UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.20549

FORM 10-Q

|        |                                                                                                                                        |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   | Quarterly reportpursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934for the quarterly period ended December 31, 2004 |

|        |                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------|
|   | Transition report pursuant to Section 13 or15(d) of the Securities Exchange Act of 1934 for the transition periodfrom ____to ___ |

Commission file number: 001-32356

streetTRACKS® GOLD TRUSTSPONSORED BY WORLD GOLDTRUST SERVICES, LLC

(Exact Name ofRegistrant as Specified in Its Charter)

|                                                              |  |                                     |  |  |  |  |
|--------------------------------------------------------------|--|-------------------------------------|--|--|--|--|
| **NewYork**                                                  |  | **81-6124035**                      |
| (State or OtherJurisdiction ofIncorporation or Organization) |  | (I.R.S.Employer Identification No.) |
|                                                              |

c/o World GoldTrust Services, LLC444 Madison Avenue, 3rd FloorNew York, NewYork 10022

(Address of PrincipalExecutive Offices)

(212) 317-3800

(Registrant's Telephone Number,Including Area Code)

N/A

(FormerName, Former Address and Former Fiscal Year, if Changed Since LastReport)

Indicate by check mark whether the registrant:(1) has filed all reports required to be filed by Section 13or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filingrequirements for the past 90 days.

Yes              No  

Indicate by check mark whether the registrant is anaccelerated filer (as defined in Rule 12b-2 of the Exchange Act)YES      NO  

As of January 31,2005 the Registrant had 48,900,000 sharesoutstanding.

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streetTRACKS®GOLDTRUSTINDEX

|                               |  |                                                                                                                                                              |    |        |    |        |  |  |  |  |
|-------------------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------|----|--------|----|--------|--|--|--|--|
|                          |  |                                                                                                                                                         |    | Page   |
| PARTI - FINANCIAL INFORMATION |  |                                                                                                                                                         | 1  |   |
| Item1.                        |  | FinancialStatements                                                                                                                                          |    |   | 1  |   |
|                          |  | Statements ofCondition at December 31, 2004 and November 12, 2004 (Date ofInception)                                                                         |    |   | 1  |   |
|                          |  | Statements ofOperations for the period from November 12, 2004 (Date ofInception)     through December 31, 2004                           |    |   | 2  |   |
|                          |  | Statements of Cash Flow for the period from November12, 2004 (Date of Inception)     through December 31,2004                            |    |   | 3  |   |
|                          |  | Statements of Changes inShareholders' Equity for the period from     November 12,2004 (Date of Inception) through December 31,2004  |    |   | 4  |   |
|                          |  | Notes to theFinancial Statements                                                                                                                             |    |   | 5  |   |
| Item2.                        |  | Management's Discussion and Analysis of FinancialCondition and     Results ofOperations                                                  |    |   | 11 |   |
| Item 3.                       |  | Quantitative and Qualitative Disclosures AboutMarket Risk                                                                                          |    |   | 15 |   |
| Item4.                        |  | Controls and Procedures                                                                                                                                      |    |   | 16 |   |
| PART II - OTHERINFORMATION    |  |                                                                                                                                                         | 17 |   |
| Item 1.                       |  | LegalProceedings                                                                                                                                             |    |   | 17 |   |
| Item 2.                       |  | UnregisteredSales of Equity Securities and Use of Proceeds                                                                                                   |    |   | 17 |   |
| Item 3.                       |  | Defaults Upon SeniorSecurities                                                                                                                               |    |   | 17 |   |
| Item 4.                       |  | Submission ofMatters to a Vote of Security Holders                                                                                                           |    |   | 17 |   |
| Item 5.                       |  | Other Information                                                                                                                                            |    |   | 17 |   |
| Item 6.                       |  | Exhibits and Reports on Form8-K                                                                                                                         |    |   | 17 |   |
| SIGNATURES                    |  |                                                                                                                                                         | 18 |   |
|                               |

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streetTRACKS®GOLD TRUST

PART I - FINANCIALINFORMATION:

Item 1.    Financial Statements

Statements of Condition

at December 31, 2004 andNovember 12, 2004 (Date ofInception)

|                                                                                                                                                                         |  |             |           |                             |  |        |         |        |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------|-----------|-----------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's ofUS$)                                                                                                                                                 |  | Dec-312004  |           | Nov-122004(DateofInception) |
|                                                                                                                                                                    |  | (Unaudited) |           |
| **ASSETS**                                                                                                                                                              |  |        |      |                        |  |   |    |   |
| Investmentin Gold                                                                                                                                                       |  | $           | 1,291,999 |                        |  | $      | 13,081  |   |
| Goldreceivable                                                                                                                                                          |  |        | 43,779    |                        |  |   | — |   |
| **TotalAssets**                                                                                                                                                         |  | $           | 1,335,778 |                        |  | $      | 13,081  |   |
| **LIABILITIES**                                                                                                                                                         |  |        |      |                        |  |   |    |   |
| Accountspayable                                                                                                                                                         |  | $           | 435       |                        |  | $      | 0       |   |
| Accruedexpenses                                                                                                                                                         |  |        | 78        |                        |  |   | — |   |
| TotalLiabilities                                                                                                                                                        |  |        | 513       |                        |  |   | — |   |
| CommitmentsandContingencies                                                                                                                                             |  |        | —   |                        |  |   | — |   |
| **RedeemableShares:**                                                                                                                                                   |  |
| Shares at redemption value toinvestors(issued and outstanding at December 31, 2004 -30,500,000 and at November 12, 2004 - 300,000; unlimitedauthorized; $0.00 parvalue) |  |        | 1,335,265 |                        |  |   | 13,081  |   |
| **Shareholders'Equity:**                                                                                                                                                |  |        |      |                        |  |   |    |   |
| Retainedearnings                                                                                                                                                        |  |        | —   |                        |  |   | — |   |
| **TotalLiabilities, Redeemable Shares & Shareholders'Equity**                                                                                                       |  | $           | 1,335,778 |                        |  | $      | 13,081  |   |
|                                                                                                                                                                         |

Seenotes to the financial statements

1

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streetTRACKS®GOLD TRUST

Statements of Operations

Forthe period from November 12, 2004 (Date of Inception) through December31,2004

|                                                              |  |             |         |         |  |  |
|--------------------------------------------------------------|--|-------------|---------|---------|--|--|
| (Amountsin 000's ofUS$)                                      |  | Dec-312004  |
|                                                         |  | (Unaudited) |
| **SALES**                                                    |  |        |    |    |
| Proceedsfrom sales of gold                                   |  | $           | 95      |    |
| Cost of gold sold topayexpenses                              |  |        | (94     | )  |
| RealizedGain on gold sold to pay expenses                    |  |        | 1       |    |
| RealizedGain on gold distributed for the redemption ofshares |  |        | 2,709   |    |
| Unrealized (Loss) on investmentin gold                       |  |        | (20,297 | )  |
| Total(Loss) ongold                                           |  | $           | (17,587 | )  |
| **EXPENSES**                                                 |  |        |    |    |
| CustodyFees                                                  |  | $           | 144     |    |
| TrusteeFees                                                  |  |        | 59      |    |
| SponsorFees                                                  |  |        | 164     |    |
| Marketing AgentFees                                          |  |        | 164     |    |
| OtherExpenses                                                |  |        | 78      |    |
| TotalExpenses                                                |  |        | 609     |    |
| Net(Loss)                                                    |  | $           | (18,196 | )  |
| (Loss)pershare                                               |  | $           | (0.62   | )  |
| Weightedaverage number ofshares                              |  |        | 29,132  |    |
|                                                              |

Seenotes to the financial statements

2

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streetTRACKS®GOLD TRUST

Statements of Cash Flow

Forthe period from November 12, 2004 (Date of Inception) through December31,2004

|                                                                      |  |             |           |         |  |  |
|----------------------------------------------------------------------|--|-------------|-----------|---------|--|--|
| (Amountsin 000's ofUS$)                                              |  | Dec-312004  |
|                                                                 |  | (Unaudited) |
| **INCREASE/ DECREASE IN CASH FROMOPERATIONS:**                       |  |        |      |    |
| Cash proceeds received fromsales of gold                             |  | $           | 95        |    |
| Cashexpensespaid                                                     |  |        | (95       | )  |
| (Decrease) /Increase in cash resulting fromoperations                |  |        | —   |    |
| Cashand cash equivalents at beginning ofperiod                       |  |        | —   |    |
| Cash andcash equivalents at end ofperiod                             |  | $           | —   |    |
| **SUPPLEMENTALDISCLOSURE OF NON-CASH FINANCINGACTIVITIES:**          |  |        |      |    |
| Value of gold receivedfor creation of shares - net of goldreceivable |  | $           | 1,557,555 |    |
| Valueof gold distributed for redemption of shares - at averagecost   |  | $           | 258,246   |    |
|                                                                      |

Seenotes to the financial statements

3

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streetTRACKS®GOLD TRUST

Statements of Changes inShareholders' Equity

For the period from November12, 2004 (Date of Inception) through December 31,2004

|                                                   |  |             |         |         |  |  |  |  |  |  |
|---------------------------------------------------|--|-------------|---------|---------|--|--|--|--|--|--|
| (Amountsin 000's ofUS$)                           |  | Dec-312004  |         |
|                                              |  | (Unaudited) |         |
| OpeningBalance                                    |  | $           | — |    |  |
| Net Loss for theperiod                            |  |        | (18,196 | )  |  |
| Adjustment of RedeemableShares to redemptionvalue |  |        | 18,196  |    |  |
| Retainedearnings at December31                    |  | $           | — |    |  |
|                                                   |

Seenotes to the financialstatements

4

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streetTRACKS®GOLD TRUST    

Notes to the FinancialStatements—Unaudited

1.    Organization

The streetTRACKS® Gold Trust (the"Trust") is an investment trust formed onNovember 12, 2004 (Date of Inception), under New York law pursuant to atrust indenture. The Trust holds gold and is expected from time to timeto issue shares (in minimum denominations of 100,000, also referred toas "Baskets") in exchange for deposits ofgold and to distribute gold in connection with redemption of Baskets.The investment objective of the Trust is for the Shares to reflect theperformance of the price of gold bullion, less the Trust'sexpenses.

The Statement of Condition at December 31, 2004, thestatements of operations, cash flow, and changes in shareholders'equity for the period from November 12, 2004 (Date of Inception)through December 31, 2004 have been prepared on behalf of the Trustwithout audit. In the opinion of management of the sponsor of theTrust, World Gold Trust Services, LLC (the"Sponsor"), all adjustments (which includenormal recurring adjustments) necessary to present fairly the financialposition, results of operations and cash flow at December 31, 2004 andfor all periods presented have been made.

Certain informationand footnote disclosures normally included in financial statementsprepared in accordance with accounting principles generally accepted inthe United States of America have been condensed or omitted. It issuggested that these condensed financial statements be read inconjunction with the financial statements and notes thereto included inthe Trust's registration statement (Form S-1) as filed onDecember 17, 2004 for the period ended November 12, 2004. The resultsof operations for the period from November 12, 2004 (Date of Inception)through December 31, 2004 are not necessarily indicative of theoperating results for the fullyear

2.    Significantaccounting policies

The preparation of financial statements inaccordance with accounting principles generally accepted in the UnitedStates requires those responsible for preparing financial statements tomake estimates and assumptions that affect the reported amounts anddisclosures. Actual results could differ from those estimates. Thefollowing is a summary of significant accounting policies followed bythe Trust.

2.1.    Valuation of Gold

Gold acquired,or disposed of, by the Trust is recorded at average cost. Gold isvalued at the lower of cost or market.

The table belowsummarizes the impact of unrealized gains or losses on theTrust's gold holdings as of November 12, 2004 (Date of Inception)and for the period November 12, 2004 (Date of Inception) throughDecember 31,2004:

|                                           |  |             |           |                             |  |        |         |        |  |  |
|-------------------------------------------|--|-------------|-----------|-----------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's ofUS$)                   |  | Dec-312004  |           | Nov-122004(DateofInception) |
|                                      |  | (Unaudited) |           |
| Goldholdings - averagecost                |  | $           | 1,356,075 |                        |  | $      | 13,081  |   |
| Unrealized(Loss) on goldholdings          |  |        | (20,297   | )                      |  |   | — |   |
| Goldreceivable at December31              |  |        | (43,779   | )                      |  |   | — |   |
| Goldholdings at December 31 - marketvalue |  | $           | 1,291,999 |                        |  | $      | 13,081  |   |
|                                           |

2.2    Goldreceivable

Gold receivable represents the quantity of goldcovered by contractually binding orders for the creation of shareswhere the gold has not yet been transferred to the Trust'saccount. Generally, ownership of the gold is transferred within threedays of trade date.

5

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streetTRACKS®GOLD TRUST    

Notes to the FinancialStatements—Unaudited

2.    Significantaccounting policies     (continued)

2.3    Creations and Redemptions ofShares

The Trust will create and redeem Shares from time totime, but only in one or more Baskets (a Basket equals a block of100,000 Shares). The creation and redemption of Baskets will only bemade in exchange for the delivery to the Trust or the distribution bythe Trust of the amount of gold and any cash represented by the Basketsbeing created or redeemed, the amount of which will be based on thecombined net asset value of the number of Shares included in theBaskets being created or redeemed determined on the day the order tocreate or redeem Baskets is properly received.

As the Shares ofthe Trust are redeemable at the option of the Authorized Participantsonly in Baskets, the Trust has classified the Shares as RedeemableShares on the Statement of Financial Condition. The Trust records theredemption value, which represents its maximum obligation, asRedeemable Shares with the difference from historical cost as anoffsetting amount to Retained Earnings. Changes in the shares as ofNovember 12, 2004 (Date of Inception) and for the period November 12,2004 (Date of Inception) through December 31, 2004, are as follows:

|                           |  |            |        |                               |  |        |         |        |  |  |
|---------------------------|--|------------|--------|-------------------------------|--|--------|---------|--------|--|--|
| (Allamounts are in 000's) |  | Dec-312004 |        | Nov-12 2004(Date ofInception) |
| **Number ofShares:**      |  |       |   |                          |  |   |    |   |
| OpeningBalance            |  |       | 300    |                          |  |   | — |   |
| Creations                 |  |       | 36,000 |                          |  |   | 300     |   |
| Redemptions               |  |       | (5,800 | )                        |  |   | — |   |
| At December31             |  |       | 30,500 |                          |  |   | 300     |   |
|                           |

|                                                                        |  |            |           |                               |  |        |         |        |  |  |
|------------------------------------------------------------------------|--|------------|-----------|-------------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's of US$)                                               |  | Dec-312004 |           | Nov-12 2004(Date ofInception) |
| **Redeemableshares:**                                                  |  |       |      |                          |  |   |    |   |
| OpeningBalance                                                         |  | $          | 13,081    |                          |  | $      | — |   |
| Creations(Number of shares period endedDecember 31, 2004 - 36,000,000) |  |       | 1,601,334 |                          |  |   | 13,081  |   |
| Redemptions(Number ofshares period ended December 31, 2004 -5,800,000) |  |       | (260,954  | )                        |  |   | — |   |
| Adjustment to redemption value at December31                           |  |       | (18,196   | )                        |  |   | — |   |
| Redeemable shares at December31                                        |  | $          | 1,335,265 |                          |  | $      | 13,081  |   |
|                                                                        |

2.4    Revenue RecognitionPolicy

The Trustee will at the direction of the Sponsor or inits own discretion sell the Trust's gold as necessary to pay theTrust's expenses. When selling gold to pay expenses, the Trusteewill endeavor to sell the smallest amounts of gold needed to payexpenses in order to minimize the Trust's holdings of assetsother than gold. Unless otherwise directed by the Sponsor, when sellinggold the Trustee will endeavor to sell at the price established by theLondon PM Fix. The Trustee will place orders with dealers (which mayinclude the Custodian) through which the Trustee expects to receive themost favorable price and execution of orders. The Custodian may be thepurchaser of such gold only if the sale transaction is made at the nextLondon gold price fix (either AM or PM) following the sale order.

2.5    Income Taxes

The Trust is classified as a"grantor trust" for US federal income taxpurposes. As a result, the Trust itself will not be subject to USfederal income tax. Instead, the Trust's income and expenses will"flow 

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streetTRACKS®GOLD TRUST    

Notes to the FinancialStatements—Unaudited

2.    Significantaccounting policies     (continued)

through" to the Shareholders, andthe Trustee will report the Trust's proceeds, income, deductions,gains, and losses to the Internal Revenue Service on thatbasis.

3    Investment inGold

The following represents the changes in ounces of gold andthe respective values at November 12, 2004 (Date of Inception) andDecember 31,2004:

|                                                                  |  |             |           |                              |  |        |         |        |  |  |
|------------------------------------------------------------------|--|-------------|-----------|------------------------------|--|--------|---------|--------|--|--|
| (Ouncesof gold are in 000's and value of gold is in 000's ofUS$) |  | Dec-31 2004 |           | Nov-122004(Date ofInception) |
| **Ouncesof Gold:**                                               |  |        |      |                         |  |   |    |   |
| OpeningBalance                                                   |  |        | 30.0      |                         |  |   | — |   |
| Creations(excluding Gold Receivable 99.9ounces)                  |  |        | 3,499.9   |                         |  |   | 30.0    |   |
| Redemptions                                                      |  |        | (579.9    | )                       |  |   | — |   |
| Sales of Gold                                                    |  |        | (0.2      | )                       |  |   | — |   |
| At December31                                                    |  |        | 2,949.8   |                         |  |   | 30.0    |   |
| **Value ofGold:**                                                |  |        |      |                         |  |   |    |   |
| OpeningBalance                                                   |  | $           | 13,081    |                         |  | $      | — |   |
| Creations(excluding Gold Receivable$43,779)                      |  |        | 1,557,555 |                         |  |   | 13,081  |   |
| Redemptions                                                      |  |        | (258,246  | )                       |  |   | — |   |
| Sales of Gold                                                    |  |        | (94       | )                       |  |   | — |   |
| Unrealized (Loss) on goldholdings                                |  |        | (20,297   | )                       |  |   |    |   |
| At December31                                                    |  | $           | 1,291,999 |                         |  | $      | 13,081  |   |
|                                                                  |

4    RelatedParties - Sponsor, Trustee, Custodian and Marketing Agent Fees

Fees are paid to the Sponsor as compensation for services performedunder the Trust Indenture and for services performed in connection withmaintaining the Trust's website and marketing the Shares. TheSponsor's fee is payable monthly in arrears and is accrued dailyat an annual rate equal to 0.15% of the adjusted net asset value("ANAV") of the Trust, subject to reductionas described below. The Sponsor will receive reimbursement from theTrust for all of its disbursements and expenses incurred in connectionwith the Trust.

Fees are paid to the Trustee as compensation forservices performed under the Trust Indenture. The Trustee's feeis payable monthly in arrears and is accrued daily at an annual rateequal to 0.02% of the ANAV of the Trust, subject to a minimumfee of $500,000 and a maximum fee of $2 million per year. TheTrustee's fee is subject to modification as determined by theTrustee and the Sponsor in good faith to account for significantchanges in the Trust's administration or the Trustee'sduties. The Trustee will charge the Trust for its expenses anddisbursements incurred in connection with the Trust (including theexpenses of the Custodian paid by the Trustee), exclusive of fees ofagents for services to be performed by the Trustee, and for anyextraordinary services performed by the Trustee for the Trust.

Affiliates of the Trustee may from time to time act as AuthorizedParticipants or purchase or sell gold or Shares for their own account,as agent for their customers and for accounts over which they exerciseinvestment discretion.

Fees are paid to the Custodian under theAllocated Bullion Account Agreement as compensation for its custodyservices. Under the Allocated Bullion Account Agreement, the Custodianis entitled to a 

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streetTRACKS®GOLD TRUST    

Notes to the FinancialStatements—Unaudited

4    RelatedParties - Sponsor, Trustee, Custodian and Marketing Agent Fees     (continued)

fee that is accrued daily at an annual rateequal to 0.10% of the average daily aggregate value of the goldheld in the Trust's allocated gold account (Trust AllocatedAccount) and the Trust's unallocated gold account (TrustUnallocated Account), payable in monthly installments in arrears. TheCustodian does not receive a fee under the Unallocated Bullion AccountAgreement.

The Custodian and its affiliates may from time totime act as Authorized Participants or purchase or sell gold or Sharesfor their own account, as agent for their customers and for accountsover which they exercise investment discretion.

Fees are paid tothe marketing agent for the Trust, State Street Global Markets, LLC(the "Marketing Agent") by the Trustee fromthe assets of the Trust as compensation for services performed pursuantto the agreement between the Sponsor and the Marketing Agent (MarketingAgent Agreement). The Marketing Agent's fee is payable monthly inarrears and is accrued daily at an annual rate equal to 0.15% ofthe ANAV of the Trust, subject to reduction as described below.

The Marketing Agent and its affiliates may from time to time act asAuthorized Participants or purchase or sell gold or Shares for theirown account, as agent for their customers and for accounts over whichthey exercise investment discretion.

For seven years from thedate of the Trust Indenture or until the earlier termination of theMarketing Agent Agreement, if at the end of any month during thisperiod the estimated ordinary expenses of the Trust exceed an amountequal to 0.40% per year of the daily ANAV of the Trust for suchmonth, the fees payable to the Sponsor and the Marketing Agent from theassets of the Trust for such month will be reduced by the amount ofsuch excess in equal shares up to the amount of their fees. Investorsshould be aware that if the gross value of the Trust's assets isless than approximately $388 million, the ordinary expenses of theTrust will be accrued at a rate greater than 0.40% per year ofthe daily ANAV of the Trust, even after the Sponsor and the MarketingAgent have completely reduced their combined fees of 0.30% peryear of the daily ANAV of the Trust. This amount is based on theestimated ordinary expenses of the Trust described in"Business of the Trust—Trust Expenses"and may be higher if the Trust's actual ordinary expenses exceedthose estimates. Additionally, if the Trust incurs unforeseen expensesthat cause the total ordinary expenses of the Trust to exceed0.70% per year of the daily ANAV of the Trust, the ordinaryexpenses will accrue at a rate greater than 0.40% per year ofthe daily ANAV of the Trust, even after the Sponsor and the MarketingAgent have completely reduced their combined fees of 0.30% peryear of the daily ANAV of the Trust.

Upon the end of the sevenyear period or the earlier termination of the Marketing AgentAgreement, the fee reduction will expire and the estimated ordinaryexpenses of the Trust which are payable from the assets of the Trusteach month may be more than they would have been during the period whenthe fee reduction is in effect, thus reducing the NAV of the Trust morerapidly than if the fee reduction was in effect and adversely affectingthe value of the Shares.

For the period November 12, 2004 (Dateof Inception) through December 31, 2004 the fees payable to the Sponsorand the Marketing Agent from the assets of the Trust were reduced by$64,275 respectively.

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streetTRACKS®GOLD TRUST    

Notes to the FinancialStatements—Unaudited

4    RelatedParties - Sponsor, Trustee, Custodian and Marketing Agent Fees     (continued)

Amounts Payable to Related parties andother accountspayable

|                           |  |            |         |         |  |  |
|---------------------------|--|------------|---------|---------|--|--|
| (Amountsin 000's of US$)  |  | Dec-312004 |
| Payable to Custodian      |  | $          | (144    | )  |
| Payable to Trustee        |  |       | (43     | )  |
| Payable toSponsor         |  |       | (124    | )  |
| Payable to MarketingAgent |  |       | (124    | )  |
| Other accountspayable     |  |       | — |    |
| AccountsPayable           |  | $          | (435    | )  |
|                           |

5    Concentrationof Risk

In accordance with Statement of Position No. 94-6,Disclosure of Certain Significant Risks and Uncertainties, theTrust's sole business activity is the investment in gold.Several factors could affect the price of gold: (i.) global gold supplyand demand, which is influenced by such factors as forward selling bygold producers, purchases made by gold producers to unwind gold hedgepositions, central bank purchases and sales, and production and costlevels in major gold-producing countries such as South Africa, theUnited States and Australia; (ii.) investors' expectations withrespect to the rate of inflation; (iii.) currency exchange rates; (iv.)interest rates; (v.) investment and trading activities of hedge fundsand commodity funds; and (vi.) global or regional political, economicor financial events and situations.   In addition, there is noassurance that gold will maintain its long-term value in terms ofpurchasing power in the future.   In the event that the price ofgold declines, the Sponsor expects the value of an investment in theShares to decline proportionately.   Each of these events couldhave a material affect on the Trust's financial position andresults of operations.

6    LegalProceedings

The Sponsor, the World Gold Council, the Trust andBNY, as Trustee of the Trust, have been named as defendants in a civillawsuit filed by plaintiffs Gemini Diversified Holdings LLC and DanAscani in the Supreme Court of the State of New York, County of NewYork, on November 6, 2003 (Index No. 119243/03). The complaint allegesbreach of contract and misappropriation of trade secrets under theTrade Secrets Act of the State of Georgia, and seeks compensatorydamages in excess of $450,000, preliminary and permanent injunctiverelief, costs and attorneys fees and other relief. The lawsuit is inits discovery phase. The Sponsor believes it has good defenses againstthese claims. The Sponsor and the World Gold Council have agreed toindemnify the Marketing Agent and UBS Securities LLC, as Purchaser inthe initial public offering of 2,300,000 Shares, against liabilitiesarising out of thecomplaint.

7    Indemnification

TheSponsor and its shareholders, members, directors, officers, employees,affiliates and subsidiaries are indemnified from the Trust and heldharmless against certain losses, liabilities or expenses incurred inthe performance of its duties under the Trust Indenture without grossnegligence, bad faith, willful misconduct, willful malfeasance orreckless disregard of the indemnified party's obligations andduties under the Trust Indenture. Such indemnity includes payment fromthe Trust of the costs and expenses incurred in defending against anyclaim or liability under the Trust Indenture. Under the TrustIndenture, the Sponsor may be able to seek indemnification from theTrust for payments it makes in connection with the Sponsor'sactivities under the Trust Indenture to the extent its conduct does notdisqualify it from receiving such indemnification under the terms ofthe Trust Indenture. The Sponsor 

9

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streetTRACKS®GOLD TRUST    

Notes to the FinancialStatements—Unaudited

7    Indemnification     (continued)

will also be indemnified from the Trust andheld harmless against any loss, liability or expense arising under theDistribution Agreement with the Purchaser, the Marketing AgentAgreement or any agreement entered into with an Authorized Participantwhich provides the procedures for the creation and redemption ofBaskets and for the delivery of gold and any cash required forcreations and redemptions insofar as such loss, liability or expensearises from any untrue statement or alleged untrue statement of amaterial fact contained in any written statement provided to theSponsor by the Trustee. Any amounts payable to the Sponsor are securedby a lien on the Trust.

The Sponsor has agreed to indemnifycertain parties against certain liabilities and to contribute topayments that such parties may be required to make in respect of thoseliabilities. The Trustee has agreed to reimburse such parties, solelyfrom and to the extent of the Trust's assets, for indemnificationand contribution amounts due from the Sponsor in respect of suchliabilities to the extent the Sponsor has not paid such amounts whendue. The Sponsor has agreed that, to the extent the Trustee pays anyamount in respect of the reimbursement obligations described in thepreceding sentence, the Trustee, for the benefit of the Trust, will besubrogated to and will succeed to the rights of the party so reimbursedagainst the Sponsor.

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Item2.    Management's Discussion and Analysis of FinancialCondition and Results of Operations

Thisinformation should be read in conjunction with the financial statementsand notes included in Item 1 of Part I of this QuarterlyReport. The discussion and analysis which follows may contain trendanalysis and other forward-looking statements within the meaning ofSection 21E of the Securities Exchange Act of 1934 which reflect ourcurrent views with respect to future events and financial results.Words such as "anticipate,""expect," "intend,""plan," "believe,""seek," "outlook"and "estimate" as well as similar words andphrases signify forward-looking statements.streetTRACKS® Gold Trust's forward-lookingstatements are not guarantees of future results and conditions andimportant factors, risks and uncertainties may cause our actual resultsto differ materially from those expressed in our forward-lookingstatements.

Trust Overview

streetTRACKS®Gold Trust is an investment trust that was formed on November 12, 2004(Date of Inception). The Trust issues baskets of shares, or Baskets, inexchange for deposits of gold and distributes gold in connection withthe redemption of Baskets. The investment objective of the Trust is forthe shares to reflect the performance of the price of gold bullion,less the expenses of the Trust's operations. The shares aredesigned to provide investors with a cost effective and convenient wayto invest in gold.

Investing in the Shares does not insulate theinvestor from certain risks, including price volatility. The followingtable illustrates the movement in the price of the Shares against thecorresponding gold price (per 1/10 of an oz. of gold):

Valuation of Gold,Definition of Net Asset Value ("NAV") andAdjusted Net Asset Value ("ANAV")

Asof the London PM Fix on each day that the NYSE is open for regulartrading or, if there is no London PM Fix on such day or the London PMFix has not been announced by 12:00 PM New York time on such day, as of12:00 PM New York time on such day (the "EvaluationTime"), the Bank of New York, our Trustee, evaluates thegold held by the Trust and determines both the ANAV and the NAV of theTrust.

At the Evaluation Time, the Trustee values theTrust's gold on the basis of that day's London PM Fix or,if no London PM Fix is made on such day or has not been announced bythe Evaluation Time, the 

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next most recent London gold price fix (AM orPM) determined prior to the Evaluation Time will be used, unless theTrustee, in consultation with the Sponsor determines that such price isinappropriate as a basis for evaluation. In the event the Trustee andthe Sponsor determine that the London PM Fix or last prior London"fix" is not an appropriate basis forevaluation of the Trust's gold, they will identify an alternativebasis for such evaluation to be employed by the Trustee.

Oncethe value of the gold has been determined, the Trustee subtracts allestimated accrued but unpaid fees (other than the fees to be computedby reference to the value of the ANAV of the Trust or custody feescomputed by reference to the value of gold held in the Trust), expensesand other liabilities of the Trust from the total value of the gold andall other assets of the Trust (other than any amounts credited to theTrust's reserve account, if established). The resulting figure isthe ANAV of the Trust. The ANAV of the Trust is used to compute thefees of the Trustee, the Sponsor and the Marketing Agent.

Todetermine the Trust's NAV, the Trustee subtracts from the ANAV ofthe Trust the amount of estimated accrued but unpaid fees computed byreference to the value of the ANAV of the Trust and computed byreference to the value of the gold held in the Trust (i.e., the fees ofthe Trustee, the Sponsor, the Marketing Agent and HSBC Bank USA, N.A.,our Custodian). The Trustee determines the NAV per Share by dividingthe NAV of the Trust by the number of shares outstanding as of theclose of trading on the NYSE.

Gold acquired, or disposed of, bythe Trust is recorded at average cost. The table below summarizes theimpact of unrealized gains or losses on the Trust's gold holdingsduring the period November 12, 2004 (Date of Inception) throughDecember 31,2004:

|                                           |  |             |           |                             |  |        |         |        |  |  |
|-------------------------------------------|--|-------------|-----------|-----------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's ofUS$)                   |  | Dec-312004  |           | Nov-122004(DateofInception) |
|                                      |  | (Unaudited) |           |
| Goldholdings - averagecost                |  | $           | 1,356,075 |                        |  | $      | 13,081  |   |
| Unrealized(Loss) on goldholdings          |  |        | (20,297   | )                      |  |   | — |   |
| Goldreceivable at December31              |  |        | (43,779   | )                      |  |   | — |   |
| Goldholdings at December 31 - marketvalue |  | $           | 1,291,999 |                        |  | $      | 13,081  |   |
|                                           |

CriticalAccounting Policy

Valuation of Gold

Gold acquired, ordisposed of, by the Trust is recorded at average cost. Gold is valuedat the lower of cost or market.

Review of FinancialResults

Financial Highlights

|                                                    |  |             |         |         |  |  |
|----------------------------------------------------|--|-------------|---------|---------|--|--|
| (Allamounts, except per share, are in 000's ofUS$) |  | Dec-312004  |
|                                               |  | (Unaudited) |
| TotalLoss on gold                                  |  | $           | (17,587 | )  |
| NetLoss                                            |  | $           | (18,196 | )  |
| Loss pershare                                      |  | $           | (0.62   | )  |
| Net cash flows fromoperating activities            |  | $           | 0       |    |
|                                                    |

The Trust'sloss on gold at December 31, 2004 is made up of $20,297,330 ofunrealized loss on gold holdings offset by realized gains of $1,583,000on the sale of gold to pay expenses and $2,708,864 of gold distributedon the redemption of shares.

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Selected Supplemental Data - As ofNovember 12, 2004 (Date of Inception) and for the period November 12,2004 (Date of Inception) through December 31,2004

|                                                                                                  |  |            |           |                             |  |        |         |        |  |  |
|--------------------------------------------------------------------------------------------------|--|------------|-----------|-----------------------------|--|--------|---------|--------|--|--|
| (Allamounts, except per ounce and per share, are in000's)                                        |  | Dec-312004 |           | Nov-122004(DateofInception) |
| **Ounces ofGold:**                                                                               |  |       |      |                        |  |   |    |   |
| OpeningBalance                                                                                   |  |       | 30.0      |                        |  |   | — |   |
| Creations                                                                                        |  |       |      |                        |  |   |    |   |
| (excludingGold Receivable 99.9ounces)                                                            |  |       | 3,499.9   |                        |  |   | 30.0    |   |
| Redemptions                                                                                      |  |       | (579.9    | )                      |  |   | — |   |
| SalesofGold                                                                                      |  |       | (0.2      | )                      |  |   | — |   |
| AtDecember31                                                                                     |  |       | 2,949.8   |                        |  |   | 30.0    |   |
| Goldprice per ounce - London AM fix at December31                                                |  | $          | 438.00    |                        |  | $      | 436.03  |   |
| Valueof gold holdings including GoldReceivable                                                   |  | $          | 1,335,778 |                        |  | $      | 13,081  |   |
| **Numberof Shares:**                                                                             |  |       |      |                        |  |   |    |   |
| OpeningBalance                                                                                   |  |       | 300       |                        |  |   | — |   |
| Creations                                                                                        |  |       | 36,000    |                        |  |   | 300     |   |
| Redemptions                                                                                      |  |       | (5,800    | )                      |  |   | — |   |
| AtDecember31                                                                                     |  |       | 30,500    |                        |  |   | 300     |   |
| **NetAsset Value pershare:**                                                                     |  |       |      |                        |  |   |    |   |
| Creations                                                                                        |  | $          | 44.48     |                        |  | $      | 43.60   |   |
| Redemptions                                                                                      |  | $          | (44.99    | )                      |  | $      | 0.00    |   |
| NetLoss for theperiod                                                                            |  | $          | (0.62     | )                      |  | $      | 0.00    |   |
| AtDecember31                                                                                     |  | $          | 43.78     |                        |  | $      | 43.60   |   |
| NetAsset Value at December31                                                                     |  | $          | 1,335,265 |                        |  | $      | 13,081  |   |
| Changein Net Asset Value frominception                                                           |  |       | 10107.7   | %                      |  |   | N/A     |   |
| %Difference between Net Asset Value per share and market value of ouncesrepresented by eachshare |  |       | (0.038    | )%                     |  |   | N/A     |   |
|                                                                                                  |

Resultsof Operations

On November 12, 2004, the date of formation ofthe Trust, the Custodian received 30,000 ounces of gold on behalf ofthe Trust in exchange for 300,000 shares (3 Baskets). Trading in theshares in the Trust commenced on November 18, 2004 and on that date theTrust offered 2,300,000 shares (23 Baskets) through UBS Securities LLC,as underwriter, in exchange for 230,000 ounces of gold. ThroughDecember 31, 2004 an additional 33,700,000 shares (337 Baskets) werecreated and 5,800,000 shares (58 Baskets) were redeemed.

As atDecember 31, 2004 the amount of gold owned by the Trust, including goldreceivable, was 3,049,722 ounces with a value of $1,335,778,317, basedon that day's AM Fix (in accordance with the TrustIndenture).

Cash flow from operations

We had no cashflow from operations in the period November 12, 2004 (Date ofInception) to December 31, 2004. Cash received in respect of gold soldto pay expenses in the period November 12 to December 31, 2004 was thesame as those expenses, resulting in a zero cash balance at December31, 2004.

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Cash Resources and Liquidity

AtDecember 31, 2004 the Trust did not have any cash balances.

Whenselling gold to pay expenses, the Trustee endeavors to sell the exactamount of gold needed to pay expenses in order to minimize theTrust's holdings of assets other than gold. As a consequence, weexpect that the Trust will not record any cash flow from its operationsand that its cash balance will be zero at the end of each reportingperiod.

Analysis of Movements in the Price of Gold

Asmovements in the price of gold are expected to directly affect theprice of the Trust's shares, investors should understand what therecent movements in the price of gold have been. Investors, however,should also be aware that past movements in the gold price are notindicators of future movements. This section identifies recent trendsin the movements of the gold price and discusses some of the importantevents which have influenced these movements.

The followingchart provides historical background on the price of gold. The chartillustrates movements in the price of gold in US dollars per ounce overthe period from January 1, 2004 to December 31, 2004, and is based onthe London PM Fix.

During2004 the gold price, at the London PM Fix, traded in the range $375.00per ounce (May 10) to $454.20 (December 2). The price at the end of2004 was $438.00 per ounce (at the London AM Fix – there being noLondon PM Fix on December 31), and the average price per ounce, basedon the London PM fix for that year, was $409.59.

The evolution ofthe gold price in 2004 was dominated by the weakening of the dollarrelative to other currencies and swings in investment demand. Theannouncement on March 8, 2004 that the Central Bank Gold Agreementwould be renewed for a further five years starting from September 2004removed a degree of uncertainty and coincided with the beginning of therally that peaked at $427.25 on the London PM fix on 1stApril. Physical demand for gold was stronger in 2004 than during theprevious year, indicating that participants in the physical market hadbecome accustomed to the generally higher price level. Continuingpolitical tension, particularly in the Middle East, contributed to therally in the second half of the year, particularly in the fourthquarter when investment demand rose.

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Cautionary Statement RegardingForward-Looking Information and Risk Factors

This reportcontains forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. These statements arepredictions and actual events or results may differ materially fromthose expressed in our forward-looking statements. Risks anduncertainties may cause our actual results to differ materially fromthose expressed in our forward-looking statements. These uncertaintiesand other factors include, but are not limited to, the following:

The value of the shares relates directly to the value of the goldheld by the Trust and fluctuations in the price of gold couldmaterially adversely affect an investment in the shares.

TheShares are designed to mirror as closely as possible the price of goldbullion, and the value of the Shares relates directly to the value ofthe gold held by the Trust, less the Trust's liabilities(including estimated accrued but unpaid expenses). The price of goldhas fluctuated widely over the past several years. Several factors mayaffect the price of gold,including:

|              |                                                                                                                                                                                                                                                                                                                                |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •  | Global gold supplyand demand, which is influenced by such factors as forward selling bygold producers, purchases made by gold producers to unwind gold hedgepositions, central bank purchases and sales, and production and costlevels in major gold-producing countries such as South Africa, theUnited States and Australia; |

|              |                                                              |
|--------------|--------------------------------------------------------------|
| •  | Investors' expectationswith respect to the rate ofinflation; |

|              |                         |
|--------------|-------------------------|
| •  | Currency exchangerates; |

|              |                |
|--------------|----------------|
| •  | Interestrates; |

|              |                                                                         |
|--------------|-------------------------------------------------------------------------|
| •  | Investment and tradingactivities of hedge funds and commodity funds;and |

|              |                                                                           |
|--------------|---------------------------------------------------------------------------|
| •  | Global or regionalpolitical, economic or financial events and situations. |

Inaddition, investors should be aware that there is no assurance thatgold will maintain its long term value in terms of purchasing power inthe future. In the event that the price of gold declines, the Sponsorexpects the value of an investment in the Shares to declineproportionately.

The sale of gold by the Trust to pay expenseswill reduce the amount of gold represented by each share on an ongoingbasis irrespective of whether the trading price of the shares rises orfalls in response to changes in the price of gold.

Eachoutstanding Share will represent a proportional interest in the goldheld by the Trust. As the Trust will not generate any income and as theTrust will regularly sell gold over time to pay for its ongoingexpenses, the amount of gold represented by each Share will graduallydecline over time. This is true even if additional Shares are issued inexchange for additional deposits of gold into the Trust, as the amountof gold required to create Shares will proportionately reflect theamount of gold represented by the Shares outstanding at the time ofcreation. Assuming a constant gold price, the trading price of theShares is expected to gradually decline relative to the price of goldas the amount of gold represented by the Shares gradually declines. TheShares will only maintain their original price if the price of goldincreases.

Investors should be aware that the gradual decline inthe amount of gold represented by the Shares will occur regardless ofwhether the trading price of the Shares rises or falls in response tochanges in the price of gold.

Readers are urged to review theRisk Factors section contained in our Prospectus for a description ofother risks and uncertainties that may affect an investment in ourshares.

Item 3.    Quantitative and QualitativeDisclosures About Market Risk

Not applicable.

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Item 4.    Controls andProcedures

Under the supervision and with theparticipation of our sponsor, World Gold Trust Services, LLC, includingits chief executive officer and chief financial officer, we carried outan evaluation of the effectiveness of the design and operation of ourcompany's disclosure controls and procedures pursuant to Rule13a-14 of the Securities Exchange Act of 1934. Based upon thatevaluation, our chief executive officer and chief financial officerconcluded that our disclosure controls and procedures were effective asof the end of the period covered by this quarterly report.

There have been no significant changes in our internal controls orother factors, which could significantly affect internal controlssubsequent to the date we carried out theevaluation.

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PARTII - OTHER INFORMATION:

Item 1.    LegalProceedings

Our Sponsor, World Gold Trust Services, LLC,the World Gold Council, the Trust and BNY, as Trustee of the Trust,have been named as defendants in a civil lawsuit filed by plaintiffsGemini Diversified Holdings LLC and Dan Ascani in the Supreme Court ofthe State of New York, County of New York, on November 6, 2003 (IndexNo. 119243/03). The complaint alleges breach of contract andmisappropriation of trade secrets under the Trade Secrets Act of theState of Georgia, and seeks compensatory damages in excess of $450,000,preliminary and permanent injunctive relief, costs and attorneys feesand other relief. The lawsuit is in its discovery phase. The Sponsorbelieves it has good defenses against these claims. The Sponsor and theWorld Gold Council have agreed to indemnify the Marketing Agent and UBSSecurities LLC, as Purchaser in the initial public offering of2,300,000 Shares, against liabilities arising out of the complaint.

Item 2.    Unregistered Sales of Equity Securities and Use ofProceeds

As of the date of the formation of the Trust onNovember 12, 2004, the NAV of the Trust, which represents the value ofthe gold deposited into the Trust, was $13,081,500, and the NAV perShare was $43.60. Since formation and through January 31, 2005, 547Baskets (54,700,000 Shares) have been created, including 23 Baskets(2,300,000 Shares) issued in connection with the initial publicoffering of our Shares on November 18, 2004 (Registration No.333-105202). As of January 31, 2005, 48,900,000 Shares were outstandingand the estimated NAV per Share as determined by the Trustee forJanuary 31, 2005 was $42.18.

Item 3.    Defaults UponSenior Securities

None

Item 4.    Submissionof Matters to a Vote of Security Holders

None

Item5.    Other Information

None

Item6.    Exhibits and Reports on Form 8-K

|           |          |
|-----------|----------|
| (a)  | Exhibits |

|  |                |                                                                                                       |
|--|----------------|-------------------------------------------------------------------------------------------------------|
|  | **31.1**  | Certification by PrincipalExecutive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of2002. |

|  |                |                                                                                                       |
|--|----------------|-------------------------------------------------------------------------------------------------------|
|  | **31.2**  | Certification byPrincipal Financial Officer Pursuant to Section 302 of theSarbanes-Oxley Act of 2002. |

|  |                |                                                                                                                                                      |
|--|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | **32.1**  | Certification by PrincipalExecutive Officer Pursuant to 18 U.S.C. Section 1350, As AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|  |                |                                                                                                                                                      |
|--|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | **32.2**  | Certification by PrincipalFinancial Officer Pursuant to 18 U.S.C. Section 1350, As AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|               |                                                                             |
|---------------|-----------------------------------------------------------------------------|
| **(b)**  | Reports on Form 8-K filed during thequarter for which this report is filed: |

None.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,the registrant has duly caused this report to be signed on its behalfby the undersigned in the capacities* indicated thereunto dulyauthorized.

|  | WORLD GOLD TRUST SERVICES, LLCSponsor of the Equity Gold Trust                   (Registrant) |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

/s/J. StuartThomas

|  |
|--|
|  |  |  |
|  |

|  | J.Stuart Thomas Managing Director (principal executiveofficer) |
|--|----------------------------------------------------------------|

/s/ JamesLowe

|  |
|--|
|  |  |  |
|  |

|  | JamesLowe Chief Financial Officer and Treasurer (principalfinancial officer and principal accounting officer) |
|--|---------------------------------------------------------------------------------------------------------------|

Date: February 18, 2005

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| *  | TheRegistrant is a trust and the persons are signing in their capacitiesas officers of World Gold Trust Services, LLC, the Sponsor of theRegistrant. |

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