Business Description

2 Trust Objective 2 Overview of the Bullion Industry 3 Operation of the Bullion Markets 12 Secondary Market Trading 20 Valuation of Bullion and Computation of Net Asset Value 20 Trust Expenses 21 Creation and Redemption of Shares 22 Creation Procedures 23 Redemption Procedures 24 Creation and Redemption Transaction Fee 25 The Sponsor 26 The Trustee 26 The Custodian 27 Inspection of Bullion 27 Description of Shares 27 Custody of the Trust’s Bullion 28 United States Federal Income Tax Consequences 29 ERISA and Related Considerations 31