Business Description

2 Trust Objective 2 Overview of the Gold Industry 3 Operation of the Gold Bullion Market 5 Market Regulation 7 Secondary Market Trading 8 Valuation of Gold and Computation of Net Asset Value 8 Trust Expenses 9 Creation and Redemption of Shares 9 Creation and Redemption Transaction Fee 13 The Sponsor 13 The Trustee 13 The Custodian 14 Inspection of Gold 14 Description of the Shares 15 Custody of the Trust’s Gold 15 United States Federal Income Tax Consequences 16 ERISA and Related Considerations 18