What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2021-11-24 compared with 2020-11-24 · 25 added, 29 removed, 761 unchanged (7% of the section changed)

95 unchanged sentences

As a result, virtually all the gold that has ever been mined still exists today in one form or another.

Gold Focus 2020

estimates that in 2019, 2,368 tonnes were added to existing above-ground stocks of gold.

World Gold Supply and Demand (2015—2019)

The following table is a summary of the world gold supply and demand for the past 5 years.

It is based on information reported in the Gold Focus 2021

Gold Focus 2021

is published by Metals Focus, Ltd.

1 unchanged sentence

Metals Focus Data Ltd., an affiliate of the Sponsor, provides the supply and demand data to Metals Focus, Ltd.

When used in this annual report “tonne” refers to one metric tonne, which is equivalent to 1,000 kilograms or 32,151 troy ounces.

When used in this prospectus “tonne” refers to one metric tonne, which is equivalent to 1,000 kilograms or 32,151 troy ounces.

World Gold Supply and Demand (2016—2020)

Global Gold Summary/Demand Summary

Mine Production

27 unchanged sentences

Between 2016 and 2020, according to Gold Focus 2021

, central bank purchases averaged 531 tonnes each year.

, central bank purchases averaged 460 tonnes.

The prominence given by market commentators to this activity coupled with the total amount of gold held by the official sector has resulted in this area being one of the more visible shifts in the gold market.

1 unchanged sentence

The global trade in gold consists of over-the-counter

or OTC, transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures and options.

(“OTC”) transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures and options.

Global Over-the-Counter

42 unchanged sentences

Although the market for physical gold is global, 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

http://www.lbma.org.uk/aboutmembership

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 “London Good Delivery Lists,” which are the lists of LBMA accredited melters and assayers of gold.

The LBMA also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.

http://www.lbma.org.uk/aboutmembership

The term “loco London” refers to gold bars physically held in London that meet the specifications for weight, dimensions, fineness (or purity), identifying marks (including the assay stamp of an LBMA acceptable refiner) and appearance set forth in “The Good Delivery Rules for Gold and Silver Bars” published by the LBMA.

50 unchanged sentences

Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold being deposited or withdrawn.

The account holder is entitled to direct the

bullion dealer to deliver an amount of physical gold equal to the amount of gold standing to the credit of the account holder.

The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold equal to the amount of gold standing to

the credit of the account holder.

Gold held in an unallocated account is not segregated from the Custodian’s assets.

45 unchanged sentences

The redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant’s Authorized Participant Unallocated Account representing the amount of the gold held by the Trust evidenced by the Shares being redeemed plus, or minus, the cash redemption amount.

The cash redemption amount is equal to the value of all assets of the Trust other than gold less all estimated accrued expenses and other liabilities, divided by the number of Baskets outstanding and multiplied by the number of Baskets included in the Authorized Participant’s redemption order.

The Sponsor anticipates that in the ordinary course of the Trust’s

operations there will be no cash distributions made to Authorized Participants upon redemptions.

Authorized Participant’s redemption order.

The Sponsor anticipates that in the ordinary course of the Trust’s operations there will be no cash distributions made to Authorized Participants upon redemptions.

Fractions of a fine ounce of gold included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded.

108 unchanged sentences

The Trustee has agreed to reimburse the Marketing Agent, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due.

The Marketing Agent Agreement expires on July 17, 2022 and thereafter automatically renews for successive two year periods unless terminated in accordance with that agreement by either party twelve months prior to the end of the then-current term.

The Marketing Agent Agreement expires on July 17, 2022 and thereafter automatically renews for successive two-year

periods unless terminated in accordance with that agreement by either party twelve months prior to the end of the then-current term.

If the Sponsor or Marketing Agent terminates that agreement for certain reasons specified in it, the Sponsor is required to pay the Marketing Agent the present market value of the future payments the Marketing Agent would otherwise receive under that agreement over the subsequent five-year period.

1 unchanged sentence

The Sponsor and the World Gold Council (the “WGC”) entered into a license agreement, dated as of November 16, 2004, with the Marketing Agent.

Under the license agreement, the Sponsor and the WGC granted

the Marketing Agent a royalty-free, worldwide, non-exclusive,

Under the license agreement, the Sponsor and the WGC granted the Marketing Agent a royalty-free, worldwide, non-exclusive,

non-transferable:

(1) sublicense under the license agreement among the Sponsor, the WGC and BNYM, to BNYM’s patents and patent applications that cover securitized gold products in connection with the Marketing Agent’s performance of its services under the Marketing Agent Agreement;

(1) sublicense under the license

agreement among the Sponsor, the WGC and BNYM, to BNYM’s patents and patent applications that cover securitized gold products in connection with the Marketing Agent’s performance of its services under the Marketing Agent Agreement;

and (2) a license to the Sponsor’s and the WGC’s patents, patent applications and intellectual property and trade name and trademark rights in connection with the Marketing Agent’s performance of its services under the Marketing Agent Agreement and for the purpose of establishing, operating and marketing financial products involving the securitization of gold.

39 unchanged sentences

The subcustodians that the Custodian may utilize are the Bank of England, The Bank of Nova Scotia-ScotiaMocatta, ICBC Standard Bank Plc, JPMorgan Chase Bank and UBS AG.

During the year ended September 30, 2020, some the Trust’s gold was held with the Bank of England from April 15, 2020 to August 13, 2020.

Since August 13, 2020, subcustodians have not held any gold on behalf of the Trust.

During the year ended September 30, 2021, no gold was held by a subcustodian.

10 unchanged sentences

Under the customs and practices of the London bullion market, allocated gold is held by custodians and, on their behalf, by subcustodians under arrangements that permit each entity for which gold is being held:

(1) to request from the entity’s custodian (and a custodian or subcustodian to request from its subcustodian) a list identifying each gold bar being held and the identity of the particular custodian or subcustodian holding the gold bar and (2) to request the entity’s custodian to release the entity’s gold within two business days following demand for

(2) to request the entity’s custodian to release the entity’s gold within two business days following demand for release.

Each custodian or subcustodian is obligated under the customs and practices of the London bullion market to provide the bar list and the identification of custodians and subcustodians referred to in (1) above, and each custodian is obligated to release gold as requested.

133 unchanged sentences

federal income tax.

Instead, the Trust’s income and expenses “flow through” to the Shareholders,

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

Instead, the Trust’s income and expenses “flow through” to the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue Service (the “IRS”) on that basis.

Taxation of U.S.

43 unchanged sentences

Shareholder’s Shares, the U.S.

Shareholder’s tax basis for its pro rata share of the gold held in the Trust immediately after such sale or redemption generally

will equal its tax basis for its share of the total amount of the gold held in the Trust immediately prior to the sale or redemption, reduced by the portion of such basis that is attributable to the Shares sold or redeemed, as addressed above.

Shareholder’s tax basis for its pro rata share of the gold held in the Trust immediately after such sale or redemption generally will equal its tax basis for its share of the total amount of the gold held in the Trust immediately prior to the sale or redemption, reduced by the portion of such basis that is attributable to the Shares sold or redeemed, as addressed above.

As noted above, the foregoing discussion assumes that all of a U.S.

37 unchanged sentences

Shareholders that are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions.

An individual U.S.

An individual

Shareholder may not deduct miscellaneous itemized deductions for tax years beginning after December 31, 2017 and before January 1, 2026.

For tax years beginning after December 31, 2025, an individual

For tax years beginning after December 31, 2025, an individual U.S.

Shareholder may deduct certain miscellaneous itemized deductions only to the extent they exceed 2% of adjusted gross income.

85 unchanged sentences

ERISA and Related Considerations

The Employee Retirement Income Security Act of 1974, as amended, or (“ERISA”), and/or Code section 4975 impose certain requirements on employee benefit plans and certain other plans and arrangements that are subject to ERISA or the Code, including individual retirement accounts and annuities, retirement plans for self-employed individuals, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, collectively the Plans, and on persons who are fiduciaries with respect to the investment of assets treated as “plan assets” of a Plan.

Keogh plans), and certain collective investment funds and insurance company general or separate accounts in which such plans or arrangements are invested, collectively the Plans, and on persons who are fiduciaries with respect to the investment of assets treated as “plan assets” 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 state or other federal law.

1 unchanged sentence

(1) whether the fiduciary has the authority to make the investment under the appropriate governing plan instrument;

(2) whether the investment would constitute a direct or indirect “prohibited transaction” with a “party in interest” or “disqualified person,” as described in section 406 of ERISA or Section 4975 of the Code, as applicable, that is not otherwise subject to a statutory exemption or prohibited transaction exemption issued by the Department of Labor;

(2) whether the investment would constitute a direct or indirect “prohibited transaction” with a “party in interest” or “disqualified person,” as described in ERISA section 406 or Section 4975 of the Code, as applicable, that is not otherwise subject to a statutory exemption or prohibited transaction exemption issued by the Department of Labor;

(3) the Plan’s funding objectives;

4 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