What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-08-12 compared with 2021-08-13 · 18 added, 22 removed, 822 unchanged (5% of the section changed)

8 unchanged sentences

and the custodian is ICBC Standard Bank (the “Custodian”).

Trust’s Shares at redeemable value decreased from 1,041,316,068 on June 30, 2020 to US$ 1,009,450,266 on June 30, 2021, the Trust’s

Trust’s Shares at redeemable value decreased from US$ 1,009,450,266 on June 30, 2021 to US$ 996,127,089 on June 30, 2022, the Trust’s

fiscal year end.

86 unchanged sentences

following table sets forth a summary of the world gold supply and demand from 2010 to 2021:

In tonnes (1)

Mine production

1 unchanged sentence

Recycled gold

Sub-total above fabrication

Total bar & coin demand

ETFs & similar products 2

Central bank & other inst.

Surplus/Deficit

OTC and other

LBMA Gold Price (US$/oz)

4 unchanged sentences

This is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.

Gold Supply and Demand Statistics 2020 , World Gold Council

Gold Demand Trends 2022 Statistics , World Gold Council

Chart of the Price of Gold

6 unchanged sentences

dollar, political uncertainties around the world, and economic concerns.

The following

chart illustrates the changes in the gold spot prices from July 2010 through June 2021:

following chart illustrates the changes in the gold spot prices from July 2010 through June 2021:

Bloomberg and GraniteShares

393 unchanged sentences

the Custody Agreements, the Custodian will allow the Sponsor and the Trustee and their identified representatives, independent public

accountants and physical gold auditors (currently Inspectorate), access to its premises upon reasonable notice during normal business

accountants and physical gold auditors (currently Bureau Veritas), access to its premises upon reasonable notice during normal business

hours, to examine the physical gold and such records as they may reasonably require to perform their respective duties with regard to

85 unchanged sentences

Shareholder (as defined below), represents, insofar as it describes conclusions as to United

States federal income tax law and subject to the limitations and qualifications described therein, the opinion of Vedder Price P.C.,

States federal income tax law and subject to the limitations and qualifications described therein, the opinion of Thompson Hine LLP,

special United States federal income tax counsel to the Sponsor.

36 unchanged sentences

Sponsor and the Trustee will treat the Trust as a “grantor trust” for United States federal income tax purposes.

opinion of Vedder Price P.C., special United States federal income tax counsel to the Sponsor, the Trust will be classified as a “grantor

In the opinion

of Thompson Hine LLP, special United States federal income tax counsel to the Sponsor, the Trust will be classified as a “grantor

trust” for United States federal income tax purposes.

2 unchanged sentences

report the Trust’s income, gains, losses and deductions to the Internal Revenue Service (the “IRS”) on that basis.

The opinion of Vedder Price P.C.

represents only its best legal judgment

and is not binding on the IRS or any court.

Accordingly, there can be no assurance that the IRS will agree with the conclusions of counsel’s

opinion and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions and

that a court could sustain that contrary position.

Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification of the Trust for United States federal

income tax purposes.

If the IRS were to assert successfully that the Trust is not classified as a “grantor trust,” the Trust

would likely be classified as a partnership for United States federal income tax purposes, which may affect the timing and other tax

consequences to the Shareholders.

The opinion of Thompson Hine LLP represents only its best legal judgment and is not binding on the IRS or any court.

Accordingly, there

can be no assurance that the IRS will agree with the conclusions of counsel’s opinion and it is possible that the IRS or another

tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary position.

Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification of the Trust for United States

federal income tax purposes.

If the IRS were to assert successfully that the Trust is not classified as a “grantor trust,”

the Trust would likely be classified as a partnership for United States federal income tax purposes, which may affect the timing and

other tax consequences to the Shareholders.

following discussion assumes that the Trust will be classified as a “grantor trust” for United States federal income tax

182 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business