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:AnnualizedNetInvestmentIncomeLossRatio" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.17</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:AnnualizedNetInvestmentIncomeLossRatio" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.38</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr id="xdx_400_ecustom--TotalReturnAtNetAssetValue_dp_zNQu3TGiTDh2" style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:TotalReturnAtNetAssetValue" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17.95</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:TotalReturnAtNetAssetValue" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">1.51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)%</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; width: 0.25in"><span id="xdx_F06_z7sFAFpnBI57" style="font: 10pt Times New Roman, Times, Serif; color: Black">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"><span id="xdx_F15_zOFVEIwyDJTe" style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:footnote id="Footnote000268" xml:lang="en-US">After
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>See
Notes to the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><span id="sgol10kb007"></span>Notes
to the Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_802_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zU39YCHsui68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>1.&#160;&#160;&#160;&#160;<span id="xdx_828_zLdz1gh3hDDl">Organization</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The&#160;Aberdeen
Standard Gold ETF Trust (the &#8220;Trust&#8221;) is a common law trust formed on&#160;September 1, 2009&#160;(the &#8220;Date
of Inception&#8221;) under New York law pursuant to a depositary trust agreement (the &#8220;Trust Agreement&#8221;) executed
by Aberdeen Standard Investments ETFs Sponsor LLC (the &#8220;Sponsor&#8221;) and The Bank of New York Mellon as Trustee (the
&#8220;Trustee&#8221;). The Trust holds gold bullion&#160;and issues&#160;Aberdeen Standard Physical Gold Shares ETF (&#8220;Shares&#8221;)
in minimum blocks of&#160;Shares (also referred to as &#8220;Baskets&#8221;) in exchange for deposits of&#160;gold and distributes&#160;gold
in connection with the redemption of Baskets. Prior to November 4, 2019, the number of Shares that constituted a Basket was <span id="xdx_902_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zCjaCWl7jJcj"><ix:nonFraction name="sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2019-11-012019-11-03" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
Shares. Effective November 4, 2019, the Basket size was increased to <span id="xdx_90C_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zydCw1rjcspf" title="Minimum block of shares issued redeemed against gold"><ix:nonFraction name="sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2019-11-012019-11-04" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> Shares. Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company
and a wholly-owned subsidiary of Aberdeen Standard Investments Inc. (&#8220;ASII&#8221;).&#160;&#160;ASII is a wholly-owned indirect
subsidiary of Standard Life Aberdeen plc. The Trust is governed by the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
investment objective of the Trust is for the Shares to reflect the performance of the price of&#160;gold, less the Trust&#8217;s
expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#8220;Shareholder&#8221;)
an opportunity to participate in the&#160;gold market through an investment in securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zEkOPmwG1oae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>2.&#160;&#160;&#160;&#160;<span id="xdx_823_zCkIQbY5gcXi">Significant
Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zESlArCPlGfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.1.&#160;&#160;&#160;&#160;<span id="xdx_86D_zDBI8UXYJyFf">Basis
of Accounting</span></i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting
Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial Services&#8212;Investment Companies</i>, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="sgol:ValuationOfBullionPolicyTextBlock"><p id="xdx_84E_ecustom--ValuationOfBullionPolicyTextBlock_zFFElIaP3h6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.2.&#160;&#160;&#160;&#160;<span id="xdx_862_zdDHRbXpZfhf">Valuation
of&#160;Gold</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold&#160;is
held by JPMorgan Chase Bank, N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at the Custodian&#8217;s Zurich, Switzerland
vaulting premises and may also be held at the Zurich, Switzerland vaulting premises of UBS AG, or any other firm selected by the
Custodian, to hold the Trust&#8217;s gold in the Trust&#8217;s allocated account in the firm&#8217;s vault premises on a segregated
basis.&#160;Effective as of the close of business June 20, 2019, the Sponsor approved the addition of London, England as a location
where the Custodian may custody allocated&#160;gold bullion deposited with and held by the Trust. At December 31, 2020, <span id="xdx_90E_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dn_c20201231_z5PXk8VFj2Kb" title="Percentage of gold held by sub-custodians"><ix:nonFraction name="sgol:PercentageOfAssetBeingHeldByTrust" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">none</ix:nonFraction></span> of the Trust's gold was held by a sub-custodian.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
is recorded at fair value. The cost of gold is determined according to the average cost method and the fair value is based on
the London Bullion Market Association (&#8220;LBMA&#8221;) PM Gold Price. Realized gains and losses on transfers of gold, or gold
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average
cost of gold transferred. &#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23E_zj7ZvLdRJhb5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_239_z3rEq499pui2" style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
LBMA PM&#160;Gold Price is set using the afternoon session of the ICE Benchmark Administration (&#8220;IBA&#8221;) equilibrium
auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars,
Euros or British Pounds for LBMA-authorized participating&#160;gold bullion banks or market makers that establishes a reference
gold price for that day&#8217;s trading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Once
the value of&#160;gold has been determined, the net asset value (the &#8220;NAV&#8221;) is computed by the Trustee by deducting
all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#8220;Sponsor&#8217;s
Fee&#8221;), from the fair value of the&#160;gold and all other assets held by the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust recognizes changes in fair value of the investment in&#160;gold as changes in unrealized gains or losses on investment in&#160;gold
through the Statement of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
per Share amount of&#160;gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold
Price to calculate the&#160;gold amount in respect of any liabilities for which covering gold&#160;sales have not yet been made,
and represents the per Share amount of&#160;gold held by the Trust, after giving effect to its liabilities, to cover expenses
and liabilities and any losses that may have occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Fair
Value Hierarchy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#8217;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
investment in&#160;gold is classified as a level&#160;1 asset, as the value of the Trust&#8217;s investment in&#160;gold is
calculated using unadjusted quoted prices from primary market sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_239_zeQVmz2cVb5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_ziZsoJzVfzYc" style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVcQPi5A71Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$)</i></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Level
    1</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_989_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zg2plTJQnLxf" title="Investment in gold" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure" contextRef="AsOf2020-12-31_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,652,891</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_980_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20191231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs11Qz7MfVml" title="Investment in gold" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure" contextRef="AsOf2019-12-31_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,193,151</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A1_zcWIDHJpiZU3" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td colspan="9" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Based
    on its continuous assessment of the valuation techniques and inputs used to value the Trust's gold, the Sponsor determined
    that the inputs used in determining the value of the Trust's gold are more representative of Level 1 inputs, rather than
    Level 2 inputs. Therefore, all of the Trust's gold was transferred from Level 2 to Level 1 at December 31, 2020. The December
    31, 2019 information has been reclassified to level 1 for comparative purposes.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="sgol:ReceivableAndPayablePolicyTextBlock"><p id="xdx_848_ecustom--ReceivableAndPayablePolicyTextBlock_zweLWf1Ytsp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.3.&#160;&#160;&#160;&#160;<span id="xdx_863_zkfE3PLLLdK4">Gold
Receivable and Payable</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold&#160;receivable
or payable represents the quantity of&#160;gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the&#160;gold has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership of gold
is transferred within two business days of the trade date. At December 31, 2020, the Trust had <span id="xdx_901_ecustom--BullionReceivableAtMarketValue_iI_do_uUSD_c20201231_zN0WW5nrWOD"><span id="xdx_90E_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20201231_zZyPOfvR4ch7"><ix:nonFraction name="sgol:BullionReceivableAtMarketValue" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="sgol:BullionPayableAtMarketValue" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> gold&#160;receivable or payable
for the&#160;creation&#160;or redemption of Shares. At December 31, 2019, the Trust had $<span id="xdx_906_ecustom--BullionReceivableAtMarketValue_iI_uUSD_c20191231_zvLZILZ4r1x7" title="Gold receivable"><ix:nonFraction name="sgol:BullionReceivableAtMarketValue" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,916,821</ix:nonFraction></span>&#160;of gold&#160;receivable
for the creation of shares and&#160;<span id="xdx_90B_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20191231_zUDkCieLLBE7" title="Gold payable"><ix:nonFraction name="sgol:BullionPayableAtMarketValue" contextRef="AsOf2019-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> gold&#160;payable for the redemption of Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="sgol:CreationsAndRedemptionsOfSharesPolicyTextBlock"><p id="xdx_84E_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zaTlkPomsd3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.4.&#160;&#160;&#160;&#160;<span id="xdx_862_ziCSu7rVulB3">Creations
and Redemptions of Shares</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_908_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zZcLjNkwrgl9"><ix:nonFraction name="sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2019-11-012019-11-04" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span>
Shares effective&#160;November 4, 2019. Prior to November 4, 2019, the number of Shares that constituted a Basket was&#160;<span id="xdx_90F_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zxEr2j7nKZl7" title="Minimum block of shares issued redeemed against gold"><ix:nonFraction name="sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2019-11-012019-11-03" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase
or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer
or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#8217;s Custodian or other&#160;gold bullion clearing bank. An Authorized Participant Agreement is 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&#160;gold&#160;required for such creations and redemptions. An Authorized Participant Unallocated
Account is an unallocated gold account, either loco London or loco Zurich, established with the Custodian or a&#160;gold bullion
clearing bank by an Authorized Participant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;gold represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV
of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;gold is exchanged in settlement of a redemption, it is considered
a sale of&#160;gold for financial statement purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
amount of&#160;gold represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As
a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of gold&#160;to be delivered
or distributed by the Trust. In order to ensure that the correct amount of&#160;gold is available at all times to back the Shares,
the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each
transaction, this amount is not more than 1/1000th of an ounce of gold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<ix:exclude><p id="xdx_23F_zUvr3Qd8uega" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zwCUxyP4OlK9" style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_z72FkKRzV2rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_863_zagjtXlBsnUe">Income
Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is classified as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the
Shareholders, and the Trustee will report the Trust&#8217;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that <span id="xdx_906_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20191231_zZXWQWV7jARl" title="Reserve for uncertain tax positions"><span id="xdx_90C_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_z0iaSsmby12l" title="Reserve for uncertain tax positions"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" contextRef="AsOf2019-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> reserves for uncertain tax positions are required as of&#160;December 31, 2020 and December 31, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_844_eus-gaap--InvestmentPolicyTextBlock_zP07zBnI6Mqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_864_zZAObXZi6LS8">Investment
in&#160;Gold</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="sgol:InvestmentsInBullionTableTextBlock"><p id="xdx_896_ecustom--InvestmentsInBullionTableTextBlock_zIJpRAtAQeMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Changes
in ounces of&#160;gold and their respective values for the years&#160;ended&#160;December 31, 2020 and&#160;2019 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
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    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$, except for ounces data)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Ounces
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20200101__20201231_zmnBl36DpRUc" title="Opening balance" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="1" unitRef="oz">787,688.3</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20200101__20201231_ziWq6vK83Wgh" title="Creations" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:CreationsValueOfBullion" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,298,953</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--CreationsValueOfBullion_pn3n3_c20190101__20191231_zDYYN8cSeBb6" title="Creations" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:CreationsValueOfBullion" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">319,522</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20190101__20191231_zdkkVV7g6DT3" title="Redemptions" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(<ix:nonFraction name="sgol:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">102,215</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20200101__20201231_zdTmYoa2VR9k" title="Realized gain on gold distributed for the redemption of Shares" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:RealizedGainLossOnBullionDistributedForRedemptionOfShares" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,873</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20190101__20191231_zqG7VdmEJ8l" title="Realized gain on gold distributed for the redemption of Shares" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:RealizedGainLossOnBullionDistributedForRedemptionOfShares" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,541</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Transfers
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20190101__20191231_z9pzKmQwzA4l" title="Realized gain on gold transferred to pay expenses" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">154</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in unrealized gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20200101__20201231_zWzg8qdUjX0j" title="Change in unrealized gain on investment in gold" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">335,873</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20190101__20191231_zXNuThUVfz3l" title="Change in unrealized gain on investment in gold" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="sgol:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">146,664</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20200101__20201231_zFYWeoH8Gugk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,652,891</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20190101__20191231_zNIx2rA82Mhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,193,151</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AC_zA6293TgQPx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="sgol:ExpensesPolicyTextBlock"><p id="xdx_847_ecustom--ExpensesPolicyTextBlock_z30cmzlEB0A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.7.&#160;&#160;&#160;&#160;<span id="xdx_868_z2iyJrm1nli1">Expenses
/ Realized Gains / Losses</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
primary expense of the Trust is the Sponsor&#8217;s Fee, which is paid by the Trust through in-kind transfers of&#160;gold to
the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust will transfer&#160;gold to the Sponsor to pay the Sponsor&#8217;s Fee that, effective December 1, 2018, accrues daily at
an annualized rate equal to <span id="xdx_901_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181201_zA8UWeRXPC83" title="Expense ratio"><ix:nonFraction name="sgol:AnnualizedRateOfSponsorsFee" contextRef="From2018-11-292018-12-01" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.17</ix:nonFraction></span>% of the adjusted daily NAV of the Trust, paid monthly in arrears. Prior to December 1, 2018,
the Sponsor&#8217;s Fee accrued at an annualized rate equal to <span id="xdx_909_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181130_zFJZeyQiWLBe"><ix:nonFraction name="sgol:AnnualizedRateOfSponsorsFee" contextRef="From2018-11-292018-11-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.39</ix:nonFraction></span>% of the adjusted daily NAV of the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#8217;s monthly
fee and out of pocket expenses, the Custodian&#8217;s fee and the reimbursement of the Custodian&#8217;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#8220;SEC&#8221;) registration fees, printing and mailing costs,
audit fees and up to $<span id="xdx_904_ecustom--MaximumSponsorFeeForLegalExpenses_uUSD_c20200101__20201231_zw9iINeO2At7" title="Maximum sponsor fee for legal expenses"><ix:nonFraction name="sgol:MaximumSponsorFeeForLegalExpenses" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> per annum in legal expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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<ix:exclude><p id="xdx_23A_zsmPSf7K9GU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zISNx1V2ZBUg" style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">For
the years ended&#160;December 31, 2020, 2019&#160;and 2018, the Sponsor&#8217;s Fee was $<span id="xdx_905_eus-gaap--SponsorFees_pp0p0_c20200101__20201231_z4mejXSECava" title="Sponsor&apos;s Fee"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2020-01-01to2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,640,527</ix:nonFraction></span>, $<span id="xdx_906_eus-gaap--SponsorFees_pp0p0_c20190101__20191231_z3qQVYWkEPJe" title="Sponsor&apos;s Fee"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,680,258</ix:nonFraction></span>&#160;and $<span id="xdx_900_eus-gaap--SponsorFees_pp0p0_c20180101__20181231_zzKUD8Y7ZVbk" title="Sponsor&apos;s Fee"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2018-01-012018-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,567,948</ix:nonFraction></span>,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">At&#160;December
31, 2020 and at December 31, 2019, the fees payable to the Sponsor were&#160;$<span id="xdx_901_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20201231_zIw7YQ61Sxf7" title="Fees payable to Sponsor"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">379,068</ix:nonFraction></span> and&#160;$<span id="xdx_906_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20191231_zAdlze0DChqk" title="Fees payable to Sponsor"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">171,336</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#8217;s&#160;gold as necessary to pay these expenses. When selling&#160;gold to pay expenses, the Trustee will
endeavor to sell the smallest amounts of&#160;gold needed to pay these expenses in order to minimize the Trust&#8217;s holdings
of assets other than&#160;gold. Other than the Sponsor&#8217;s Fee, the Trust had <span id="xdx_903_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zAVP228Vzqz" title="All other expenses"><span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20190101__20191231_zVr4jQ8lmMAg" title="All other expenses"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2020-01-01to2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2019-01-012019-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> expenses during the&#160;years ended December
31, 2020, 2019&#160;and 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Unless
otherwise directed by the Sponsor, when selling&#160;gold the Trustee will endeavor to sell at the price established by the
LBMA PM Gold Price. 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&#160;gold
only if the sale transaction is made at the&#160;next LBMA PM Gold Price or such other publicly available price that the
Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference
between the selling price and the average&#160;cost of the&#160;gold sold. Neither the Trustee nor the Sponsor is liable for
depreciation or loss incurred by reason of any sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
gains and losses result from the transfer of&#160;gold for Share redemptions and / or to pay expenses and are recognized on a
trade date basis as the difference between the fair value and average cost of&#160;gold transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:SubsequentEventsPolicyPolicyTextBlock"><p id="xdx_84A_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zGQtLqyU4UZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.8.&#160;&#160;&#160;&#160;Subsequent
Events</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">In
accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, the Trust&#8217;s management has evaluated
the possibility of subsequent events impacting the Trust&#8217;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;</span></p>

</ix:nonNumeric><p id="xdx_855_zVbk7f9ZMVca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zf8JuOCIYxJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>3.&#160;&#160;&#160;&#160;<span id="xdx_82D_z6U4UoyQo8Ra">Related
Parties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates
may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates
may from time to time purchase or sell&#160;gold directly, for their own account, as agent for their customers and for accounts
over which they exercise investment discretion. The Trustee&#8217;s and Custodian&#8217;s fees are paid by the Sponsor and are
not separate expenses of the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-01-01to2020-12-31" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_805_eus-gaap--ConcentrationRiskDisclosureTextBlock_zqSMoOe2GcPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4.&#160;&#160;&#160;&#160;<span id="xdx_82A_z0ppDi7nN345">Concentration
of Risk</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust&#8217;s sole business activity is the investment in&#160;gold, and substantially all the Trust&#8217;s assets are holdings
of&#160;gold, which creates a concentration of risk associated with fluctuations in the price of gold. Several factors could affect
the price of gold, including: (i) gold supply and demand, which is influenced by factors such 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 global gold-producing countries; (ii) investors&#8217; expectations with respect to the rate of inflation; (iii) currency
exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global
or regional political, economic or financial events and situations. In addition, there is no assurance that&#160;gold will maintain
its long-term value in terms of purchasing power in the future. In the event that the price of&#160;gold declines, the Sponsor
expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect
on the Trust&#8217;s financial position and results of operations.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"></p>

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the Trust&#8217;s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members,
managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard
on its part of its obligations and duties under the Trust&#8217;s organizational documents. The Trust&#8217;s maximum exposure
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>ABERDEEN
STANDARD GOLD ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

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to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned in the capacities thereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    STANDARD INVESTMENTS ETFs SPONSOR LLC </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
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    &#160;February 26, 2021</span></td>
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    Christopher Demetriou</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
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    and Chief Executive Officer</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(Principal
    Executive Officer)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Date:
    February 26, 2021</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">/s/
    Andrea Melia</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Andrea
    Melia *</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Chief
    Financial Officer and Treasurer</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(Principal
    Financial Officer and Principal Accounting Officer)</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-right: 0.75pt; padding-left: 0.75pt; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">*</span></td>
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    the Sponsor of the Registrant.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF KPMG LLP
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="sgol-10k_123120.htm">ABERDEEN STANDARD GOLD ETF TRUST 10-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 20pt; text-align: center">Consent of Independent Registered
Public Accounting Firm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Sponsor and Trustee<BR>
Aberdeen Standard Gold ETF Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We consent to the incorporation by reference in the registration
statement (No.&nbsp;333-234637) on Form&nbsp;S-3 of Aberdeen Standard Gold ETF Trust of our reports dated February&nbsp;26, 2021,
with respect to the statements of assets and liabilities of Aberdeen Standard Gold ETF Trust, including the schedules of investments,
as of December&nbsp;31, 2020 and 2019, the related statements of operations and changes in net assets for each of the years in
the three-year period ended December&nbsp;31, 2020 and the related notes (collectively, the&nbsp;&ldquo;financial statements&rdquo;)
and the financial highlights for each of the years in the three-year period ended December&nbsp;31, 2020, and the effectiveness
of internal control over financial reporting as of December&nbsp;31, 2020, which reports appear in the December&nbsp;31, 2020 annual
report on Form&nbsp;10-K of Aberdeen Standard Gold ETF Trust. We also consent to the reference to our firm under the heading &ldquo;Experts&rdquo;
in the above noted registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0">New York, New York<BR>
February&nbsp;26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>ex31-1.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>


<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="sgol-10k_123120.htm">ABERDEEN STANDARD GOLD ETF TRUST 10-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT</B><BR>
<B>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Christopher Demetriou, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this Report on Form
10-K of Aberdeen Standard Gold ETF Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Evaluated the effectiveness of the
registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Disclosed in this report any change
in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date: February 26, 2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Christopher Demetriou*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Christopher Demetriou**</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in">*</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="background-color: white">The original executed copy of this Certification will be maintained
at the Sponsor&rsquo;s offices and will be made available upon request.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">**</TD>
    <TD STYLE="text-align: justify">The Registrant is a trust and Mr. Demetriou is signing in his capacity as an officer of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant. </TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>ex31-2.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="sgol-10k_123120.htm">ABERDEEN STANDARD GOLD ETF TRUST 10-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT</B><BR>
<B>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Andrea Melia, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this Report on Form
10-K of Aberdeen Standard Gold ETF Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Evaluated the effectiveness of the
registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Disclosed in this report any change
in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date: February 26, 2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Andrea Melia*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Andrea Melia**</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Financial Officer and Principal Accounting Officer)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor&rsquo;s offices and will be made available upon request.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>ex32-1.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="sgol-10k_123120.htm">ABERDEEN STANDARD GOLD ETF TRUST 10-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350</B><BR>
<B>AS ADOPTED PURSUANT TO</B><BR>
<B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Annual Report of Aberdeen Standard Gold ETF
Trust (the &ldquo;Company&rdquo;) on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), the undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%">Date: February 26, 2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 66%">/s/ Christopher Demetriou*</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Christopher Demetriou**</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD STYLE="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor&rsquo;s offices and will be made available upon request.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Mr. Demetriou is signing in his capacity as an officer of Aberdeen
Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>ex32-2.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="sgol-10k_123120.htm">ABERDEEN STANDARD GOLD ETF TRUST 10-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350</B><BR>
<B>AS ADOPTED PURSUANT TO</B><BR>
<B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Annual Report of Aberdeen Standard Gold ETF
Trust (the &ldquo;Company&rdquo;) on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), the undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date: February 26, 2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">/s/ Andrea Melia*</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Andrea Melia**</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">(Principal Financial Officer and Principal Accounting Officer)</P>
        <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD STYLE="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor&rsquo;s offices and will be made available upon request.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of Aberdeen Standard
Investments ETFs Sponsor LLC, the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>sgol10k001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" xml:lang="en-US">Fees payable to Sponsor</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsNet_lbl" xml:lang="en-US">NET ASSETS</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ExpensesAbstract" xlink:to="sgol_ExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_ExpensesAbstract_lbl" xml:lang="en-US">EXPENSES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SponsorFees" xlink:label="us-gaap_SponsorFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor&#8217;s Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_NetInvestmentGainLoss" xlink:label="sgol_NetInvestmentGainLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetInvestmentGainLoss" xlink:to="sgol_NetInvestmentGainLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="sgol_NetInvestmentGainLoss_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingGainsLossesAbstract" xlink:label="us-gaap_NonoperatingGainsLossesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingGainsLossesAbstract" xlink:to="us-gaap_NonoperatingGainsLossesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingGainsLossesAbstract_lbl" xml:lang="en-US">REALIZED AND UNREALIZED GAINS / (LOSSES)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl" xml:lang="en-US">Realized gain on gold transferred to pay expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:label="sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:to="sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Realized gain on gold distributed for the redemption of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:label="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_lbl" xml:lang="en-US">Change in unrealized gain / (loss) on investment in gold</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_TotalGainLossOnBullion" xlink:label="sgol_TotalGainLossOnBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_TotalGainLossOnBullion" xlink:to="sgol_TotalGainLossOnBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="sgol_TotalGainLossOnBullion_lbl" xml:lang="en-US">Total gain / (loss) on investment in gold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Change in net assets from operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net increase / (decrease) in net assets per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted average number of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:label="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:to="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1_lbl" xml:lang="en-US">Share split ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Opening balance (in Shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetInvestmentGainLoss" xlink:to="sgol_NetInvestmentGainLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_NetInvestmentGainLoss_2_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="us-gaap_RealizedInvestmentGainsLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xml:lang="en-US">Realized gain on investment in gold</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_2_lbl" xml:lang="en-US">Change in unrealized (loss) on investment in gold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Creations (in Shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US">Redemptions (in Shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_2_lbl" xml:lang="en-US">Closing balance (in Shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Closing balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityAbstract" xlink:label="us-gaap_EquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityAbstract" xlink:to="us-gaap_EquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityAbstract_lbl" xml:lang="en-US">Equity [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_StatementFinancialHighlightsAbstract" xlink:label="sgol_StatementFinancialHighlightsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_StatementFinancialHighlightsAbstract" xlink:to="sgol_StatementFinancialHighlightsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_StatementFinancialHighlightsAbstract_lbl" xml:lang="en-US">Financial Highlights</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" xlink:label="sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" xlink:to="sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_lbl" xml:lang="en-US">Per Share Performance (for a Share outstanding throughout the entire period)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_NetAssetValuePerShare_2_lbl" xml:lang="en-US">Net asset value per Share at beginning of period</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_IncomeFromInvestmentOperationsAbstract" xlink:label="sgol_IncomeFromInvestmentOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_IncomeFromInvestmentOperationsAbstract" xlink:to="sgol_IncomeFromInvestmentOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_IncomeFromInvestmentOperationsAbstract_lbl" xml:lang="en-US">Income from investment operations:</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_NetInvestmentIncomLossPerShare" xlink:label="sgol_NetInvestmentIncomLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetInvestmentIncomLossPerShare" xlink:to="sgol_NetInvestmentIncomLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="sgol_NetInvestmentIncomLossPerShare_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:label="sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:to="sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_lbl" xml:lang="en-US">Total realized and unrealized gains or losses on investment in gold</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_ChangeInNetAssetsFromOperationsPerShare" xlink:label="sgol_ChangeInNetAssetsFromOperationsPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ChangeInNetAssetsFromOperationsPerShare" xlink:to="sgol_ChangeInNetAssetsFromOperationsPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_ChangeInNetAssetsFromOperationsPerShare_lbl" xml:lang="en-US">Change in net assets from operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_NetAssetValuePerShare_3_lbl" xml:lang="en-US">Net asset value per Share at end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_AnnualizedRateOfSponsorsFee" xlink:label="sgol_AnnualizedRateOfSponsorsFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_AnnualizedRateOfSponsorsFee" xlink:to="sgol_AnnualizedRateOfSponsorsFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_AnnualizedRateOfSponsorsFee_lbl" xml:lang="en-US">Expense ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_AnnualizedNetInvestmentIncomeLossRatio" xlink:label="sgol_AnnualizedNetInvestmentIncomeLossRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_AnnualizedNetInvestmentIncomeLossRatio" xlink:to="sgol_AnnualizedNetInvestmentIncomeLossRatio_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="sgol_AnnualizedNetInvestmentIncomeLossRatio_lbl" xml:lang="en-US">Net investment loss ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_TotalReturnAtNetAssetValue" xlink:label="sgol_TotalReturnAtNetAssetValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_TotalReturnAtNetAssetValue" xlink:to="sgol_TotalReturnAtNetAssetValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_TotalReturnAtNetAssetValue_lbl" xml:lang="en-US">Total return, net asset value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Risks and Uncertainties [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration of Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Indemnification</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_ValuationOfBullionPolicyTextBlock" xlink:label="sgol_ValuationOfBullionPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ValuationOfBullionPolicyTextBlock" xlink:to="sgol_ValuationOfBullionPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_ValuationOfBullionPolicyTextBlock_lbl" xml:lang="en-US">Valuation of Gold</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_ReceivableAndPayablePolicyTextBlock" xlink:label="sgol_ReceivableAndPayablePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ReceivableAndPayablePolicyTextBlock" xlink:to="sgol_ReceivableAndPayablePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_ReceivableAndPayablePolicyTextBlock_lbl" xml:lang="en-US">Gold Receivable and Payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:label="sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:to="sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xml:lang="en-US">Creations and Redemptions of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investment in Gold</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_ExpensesPolicyTextBlock" xlink:label="sgol_ExpensesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ExpensesPolicyTextBlock" xlink:to="sgol_ExpensesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_ExpensesPolicyTextBlock_lbl" xml:lang="en-US">Expenses / Realized Gains / Losses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:to="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US">2.8. Subsequent Events</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xml:lang="en-US">The categorization of the Trust&#8217;s assets is as shown below:</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_InvestmentsInBullionTableTextBlock" xlink:label="sgol_InvestmentsInBullionTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_InvestmentsInBullionTableTextBlock" xlink:to="sgol_InvestmentsInBullionTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_InvestmentsInBullionTableTextBlock_lbl" xml:lang="en-US">Changes in ounces of gold and their respective values for the years ended December 31, 2020 and 2019 are set out below:</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:label="sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:to="sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_lbl" xml:lang="en-US">Minimum block of shares issued redeemed against gold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:label="us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:to="us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_lbl" xml:lang="en-US">Schedule of Defined Benefit Plans Disclosures [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_lbl" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:to="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_lbl" xml:lang="en-US">Investment in gold</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:to="us-gaap_InvestmentOwnedBalanceOtherMeasure_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_2_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_CreationsOuncesOfBullion" xlink:label="sgol_CreationsOuncesOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CreationsOuncesOfBullion" xlink:to="sgol_CreationsOuncesOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="sgol_CreationsOuncesOfBullion_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_RedemptionsOuncesOfBullion" xlink:label="sgol_RedemptionsOuncesOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_RedemptionsOuncesOfBullion" xlink:to="sgol_RedemptionsOuncesOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_RedemptionsOuncesOfBullion_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_TransfersOfBullionOunces" xlink:label="sgol_TransfersOfBullionOunces" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_TransfersOfBullionOunces" xlink:to="sgol_TransfersOfBullionOunces_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_TransfersOfBullionOunces_lbl" xml:lang="en-US">Transfers of gold to pay expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:to="us-gaap_InvestmentOwnedBalanceOtherMeasure_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_3_lbl" xml:lang="en-US">Investment Owned, Balance, Other Measure</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommodities" xlink:to="us-gaap_InvestmentInPhysicalCommodities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_InvestmentInPhysicalCommodities_2_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_CreationsValueOfBullion" xlink:label="sgol_CreationsValueOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CreationsValueOfBullion" xlink:to="sgol_CreationsValueOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="sgol_CreationsValueOfBullion_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:label="sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:to="sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_CostOfBullionTransferredToPayExpenses" xlink:label="sgol_CostOfBullionTransferredToPayExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CostOfBullionTransferredToPayExpenses" xlink:to="sgol_CostOfBullionTransferredToPayExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="sgol_CostOfBullionTransferredToPayExpenses_lbl" xml:lang="en-US">Transfers of gold to pay expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_3_lbl" xml:lang="en-US">Change in unrealized gain on investment in gold</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommodities" xlink:to="us-gaap_InvestmentInPhysicalCommodities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentInPhysicalCommodities_3_lbl" xml:lang="en-US">Investment in Physical Commodities</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_PercentageOfAssetBeingHeldByTrust" xlink:label="sgol_PercentageOfAssetBeingHeldByTrust" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_PercentageOfAssetBeingHeldByTrust" xlink:to="sgol_PercentageOfAssetBeingHeldByTrust_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_PercentageOfAssetBeingHeldByTrust_lbl" xml:lang="en-US">Percentage of gold held by sub-custodians</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_BullionReceivableAtMarketValue" xlink:label="sgol_BullionReceivableAtMarketValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_BullionReceivableAtMarketValue" xlink:to="sgol_BullionReceivableAtMarketValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="sgol_BullionReceivableAtMarketValue_lbl" xml:lang="en-US">Gold receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_BullionPayableAtMarketValue" xlink:label="sgol_BullionPayableAtMarketValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_BullionPayableAtMarketValue" xlink:to="sgol_BullionPayableAtMarketValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_BullionPayableAtMarketValue_lbl" xml:lang="en-US">Gold payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:label="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:to="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_lbl" xml:lang="en-US">Reserve for uncertain tax positions</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_MaximumSponsorFeeForLegalExpenses" xlink:label="sgol_MaximumSponsorFeeForLegalExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_MaximumSponsorFeeForLegalExpenses" xlink:to="sgol_MaximumSponsorFeeForLegalExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_MaximumSponsorFeeForLegalExpenses_lbl" xml:lang="en-US">Maximum sponsor fee for legal expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SponsorFees_2_lbl" xml:lang="en-US">Sponsor's Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="us-gaap_OtherCostAndExpenseOperating" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="us-gaap_OtherCostAndExpenseOperating_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">All other expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:to="sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_doc" xml:lang="en-US">Minimum block of shares issued redeemed against gold.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ValuationOfBullionPolicyTextBlock" xlink:to="sgol_ValuationOfBullionPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_ValuationOfBullionPolicyTextBlock_doc" xml:lang="en-US">Disclosure of valuation of bullion policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ReceivableAndPayablePolicyTextBlock" xlink:to="sgol_ReceivableAndPayablePolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_ReceivableAndPayablePolicyTextBlock_doc" xml:lang="en-US">Disclosure of bullion receivable and payable policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:to="sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of creation and redemptions of shares policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_InvestmentsInBullionTableTextBlock" xlink:to="sgol_InvestmentsInBullionTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_InvestmentsInBullionTableTextBlock_doc" xml:lang="en-US">Tabular disclosure of movement in the investment in bullion in the Trust.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CreationsOuncesOfBullion" xlink:to="sgol_CreationsOuncesOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_CreationsOuncesOfBullion_doc" xml:lang="en-US">Creations ounces of bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_RedemptionsOuncesOfBullion" xlink:to="sgol_RedemptionsOuncesOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_RedemptionsOuncesOfBullion_doc" xml:lang="en-US">Redemptions ounces of bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_TransfersOfBullionOunces" xlink:to="sgol_TransfersOfBullionOunces_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_TransfersOfBullionOunces_doc" xml:lang="en-US">Transfers of bullion ounces.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CreationsValueOfBullion" xlink:to="sgol_CreationsValueOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_CreationsValueOfBullion_doc" xml:lang="en-US">Creations value of bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:to="sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_doc" xml:lang="en-US">Value of bullion distributed for redemption of shares excluding bullion payable.</link:label>
      <link:loc xlink:type="locator" xlink:href="sgol-20201231.xsd#sgol_SettlementOfGoldReceivable" xlink:label="sgol_SettlementOfGoldReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_SettlementOfGoldReceivable" xlink:to="sgol_SettlementOfGoldReceivable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_SettlementOfGoldReceivable_doc" xml:lang="en-US">Settlement of gold receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:to="sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares_doc" xml:lang="en-US">Realized gain (loss) on bullion distributed for redemption of shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_CostOfBullionTransferredToPayExpenses" xlink:to="sgol_CostOfBullionTransferredToPayExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_CostOfBullionTransferredToPayExpenses_doc" xml:lang="en-US">Cost of bullion transferred to pay expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion_doc" xml:lang="en-US">Change in unrealized gain (loss) on investment in bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_PercentageOfAssetBeingHeldByTrust" xlink:to="sgol_PercentageOfAssetBeingHeldByTrust_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_PercentageOfAssetBeingHeldByTrust_doc" xml:lang="en-US">Percentage of asset being held by trust.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_BullionReceivableAtMarketValue" xlink:to="sgol_BullionReceivableAtMarketValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_BullionReceivableAtMarketValue_doc" xml:lang="en-US">Amount of bullion receivable at market value as of the reporting date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_AnnualizedRateOfSponsorsFee" xlink:to="sgol_AnnualizedRateOfSponsorsFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_AnnualizedRateOfSponsorsFee_doc" xml:lang="en-US">Annualized rate of sponsor's fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_MaximumSponsorFeeForLegalExpenses" xlink:to="sgol_MaximumSponsorFeeForLegalExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_MaximumSponsorFeeForLegalExpenses_doc" xml:lang="en-US">Maximum sponsor fee for legal expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetAssetsPercentageOfNetAssets" xlink:to="sgol_NetAssetsPercentageOfNetAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_NetAssetsPercentageOfNetAssets_doc" xml:lang="en-US">Net Assets, Percentage of Net Assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetInvestmentGainLoss" xlink:to="sgol_NetInvestmentGainLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_NetInvestmentGainLoss_doc" xml:lang="en-US">Net investment gain (loss).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_TotalGainLossOnBullion" xlink:to="sgol_TotalGainLossOnBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_TotalGainLossOnBullion_doc" xml:lang="en-US">The net gain or loss in the period on bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetInvestmentIncomLossPerShare" xlink:to="sgol_NetInvestmentIncomLossPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_NetInvestmentIncomLossPerShare_doc" xml:lang="en-US">Net investment income (loss) per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:to="sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_doc" xml:lang="en-US">Net realized and unrealized gains and losses on investment in bullion per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ChangeInNetAssetsFromOperationsPerShare" xlink:to="sgol_ChangeInNetAssetsFromOperationsPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_ChangeInNetAssetsFromOperationsPerShare_doc" xml:lang="en-US">Change in net assets from operations per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_AnnualizedNetInvestmentIncomeLossRatio" xlink:to="sgol_AnnualizedNetInvestmentIncomeLossRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_AnnualizedNetInvestmentIncomeLossRatio_doc" xml:lang="en-US">Annualized net investment loss ratio.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_TotalReturnAtNetAssetValue" xlink:to="sgol_TotalReturnAtNetAssetValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_TotalReturnAtNetAssetValue_doc" xml:lang="en-US">Total return, net asset value.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_ExpensesPolicyTextBlock" xlink:to="sgol_ExpensesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_ExpensesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of expenses policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_BullionPayableAtMarketValue" xlink:to="sgol_BullionPayableAtMarketValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sgol_BullionPayableAtMarketValue_doc" xml:lang="en-US">Amount of bullion payable at market value as of the reporting date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_2_lbl" xml:lang="en-US">Operating Expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_TotalGainLossOnBullion" xlink:to="sgol_TotalGainLossOnBullion_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_TotalGainLossOnBullion_3_lbl" xml:lang="en-US">Total gain on investment in gold</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_3_lbl" xml:lang="en-US">Shares, Outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_2_lbl" xml:lang="en-US">Stock Redeemed or Called During Period, Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_2_lbl" xml:lang="en-US">Stock Redeemed or Called During Period, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sgol_NetInvestmentIncomLossPerShare" xlink:to="sgol_NetInvestmentIncomLossPerShare_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_NetInvestmentIncomLossPerShare_3_lbl" xml:lang="en-US">Net investment income (loss) per share</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sgol_AnnualizedNetInvestmentIncomeLossRatio_3_lbl" xml:lang="en-US">Annualized net investment loss ratio</link:label>
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    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_802_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zU39YCHsui68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;1.&#160;&#160;&#160;&#160;&lt;span id="xdx_828_zLdz1gh3hDDl"&gt;Organization&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The&#160;Aberdeen
Standard Gold ETF Trust (the &#x201c;Trust&#x201d;) is a common law trust formed on&#160;September 1, 2009&#160;(the &#x201c;Date
of Inception&#x201d;) under New York law pursuant to a depositary trust agreement (the &#x201c;Trust Agreement&#x201d;) executed
by Aberdeen Standard Investments ETFs Sponsor LLC (the &#x201c;Sponsor&#x201d;) and The Bank of New York Mellon as Trustee (the
&#x201c;Trustee&#x201d;). The Trust holds gold bullion&#160;and issues&#160;Aberdeen Standard Physical Gold Shares ETF (&#x201c;Shares&#x201d;)
in minimum blocks of&#160;Shares (also referred to as &#x201c;Baskets&#x201d;) in exchange for deposits of&#160;gold and distributes&#160;gold
in connection with the redemption of Baskets. Prior to November 4, 2019, the number of Shares that constituted a Basket was &lt;span id="xdx_902_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zCjaCWl7jJcj"&gt;50,000&lt;/span&gt;
Shares. Effective November 4, 2019, the Basket size was increased to &lt;span id="xdx_90C_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zydCw1rjcspf" title="Minimum block of shares issued redeemed against gold"&gt;100,000&lt;/span&gt; Shares. Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company
and a wholly-owned subsidiary of Aberdeen Standard Investments Inc. (&#x201c;ASII&#x201d;).&#160;&#160;ASII is a wholly-owned indirect
subsidiary of Standard Life Aberdeen plc. The Trust is governed by the Trust Agreement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
investment objective of the Trust is for the Shares to reflect the performance of the price of&#160;gold, less the Trust&#x2019;s
expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#x201c;Shareholder&#x201d;)
an opportunity to participate in the&#160;gold market through an investment in securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

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    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zEkOPmwG1oae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&lt;span id="xdx_823_zCkIQbY5gcXi"&gt;Significant
Accounting Policies&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zESlArCPlGfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.1.&#160;&#160;&#160;&#160;&lt;span id="xdx_86D_zDBI8UXYJyFf"&gt;Basis
of Accounting&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting
Standards Codification (&#x201c;ASC&#x201d;) 946, &lt;i&gt;Financial Services&#x2014;Investment Companies&lt;/i&gt;, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecustom--ValuationOfBullionPolicyTextBlock_zFFElIaP3h6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.2.&#160;&#160;&#160;&#160;&lt;span id="xdx_862_zdDHRbXpZfhf"&gt;Valuation
of&#160;Gold&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust follows the provisions of ASC 820, &lt;i&gt;Fair Value Measurement &lt;/i&gt;(&#x201c;ASC 820&#x201d;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Gold&#160;is
held by JPMorgan Chase Bank, N.A. (the &#x201c;Custodian&#x201d;), on behalf of the Trust, at the Custodian&#x2019;s Zurich, Switzerland
vaulting premises and may also be held at the Zurich, Switzerland vaulting premises of UBS AG, or any other firm selected by the
Custodian, to hold the Trust&#x2019;s gold in the Trust&#x2019;s allocated account in the firm&#x2019;s vault premises on a segregated
basis.&#160;Effective as of the close of business June 20, 2019, the Sponsor approved the addition of London, England as a location
where the Custodian may custody allocated&#160;gold bullion deposited with and held by the Trust. At December 31, 2020, &lt;span id="xdx_90E_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dn_c20201231_z5PXk8VFj2Kb" title="Percentage of gold held by sub-custodians"&gt;none&lt;/span&gt; of the Trust's gold was held by a sub-custodian.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Gold
is recorded at fair value. The cost of gold is determined according to the average cost method and the fair value is based on
the London Bullion Market Association (&#x201c;LBMA&#x201d;) PM Gold Price. Realized gains and losses on transfers of gold, or gold
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average
cost of gold transferred. &#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
LBMA PM&#160;Gold Price is set using the afternoon session of the ICE Benchmark Administration (&#x201c;IBA&#x201d;) equilibrium
auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars,
Euros or British Pounds for LBMA-authorized participating&#160;gold bullion banks or market makers that establishes a reference
gold price for that day&#x2019;s trading.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Once
the value of&#160;gold has been determined, the net asset value (the &#x201c;NAV&#x201d;) is computed by the Trustee by deducting
all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#x201c;Sponsor&#x2019;s
Fee&#x201d;), from the fair value of the&#160;gold and all other assets held by the Trust.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust recognizes changes in fair value of the investment in&#160;gold as changes in unrealized gains or losses on investment in&#160;gold
through the Statement of Operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
per Share amount of&#160;gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold
Price to calculate the&#160;gold amount in respect of any liabilities for which covering gold&#160;sales have not yet been made,
and represents the per Share amount of&#160;gold held by the Trust, after giving effect to its liabilities, to cover expenses
and liabilities and any losses that may have occurred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;Fair
Value Hierarchy&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#x2013;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#x2013;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#x2013;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#x2019;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
investment in&#160;gold is classified as a level&#160;1 asset, as the value of the Trust&#x2019;s investment in&#160;gold is
calculated using unadjusted quoted prices from primary market sources.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_890_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVcQPi5A71Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;(Amounts
    in 000&#x2019;s of US$)&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;December
    31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;December
    31, 2019&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;Level
    1&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Investment
    in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_989_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zg2plTJQnLxf" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right" title="Investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;2,652,891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_980_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20191231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs11Qz7MfVml" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A1_zcWIDHJpiZU3" style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td colspan="9" style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Based
    on its continuous assessment of the valuation techniques and inputs used to value the Trust's gold, the Sponsor determined
    that the inputs used in determining the value of the Trust's gold are more representative of Level 1 inputs, rather than
    Level 2 inputs. Therefore, all of the Trust's gold was transferred from Level 2 to Level 1 at December 31, 2020. The December
    31, 2019 information has been reclassified to level 1 for comparative purposes.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_848_ecustom--ReceivableAndPayablePolicyTextBlock_zweLWf1Ytsp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.3.&#160;&#160;&#160;&#160;&lt;span id="xdx_863_zkfE3PLLLdK4"&gt;Gold
Receivable and Payable&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Gold&#160;receivable
or payable represents the quantity of&#160;gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the&#160;gold has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership of gold
is transferred within two business days of the trade date. At December 31, 2020, the Trust had &lt;span id="xdx_901_ecustom--BullionReceivableAtMarketValue_iI_do_uUSD_c20201231_zN0WW5nrWOD"&gt;&lt;span id="xdx_90E_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20201231_zZyPOfvR4ch7"&gt;no&lt;/span&gt;&lt;/span&gt; gold&#160;receivable or payable
for the&#160;creation&#160;or redemption of Shares. At December 31, 2019, the Trust had $&lt;span id="xdx_906_ecustom--BullionReceivableAtMarketValue_iI_uUSD_c20191231_zvLZILZ4r1x7" title="Gold receivable"&gt;2,916,821&lt;/span&gt;&#160;of gold&#160;receivable
for the creation of shares and&#160;&lt;span id="xdx_90B_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20191231_zUDkCieLLBE7" title="Gold payable"&gt;no&lt;/span&gt; gold&#160;payable for the redemption of Shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zaTlkPomsd3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.4.&#160;&#160;&#160;&#160;&lt;span id="xdx_862_ziCSu7rVulB3"&gt;Creations
and Redemptions of Shares&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;&lt;span id="xdx_908_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zZcLjNkwrgl9"&gt;100,000&lt;/span&gt;
Shares effective&#160;November 4, 2019. Prior to November 4, 2019, the number of Shares that constituted a Basket was&#160;&lt;span id="xdx_90F_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zxEr2j7nKZl7" title="Minimum block of shares issued redeemed against gold"&gt;50,000&lt;/span&gt;
Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase
or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer
or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#x2019;s Custodian or other&#160;gold bullion clearing bank. An Authorized Participant Agreement is 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&#160;gold&#160;required for such creations and redemptions. An Authorized Participant Unallocated
Account is an unallocated gold account, either loco London or loco Zurich, established with the Custodian or a&#160;gold bullion
clearing bank by an Authorized Participant.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;gold represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV
of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;gold is exchanged in settlement of a redemption, it is considered
a sale of&#160;gold for financial statement purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
amount of&#160;gold represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As
a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of gold&#160;to be delivered
or distributed by the Trust. In order to ensure that the correct amount of&#160;gold is available at all times to back the Shares,
the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each
transaction, this amount is not more than 1/1000th of an ounce of gold.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_z72FkKRzV2rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.5.&#160;&#160;&#160;&#160;&lt;span id="xdx_863_zagjtXlBsnUe"&gt;Income
Taxes&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust is classified as a &#x201c;grantor trust&#x201d; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#x2019;s income and expenses will &#x201c;flow through&#x201d; to the
Shareholders, and the Trustee will report the Trust&#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that &lt;span id="xdx_906_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20191231_zZXWQWV7jARl" title="Reserve for uncertain tax positions"&gt;&lt;span id="xdx_90C_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_z0iaSsmby12l" title="Reserve for uncertain tax positions"&gt;no&lt;/span&gt;&lt;/span&gt; reserves for uncertain tax positions are required as of&#160;December 31, 2020 and December 31, 2019.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_eus-gaap--InvestmentPolicyTextBlock_zP07zBnI6Mqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.6.&#160;&#160;&#160;&#160;&lt;span id="xdx_864_zZAObXZi6LS8"&gt;Investment
in&#160;Gold&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_896_ecustom--InvestmentsInBullionTableTextBlock_zIJpRAtAQeMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Changes
in ounces of&#160;gold and their respective values for the years&#160;ended&#160;December 31, 2020 and&#160;2019 are set out below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;Year
    Ended&lt;br/&gt; December 31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;Year
    Ended&lt;br/&gt; December 31, 2019&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;(Amounts
    in 000&#x2019;s of US$, except for ounces data)&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Ounces
    of gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20200101__20201231_zmnBl36DpRUc" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;787,688.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20190101__20191231_zp7ajgpNsE52" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;641,449.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Creations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zkvqlOGnWbgd" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;739,919.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zpBCxuUNgXY8" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;222,589.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Redemptions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zd4FoUXInrf" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(120,236.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zKWEtQLqW7j5" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(75,167.4&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Transfers
    of gold to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20200101__20201231_zWQxNTtAXMEk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to play expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,940.6&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20190101__20191231_ztko7thjUVN" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,182.5&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20200101__20201231_zYMJLKeoFzN8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,405,430.5&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20190101__20191231_zL5vrOSrnbC" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;787,688.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Investment
    in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20200101__20201231_zq7llG0ifiT9" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20190101__20191231_z1GooZ8Zl9Sl" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;822,113&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Creations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20200101__20201231_ziWq6vK83Wgh" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,298,953&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_ecustom--CreationsValueOfBullion_pn3n3_c20190101__20191231_zDYYN8cSeBb6" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;319,522&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Redemptions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20200101__20201231_zSus6NNGL1e3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(203,169&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20190101__20191231_zdkkVV7g6DT3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(102,215&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
    gain on gold distributed for the redemption of Shares&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20200101__20201231_zdTmYoa2VR9k" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;30,873&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20190101__20191231_zqG7VdmEJ8l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;8,541&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Transfers
    of gold to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_987_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20200101__20201231_zz7bQOfoQPwg" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(3,433&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_982_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20190101__20191231_zXo6jbVBmHD4" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,628&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
    gain on gold transferred to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20200101__20201231_zYWYo1rRcH78" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;643&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20190101__20191231_z9pzKmQwzA4l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;154&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Change
    in unrealized gain on investment in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20200101__20201231_zWzg8qdUjX0j" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;335,873&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20190101__20191231_zXNuThUVfz3l" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;146,664&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20200101__20201231_zFYWeoH8Gugk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;2,652,891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20190101__20191231_zNIx2rA82Mhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8AC_zA6293TgQPx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_ecustom--ExpensesPolicyTextBlock_z30cmzlEB0A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.7.&#160;&#160;&#160;&#160;&lt;span id="xdx_868_z2iyJrm1nli1"&gt;Expenses
/ Realized Gains / Losses&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of&#160;gold to
the Sponsor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust will transfer&#160;gold to the Sponsor to pay the Sponsor&#x2019;s Fee that, effective December 1, 2018, accrues daily at
an annualized rate equal to &lt;span id="xdx_901_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181201_zA8UWeRXPC83" title="Expense ratio"&gt;0.17&lt;/span&gt;% of the adjusted daily NAV of the Trust, paid monthly in arrears. Prior to December 1, 2018,
the Sponsor&#x2019;s Fee accrued at an annualized rate equal to &lt;span id="xdx_909_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181130_zFJZeyQiWLBe"&gt;0.39&lt;/span&gt;% of the adjusted daily NAV of the Trust.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#x2019;s monthly
fee and out of pocket expenses, the Custodian&#x2019;s fee and the reimbursement of the Custodian&#x2019;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#x201c;SEC&#x201d;) registration fees, printing and mailing costs,
audit fees and up to $&lt;span id="xdx_904_ecustom--MaximumSponsorFeeForLegalExpenses_uUSD_c20200101__20201231_zw9iINeO2At7" title="Maximum sponsor fee for legal expenses"&gt;100,000&lt;/span&gt; per annum in legal expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;For
the years ended&#160;December 31, 2020, 2019&#160;and 2018, the Sponsor&#x2019;s Fee was $&lt;span id="xdx_905_eus-gaap--SponsorFees_pp0p0_c20200101__20201231_z4mejXSECava" title="Sponsor's Fee"&gt;3,640,527&lt;/span&gt;, $&lt;span id="xdx_906_eus-gaap--SponsorFees_pp0p0_c20190101__20191231_z3qQVYWkEPJe" title="Sponsor's Fee"&gt;1,680,258&lt;/span&gt;&#160;and $&lt;span id="xdx_900_eus-gaap--SponsorFees_pp0p0_c20180101__20181231_zzKUD8Y7ZVbk" title="Sponsor's Fee"&gt;3,567,948&lt;/span&gt;,
respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;At&#160;December
31, 2020 and at December 31, 2019, the fees payable to the Sponsor were&#160;$&lt;span id="xdx_901_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20201231_zIw7YQ61Sxf7" title="Fees payable to Sponsor"&gt;379,068&lt;/span&gt; and&#160;$&lt;span id="xdx_906_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20191231_zAdlze0DChqk" title="Fees payable to Sponsor"&gt;171,336&lt;/span&gt;, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#x2019;s&#160;gold as necessary to pay these expenses. When selling&#160;gold to pay expenses, the Trustee will
endeavor to sell the smallest amounts of&#160;gold needed to pay these expenses in order to minimize the Trust&#x2019;s holdings
of assets other than&#160;gold. Other than the Sponsor&#x2019;s Fee, the Trust had &lt;span id="xdx_903_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zAVP228Vzqz" title="All other expenses"&gt;&lt;span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20190101__20191231_zVr4jQ8lmMAg" title="All other expenses"&gt;no&lt;/span&gt;&lt;/span&gt; expenses during the&#160;years ended December
31, 2020, 2019&#160;and 2018.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Unless
otherwise directed by the Sponsor, when selling&#160;gold the Trustee will endeavor to sell at the price established by the
LBMA PM Gold Price. 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&#160;gold
only if the sale transaction is made at the&#160;next LBMA PM Gold Price or such other publicly available price that the
Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference
between the selling price and the average&#160;cost of the&#160;gold sold. Neither the Trustee nor the Sponsor is liable for
depreciation or loss incurred by reason of any sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
gains and losses result from the transfer of&#160;gold for Share redemptions and / or to pay expenses and are recognized on a
trade date basis as the difference between the fair value and average cost of&#160;gold transferred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zGQtLqyU4UZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.8.&#160;&#160;&#160;&#160;Subsequent
Events&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;In
accordance with the provisions set forth in FASB ASC 855-10, &lt;i&gt;Subsequent Events&lt;/i&gt;, the Trust&#x2019;s management has evaluated
the possibility of subsequent events impacting the Trust&#x2019;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_855_zVbk7f9ZMVca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zESlArCPlGfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.1.&#160;&#160;&#160;&#160;&lt;span id="xdx_86D_zDBI8UXYJyFf"&gt;Basis
of Accounting&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting
Standards Codification (&#x201c;ASC&#x201d;) 946, &lt;i&gt;Financial Services&#x2014;Investment Companies&lt;/i&gt;, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <sgol:ValuationOfBullionPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_84E_ecustom--ValuationOfBullionPolicyTextBlock_zFFElIaP3h6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.2.&#160;&#160;&#160;&#160;&lt;span id="xdx_862_zdDHRbXpZfhf"&gt;Valuation
of&#160;Gold&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust follows the provisions of ASC 820, &lt;i&gt;Fair Value Measurement &lt;/i&gt;(&#x201c;ASC 820&#x201d;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Gold&#160;is
held by JPMorgan Chase Bank, N.A. (the &#x201c;Custodian&#x201d;), on behalf of the Trust, at the Custodian&#x2019;s Zurich, Switzerland
vaulting premises and may also be held at the Zurich, Switzerland vaulting premises of UBS AG, or any other firm selected by the
Custodian, to hold the Trust&#x2019;s gold in the Trust&#x2019;s allocated account in the firm&#x2019;s vault premises on a segregated
basis.&#160;Effective as of the close of business June 20, 2019, the Sponsor approved the addition of London, England as a location
where the Custodian may custody allocated&#160;gold bullion deposited with and held by the Trust. At December 31, 2020, &lt;span id="xdx_90E_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dn_c20201231_z5PXk8VFj2Kb" title="Percentage of gold held by sub-custodians"&gt;none&lt;/span&gt; of the Trust's gold was held by a sub-custodian.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Gold
is recorded at fair value. The cost of gold is determined according to the average cost method and the fair value is based on
the London Bullion Market Association (&#x201c;LBMA&#x201d;) PM Gold Price. Realized gains and losses on transfers of gold, or gold
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average
cost of gold transferred. &#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
LBMA PM&#160;Gold Price is set using the afternoon session of the ICE Benchmark Administration (&#x201c;IBA&#x201d;) equilibrium
auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars,
Euros or British Pounds for LBMA-authorized participating&#160;gold bullion banks or market makers that establishes a reference
gold price for that day&#x2019;s trading.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Once
the value of&#160;gold has been determined, the net asset value (the &#x201c;NAV&#x201d;) is computed by the Trustee by deducting
all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#x201c;Sponsor&#x2019;s
Fee&#x201d;), from the fair value of the&#160;gold and all other assets held by the Trust.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust recognizes changes in fair value of the investment in&#160;gold as changes in unrealized gains or losses on investment in&#160;gold
through the Statement of Operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
per Share amount of&#160;gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold
Price to calculate the&#160;gold amount in respect of any liabilities for which covering gold&#160;sales have not yet been made,
and represents the per Share amount of&#160;gold held by the Trust, after giving effect to its liabilities, to cover expenses
and liabilities and any losses that may have occurred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;Fair
Value Hierarchy&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#x2013;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#x2013;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#x2013;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#x2019;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
investment in&#160;gold is classified as a level&#160;1 asset, as the value of the Trust&#x2019;s investment in&#160;gold is
calculated using unadjusted quoted prices from primary market sources.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_890_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVcQPi5A71Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;(Amounts
    in 000&#x2019;s of US$)&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;December
    31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;December
    31, 2019&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;Level
    1&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Investment
    in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_989_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zg2plTJQnLxf" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right" title="Investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;2,652,891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_980_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20191231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs11Qz7MfVml" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A1_zcWIDHJpiZU3" style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td colspan="9" style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Based
    on its continuous assessment of the valuation techniques and inputs used to value the Trust's gold, the Sponsor determined
    that the inputs used in determining the value of the Trust's gold are more representative of Level 1 inputs, rather than
    Level 2 inputs. Therefore, all of the Trust's gold was transferred from Level 2 to Level 1 at December 31, 2020. The December
    31, 2019 information has been reclassified to level 1 for comparative purposes.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</sgol:ValuationOfBullionPolicyTextBlock>
    <sgol:PercentageOfAssetBeingHeldByTrust contextRef="AsOf2020-12-31" decimals="INF" unitRef="Pure">0</sgol:PercentageOfAssetBeingHeldByTrust>
    <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_890_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVcQPi5A71Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;(Amounts
    in 000&#x2019;s of US$)&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;December
    31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;December
    31, 2019&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;Level
    1&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Investment
    in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_989_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zg2plTJQnLxf" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right" title="Investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;2,652,891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_980_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20191231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs11Qz7MfVml" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
    <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure
      contextRef="AsOf2020-12-31_us-gaap_FairValueInputsLevel1Member"
      decimals="-3"
      unitRef="USD">2652891000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
    <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure
      contextRef="AsOf2019-12-31_us-gaap_FairValueInputsLevel1Member"
      decimals="-3"
      unitRef="USD">1193151000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
    <sgol:ReceivableAndPayablePolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_848_ecustom--ReceivableAndPayablePolicyTextBlock_zweLWf1Ytsp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.3.&#160;&#160;&#160;&#160;&lt;span id="xdx_863_zkfE3PLLLdK4"&gt;Gold
Receivable and Payable&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Gold&#160;receivable
or payable represents the quantity of&#160;gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the&#160;gold has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership of gold
is transferred within two business days of the trade date. At December 31, 2020, the Trust had &lt;span id="xdx_901_ecustom--BullionReceivableAtMarketValue_iI_do_uUSD_c20201231_zN0WW5nrWOD"&gt;&lt;span id="xdx_90E_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20201231_zZyPOfvR4ch7"&gt;no&lt;/span&gt;&lt;/span&gt; gold&#160;receivable or payable
for the&#160;creation&#160;or redemption of Shares. At December 31, 2019, the Trust had $&lt;span id="xdx_906_ecustom--BullionReceivableAtMarketValue_iI_uUSD_c20191231_zvLZILZ4r1x7" title="Gold receivable"&gt;2,916,821&lt;/span&gt;&#160;of gold&#160;receivable
for the creation of shares and&#160;&lt;span id="xdx_90B_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20191231_zUDkCieLLBE7" title="Gold payable"&gt;no&lt;/span&gt; gold&#160;payable for the redemption of Shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</sgol:ReceivableAndPayablePolicyTextBlock>
    <sgol:BullionReceivableAtMarketValue contextRef="AsOf2020-12-31" decimals="0" unitRef="USD">0</sgol:BullionReceivableAtMarketValue>
    <sgol:BullionPayableAtMarketValue contextRef="AsOf2020-12-31" decimals="0" unitRef="USD">0</sgol:BullionPayableAtMarketValue>
    <sgol:BullionReceivableAtMarketValue contextRef="AsOf2019-12-31" decimals="0" unitRef="USD">2916821</sgol:BullionReceivableAtMarketValue>
    <sgol:BullionPayableAtMarketValue contextRef="AsOf2019-12-31" decimals="0" unitRef="USD">0</sgol:BullionPayableAtMarketValue>
    <sgol:CreationsAndRedemptionsOfSharesPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_84E_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zaTlkPomsd3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.4.&#160;&#160;&#160;&#160;&lt;span id="xdx_862_ziCSu7rVulB3"&gt;Creations
and Redemptions of Shares&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;&lt;span id="xdx_908_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zZcLjNkwrgl9"&gt;100,000&lt;/span&gt;
Shares effective&#160;November 4, 2019. Prior to November 4, 2019, the number of Shares that constituted a Basket was&#160;&lt;span id="xdx_90F_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zxEr2j7nKZl7" title="Minimum block of shares issued redeemed against gold"&gt;50,000&lt;/span&gt;
Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase
or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer
or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#x2019;s Custodian or other&#160;gold bullion clearing bank. An Authorized Participant Agreement is 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&#160;gold&#160;required for such creations and redemptions. An Authorized Participant Unallocated
Account is an unallocated gold account, either loco London or loco Zurich, established with the Custodian or a&#160;gold bullion
clearing bank by an Authorized Participant.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;gold represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV
of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;gold is exchanged in settlement of a redemption, it is considered
a sale of&#160;gold for financial statement purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
amount of&#160;gold represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As
a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of gold&#160;to be delivered
or distributed by the Trust. In order to ensure that the correct amount of&#160;gold is available at all times to back the Shares,
the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each
transaction, this amount is not more than 1/1000th of an ounce of gold.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</sgol:CreationsAndRedemptionsOfSharesPolicyTextBlock>
    <sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion
      contextRef="From2019-11-012019-11-04"
      decimals="INF"
      unitRef="Shares">100000</sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>
    <sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion
      contextRef="From2019-11-012019-11-03"
      decimals="INF"
      unitRef="Shares">50000</sgol:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_z72FkKRzV2rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.5.&#160;&#160;&#160;&#160;&lt;span id="xdx_863_zagjtXlBsnUe"&gt;Income
Taxes&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust is classified as a &#x201c;grantor trust&#x201d; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#x2019;s income and expenses will &#x201c;flow through&#x201d; to the
Shareholders, and the Trustee will report the Trust&#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that &lt;span id="xdx_906_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20191231_zZXWQWV7jARl" title="Reserve for uncertain tax positions"&gt;&lt;span id="xdx_90C_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_z0iaSsmby12l" title="Reserve for uncertain tax positions"&gt;no&lt;/span&gt;&lt;/span&gt; reserves for uncertain tax positions are required as of&#160;December 31, 2020 and December 31, 2019.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2019-12-31" decimals="0" unitRef="USD">0</us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>
    <us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2020-12-31" decimals="0" unitRef="USD">0</us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>
    <us-gaap:InvestmentPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_844_eus-gaap--InvestmentPolicyTextBlock_zP07zBnI6Mqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.6.&#160;&#160;&#160;&#160;&lt;span id="xdx_864_zZAObXZi6LS8"&gt;Investment
in&#160;Gold&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_896_ecustom--InvestmentsInBullionTableTextBlock_zIJpRAtAQeMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Changes
in ounces of&#160;gold and their respective values for the years&#160;ended&#160;December 31, 2020 and&#160;2019 are set out below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;Year
    Ended&lt;br/&gt; December 31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;Year
    Ended&lt;br/&gt; December 31, 2019&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;(Amounts
    in 000&#x2019;s of US$, except for ounces data)&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Ounces
    of gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20200101__20201231_zmnBl36DpRUc" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;787,688.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20190101__20191231_zp7ajgpNsE52" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;641,449.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Creations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zkvqlOGnWbgd" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;739,919.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zpBCxuUNgXY8" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;222,589.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Redemptions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zd4FoUXInrf" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(120,236.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zKWEtQLqW7j5" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(75,167.4&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Transfers
    of gold to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20200101__20201231_zWQxNTtAXMEk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to play expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,940.6&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20190101__20191231_ztko7thjUVN" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,182.5&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20200101__20201231_zYMJLKeoFzN8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,405,430.5&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20190101__20191231_zL5vrOSrnbC" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;787,688.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Investment
    in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20200101__20201231_zq7llG0ifiT9" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20190101__20191231_z1GooZ8Zl9Sl" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;822,113&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Creations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20200101__20201231_ziWq6vK83Wgh" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,298,953&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_ecustom--CreationsValueOfBullion_pn3n3_c20190101__20191231_zDYYN8cSeBb6" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;319,522&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Redemptions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20200101__20201231_zSus6NNGL1e3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(203,169&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20190101__20191231_zdkkVV7g6DT3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(102,215&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
    gain on gold distributed for the redemption of Shares&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20200101__20201231_zdTmYoa2VR9k" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;30,873&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20190101__20191231_zqG7VdmEJ8l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;8,541&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Transfers
    of gold to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_987_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20200101__20201231_zz7bQOfoQPwg" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(3,433&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_982_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20190101__20191231_zXo6jbVBmHD4" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,628&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
    gain on gold transferred to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20200101__20201231_zYWYo1rRcH78" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;643&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20190101__20191231_z9pzKmQwzA4l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;154&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Change
    in unrealized gain on investment in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20200101__20201231_zWzg8qdUjX0j" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;335,873&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20190101__20191231_zXNuThUVfz3l" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;146,664&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20200101__20201231_zFYWeoH8Gugk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;2,652,891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20190101__20191231_zNIx2rA82Mhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8AC_zA6293TgQPx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:InvestmentPolicyTextBlock>
    <sgol:InvestmentsInBullionTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_896_ecustom--InvestmentsInBullionTableTextBlock_zIJpRAtAQeMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Changes
in ounces of&#160;gold and their respective values for the years&#160;ended&#160;December 31, 2020 and&#160;2019 are set out below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;Year
    Ended&lt;br/&gt; December 31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;Year
    Ended&lt;br/&gt; December 31, 2019&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;i&gt;(Amounts
    in 000&#x2019;s of US$, except for ounces data)&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Ounces
    of gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20200101__20201231_zmnBl36DpRUc" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;787,688.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20190101__20191231_zp7ajgpNsE52" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;641,449.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Creations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zkvqlOGnWbgd" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;739,919.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zpBCxuUNgXY8" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;222,589.1&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Redemptions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zd4FoUXInrf" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(120,236.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zKWEtQLqW7j5" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(75,167.4&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Transfers
    of gold to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20200101__20201231_zWQxNTtAXMEk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to play expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,940.6&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20190101__20191231_ztko7thjUVN" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,182.5&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20200101__20201231_zYMJLKeoFzN8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,405,430.5&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20190101__20191231_zL5vrOSrnbC" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;787,688.3&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Investment
    in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Opening
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20200101__20201231_zq7llG0ifiT9" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20190101__20191231_z1GooZ8Zl9Sl" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;822,113&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Creations&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20200101__20201231_ziWq6vK83Wgh" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,298,953&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_ecustom--CreationsValueOfBullion_pn3n3_c20190101__20191231_zDYYN8cSeBb6" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;319,522&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Redemptions&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20200101__20201231_zSus6NNGL1e3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(203,169&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20190101__20191231_zdkkVV7g6DT3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(102,215&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
    gain on gold distributed for the redemption of Shares&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20200101__20201231_zdTmYoa2VR9k" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;30,873&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20190101__20191231_zqG7VdmEJ8l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;8,541&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Transfers
    of gold to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_987_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20200101__20201231_zz7bQOfoQPwg" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(3,433&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_982_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20190101__20191231_zXo6jbVBmHD4" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;(1,628&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
    gain on gold transferred to pay expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20200101__20201231_zYWYo1rRcH78" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;643&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20190101__20191231_z9pzKmQwzA4l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;154&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Change
    in unrealized gain on investment in gold&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_985_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20200101__20201231_zWzg8qdUjX0j" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;335,873&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20190101__20191231_zXNuThUVfz3l" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;146,664&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Closing
    balance&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20200101__20201231_zFYWeoH8Gugk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;2,652,891&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20190101__20191231_zNIx2rA82Mhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;1,193,151&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</sgol:InvestmentsInBullionTableTextBlock>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2019-12-31" decimals="1" unitRef="oz">787688.3</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2018-12-31" decimals="1" unitRef="oz">641449.1</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <sgol:CreationsOuncesOfBullion
      contextRef="From2020-01-01to2020-12-31"
      decimals="1"
      unitRef="oz">739919.1</sgol:CreationsOuncesOfBullion>
    <sgol:CreationsOuncesOfBullion
      contextRef="From2019-01-012019-12-31"
      decimals="1"
      unitRef="oz">222589.1</sgol:CreationsOuncesOfBullion>
    <sgol:RedemptionsOuncesOfBullion
      contextRef="From2020-01-01to2020-12-31"
      decimals="1"
      unitRef="oz">-120236.3</sgol:RedemptionsOuncesOfBullion>
    <sgol:RedemptionsOuncesOfBullion
      contextRef="From2019-01-012019-12-31"
      decimals="1"
      unitRef="oz">-75167.4</sgol:RedemptionsOuncesOfBullion>
    <sgol:TransfersOfBullionOunces
      contextRef="From2020-01-01to2020-12-31"
      decimals="1"
      unitRef="oz">-1940.6</sgol:TransfersOfBullionOunces>
    <sgol:TransfersOfBullionOunces
      contextRef="From2019-01-012019-12-31"
      decimals="1"
      unitRef="oz">-1182.5</sgol:TransfersOfBullionOunces>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2020-12-31" decimals="1" unitRef="oz">1405430.5</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2019-12-31" decimals="1" unitRef="oz">787688.3</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2019-12-31" decimals="-3" unitRef="USD">1193151000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2018-12-31" decimals="-3" unitRef="USD">822113000</us-gaap:InvestmentInPhysicalCommodities>
    <sgol:CreationsValueOfBullion
      contextRef="From2020-01-01to2020-12-31"
      decimals="-3"
      unitRef="USD">1298953000</sgol:CreationsValueOfBullion>
    <sgol:CreationsValueOfBullion
      contextRef="From2019-01-012019-12-31"
      decimals="-3"
      unitRef="USD">319522000</sgol:CreationsValueOfBullion>
    <sgol:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable
      contextRef="From2020-01-01to2020-12-31"
      decimals="-3"
      unitRef="USD">203169000</sgol:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>
    <sgol:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable
      contextRef="From2019-01-012019-12-31"
      decimals="-3"
      unitRef="USD">102215000</sgol:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>
    <sgol:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2020-01-01to2020-12-31"
      decimals="-3"
      unitRef="USD">30873000</sgol:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <sgol:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2019-01-012019-12-31"
      decimals="-3"
      unitRef="USD">8541000</sgol:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <sgol:CostOfBullionTransferredToPayExpenses
      contextRef="From2020-01-01to2020-12-31"
      decimals="-3"
      unitRef="USD">3433000</sgol:CostOfBullionTransferredToPayExpenses>
    <sgol:CostOfBullionTransferredToPayExpenses
      contextRef="From2019-01-012019-12-31"
      decimals="-3"
      unitRef="USD">1628000</sgol:CostOfBullionTransferredToPayExpenses>
    <us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses
      contextRef="From2020-01-01to2020-12-31"
      decimals="-3"
      unitRef="USD">643000</us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>
    <us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses
      contextRef="From2019-01-012019-12-31"
      decimals="-3"
      unitRef="USD">154000</us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>
    <sgol:ChangeInUnrealizedGainLossOnInvestmentInBullion
      contextRef="From2020-01-01to2020-12-31"
      decimals="-3"
      unitRef="USD">335873000</sgol:ChangeInUnrealizedGainLossOnInvestmentInBullion>
    <sgol:ChangeInUnrealizedGainLossOnInvestmentInBullion
      contextRef="From2019-01-012019-12-31"
      decimals="-3"
      unitRef="USD">146664000</sgol:ChangeInUnrealizedGainLossOnInvestmentInBullion>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD">2652891000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2019-12-31" decimals="-3" unitRef="USD">1193151000</us-gaap:InvestmentInPhysicalCommodities>
    <sgol:ExpensesPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p id="xdx_847_ecustom--ExpensesPolicyTextBlock_z30cmzlEB0A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&lt;b&gt;&lt;i&gt;2.7.&#160;&#160;&#160;&#160;&lt;span id="xdx_868_z2iyJrm1nli1"&gt;Expenses
/ Realized Gains / Losses&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of&#160;gold to
the Sponsor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Trust will transfer&#160;gold to the Sponsor to pay the Sponsor&#x2019;s Fee that, effective December 1, 2018, accrues daily at
an annualized rate equal to &lt;span id="xdx_901_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181201_zA8UWeRXPC83" title="Expense ratio"&gt;0.17&lt;/span&gt;% of the adjusted daily NAV of the Trust, paid monthly in arrears. Prior to December 1, 2018,
the Sponsor&#x2019;s Fee accrued at an annualized rate equal to &lt;span id="xdx_909_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181130_zFJZeyQiWLBe"&gt;0.39&lt;/span&gt;% of the adjusted daily NAV of the Trust.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#x2019;s monthly
fee and out of pocket expenses, the Custodian&#x2019;s fee and the reimbursement of the Custodian&#x2019;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#x201c;SEC&#x201d;) registration fees, printing and mailing costs,
audit fees and up to $&lt;span id="xdx_904_ecustom--MaximumSponsorFeeForLegalExpenses_uUSD_c20200101__20201231_zw9iINeO2At7" title="Maximum sponsor fee for legal expenses"&gt;100,000&lt;/span&gt; per annum in legal expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;For
the years ended&#160;December 31, 2020, 2019&#160;and 2018, the Sponsor&#x2019;s Fee was $&lt;span id="xdx_905_eus-gaap--SponsorFees_pp0p0_c20200101__20201231_z4mejXSECava" title="Sponsor's Fee"&gt;3,640,527&lt;/span&gt;, $&lt;span id="xdx_906_eus-gaap--SponsorFees_pp0p0_c20190101__20191231_z3qQVYWkEPJe" title="Sponsor's Fee"&gt;1,680,258&lt;/span&gt;&#160;and $&lt;span id="xdx_900_eus-gaap--SponsorFees_pp0p0_c20180101__20181231_zzKUD8Y7ZVbk" title="Sponsor's Fee"&gt;3,567,948&lt;/span&gt;,
respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;At&#160;December
31, 2020 and at December 31, 2019, the fees payable to the Sponsor were&#160;$&lt;span id="xdx_901_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20201231_zIw7YQ61Sxf7" title="Fees payable to Sponsor"&gt;379,068&lt;/span&gt; and&#160;$&lt;span id="xdx_906_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20191231_zAdlze0DChqk" title="Fees payable to Sponsor"&gt;171,336&lt;/span&gt;, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#x2019;s&#160;gold as necessary to pay these expenses. When selling&#160;gold to pay expenses, the Trustee will
endeavor to sell the smallest amounts of&#160;gold needed to pay these expenses in order to minimize the Trust&#x2019;s holdings
of assets other than&#160;gold. Other than the Sponsor&#x2019;s Fee, the Trust had &lt;span id="xdx_903_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zAVP228Vzqz" title="All other expenses"&gt;&lt;span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20190101__20191231_zVr4jQ8lmMAg" title="All other expenses"&gt;no&lt;/span&gt;&lt;/span&gt; expenses during the&#160;years ended December
31, 2020, 2019&#160;and 2018.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Unless
otherwise directed by the Sponsor, when selling&#160;gold the Trustee will endeavor to sell at the price established by the
LBMA PM Gold Price. 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&#160;gold
only if the sale transaction is made at the&#160;next LBMA PM Gold Price or such other publicly available price that the
Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference
between the selling price and the average&#160;cost of the&#160;gold sold. Neither the Trustee nor the Sponsor is liable for
depreciation or loss incurred by reason of any sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Realized
gains and losses result from the transfer of&#160;gold for Share redemptions and / or to pay expenses and are recognized on a
trade date basis as the difference between the fair value and average cost of&#160;gold transferred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

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the possibility of subsequent events impacting the Trust&#x2019;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;&lt;/span&gt;&lt;/p&gt;

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

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may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates
may from time to time purchase or sell&#160;gold directly, for their own account, as agent for their customers and for accounts
over which they exercise investment discretion. The Trustee&#x2019;s and Custodian&#x2019;s fees are paid by the Sponsor and are
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;The
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of&#160;gold, which creates a concentration of risk associated with fluctuations in the price of gold. Several factors could affect
the price of gold, including: (i) gold supply and demand, which is influenced by factors such 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 global gold-producing countries; (ii) investors&#x2019; expectations with respect to the rate of inflation; (iii) currency
exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global
or regional political, economic or financial events and situations. In addition, there is no assurance that&#160;gold will maintain
its long-term value in terms of purchasing power in the future. In the event that the price of&#160;gold declines, the Sponsor
expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect
on the Trust&#x2019;s financial position and results of operations.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif; color: Black"&gt;Under
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managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard
on its part of its obligations and duties under the Trust&#x2019;s organizational documents. The Trust&#x2019;s maximum exposure
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        <link:footnote id="Footnote000070" xlink:label="Footnote000070" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Authorized
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102314011208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Feb. 24, 2021</div></th>
<th class="th"><div>Jun. 30, 2020</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Dec. 31,  2020<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">ABERDEEN STANDARD GOLD ETF TRUST<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">0001450923<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">26-4587209<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">NY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">712 Fifth Avenue<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">49th Floor<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">New York<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">10019<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">844<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">383-7289<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Aberdeen
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<td class="text">&#160;<span></span>
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<td class="text">SGOL<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">NYSEArca<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Large Accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 2,217,915,871<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">147,100,000<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityPublicFloat</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102312642392">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Statements of Assets and Liabilities - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Investment in gold (cost: December 31, 2020: $2,135,209; December 31, 2019: $1,011,343)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,652,891,000<span></span>
</td>
<td class="nump">$ 1,193,151,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetNoncurrent', window );">Gold receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,917,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,652,891,000<span></span>
</td>
<td class="nump">1,196,068,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">379,068<span></span>
</td>
<td class="nump">171,336<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">379,000<span></span>
</td>
<td class="nump">171,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">NET ASSETS</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,652,512,000<span></span>
</td>
<td class="nump">$ 1,195,897,000<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Authorized
    share capital is <span id="xdx_903_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20190101__20191231_zHZjcETUNtb1" title="::XDX::Unlimited"><span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20200101__20201231_z8jxylYCM2t8" title="Common stock, shares authorized::XDX::Unlimited"><span style="-sec-ix-hidden: xdx2ixbrl0071"><span style="-sec-ix-hidden: xdx2ixbrl0073">unlimited</span></span></span></span> with <span id="xdx_909_eus-gaap--CommonStockNoParValue_iI_do_c20201231_zIHxOYAfmEFi"><span id="xdx_90D_eus-gaap--CommonStockNoParValue_iI_do_c20191231_zwH3G0T4zuP2" title="Common stock, par value (in dollars per share)">no</span></span> par value per Share. Shares issued and outstanding at December 31, 2020 were <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pip0_uShares_c20201231_zW7rPTyVJk6i" title="Common stock, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20201231_zmsa5ngjfAK" title="Common stock, shares outstanding">146,200,000</span></span>
    and at December 31, 2019 were <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pip0_uShares_c20191231_zrd9sTWwgb8h"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20191231_zXlGtHHTmWeh">82,000,000</span></span>. Net asset values per Share at December 31, 2020 and December 31, 2019 were $<span id="xdx_901_eus-gaap--NetAssetValuePerShare_iI_pii_uUSDPShares_c20201231_z5Cjf66MK8kg" title="Net asset value per share">18.14</span>
    and $<span id="xdx_903_eus-gaap--NetAssetValuePerShare_iI_pii_uUSDPShares_c20191231_zhYaqzceFTQd">14.58</span>, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4428-111522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=77885760&amp;loc=SL35686385-199418<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=118262037&amp;loc=d3e9915-115836<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401414&amp;loc=d3e604008-122996<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments held in physical commodities, such as gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommodities</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102312266680">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Statements of Assets and Liabilities (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentCompanyAbstract', window );"><strong>Investment Company [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Investment in gold at cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,135,209<span></span>
</td>
<td class="nump">$ 1,011,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorizedUnlimited', window );">Common stock, shares authorized</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Unlimited<span></span>
</td>
<td class="text">Unlimited<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNoParValue', window );">Common stock, par value (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">146,200,000<span></span>
</td>
<td class="nump">82,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">146,200,000<span></span>
</td>
<td class="nump">82,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per share</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 18.14<span></span>
</td>
<td class="nump">$ 14.58<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">After
    the close of markets on November 1, 2019, the Trust effected a <span id="xdx_901_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_pip0_dc_c20191101__20191102_zAFkyQdag65d" title="Share split ratio">ten</span>-for-one forward share split of the Shares issued by the
    Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted to
    reflect the effects of the Split.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNoParValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of no-par value common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNoParValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicates that the number of common shares permitted to be issued by an entity's charter and bylaws is unlimited. The acceptable value is "Unlimited".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 54B<br> -URI http://asc.fasb.org/extlink&amp;oid=117332851&amp;loc=SL7495116-110257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -URI http://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6A<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=SL6742756-110258<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 59<br> -URI http://asc.fasb.org/extlink&amp;oid=117332851&amp;loc=SL6740821-110257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</TEXT>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102309998408">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Schedules of Investments<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Investment in gold (oz) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,405,430.5<span></span>
</td>
<td class="nump">787,688.3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,135,209<span></span>
</td>
<td class="nump">$ 1,011,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,652,891<span></span>
</td>
<td class="nump">$ 1,193,151<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">% of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.01%<span></span>
</td>
<td class="nump">99.77%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities', window );">Less liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (379)<span></span>
</td>
<td class="nump">$ 2,746<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Less liabilities, % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.01%)<span></span>
</td>
<td class="num">(0.23%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,652,512<span></span>
</td>
<td class="nump">$ 1,195,897<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_NetAssetsPercentageOfNetAssets', window );">Net Assets, Percentage of Net Assets.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Non Investment Assets Less Non Investment Liabilities, Percent of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.01%<span></span>
</td>
<td class="nump">0.23%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_XAU', window );">Gold, Ounces</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Investment in gold (oz) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,405,430.5<span></span>
</td>
<td class="nump">787,688.3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,135,209<span></span>
</td>
<td class="nump">$ 1,011,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,652,891<span></span>
</td>
<td class="nump">$ 1,193,151<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">% of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.01%<span></span>
</td>
<td class="nump">99.77%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Authorized
    share capital is <span id="xdx_903_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20190101__20191231_zHZjcETUNtb1" title="::XDX::Unlimited"><span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20200101__20201231_z8jxylYCM2t8" title="Common stock, shares authorized::XDX::Unlimited"><span style="-sec-ix-hidden: xdx2ixbrl0071"><span style="-sec-ix-hidden: xdx2ixbrl0073">unlimited</span></span></span></span> with <span id="xdx_909_eus-gaap--CommonStockNoParValue_iI_do_c20201231_zIHxOYAfmEFi"><span id="xdx_90D_eus-gaap--CommonStockNoParValue_iI_do_c20191231_zwH3G0T4zuP2" title="Common stock, par value (in dollars per share)">no</span></span> par value per Share. Shares issued and outstanding at December 31, 2020 were <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pip0_uShares_c20201231_zW7rPTyVJk6i" title="Common stock, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20201231_zmsa5ngjfAK" title="Common stock, shares outstanding">146,200,000</span></span>
    and at December 31, 2019 were <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pip0_uShares_c20191231_zrd9sTWwgb8h"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20191231_zXlGtHHTmWeh">82,000,000</span></span>. Net asset values per Share at December 31, 2020 and December 31, 2019 were $<span id="xdx_901_eus-gaap--NetAssetValuePerShare_iI_pii_uUSDPShares_c20201231_z5Cjf66MK8kg" title="Net asset value per share">18.14</span>
    and $<span id="xdx_903_eus-gaap--NetAssetValuePerShare_iI_pii_uUSDPShares_c20191231_zhYaqzceFTQd">14.58</span>, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_NetAssetsPercentageOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net Assets, Percentage of Net Assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_NetAssetsPercentageOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=77885760&amp;loc=SL35686385-199418<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=118262037&amp;loc=d3e9915-115836<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401414&amp;loc=d3e604008-122996<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of the investment at close of period. For schedules of investments that are categorized, the value would be aggregated by category. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column C))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401592&amp;loc=SL120429264-123010<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column C))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401592&amp;loc=d3e611197-123010<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalanceOtherMeasure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Quantity of the investment. Indicate the measure in the unit of measure. This is commonly used for investments other than securities. For example, if the investment is gold, the balance would be the number of ounces and the unit of measure would indicate "ounces".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column B))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401592&amp;loc=SL120429264-123010<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedBalanceOtherMeasure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percent of net assets at close of period. For schedules of investments that are categorized, each category has a percent of net assets for the aggregated value of the Investments in the category.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column D))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401592&amp;loc=d3e611197-123010<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedPercentOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net of non investment assets and liabilities. This amount represents the difference between the aggregate value of the investments, including long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of net assets of non investment assets and liabilities. This represents the percentage difference between the investments, including long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_XAU">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_XAU</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102309925800">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Statements of Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor&#8217;s Fee</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,640,527<span></span>
</td>
<td class="nump">$ 1,680,258<span></span>
</td>
<td class="nump">$ 3,567,948<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,641,000<span></span>
</td>
<td class="nump">1,680,000<span></span>
</td>
<td class="nump">3,568,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_NetInvestmentGainLoss', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,641,000)<span></span>
</td>
<td class="num">(1,680,000)<span></span>
</td>
<td class="num">(3,568,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingGainsLossesAbstract', window );"><strong>REALIZED AND UNREALIZED GAINS / (LOSSES)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Realized gain on gold transferred to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">643,000<span></span>
</td>
<td class="nump">154,000<span></span>
</td>
<td class="nump">159,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares', window );">Realized gain on gold distributed for the redemption of Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,873,000<span></span>
</td>
<td class="nump">8,541,000<span></span>
</td>
<td class="nump">10,687,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized gain / (loss) on investment in gold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">335,873,000<span></span>
</td>
<td class="nump">146,664,000<span></span>
</td>
<td class="num">(29,434,000)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_TotalGainLossOnBullion', window );">Total gain / (loss) on investment in gold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">367,389,000<span></span>
</td>
<td class="nump">155,359,000<span></span>
</td>
<td class="num">(18,588,000)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Change in net assets from operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 363,748,000<span></span>
</td>
<td class="nump">$ 153,679,000<span></span>
</td>
<td class="num">$ (22,156,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net increase / (decrease) in net assets per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2.93<span></span>
</td>
<td class="nump">$ 2.09<span></span>
</td>
<td class="num">$ (0.29)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">124,112,022<span></span>
</td>
<td class="nump">73,381,967<span></span>
</td>
<td class="nump">77,198,630<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">After
    the close of markets on November 1, 2019, the Trust effected a <span id="xdx_902_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_pip0_dc_c20191101__20191102_zLnpoFEvCnd8" title="Share split ratio">ten</span>-for-one forward share split of the Shares issued by the
    Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted to
    reflect the effects of the Split.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_ExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_NetInvestmentGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net investment gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_NetInvestmentGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Realized gain (loss) on bullion distributed for redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_TotalGainLossOnBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain or loss in the period on bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_TotalGainLossOnBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1448-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=120380238&amp;loc=d3e4984-109258<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=120380238&amp;loc=d3e3842-109258<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22644-107794<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1252-109256<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingGainsLossesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingGainsLossesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SponsorFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1448-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<DOCUMENT>
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<TEXT>
<html>
<head>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102312369864">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of Operations (Parenthetical)<br></strong></div></th>
<th class="th"><div>Nov. 02, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Income Statement [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1', window );">Share split ratio</a></td>
<td class="nump">10<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SAB TOPIC 4.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187143-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteStockSplitConversionRatio1</td>
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<tr>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102309930824">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Statements of Changes in Net Assets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2019</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>Statement of Stockholders' Equity [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Opening balance (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">82,000,000<span></span>
</td>
<td class="nump">68,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">83,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Opening balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,195,897<span></span>
</td>
<td class="nump">$ 846,716<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,047,979<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_NetInvestmentGainLoss', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,641)<span></span>
</td>
<td class="num">(1,680)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,568)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Realized gain on investment in gold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,516<span></span>
</td>
<td class="nump">8,695<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,846<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized (loss) on investment in gold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">335,873<span></span>
</td>
<td class="nump">146,664<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(29,434)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Creations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,296,036<span></span>
</td>
<td class="nump">$ 297,717<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 157,503<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Creations (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">76,700,000<span></span>
</td>
<td class="nump">21,300,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">12,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Redemptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (203,169)<span></span>
</td>
<td class="num">$ (102,215)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (336,610)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Redemptions (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,500,000)<span></span>
</td>
<td class="num">(7,800,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(27,500,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Closing balance (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">146,200,000<span></span>
</td>
<td class="nump">82,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">68,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Closing balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,652,512<span></span>
</td>
<td class="nump">$ 1,195,897<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 846,716<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">After
        the close of markets on November 1, 2019, the Trust effected a <span id="xdx_901_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_pip0_dc_c20191101__20191102_zTmft9qrWhse" title="Share split ratio">ten</span>-for-one forward share split of the Shares issued by
        the Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted
        to reflect the effects of the Split.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_NetInvestmentGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net investment gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_NetInvestmentGainLoss</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.3(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealizedInvestmentGainsLosses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfStockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfStockholdersEquityAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodValue</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102315939192">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of Changes in Net Assets (Parenthetical)<br></strong></div></th>
<th class="th"><div>Nov. 02, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1', window );">Share split ratio</a></td>
<td class="nump">10<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SAB TOPIC 4.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187143-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteStockSplitConversionRatio1</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102309963864">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights - $ / shares<br></strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract', window );"><strong>Per Share Performance (for a Share outstanding throughout the entire period)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per Share at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 14.58<span></span>
</td>
<td class="nump">$ 12.36<span></span>
</td>
<td class="nump">$ 12.55<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_IncomeFromInvestmentOperationsAbstract', window );"><strong>Income from investment operations:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_NetInvestmentIncomLossPerShare', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(0.03)<span></span>
</td>
<td class="num">(0.02)<span></span>
</td>
<td class="num">(0.05)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare', window );">Total realized and unrealized gains or losses on investment in gold</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3.59<span></span>
</td>
<td class="nump">2.24<span></span>
</td>
<td class="num">(0.14)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ChangeInNetAssetsFromOperationsPerShare', window );">Change in net assets from operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3.56<span></span>
</td>
<td class="nump">2.22<span></span>
</td>
<td class="num">(0.19)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per Share at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 18.14<span></span>
</td>
<td class="nump">$ 14.58<span></span>
</td>
<td class="nump">$ 12.36<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">124,112,022<span></span>
</td>
<td class="nump">73,381,967<span></span>
</td>
<td class="nump">77,198,630<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_AnnualizedRateOfSponsorsFee', window );">Expense ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.17%<span></span>
</td>
<td class="nump">0.17%<span></span>
</td>
<td class="nump">0.38%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_AnnualizedNetInvestmentIncomeLossRatio', window );">Net investment loss ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.17%)<span></span>
</td>
<td class="num">(0.17%)<span></span>
</td>
<td class="num">(0.38%)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_TotalReturnAtNetAssetValue', window );">Total return, net asset value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24.42%<span></span>
</td>
<td class="nump">17.95%<span></span>
</td>
<td class="num">(1.51%)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">After
    the close of markets on November 1, 2019, the Trust effected a <span id="xdx_901_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_pip0_dc_c20191101__20191102_zAFkyQdag65d" title="Share split ratio">ten</span>-for-one forward share split of the Shares issued by the
    Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted to
    reflect the effects of the Split.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">After
    the close of markets on November 1, 2019, the Trust effected a <span id="xdx_902_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_pip0_dc_c20191101__20191102_zLnpoFEvCnd8" title="Share split ratio">ten</span>-for-one forward share split of the Shares issued by the
    Trust (the &#8220;Split&#8221;). The information presented attributable to periods prior to the Split has been adjusted to
    reflect the effects of the Split.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Effective
        December 1, 2018, the Sponsor&#8217;s fee accruals daily at an annualized rate of <span id="xdx_904_ecustom--AnnualizedRateOfSponsorsFee_pii_dp_c20181129__20181201_z9MxVeWNrd82">0.17</span>%. Prior to December 1, 2018, the
        Sponsor&#8217;s fee accrued at a daily annualized rate of <span id="xdx_90E_ecustom--AnnualizedRateOfSponsorsFee_pii_dp_c20181129__20181130_zLRIYZP5lXh7">0.39</span>%.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_AnnualizedNetInvestmentIncomeLossRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Annualized net investment loss ratio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_AnnualizedNetInvestmentIncomeLossRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_AnnualizedRateOfSponsorsFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Annualized rate of sponsor's fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_AnnualizedRateOfSponsorsFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ChangeInNetAssetsFromOperationsPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in net assets from operations per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_ChangeInNetAssetsFromOperationsPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_IncomeFromInvestmentOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_IncomeFromInvestmentOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_NetInvestmentIncomLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net investment income (loss) per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_NetInvestmentIncomLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net realized and unrealized gains and losses on investment in bullion per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_TotalReturnAtNetAssetValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total return, net asset value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_TotalReturnAtNetAssetValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 54B<br> -URI http://asc.fasb.org/extlink&amp;oid=117332851&amp;loc=SL7495116-110257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -URI http://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6A<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=SL6742756-110258<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 59<br> -URI http://asc.fasb.org/extlink&amp;oid=117332851&amp;loc=SL6740821-110257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1448-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
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<head>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102415134344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights (Parenthetical)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 02, 2019</div></th>
<th class="th"><div>Dec. 01, 2018</div></th>
<th class="th"><div>Nov. 30, 2018</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><sup>[1]</sup></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1', window );">Share split ratio</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="nump">0.17%<span></span>
</td>
<td class="nump">0.39%<span></span>
</td>
<td class="nump">0.17%<span></span>
</td>
<td class="nump">0.17%<span></span>
</td>
<td colspan="2" class="nump">0.38%<span></span>
</td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Effective
        December 1, 2018, the Sponsor&#8217;s fee accruals daily at an annualized rate of <span id="xdx_904_ecustom--AnnualizedRateOfSponsorsFee_pii_dp_c20181129__20181201_z9MxVeWNrd82">0.17</span>%. Prior to December 1, 2018, the
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SAB TOPIC 4.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187143-122770<br></p></div>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102312439304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization</a></td>
<td class="text"><p id="xdx_802_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zU39YCHsui68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>1.&#160;&#160;&#160;&#160;<span id="xdx_828_zLdz1gh3hDDl">Organization</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The&#160;Aberdeen
Standard Gold ETF Trust (the &#8220;Trust&#8221;) is a common law trust formed on&#160;September 1, 2009&#160;(the &#8220;Date
of Inception&#8221;) under New York law pursuant to a depositary trust agreement (the &#8220;Trust Agreement&#8221;) executed
by Aberdeen Standard Investments ETFs Sponsor LLC (the &#8220;Sponsor&#8221;) and The Bank of New York Mellon as Trustee (the
&#8220;Trustee&#8221;). The Trust holds gold bullion&#160;and issues&#160;Aberdeen Standard Physical Gold Shares ETF (&#8220;Shares&#8221;)
in minimum blocks of&#160;Shares (also referred to as &#8220;Baskets&#8221;) in exchange for deposits of&#160;gold and distributes&#160;gold
in connection with the redemption of Baskets. Prior to November 4, 2019, the number of Shares that constituted a Basket was <span id="xdx_902_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zCjaCWl7jJcj">50,000</span>
Shares. Effective November 4, 2019, the Basket size was increased to <span id="xdx_90C_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zydCw1rjcspf" title="Minimum block of shares issued redeemed against gold">100,000</span> Shares. Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company
and a wholly-owned subsidiary of Aberdeen Standard Investments Inc. (&#8220;ASII&#8221;).&#160;&#160;ASII is a wholly-owned indirect
subsidiary of Standard Life Aberdeen plc. The Trust is governed by the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
investment objective of the Trust is for the Shares to reflect the performance of the price of&#160;gold, less the Trust&#8217;s
expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#8220;Shareholder&#8221;)
an opportunity to participate in the&#160;gold market through an investment in securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -URI http://asc.fasb.org/topic&amp;trid=2122149<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -URI http://asc.fasb.org/topic&amp;trid=2197479<br></p></div>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102315628312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies</a></td>
<td class="text"><p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zEkOPmwG1oae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>2.&#160;&#160;&#160;&#160;<span id="xdx_823_zCkIQbY5gcXi">Significant
Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zESlArCPlGfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.1.&#160;&#160;&#160;&#160;<span id="xdx_86D_zDBI8UXYJyFf">Basis
of Accounting</span></i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting
Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial Services&#8212;Investment Companies</i>, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_84E_ecustom--ValuationOfBullionPolicyTextBlock_zFFElIaP3h6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.2.&#160;&#160;&#160;&#160;<span id="xdx_862_zdDHRbXpZfhf">Valuation
of&#160;Gold</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold&#160;is
held by JPMorgan Chase Bank, N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at the Custodian&#8217;s Zurich, Switzerland
vaulting premises and may also be held at the Zurich, Switzerland vaulting premises of UBS AG, or any other firm selected by the
Custodian, to hold the Trust&#8217;s gold in the Trust&#8217;s allocated account in the firm&#8217;s vault premises on a segregated
basis.&#160;Effective as of the close of business June 20, 2019, the Sponsor approved the addition of London, England as a location
where the Custodian may custody allocated&#160;gold bullion deposited with and held by the Trust. At December 31, 2020, <span id="xdx_90E_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dn_c20201231_z5PXk8VFj2Kb" title="Percentage of gold held by sub-custodians">none</span> of the Trust's gold was held by a sub-custodian.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
is recorded at fair value. The cost of gold is determined according to the average cost method and the fair value is based on
the London Bullion Market Association (&#8220;LBMA&#8221;) PM Gold Price. Realized gains and losses on transfers of gold, or gold
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average
cost of gold transferred. &#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
LBMA PM&#160;Gold Price is set using the afternoon session of the ICE Benchmark Administration (&#8220;IBA&#8221;) equilibrium
auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars,
Euros or British Pounds for LBMA-authorized participating&#160;gold bullion banks or market makers that establishes a reference
gold price for that day&#8217;s trading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Once
the value of&#160;gold has been determined, the net asset value (the &#8220;NAV&#8221;) is computed by the Trustee by deducting
all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#8220;Sponsor&#8217;s
Fee&#8221;), from the fair value of the&#160;gold and all other assets held by the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust recognizes changes in fair value of the investment in&#160;gold as changes in unrealized gains or losses on investment in&#160;gold
through the Statement of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
per Share amount of&#160;gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold
Price to calculate the&#160;gold amount in respect of any liabilities for which covering gold&#160;sales have not yet been made,
and represents the per Share amount of&#160;gold held by the Trust, after giving effect to its liabilities, to cover expenses
and liabilities and any losses that may have occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Fair
Value Hierarchy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#8217;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
investment in&#160;gold is classified as a level&#160;1 asset, as the value of the Trust&#8217;s investment in&#160;gold is
calculated using unadjusted quoted prices from primary market sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_890_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVcQPi5A71Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$)</i></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Level
    1</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_989_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zg2plTJQnLxf" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right" title="Investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_980_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20191231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs11Qz7MfVml" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p id="xdx_8A1_zcWIDHJpiZU3" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td colspan="9" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Based
    on its continuous assessment of the valuation techniques and inputs used to value the Trust's gold, the Sponsor determined
    that the inputs used in determining the value of the Trust's gold are more representative of Level 1 inputs, rather than
    Level 2 inputs. Therefore, all of the Trust's gold was transferred from Level 2 to Level 1 at December 31, 2020. The December
    31, 2019 information has been reclassified to level 1 for comparative purposes.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p id="xdx_848_ecustom--ReceivableAndPayablePolicyTextBlock_zweLWf1Ytsp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.3.&#160;&#160;&#160;&#160;<span id="xdx_863_zkfE3PLLLdK4">Gold
Receivable and Payable</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold&#160;receivable
or payable represents the quantity of&#160;gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the&#160;gold has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership of gold
is transferred within two business days of the trade date. At December 31, 2020, the Trust had <span id="xdx_901_ecustom--BullionReceivableAtMarketValue_iI_do_uUSD_c20201231_zN0WW5nrWOD"><span id="xdx_90E_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20201231_zZyPOfvR4ch7">no</span></span> gold&#160;receivable or payable
for the&#160;creation&#160;or redemption of Shares. At December 31, 2019, the Trust had $<span id="xdx_906_ecustom--BullionReceivableAtMarketValue_iI_uUSD_c20191231_zvLZILZ4r1x7" title="Gold receivable">2,916,821</span>&#160;of gold&#160;receivable
for the creation of shares and&#160;<span id="xdx_90B_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20191231_zUDkCieLLBE7" title="Gold payable">no</span> gold&#160;payable for the redemption of Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_84E_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zaTlkPomsd3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.4.&#160;&#160;&#160;&#160;<span id="xdx_862_ziCSu7rVulB3">Creations
and Redemptions of Shares</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_908_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zZcLjNkwrgl9">100,000</span>
Shares effective&#160;November 4, 2019. Prior to November 4, 2019, the number of Shares that constituted a Basket was&#160;<span id="xdx_90F_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zxEr2j7nKZl7" title="Minimum block of shares issued redeemed against gold">50,000</span>
Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase
or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer
or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#8217;s Custodian or other&#160;gold bullion clearing bank. An Authorized Participant Agreement is 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&#160;gold&#160;required for such creations and redemptions. An Authorized Participant Unallocated
Account is an unallocated gold account, either loco London or loco Zurich, established with the Custodian or a&#160;gold bullion
clearing bank by an Authorized Participant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;gold represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV
of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;gold is exchanged in settlement of a redemption, it is considered
a sale of&#160;gold for financial statement purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
amount of&#160;gold represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As
a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of gold&#160;to be delivered
or distributed by the Trust. In order to ensure that the correct amount of&#160;gold is available at all times to back the Shares,
the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each
transaction, this amount is not more than 1/1000th of an ounce of gold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_z72FkKRzV2rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_863_zagjtXlBsnUe">Income
Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is classified as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the
Shareholders, and the Trustee will report the Trust&#8217;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that <span id="xdx_906_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20191231_zZXWQWV7jARl" title="Reserve for uncertain tax positions"><span id="xdx_90C_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_z0iaSsmby12l" title="Reserve for uncertain tax positions">no</span></span> reserves for uncertain tax positions are required as of&#160;December 31, 2020 and December 31, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_844_eus-gaap--InvestmentPolicyTextBlock_zP07zBnI6Mqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_864_zZAObXZi6LS8">Investment
in&#160;Gold</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_896_ecustom--InvestmentsInBullionTableTextBlock_zIJpRAtAQeMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Changes
in ounces of&#160;gold and their respective values for the years&#160;ended&#160;December 31, 2020 and&#160;2019 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br/> December 31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br/> December 31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$, except for ounces data)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Ounces
    of gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20200101__20201231_zmnBl36DpRUc" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">787,688.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20190101__20191231_zp7ajgpNsE52" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">641,449.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zkvqlOGnWbgd" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">739,919.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zpBCxuUNgXY8" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">222,589.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zd4FoUXInrf" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(120,236.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zKWEtQLqW7j5" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(75,167.4</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Transfers
    of gold to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20200101__20201231_zWQxNTtAXMEk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to play expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,940.6</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20190101__20191231_ztko7thjUVN" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,182.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20200101__20201231_zYMJLKeoFzN8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,405,430.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20190101__20191231_zL5vrOSrnbC" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">787,688.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20200101__20201231_zq7llG0ifiT9" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20190101__20191231_z1GooZ8Zl9Sl" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">822,113</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20200101__20201231_ziWq6vK83Wgh" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,298,953</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--CreationsValueOfBullion_pn3n3_c20190101__20191231_zDYYN8cSeBb6" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">319,522</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20200101__20201231_zSus6NNGL1e3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(203,169</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20190101__20191231_zdkkVV7g6DT3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(102,215</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold distributed for the redemption of Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20200101__20201231_zdTmYoa2VR9k" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">30,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20190101__20191231_zqG7VdmEJ8l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8,541</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Transfers
    of gold to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_987_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20200101__20201231_zz7bQOfoQPwg" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(3,433</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_982_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20190101__20191231_zXo6jbVBmHD4" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,628</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold transferred to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20200101__20201231_zYWYo1rRcH78" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">643</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20190101__20191231_z9pzKmQwzA4l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">154</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in unrealized gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20200101__20201231_zWzg8qdUjX0j" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">335,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20190101__20191231_zXNuThUVfz3l" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">146,664</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20200101__20201231_zFYWeoH8Gugk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20190101__20191231_zNIx2rA82Mhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p id="xdx_8AC_zA6293TgQPx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_847_ecustom--ExpensesPolicyTextBlock_z30cmzlEB0A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.7.&#160;&#160;&#160;&#160;<span id="xdx_868_z2iyJrm1nli1">Expenses
/ Realized Gains / Losses</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
primary expense of the Trust is the Sponsor&#8217;s Fee, which is paid by the Trust through in-kind transfers of&#160;gold to
the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust will transfer&#160;gold to the Sponsor to pay the Sponsor&#8217;s Fee that, effective December 1, 2018, accrues daily at
an annualized rate equal to <span id="xdx_901_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181201_zA8UWeRXPC83" title="Expense ratio">0.17</span>% of the adjusted daily NAV of the Trust, paid monthly in arrears. Prior to December 1, 2018,
the Sponsor&#8217;s Fee accrued at an annualized rate equal to <span id="xdx_909_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181130_zFJZeyQiWLBe">0.39</span>% of the adjusted daily NAV of the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#8217;s monthly
fee and out of pocket expenses, the Custodian&#8217;s fee and the reimbursement of the Custodian&#8217;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#8220;SEC&#8221;) registration fees, printing and mailing costs,
audit fees and up to $<span id="xdx_904_ecustom--MaximumSponsorFeeForLegalExpenses_uUSD_c20200101__20201231_zw9iINeO2At7" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">For
the years ended&#160;December 31, 2020, 2019&#160;and 2018, the Sponsor&#8217;s Fee was $<span id="xdx_905_eus-gaap--SponsorFees_pp0p0_c20200101__20201231_z4mejXSECava" title="Sponsor's Fee">3,640,527</span>, $<span id="xdx_906_eus-gaap--SponsorFees_pp0p0_c20190101__20191231_z3qQVYWkEPJe" title="Sponsor's Fee">1,680,258</span>&#160;and $<span id="xdx_900_eus-gaap--SponsorFees_pp0p0_c20180101__20181231_zzKUD8Y7ZVbk" title="Sponsor's Fee">3,567,948</span>,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">At&#160;December
31, 2020 and at December 31, 2019, the fees payable to the Sponsor were&#160;$<span id="xdx_901_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20201231_zIw7YQ61Sxf7" title="Fees payable to Sponsor">379,068</span> and&#160;$<span id="xdx_906_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20191231_zAdlze0DChqk" title="Fees payable to Sponsor">171,336</span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#8217;s&#160;gold as necessary to pay these expenses. When selling&#160;gold to pay expenses, the Trustee will
endeavor to sell the smallest amounts of&#160;gold needed to pay these expenses in order to minimize the Trust&#8217;s holdings
of assets other than&#160;gold. Other than the Sponsor&#8217;s Fee, the Trust had <span id="xdx_903_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zAVP228Vzqz" title="All other expenses"><span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20190101__20191231_zVr4jQ8lmMAg" title="All other expenses">no</span></span> expenses during the&#160;years ended December
31, 2020, 2019&#160;and 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Unless
otherwise directed by the Sponsor, when selling&#160;gold the Trustee will endeavor to sell at the price established by the
LBMA PM Gold Price. 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&#160;gold
only if the sale transaction is made at the&#160;next LBMA PM Gold Price or such other publicly available price that the
Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference
between the selling price and the average&#160;cost of the&#160;gold sold. Neither the Trustee nor the Sponsor is liable for
depreciation or loss incurred by reason of any sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
gains and losses result from the transfer of&#160;gold for Share redemptions and / or to pay expenses and are recognized on a
trade date basis as the difference between the fair value and average cost of&#160;gold transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_84A_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zGQtLqyU4UZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.8.&#160;&#160;&#160;&#160;Subsequent
Events</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">In
accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, the Trust&#8217;s management has evaluated
the possibility of subsequent events impacting the Trust&#8217;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;</span></p>

<p id="xdx_855_zVbk7f9ZMVca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102312527432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Parties</a></td>
<td class="text"><p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zf8JuOCIYxJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>3.&#160;&#160;&#160;&#160;<span id="xdx_82D_z6U4UoyQo8Ra">Related
Parties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates
may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates
may from time to time purchase or sell&#160;gold directly, for their own account, as agent for their customers and for accounts
over which they exercise investment discretion. The Trustee&#8217;s and Custodian&#8217;s fees are paid by the Sponsor and are
not separate expenses of the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br></p></div>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102312492648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Concentration of Risk<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Risks and Uncertainties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration of Risk</a></td>
<td class="text"><p id="xdx_805_eus-gaap--ConcentrationRiskDisclosureTextBlock_zqSMoOe2GcPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4.&#160;&#160;&#160;&#160;<span id="xdx_82A_z0ppDi7nN345">Concentration
of Risk</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust&#8217;s sole business activity is the investment in&#160;gold, and substantially all the Trust&#8217;s assets are holdings
of&#160;gold, which creates a concentration of risk associated with fluctuations in the price of gold. Several factors could affect
the price of gold, including: (i) gold supply and demand, which is influenced by factors such 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 global gold-producing countries; (ii) investors&#8217; expectations with respect to the rate of inflation; (iii) currency
exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global
or regional political, economic or financial events and situations. In addition, there is no assurance that&#160;gold will maintain
its long-term value in terms of purchasing power in the future. In the event that the price of&#160;gold declines, the Sponsor
expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect
on the Trust&#8217;s financial position and results of operations.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102315915496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Indemnification<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Indemnification</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Under
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managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard
on its part of its obligations and duties under the Trust&#8217;s organizational documents. The Trust&#8217;s maximum exposure
under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.&#160;</span></p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559207&amp;loc=d3e25336-109308<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559207&amp;loc=d3e25336-109308<br></p></div>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102398917896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Accounting</a></td>
<td class="text"><p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zESlArCPlGfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.1.&#160;&#160;&#160;&#160;<span id="xdx_86D_zDBI8UXYJyFf">Basis
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting
Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial Services&#8212;Investment Companies</i>, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ValuationOfBullionPolicyTextBlock', window );">Valuation of Gold</a></td>
<td class="text"><p id="xdx_84E_ecustom--ValuationOfBullionPolicyTextBlock_zFFElIaP3h6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.2.&#160;&#160;&#160;&#160;<span id="xdx_862_zdDHRbXpZfhf">Valuation
of&#160;Gold</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold&#160;is
held by JPMorgan Chase Bank, N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at the Custodian&#8217;s Zurich, Switzerland
vaulting premises and may also be held at the Zurich, Switzerland vaulting premises of UBS AG, or any other firm selected by the
Custodian, to hold the Trust&#8217;s gold in the Trust&#8217;s allocated account in the firm&#8217;s vault premises on a segregated
basis.&#160;Effective as of the close of business June 20, 2019, the Sponsor approved the addition of London, England as a location
where the Custodian may custody allocated&#160;gold bullion deposited with and held by the Trust. At December 31, 2020, <span id="xdx_90E_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dn_c20201231_z5PXk8VFj2Kb" title="Percentage of gold held by sub-custodians">none</span> of the Trust's gold was held by a sub-custodian.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold
is recorded at fair value. The cost of gold is determined according to the average cost method and the fair value is based on
the London Bullion Market Association (&#8220;LBMA&#8221;) PM Gold Price. Realized gains and losses on transfers of gold, or gold
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average
cost of gold transferred. &#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
LBMA PM&#160;Gold Price is set using the afternoon session of the ICE Benchmark Administration (&#8220;IBA&#8221;) equilibrium
auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars,
Euros or British Pounds for LBMA-authorized participating&#160;gold bullion banks or market makers that establishes a reference
gold price for that day&#8217;s trading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Once
the value of&#160;gold has been determined, the net asset value (the &#8220;NAV&#8221;) is computed by the Trustee by deducting
all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#8220;Sponsor&#8217;s
Fee&#8221;), from the fair value of the&#160;gold and all other assets held by the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust recognizes changes in fair value of the investment in&#160;gold as changes in unrealized gains or losses on investment in&#160;gold
through the Statement of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
per Share amount of&#160;gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold
Price to calculate the&#160;gold amount in respect of any liabilities for which covering gold&#160;sales have not yet been made,
and represents the per Share amount of&#160;gold held by the Trust, after giving effect to its liabilities, to cover expenses
and liabilities and any losses that may have occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Fair
Value Hierarchy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#8211;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#8217;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
investment in&#160;gold is classified as a level&#160;1 asset, as the value of the Trust&#8217;s investment in&#160;gold is
calculated using unadjusted quoted prices from primary market sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_890_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVcQPi5A71Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$)</i></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Level
    1</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_989_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zg2plTJQnLxf" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right" title="Investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_980_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20191231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs11Qz7MfVml" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p id="xdx_8A1_zcWIDHJpiZU3" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td colspan="9" style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Based
    on its continuous assessment of the valuation techniques and inputs used to value the Trust's gold, the Sponsor determined
    that the inputs used in determining the value of the Trust's gold are more representative of Level 1 inputs, rather than
    Level 2 inputs. Therefore, all of the Trust's gold was transferred from Level 2 to Level 1 at December 31, 2020. The December
    31, 2019 information has been reclassified to level 1 for comparative purposes.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; width: 12%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ReceivableAndPayablePolicyTextBlock', window );">Gold Receivable and Payable</a></td>
<td class="text"><p id="xdx_848_ecustom--ReceivableAndPayablePolicyTextBlock_zweLWf1Ytsp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.3.&#160;&#160;&#160;&#160;<span id="xdx_863_zkfE3PLLLdK4">Gold
Receivable and Payable</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Gold&#160;receivable
or payable represents the quantity of&#160;gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the&#160;gold has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership of gold
is transferred within two business days of the trade date. At December 31, 2020, the Trust had <span id="xdx_901_ecustom--BullionReceivableAtMarketValue_iI_do_uUSD_c20201231_zN0WW5nrWOD"><span id="xdx_90E_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20201231_zZyPOfvR4ch7">no</span></span> gold&#160;receivable or payable
for the&#160;creation&#160;or redemption of Shares. At December 31, 2019, the Trust had $<span id="xdx_906_ecustom--BullionReceivableAtMarketValue_iI_uUSD_c20191231_zvLZILZ4r1x7" title="Gold receivable">2,916,821</span>&#160;of gold&#160;receivable
for the creation of shares and&#160;<span id="xdx_90B_ecustom--BullionPayableAtMarketValue_iI_do_uUSD_c20191231_zUDkCieLLBE7" title="Gold payable">no</span> gold&#160;payable for the redemption of Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock', window );">Creations and Redemptions of Shares</a></td>
<td class="text"><p id="xdx_84E_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zaTlkPomsd3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.4.&#160;&#160;&#160;&#160;<span id="xdx_862_ziCSu7rVulB3">Creations
and Redemptions of Shares</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_908_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191104_zZcLjNkwrgl9">100,000</span>
Shares effective&#160;November 4, 2019. Prior to November 4, 2019, the number of Shares that constituted a Basket was&#160;<span id="xdx_90F_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20191101__20191103_zxEr2j7nKZl7" title="Minimum block of shares issued redeemed against gold">50,000</span>
Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase
or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer
or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#8217;s Custodian or other&#160;gold bullion clearing bank. An Authorized Participant Agreement is 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&#160;gold&#160;required for such creations and redemptions. An Authorized Participant Unallocated
Account is an unallocated gold account, either loco London or loco Zurich, established with the Custodian or a&#160;gold bullion
clearing bank by an Authorized Participant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;gold represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV
of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;gold is exchanged in settlement of a redemption, it is considered
a sale of&#160;gold for financial statement purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
amount of&#160;gold represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As
a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of gold&#160;to be delivered
or distributed by the Trust. In order to ensure that the correct amount of&#160;gold is available at all times to back the Shares,
the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each
transaction, this amount is not more than 1/1000th of an ounce of gold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_z72FkKRzV2rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_863_zagjtXlBsnUe">Income
Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust is classified as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the
Shareholders, and the Trustee will report the Trust&#8217;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that <span id="xdx_906_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20191231_zZXWQWV7jARl" title="Reserve for uncertain tax positions"><span id="xdx_90C_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_z0iaSsmby12l" title="Reserve for uncertain tax positions">no</span></span> reserves for uncertain tax positions are required as of&#160;December 31, 2020 and December 31, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Investment in Gold</a></td>
<td class="text"><p id="xdx_844_eus-gaap--InvestmentPolicyTextBlock_zP07zBnI6Mqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_864_zZAObXZi6LS8">Investment
in&#160;Gold</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p id="xdx_896_ecustom--InvestmentsInBullionTableTextBlock_zIJpRAtAQeMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Changes
in ounces of&#160;gold and their respective values for the years&#160;ended&#160;December 31, 2020 and&#160;2019 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br/> December 31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
    Ended<br/> December 31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$, except for ounces data)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Ounces
    of gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20200101__20201231_zmnBl36DpRUc" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">787,688.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20190101__20191231_zp7ajgpNsE52" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">641,449.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zkvqlOGnWbgd" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">739,919.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zpBCxuUNgXY8" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">222,589.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zd4FoUXInrf" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(120,236.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zKWEtQLqW7j5" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(75,167.4</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Transfers
    of gold to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20200101__20201231_zWQxNTtAXMEk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to play expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,940.6</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20190101__20191231_ztko7thjUVN" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,182.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20200101__20201231_zYMJLKeoFzN8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,405,430.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20190101__20191231_zL5vrOSrnbC" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">787,688.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20200101__20201231_zq7llG0ifiT9" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20190101__20191231_z1GooZ8Zl9Sl" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">822,113</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20200101__20201231_ziWq6vK83Wgh" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,298,953</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--CreationsValueOfBullion_pn3n3_c20190101__20191231_zDYYN8cSeBb6" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">319,522</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20200101__20201231_zSus6NNGL1e3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(203,169</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20190101__20191231_zdkkVV7g6DT3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(102,215</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold distributed for the redemption of Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20200101__20201231_zdTmYoa2VR9k" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">30,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20190101__20191231_zqG7VdmEJ8l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8,541</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Transfers
    of gold to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_987_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20200101__20201231_zz7bQOfoQPwg" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(3,433</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_982_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20190101__20191231_zXo6jbVBmHD4" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,628</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold transferred to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20200101__20201231_zYWYo1rRcH78" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">643</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20190101__20191231_z9pzKmQwzA4l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">154</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in unrealized gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20200101__20201231_zWzg8qdUjX0j" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">335,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20190101__20191231_zXNuThUVfz3l" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">146,664</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20200101__20201231_zFYWeoH8Gugk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20190101__20191231_zNIx2rA82Mhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<p id="xdx_8AC_zA6293TgQPx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ExpensesPolicyTextBlock', window );">Expenses / Realized Gains / Losses</a></td>
<td class="text"><p id="xdx_847_ecustom--ExpensesPolicyTextBlock_z30cmzlEB0A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.7.&#160;&#160;&#160;&#160;<span id="xdx_868_z2iyJrm1nli1">Expenses
/ Realized Gains / Losses</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
primary expense of the Trust is the Sponsor&#8217;s Fee, which is paid by the Trust through in-kind transfers of&#160;gold to
the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Trust will transfer&#160;gold to the Sponsor to pay the Sponsor&#8217;s Fee that, effective December 1, 2018, accrues daily at
an annualized rate equal to <span id="xdx_901_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181201_zA8UWeRXPC83" title="Expense ratio">0.17</span>% of the adjusted daily NAV of the Trust, paid monthly in arrears. Prior to December 1, 2018,
the Sponsor&#8217;s Fee accrued at an annualized rate equal to <span id="xdx_909_ecustom--AnnualizedRateOfSponsorsFee_dp_uPure_c20181129__20181130_zFJZeyQiWLBe">0.39</span>% of the adjusted daily NAV of the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#8217;s monthly
fee and out of pocket expenses, the Custodian&#8217;s fee and the reimbursement of the Custodian&#8217;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#8220;SEC&#8221;) registration fees, printing and mailing costs,
audit fees and up to $<span id="xdx_904_ecustom--MaximumSponsorFeeForLegalExpenses_uUSD_c20200101__20201231_zw9iINeO2At7" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"/>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">For
the years ended&#160;December 31, 2020, 2019&#160;and 2018, the Sponsor&#8217;s Fee was $<span id="xdx_905_eus-gaap--SponsorFees_pp0p0_c20200101__20201231_z4mejXSECava" title="Sponsor's Fee">3,640,527</span>, $<span id="xdx_906_eus-gaap--SponsorFees_pp0p0_c20190101__20191231_z3qQVYWkEPJe" title="Sponsor's Fee">1,680,258</span>&#160;and $<span id="xdx_900_eus-gaap--SponsorFees_pp0p0_c20180101__20181231_zzKUD8Y7ZVbk" title="Sponsor's Fee">3,567,948</span>,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">At&#160;December
31, 2020 and at December 31, 2019, the fees payable to the Sponsor were&#160;$<span id="xdx_901_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20201231_zIw7YQ61Sxf7" title="Fees payable to Sponsor">379,068</span> and&#160;$<span id="xdx_906_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20191231_zAdlze0DChqk" title="Fees payable to Sponsor">171,336</span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#8217;s&#160;gold as necessary to pay these expenses. When selling&#160;gold to pay expenses, the Trustee will
endeavor to sell the smallest amounts of&#160;gold needed to pay these expenses in order to minimize the Trust&#8217;s holdings
of assets other than&#160;gold. Other than the Sponsor&#8217;s Fee, the Trust had <span id="xdx_903_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zAVP228Vzqz" title="All other expenses"><span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20190101__20191231_zVr4jQ8lmMAg" title="All other expenses">no</span></span> expenses during the&#160;years ended December
31, 2020, 2019&#160;and 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Unless
otherwise directed by the Sponsor, when selling&#160;gold the Trustee will endeavor to sell at the price established by the
LBMA PM Gold Price. 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&#160;gold
only if the sale transaction is made at the&#160;next LBMA PM Gold Price or such other publicly available price that the
Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference
between the selling price and the average&#160;cost of the&#160;gold sold. Neither the Trustee nor the Sponsor is liable for
depreciation or loss incurred by reason of any sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
gains and losses result from the transfer of&#160;gold for Share redemptions and / or to pay expenses and are recognized on a
trade date basis as the difference between the fair value and average cost of&#160;gold transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsPolicyPolicyTextBlock', window );">2.8. Subsequent Events</a></td>
<td class="text"><p id="xdx_84A_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zGQtLqyU4UZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><i>2.8.&#160;&#160;&#160;&#160;Subsequent
Events</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">In
accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, the Trust&#8217;s management has evaluated
the possibility of subsequent events impacting the Trust&#8217;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;</span></p>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of creation and redemptions of shares policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_CreationsAndRedemptionsOfSharesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ExpensesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of expenses policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_ExpensesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ReceivableAndPayablePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of bullion receivable and payable policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of valuation of bullion policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=120406818&amp;loc=d3e32247-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32847-109319<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32840-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116657188&amp;loc=SL116659661-227067<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32639-109319<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=120406818&amp;loc=d3e32280-109318<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32809-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investment in financial asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for reporting subsequent events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102315756616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock', window );">The categorization of the Trust&#8217;s assets is as shown below:</a></td>
<td class="text"><p id="xdx_890_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVcQPi5A71Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">The
categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$)</i></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>December
    31, 2019</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>Level
    1</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 69%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_989_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zg2plTJQnLxf" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 12%; text-align: right" title="Investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_980_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_uUSD_c20191231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs11Qz7MfVml" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_InvestmentsInBullionTableTextBlock', window );">Changes in ounces of gold and their respective values for the years ended December 31, 2020 and 2019 are set out below:</a></td>
<td class="text"><p id="xdx_896_ecustom--InvestmentsInBullionTableTextBlock_zIJpRAtAQeMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Changes
in ounces of&#160;gold and their respective values for the years&#160;ended&#160;December 31, 2020 and&#160;2019 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: Black; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Year
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<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><i>(Amounts
    in 000&#8217;s of US$, except for ounces data)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Ounces
    of gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 74%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
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    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20200101__20201231_zmnBl36DpRUc" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">787,688.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1i_uoz_c20190101__20191231_zp7ajgpNsE52" style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 10%; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">641,449.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zkvqlOGnWbgd" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">739,919.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_ecustom--CreationsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zpBCxuUNgXY8" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">222,589.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20200101__20201231_zd4FoUXInrf" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(120,236.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1i_uoz_c20190101__20191231_zKWEtQLqW7j5" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(75,167.4</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Transfers
    of gold to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20200101__20201231_zWQxNTtAXMEk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to play expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,940.6</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1i_uoz_c20190101__20191231_ztko7thjUVN" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,182.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20200101__20201231_zYMJLKeoFzN8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,405,430.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1i_uoz_c20190101__20191231_zL5vrOSrnbC" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">787,688.3</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Opening
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20200101__20201231_zq7llG0ifiT9" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20190101__20191231_z1GooZ8Zl9Sl" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Opening balance"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">822,113</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Creations</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20200101__20201231_ziWq6vK83Wgh" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,298,953</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--CreationsValueOfBullion_pn3n3_c20190101__20191231_zDYYN8cSeBb6" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Creations"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">319,522</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20200101__20201231_zSus6NNGL1e3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(203,169</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_c20190101__20191231_zdkkVV7g6DT3" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Redemptions"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(102,215</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold distributed for the redemption of Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98A_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20200101__20201231_zdTmYoa2VR9k" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">30,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_c20190101__20191231_zqG7VdmEJ8l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold distributed for the redemption of Shares"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">8,541</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Transfers
    of gold to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_987_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20200101__20201231_zz7bQOfoQPwg" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(3,433</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_982_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_c20190101__20191231_zXo6jbVBmHD4" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Transfers of gold to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">(1,628</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Realized
    gain on gold transferred to pay expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_984_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20200101__20201231_zYWYo1rRcH78" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">643</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_c20190101__20191231_z9pzKmQwzA4l" style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Realized gain on gold transferred to pay expenses"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">154</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in unrealized gain on investment in gold</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_985_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20200101__20201231_zWzg8qdUjX0j" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">335,873</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_c20190101__20191231_zXNuThUVfz3l" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right" title="Change in unrealized gain on investment in gold"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">146,664</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">Closing
    balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20200101__20201231_zFYWeoH8Gugk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">2,652,891</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">$</span></td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20190101__20191231_zNIx2rA82Mhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">1,193,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</span></td></tr>
</table>

<span></span>
</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of movement in the investment in bullion in the Trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102312316536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Organization (Details Narrative) - shares<br></strong></div></th>
<th class="th"><div>Nov. 04, 2019</div></th>
<th class="th"><div>Nov. 03, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion', window );">Minimum block of shares issued redeemed against gold</a></td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum block of shares issued redeemed against gold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102315909352">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>The categorization of the Trust&#8217;s assets is as shown below: (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Fair Value, Inputs, Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Measurement Inputs and Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure', window );">Investment in gold</a></td>
<td class="nump">$ 2,652,891<span></span>
</td>
<td class="nump">$ 1,193,151<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment held in physical commodities, for example, but not limited to, gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102309892264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Changes in ounces of gold and their respective values for the years ended December 31, 2020 and 2019 are set out below: (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Opening balance | oz</a></td>
<td class="nump">787,688.3<span></span>
</td>
<td class="nump">641,449.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_CreationsOuncesOfBullion', window );">Creations | oz</a></td>
<td class="nump">739,919.1<span></span>
</td>
<td class="nump">222,589.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_RedemptionsOuncesOfBullion', window );">Redemptions | oz</a></td>
<td class="num">(120,236.3)<span></span>
</td>
<td class="num">(75,167.4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_TransfersOfBullionOunces', window );">Transfers of gold to pay expenses | oz</a></td>
<td class="num">(1,940.6)<span></span>
</td>
<td class="num">(1,182.5)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Investment Owned, Balance, Other Measure | oz</a></td>
<td class="nump">1,405,430.5<span></span>
</td>
<td class="nump">787,688.3<span></span>
</td>
<td class="nump">641,449.1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Opening balance</a></td>
<td class="nump">$ 1,193,151<span></span>
</td>
<td class="nump">$ 822,113<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_CreationsValueOfBullion', window );">Creations</a></td>
<td class="nump">1,298,953<span></span>
</td>
<td class="nump">319,522<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable', window );">Redemptions</a></td>
<td class="num">(203,169)<span></span>
</td>
<td class="num">(102,215)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares', window );">Realized gain on gold distributed for the redemption of Shares</a></td>
<td class="nump">30,873<span></span>
</td>
<td class="nump">8,541<span></span>
</td>
<td class="nump">$ 10,687<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_CostOfBullionTransferredToPayExpenses', window );">Transfers of gold to pay expenses</a></td>
<td class="num">(3,433)<span></span>
</td>
<td class="num">(1,628)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Realized gain on gold transferred to pay expenses</a></td>
<td class="nump">643<span></span>
</td>
<td class="nump">154<span></span>
</td>
<td class="nump">159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized gain on investment in gold</a></td>
<td class="nump">335,873<span></span>
</td>
<td class="nump">146,664<span></span>
</td>
<td class="num">(29,434)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Investment in Physical Commodities</a></td>
<td class="nump">$ 2,652,891<span></span>
</td>
<td class="nump">$ 1,193,151<span></span>
</td>
<td class="nump">$ 822,113<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_CostOfBullionTransferredToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of bullion transferred to pay expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_CostOfBullionTransferredToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_CreationsOuncesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Creations ounces of bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_CreationsOuncesOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Creations value of bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_CreationsValueOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Realized gain (loss) on bullion distributed for redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_RealizedGainLossOnBullionDistributedForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_RedemptionsOuncesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Redemptions ounces of bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_RedemptionsOuncesOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_TransfersOfBullionOunces">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Transfers of bullion ounces.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_TransfersOfBullionOunces</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of bullion distributed for redemption of shares excluding bullion payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentInPhysicalCommodities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments held in physical commodities, such as gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommodities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalanceOtherMeasure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Quantity of the investment. Indicate the measure in the unit of measure. This is commonly used for investments other than securities. For example, if the investment is gold, the balance would be the number of ounces and the unit of measure would indicate "ounces".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column B))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401592&amp;loc=SL120429264-123010<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedBalanceOtherMeasure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140102314129352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 04, 2019</div></th>
<th class="th"><div>Nov. 03, 2019</div></th>
<th class="th"><div>Dec. 01, 2018</div></th>
<th class="th"><div>Nov. 30, 2018</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_PercentageOfAssetBeingHeldByTrust', window );">Percentage of gold held by sub-custodians</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_BullionReceivableAtMarketValue', window );">Gold receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 2,916,821<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_BullionPayableAtMarketValue', window );">Gold payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion', window );">Minimum block of shares issued redeemed against gold</a></td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent', window );">Reserve for uncertain tax positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_AnnualizedRateOfSponsorsFee', window );">Expense ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.17%<span></span>
</td>
<td class="nump">0.39%<span></span>
</td>
<td class="nump">0.17%<span></span>
</td>
<td class="nump">0.17%<span></span>
</td>
<td class="nump">0.38%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sgol_MaximumSponsorFeeForLegalExpenses', window );">Maximum sponsor fee for legal expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor's Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,640,527<span></span>
</td>
<td class="nump">$ 1,680,258<span></span>
</td>
<td class="nump">$ 3,567,948<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">379,068<span></span>
</td>
<td class="nump">171,336<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">All other expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="9"></td></tr>
<tr><td colspan="9"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Effective
        December 1, 2018, the Sponsor&#8217;s fee accruals daily at an annualized rate of <span id="xdx_904_ecustom--AnnualizedRateOfSponsorsFee_pii_dp_c20181129__20181201_z9MxVeWNrd82">0.17</span>%. Prior to December 1, 2018, the
        Sponsor&#8217;s fee accrued at a daily annualized rate of <span id="xdx_90E_ecustom--AnnualizedRateOfSponsorsFee_pii_dp_c20181129__20181130_zLRIYZP5lXh7">0.39</span>%.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_AnnualizedRateOfSponsorsFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Annualized rate of sponsor's fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_AnnualizedRateOfSponsorsFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_BullionPayableAtMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of bullion payable at market value as of the reporting date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_BullionPayableAtMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_BullionReceivableAtMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of bullion receivable at market value as of the reporting date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_BullionReceivableAtMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_MaximumSponsorFeeForLegalExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum sponsor fee for legal expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_MaximumSponsorFeeForLegalExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum block of shares issued redeemed against gold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sgol_MinimumBlockOfSharesIssuedRedeemedAgainstBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sgol_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sgol_PercentageOfAssetBeingHeldByTrust">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of asset being held by trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableRelatedPartiesCurrent</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount recognized for uncertainty in income taxes classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilityForUncertainTaxPositionsNoncurrent</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCostAndExpenseOperating</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
