*Custodian: The organization that is responsible for safeguarding and holding the gold.

**Sub-Custodian: A situation in which the custodian holds some or all securities through another custodian in a local market. For example, the custodian may be in London, while the sub-custodian is in New York or another locale.

***Gold Quality: There are varying standards for rating gold quality. London good delivery bars are commonly viewed as being the very highest quality because the London Bullion Market Association’s standards are seen as the toughest. There are more than 30 types of gold bars circulating in the world’s gold markets today, and London good delivery bars comprise the largest market.

****Trust: Where the gold is physically kept.