1st October 2019

SPDR® Gold Trust
c/o World Gold Trust Services, LLC
685 Third Avenue
New York, NY 10017
United States of America

Dear Sirs,
Re: COUNT OF GOLD BULLION

World Gold Trust Services, LLC has engaged Inspectorate International Ltd to conduct two counts eachyear of the gold bullion stock held on behalf of the SPDR Gold Trust (the “Trust”) at the vaults of HSBCBank plc (the “Custodian”) in London. A complete bar count is conducted once per year and coincides
with the Trust’s financial year end at 30th September. The second count is a random sample count and isconducted at a date which falls within the same financial year.
It is with pleasure we submit our report to the Trust covering our count for the record date as of 30th
September, 2019.
In accordance with the agreed procedures, we hereby report the following:
Name of Account:

Bank of New York Mellon - SPDR Gold Trust

Bullion Account No:

18984

Material:

London Good Delivery Gold Bars

Location:

London Vaults of HSBC Bank plc

Gold Inventory:

As per the records of the Custodian at close of business 30th
September, 2019 this account held title to 73,951 London Good
Delivery, Large Gold Bars of a purity between 99.50% and 99.99%
and a weight of 29,737,725.512 fine troy ounces of gold.

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU, UK

T: +44 (0) 1376 536800
E: MMOpsUK@inspectorate.com
www.bureauveritas.com

Registered:
In England No. 638315
VAT no. GB725 4402 54

HSBC Bank PLC, Berkshire, UK
IBAN: GB68MIDL40051559932051 (€)
IBAN: GB34MIDL40051559931790 ($)
IBAN: GB38MIDL40025031378341 (£)
BIC: MIDLGB22

All services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or atwww.bureauveritas.com/terms_and_conditions

Description of Activity:

We performed a full count of 63,813 bars of gold, based upon thegold inventory as at 28th June, 2019. The audit was completed on the30th September, 2019 at the Custodian’s premises. We performed
certain procedures including but not limited to the following:






Anomalies:

The gold inventory records of Bank of New York Mellon (the“Trustee”) were reconciled to the records of the Custodian.
Each individual gold bar in the gold count was agreed to therecords of the Custodian as being held in the name of the above
mentioned account. The bar number, refiner code and purity ofeach bar were checked against the records of the Custodian.
A random sample of approximately 2.5% of the total holdings
was weighed and the weight checked against the custodian’sholdings.
A random sample of the gold bars counted was tested using aFischer Gold B Sigmascope.
The records of the Trustee as at 28th June, 2019 were reconciled
to the records of the Custodian as at 30th September, 2019 being
the last day of the gold count.

No anomalies were found with the gold count.

For and on behalf of
INSPECTORATE INTERNATIONAL LIMITEDPaul Alston

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU, UK

T: +44 (0) 1376 536800
E: MMOpsUK@inspectorate.com
www.bureauveritas.com

Registered:
In England No. 638315
VAT no. GB725 4402 54

HSBC Bank PLC, Berkshire, UK
IBAN: GB68MIDL40051559932051 (€)
IBAN: GB34MIDL40051559931790 ($)
IBAN: GB38MIDL40025031378341 (£)
BIC: MIDLGB22

All services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or atwww.bureauveritas.com/terms_and_conditions