|                                                 |                                                                                          
|------------------------------------------------ | -----------------------------------------------------------------------------------------
|UNITED STATES SECURITIES AND EXCHANGE COMMISSION
|Washington, D.C. 20549                          
|                                                
|Form 10-Q                                       
|                                                 |                                                                                          
|x                                                | QUARTERLY REPORT PURSUANT TO
 SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
|                                                 | For the Quarterly Period Ended
 March 31, 2011                                           
|                                                 |                                                                                          
|or                                              
|                                                 |                                                                                          
|o                                                | TRANSITION REPORT PURSUANT TO
 SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|                                                 | For the Transition Period from 
  to                                                     

Commission File Number: 001-35029

---

|                                                              |                                     
|------------------------------------------------------------- | ------------------------------------
|ETFS ASIAN GOLD TRUST                                        
|(Exact name of registrant as specified in its charter)       
|                                                              |                                     
|New York                                                      | 27-6885194                          
|(State or other jurisdiction of incorporation ororganization) | (I.R.S. Employer Identification No.)
|                                                              |                                     
|c/o ETF Securities USA LLC                                    |                                     
|48 Wall Street, 11th Floor                                    |                                     
|New York, NY                                                  | 10005                               
|(Address of principal executive offices)                      | (Zip Code)                          

Registrants telephone number, including area code:(212) 918-4954

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


Yes     x     No     o


Indicate by check mark whether the registrant has submitted
electronically and posted on its Corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit and post
such files).


Yes     o     No     x


Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or
a smaller reporting company. See definitions of large accelerated filer,
accelerated filer, and smaller reporting company in Rule 12b-2 of the
Exchange Act. (Check one)

|                        |   |                                     
|----------------------- | - | ------------------------------------
|Large accelerated filer | o | Accelerated filer          o        
|Non accelerated filer   | x | Smaller reporting company          o

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).


Yes     o     No     x


400,000
Shares outstanding as of May 12, 2011

---



ETFS ASIAN GOLD TRUST

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2011

INDEX

|                              |                                                                                        |   
|----------------------------- | -------------------------------------------------------------------------------------- | --
|PART I. FINANCIAL INFORMATION |                                                                                       
|Item 1.                       | Financial Statements (Unaudited)                                                       | 1 
|Item 2.                       | Managements Discussion and Analysis of Financial Condition and
 Results of Operations | 10
|Item 3.                       | Quantitative and Qualitative Disclosures About Market Risk                             | 11
|Item 4.                       | Controls and
 Procedures                                                               | 11
|Item 4T.                      | Controls and Procedures                                                                | 11
|                              |                                                                                        |   
|PART II. OTHER INFORMATION    |                                                                                       
|Item 1.                       | Legal Proceedings                                                                      | 12
|Item 1.A                      | Risk Factors                                                                           | 12
|Item 2.                       | Unregistered Sales of Equity Securities and Use of Proceeds                            | 12
|Item 3.                       | Defaults Upon Senior Securities                                                        | 12
|Item 4.                       | (Removed and Reserved)                                                                 | 12
|Item 5.                       | Other Information                                                                      | 12
|Item 6.                       | Exhibits                                                                               | 13
|                              |                                                                                        |   
|SIGNATURES                    | 14                                                                                    

---



ETFS ASIAN GOLD TRUST

PART I: FINANCIAL
INFORMATION

Item 1. Financial
Statements (Unaudited)

Condensed Statement of
Financial Condition (Unaudited)At March 31, 2011

|                                                              |  |                |            |  
|------------------------------------------------------------- |  | -------------- | ---------- | -
|                                                              |  | March 31, 2011 |           
|                                                              |  |                |           
|ASSETS                                                        |  |                |            |  
|                                                              |  |                |            |  
|Investment in gold (1)                                        |  | $              | 54,496,940 |  
|                                                              |  |                |            |  
|Total assets                                                  |  | $              | 54,496,940 |  
|                                                              |  |                |            |  
|                                                              |  |                |            |  
|LIABILITIES                                                   |  |                |            |  
|                                                              |  |                |            |  
|Fees payable to Sponsor                                       |  | $              | 19,090     |  
|                                                              |  |                |            |  
|Total liabilities                                             |  | $              | 19,090     |  
|                                                              |  |                |            |  
|                                                              |  |                |            |  
|REDEEMABLE
 SHARES                                            |  |                |            |  
|                                                              |  |                |            |  
|Shares at redemption value
 to investors (2)                  |  | $              | 57,512,570 |  
|Shareholders deficit                                         |  |                | (3,034,720 | )
|                                                              |  |                |            |  
|Total liabilities,
 redeemable Shares & shareholders deficit |  | $              | 54,496,940 |  
|                                                              |  |                |            |  

(1) The market value of investment in gold at March 31, 2011 is $57,531,660.

(2) Authorized share capital
is unlimited and no par value per share. Shares issued and outstanding at March 31, 2011 were 400,000.

See Notes to the Unaudited Condensed Financial Statements

1

---



ETFS ASIAN GOLD TRUST

Condensed Statement of
Operations (Unaudited)For the Period January 10,
2011* through March 31, 2011

|                                                               |  |                                                    |         |  
|-------------------------------------------------------------- |  | -------------------------------------------------- | ------- | -
|                                                               |  | Period
 January 10, 2011*
 through
 March 31, 2011 |        
|                                                               |  |                                                    |        
|                                                               |  |                                                    |         |  
|REVENUES                                                       |  |                                                    |         |  
|                                                               |  |                                                    |         |  
|Value of gold transferred to pay expenses                      |  | $                                                  | 25,530  |  
|Cost of gold transferred to pay expenses                       |  |                                                    | (25,532 | )
|                                                               |  |                                                    |         |  
|Loss on gold transferred to pay expenses                       |  | $                                                  | (2      | )
|                                                               |  |                                                    |         |  
|Gain / (loss) on gold distributed for the redemption of Shares |  | $                                                  |        |  
|Unrealized gain / (loss) on gold                               |  |                                                    |        |  
|                                                               |  |                                                    |         |  
|                                                               |  |                                                    |         |  
|Total loss on
     gold                                        |  | $                                                  | (2      | )
|                                                               |  |                                                    |         |  
|                                                               |  |                                                    |         |  
|EXPENSES                                                       |  |                                                    |         |  
|                                                               |  |                                                    |         |  
|Sponsors
     Fee (Note 2.7)                                  |  | $                                                  | 44,620  |  
|                                                               |  |                                                    |         |  
|                                                               |  |                                                    |         |  
|Total expenses                                                 |  | $                                                  | 44,620  |  
|                                                               |  |                                                    |         |  
|                                                               |  |                                                    |         |  
|Net loss from operations                                       |  | $                                                  | (44,622 | )
|                                                               |  |                                                    |         |  
|                                                               |  |                                                    |         |  
|Net loss per Share                                             |  | $                                                  | (0.12   | )
|                                                               |  |                                                    |         |  
|Weighted average number of Shares                              |  |                                                    | 387,037 |  

|                    
|--------------------
|                    
|* Date of
 Inception

See Notes to the Unaudited Condensed
Financial Statements

2

---



ETFS ASIAN GOLD TRUST

Condensed Statement of Cash Flows (Unaudited)For the Period January
10, 2011* through March 31, 2011

|                                                                                      |  |                                                    |             |  
|------------------------------------------------------------------------------------- |  | -------------------------------------------------- | ----------- | -
|                                                                                      |  | Period
 January 10, 2011*
 through
 March 31, 2011 |            
|                                                                                      |  |                                                    |            
|INCREASE / (DECREASE) IN CASH FROM OPERATIONS:                                        |  |                                                    |             |  
|                                                                                      |  |                                                    |             |  
|Cash proceeds received from transfer of gold                                          |  | $                                                  |            |  
|Cash expenses paid                                                                    |  |                                                    |            |  
|                                                                                      |  |                                                    |             |  
|Increase in cash resulting from operations                                            |  | $                                                  |            |  
|                                                                                      |  |                                                    |             |  
|Cash and cash equivalents at beginning of period                                      |  |                                                    |            |  
|                                                                                      |  |                                                    |             |  
|Cash and cash equivalents at end of period                                            |  | $                                                  |            |  
|                                                                                      |  |                                                    |             |  
|                                                                                      |  |                                                    |             |  
|SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:                             |  |                                                    |             |  
|                                                                                      |  |                                                    |             |  
|Value of gold received for creation of Shares                                         |  | $                                                  | 54,522,472  |  
|                                                                                      |  |                                                    |             |  
|Value of gold distributed for redemption of
 Shares - at average cost                 |  | $                                                  |            |  
|                                                                                      |  |                                                    |             |  
|RECONCILIATION OF NET GAIN / (LOSS) TO NET CASH
 PROVIDED BY OPERATING ACTIVITIES:    |  |                                                    |             |  
|                                                                                      |  |                                                    |             |  
|Net (loss) from
     operations                                                       |  | $                                                  | (44,622     | )
|Adjustments
    to reconcile net (loss) to net cash provided by operating activities: |  |                                                    |             |  
|(Increase) in gold assets                                                             |  |                                                    | (54,496,940 | )
|Increase in amounts payable to Sponsor                                                |  |                                                    | 19,090      |  
|Increase / (decrease) in redeemable Shares:                                           |  |                                                    |             |  
|Creations                                                                             |  |                                                    | 54,522,472  |  
|Redemptions                                                                           |  |                                                    |            |  
|                                                                                      |  |                                                    |             |  
|Net cash provided by operating activities                                             |  | $                                                  |            |  
|                                                                                      |  |                                                    |             |  
|                                                                                      |  |                                                    |             |  
|SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:                                       |  |                                                    |             |  
|                                                                                      |  |                                                    |             |  
|Value of gold transferred to pay expenses                                             |  | $                                                  | 25,530      |  
|                                                                                      |  |                                                    |             |  
|* Date of
 Inception                                                                 

See Notes to the Unaudited Condensed
Financial Statements

3

---



ETFS ASIAN GOLD TRUST

Condensed
Statement of Changes in Shareholders Deficit (Unaudited)For the Period January 10,
2011* through March 31, 2011

|                                                     |  |                                                    |            |  
|---------------------------------------------------- |  | -------------------------------------------------- | ---------- | -
|                                                     |  | Period
 January 10, 2011*
 through
 March 31, 2011 |           
|                                                     |  |                                                    |           
|Shareholders
 deficit - opening balance             |  | $                                                  |           |  
|Net loss for
 the period                             |  |                                                    | (44,622    | )
|Adjustment
 of redeemable Shares to redemption value |  |                                                    | (2,990,098 | )
|                                                     |  |                                                    |            |  
|Shareholders deficit - closing balance              |  | $                                                  | (3,034,720 | )
|                                                     |  |                                                    |            |  
|                                                     |  |                                                    |            |  
|* Date of
 Inception                                 |  |                                                    |            |  

See Notes to the
Unaudited Condensed Financial Statements

4

---



ETFS ASIAN GOLD TRUST

Notes to the Unaudited Condensed Financial Statements

1. Organization

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
 ETFS Asian Gold Trust (the Trust) is an investment trust formed on January
 10, 2011 (the Date of Inception) under New York law pursuant to a
 depositary trust agreement (the Trust Agreement) executed by ETF Securities
 USA LLC (the Sponsor) and the Bank of New York Mellon (the Trustee) at
 the time of the Trusts organization. The Trust holds gold bullion and issues
 shares (Shares) (in minimum blocks of 50,000 Shares, also referred to as
 Baskets) in exchange for deposits of gold and distributes gold
 in connection with the redemption of Baskets. Shares represent units
 of fractional undivided beneficial interest in and ownership of the Trust
 which are issued by the Trust. The Sponsor is a Delaware limited liability
 company and a wholly-owned subsidiary of ETF Securities Limited, a Jersey,
 Channel Islands based company. The Trust is governed by the Trust Agreement.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | The
 investment objective of the Trust is for the Shares to reflect the
 performance of the price of gold, less the Trusts expenses and
 liabilities. The Trust is designed to provide an individual owner of
 beneficial interests in the Shares (a Shareholder) an opportunity
 to participate in the gold market through an investment in securities.
 The fiscal year end for the Trust is December 31.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | The
 accompanying unaudited financial statements were prepared in accordance with
 the accounting principles generally accepted in the United States of America
 for interim financial information and with the instructions for the Form
 10-Q. In the opinion of management of the Sponsor, all adjustments (which
 include normal recurring adjustments) necessary to present fairly the
 financial position, results of operations and cash flows as of and for the
 period from the Date of Inception to March 31, 2011 have been made.                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | Certain
 information and footnote disclosures normally included in financial
 statements prepared in accordance with accounting principles generally
 accepted in the United States of America have been condensed or omitted.
 These condensed financial statements should be read in conjunction with the
 Trusts prospectus. The results of operations for the period from the Date of
 Inception to March 31, 2011 are not necessarily indicative of the operating
 results for the full year.                                                                                                                                                                                                                                                                                                                                                                                                                                  

|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|----------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.
 Significant Accounting Policies
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                    | The
 preparation of financial statements in accordance with accounting principles
 generally accepted in the United States of America requires those responsible
 for preparing financial statements to make estimates and assumptions that
 affect the reported amounts and disclosures. Actual results could differ from
 those estimates. The following is a summary of significant accounting
 policies followed by the Trust.                                                                                                                                                                                                                                                                                                                                                                                      
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2.1. Valuation of Gold             
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                    | Gold
 is held by JP Morgan Chase Bank, N.A. (the Custodian), on behalf
 of the Trust, at its Singapore vaulting premises and is valued, for financial
 statement purposes, at the lower of cost or market. The cost of gold is determined
 according to the average cost method and the market value is based on the London
 PM Fix used to determine the net asset value (the NAV)
 of the Trust. Realized gains and losses on transfers of gold, or gold
 distributed for the redemption of Shares, are calculated on a trade
 date basis using average cost. The London PM Fix price for gold is
 set using the afternoon session of the twice daily fix of the price of gold
 by five market making members of the London Bullion Market
 Association at approximately 3:00 PM London Time, on each working day.
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                    | Once
 the value of gold has been determined, the NAV is computed by the
 Trustee by deducting all accrued fees and other liabilities of the Trust,
 including the remuneration due to the Sponsor (the Sponsors Fee),
 from the fair value of the gold and all other assets held by the Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

5

---



ETFS ASIAN GOLD TRUST

2. Significant Accounting Policies (Continued)

2.1. Valuation of Gold (Continued)

| |                                                                                                               
| | --------------------------------------------------------------------------------------------------------------
| | The table below summarizes
 the unrealized gains or losses on the Trusts gold holdings as of
 March 31, 2011:

|                                       |  |                |            | 
|-------------------------------------- |  | -------------- | ---------- | 
|                                       |  | March 31, 2011 |           
|                                       |  |                |           
|Investment
 in gold - average cost     |  | $              | 54,496,940 | 
|Unrealized
 gain on investment in gold |  |                | 3,034,720  | 
|                                       |  |                |            | 
|Investment
 in gold - market value     |  | $              | 57,531,660 | 
|                                       |  |                |            | 

|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                          | The
 Trust recognizes the diminution in value of the investment in gold which arises from market declines on an interim basis. Increases in the value
 of the investment in gold through market price recoveries in later
 interim periods of the same fiscal year are recognized in the later interim
 period. Increases in value recognized on an interim basis may not exceed the
 previously recognized diminution in value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                          | The
 per Share amount of gold exchanged for a purchase or redemption is
 calculated daily by the Trustee, using the London PM Fix to calculate the
 gold amount in respect of any liabilities for which covering gold
 sales have not yet been made, and represents the per-Share amount of
 gold held by the Trust, after giving effect to its liabilities, to
 cover expenses and liabilities and any losses that may have occurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.2. Gold Receivable and Payable         
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                          | Gold
 receivable or payable represents the quantity of gold covered
 by contractually binding orders for the creation or redemption of Shares
 respectively, where the gold has not yet been transferred to or from
 the Trusts account. Generally, ownership of the gold is transferred
 within three days of trade date. As of March 31, 2011 there was no gold
 receivable or gold payable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.3. Creations and
 Redemptions of Shares
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                          | The
 Trust expects to create and redeem Shares from time to time, but only in one
 or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues
 Shares in Baskets to Authorized Participants on an ongoing basis. Individual
 investors cannot purchase or redeem Shares in direct transactions with the
 Trust. An Authorized Participant is a person who (1) is a registered
 broker-dealer or other securities market participant such as a bank or other
 financial institution which is not required to register as a broker-dealer to
 engage in securities transactions, (2) is a participant in The Depository
 Trust Company, (3) has entered into an Authorized Participant Agreement with
 the Trustee, and (4) has established an Authorized Participant Unallocated
 Account with the Trusts Custodian. An Authorized Participant Agreement is an
 agreement entered into by each Authorized Participant, the Sponsor and the
 Trustee which provides the procedures for the creation and redemption of
 Baskets and for the delivery of the gold required for such creations
 and redemptions. An Authorized Participant Unallocated Account is an
 unallocated gold account, either loco London or loco Singapore,
 established with the Custodian or a gold clearing bank by an
 Authorized Participant.
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                          | The
 creation and redemption of Baskets is only made in exchange for the delivery
 to the Trust or the distribution by the Trust of the amount of gold represented
     by the Baskets being created or redeemed, the amount of which is based on
     the combined NAV of the number of Shares included in the Baskets being created
     or redeemed determined on the day the order to create or redeem Baskets
     is properly received.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                          | Authorized
 Participants may, on any business day, place an order with the Trustee to
 create or redeem one or more Baskets. The typical settlement period for
 Shares is three business days. In the event of a trade date at period end,
 where a settlement is pending, a respective account receivable and/or payable
 will be recorded. When gold is exchanged in settlement of redemption,
 it is considered a sale of gold for financial statement purposes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

6

---



ETFS ASIAN GOLD TRUST

2. Significant Accounting Policies (Continued)

2.3. Creations and Redemptions of Shares (Continued)

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
 Shares of the Trust are classified as Redeemable Capital Shares for
 financial statement purposes, since they are subject to redemption at the
 option of Authorized Participants. Outstanding Shares are reflected at
 redemption value, which represents the maximum obligation (based on NAV per
 Share), with the difference from historical cost recorded as an offsetting
 amount to retained earnings. Changes in the Shares for the three months ended
 March 31, 2011 is as follows:

|                             |  |                                                            |         | 
|---------------------------- |  | ---------------------------------------------------------- | ------- | 
|                             |  | For the period
 January 10, 2011*
 through
 March 31, 2011 |        
|                             |  |                                                            |        
|Number of Redeemable Shares: |  |                                                            |         | 
|Opening Balance              |  |                                                            |        | 
|Creations                    |  |                                                            | 400,000 | 
|Redemptions                  |  |                                                            |        | 
|                             |  |                                                            |         | 
|Closing Balance              |  |                                                            | 400,000 | 
|                             |  |                                                            |         | 

|                                         |  |                                                            |            | 
|---------------------------------------- |  | ---------------------------------------------------------- | ---------- | 
|                                         |  | For the period
 January 10, 2011*
 through
 March 31, 2011 |           
|                                         |  |                                                            |           
|Redeemable Shares:                       |  |                                                            |            | 
|Opening Balance                          |  | $                                                          |           | 
|Creations                                |  |                                                            | 54,522,472 | 
|Redemptions                              |  |                                                            |           | 
|Adjustment to redemption value           |  |                                                            | 2,990,098  | 
|                                         |  |                                                            |            | 
|Closing Balance                          |  | $                                                          | 57,512,570 | 
|                                         |  |                                                            |            | 
|                                         |  |                                                            |            | 
|Redemption Value per Share at Period End |  | $                                                          | 143.78     | 

| |                     
| | --------------------
| |                     
| | * Date of
 Inception

|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.4. Revenue Recognition Policy
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                | The
 primary expense of the Trust is the Sponsors Fee, which is paid by the Trust
 through in-kind transfers of gold to the Sponsor. With respect to
 expenses not otherwise assumed by the Sponsor, the Trustee will, at the
 direction of the Sponsor or in its own discretion, sell the Trusts gold
 as necessary to pay these expenses. When selling gold to pay
 expenses, the Trustee will endeavor to sell the smallest amounts of gold
 needed to pay these expenses in order to minimize the Trusts
 holdings of assets other than gold.                                                                                                                                                                                                                                             
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                | Unless
 otherwise directed by the Sponsor, when selling gold the Trustee will
 endeavor to sell at the price established by the London PM Fix. The Trustee
 will place orders with dealers (which may include the Custodian) through
 which the Trustee expects to receive the most favorable price and execution
 of orders. The Custodian may be the purchaser of such gold only if
 the sale transaction is made at the next London PM Fix or such other publicly
 available price that the Sponsor deems fair, in each case as set following
 the sale order. A gain or loss is recognized based on the difference between
 the selling price and the average cost of the gold sold. Neither the
 Trustee nor the Sponsor is liable for depreciation or loss incurred by reason
 of any sale.
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2.5. Income Taxes              
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                | The
 Trust is classified as a grantor trust for U.S. federal income tax
 purposes. As a result, the Trust itself will not be subject to U.S. federal
 income tax. Instead, the Trusts income and expenses will flow through to
 the Shareholders, and the Trustee will report the Trusts proceeds, income, deductions,
 gains, and losses to the Internal Revenue Service on that basis.                                                                                                                                                                                                                                                                                                                                                                                                   

7

---



ETFS ASIAN GOLD TRUST

2. Significant Accounting Policies (Continued)

2.5. Income Taxes (Continued)

|                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|----------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                        | The
 Trust has adopted Financial Accounting Standards Board (FASB) Accounting
 Standards Codification (ASC) 740-10, Income Taxes. The
 Sponsor has evaluated the application of ASC 740 to the Trust, to determine
 whether or not there are uncertain tax positions that require financial
 statement recognition. Based on this evaluation, the Trust has determined no
 reserves for uncertain tax positions are required to be recorded as a result
 of the application of ASC 740. As a result, no income tax liability or
 expense has been recorded in the accompanying financial statements.
|                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2.6. Investment in Gold
|                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                        | The
 following represents the changes in ounces of gold and the respective
 values for the three months ended March 31, 2011:                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

|                  |  |                                                            |          |  
|----------------- |  | ---------------------------------------------------------- | -------- | -
|                  |  | For the period
 January 10, 2011*
 through
 March 31, 2011 |         
|                  |  |                                                            |         
|Ounces of Gold    |  |                                                            |          |  
|Opening Balance   |  |                                                            |         |  
|Creations         |  |                                                            | 39,999.0 |  
|Redemptions       |  |                                                            |         |  
|Transfers of gold |  |                                                            | (18.7    | )
|                  |  |                                                            |          |  
|Closing Balance   |  |                                                            | 39,980.3 |  
|                  |  |                                                            |          |  

|                                            |  |                                                            |            |  
|------------------------------------------- |  | ---------------------------------------------------------- | ---------- | -
|                                            |  | For the period
 January 10, 2011*
 through
 March 31, 2011 |           
|                                            |  |                                                            |           
|Investments
 in Gold (lower cost or market) |  |                                                            |            |  
|Opening Balance                             |  | $                                                          |           |  
|Creations                                   |  |                                                            | 54,522,472 |  
|Redemptions                                 |  |                                                            |           |  
|Transfers of gold                           |  |                                                            | (25,532    | )
|                                            |  |                                                            |            |  
|Closing Balance                             |  | $                                                          | 54,496,940 |  
|                                            |  |                                                            |            |  

| |                     
| | --------------------
| |                     
| | * Date of
 Inception

|              |                                                                                                                                                                                                                                                                                                                                                                                                                     
|------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.7. Expenses
|              |                                                                                                                                                                                                                                                                                                                                                                                                                     
|              | The
 Trust will transfer gold to pay the Sponsors Fee that will accrue
 daily at an annualized rate equal to 0.39% of the adjusted net asset value
 (ANAV) of the Trust, paid monthly in arrears.                                                                                                                                                                                                                
|              |                                                                                                                                                                                                                                                                                                                                                                                                                     
|              | The
 Sponsor has agreed to assume administrative and marketing expenses incurred
 by the Trust, including the Trustees monthly fee and out of pocket expenses,
 the Custodians fee and the reimbursement of the Custodians expenses,
 exchange listing fees, United States Securities and Exchange Commission (the
 SEC) registration fees, printing and mailing costs, audit fees and certain
 legal expenses.
|              |                                                                                                                                                                                                                                                                                                                                                                                                                     
|              | For
 the period January 10, 2011 through March 31, 2011 the Sponsors Fee was
 $44,620. At March 31, 2011, the fees payable to the Sponsor were $19,090.                                                                                                                                                                                                                                                            
|              |                                                                                                                                                                                                                                                                                                                                                                                                                     

8

---



ETFS ASIAN GOLD TRUST

|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3. Related Parties      
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                         | The
Sponsor and the Trustee are considered to be related parties to the Trust. The
Trustees fee is paid by the Sponsor and is not a separate expense of the
Trust. The Trustee and the Custodian and their affiliates may from time to time
act as Authorized Participants or purchase or sell gold bullion or Shares for
their own account, as agent for their customers and for accounts over which
they exercise investment discretion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|4. Concentration of Risk
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                         | The
Trusts sole business activity is the investment in gold, and
substantially all the Trusts assets are holdings of gold which creates
a concentration of risk associated with fluctuations in the price of gold. Several
factors could affect the price of gold, including: (i) global gold supply
and demand, which is influenced by factors such as forward selling by gold producers,
purchases made by gold producers to unwind gold hedge positions, central bank
purchases and sales, and production and cost levels in major gold-producing
countries; (ii) investors expectations with respect to the rate of inflation;
(iii) currency exchange rates; (iv) interest rates; (v) investment and trading
activities of hedge funds and commodity funds; and (vi) global or regional
political, economic or financial events and situations. In addition, there is
no assurance that gold will maintain its long-term value in terms of
purchasing power in the future. In the event that the price of gold
declines, the Sponsor expects the value of an investment in the Shares to
decline proportionately. Each of these events could have a material effect on
the Trusts financial position and results of operations.
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|5. Indemnification      
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                         | Under
the Trusts organizational documents, each of the Trustee (and its directors,
employees and agents) and the Sponsor (and its members, managers, directors,
officers, employees and affiliates) is indemnified by the Trust against any
liability, cost or expense it incurs without gross negligence, bad faith or willful
misconduct on its part and without reckless disregard on its part of its
obligations and duties under the Trusts organizational documents. The Trusts
maximum exposure under these arrangements is unknown as this would involve
future claims that may be made against the Trust that have not yet occurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|6. Subsequent Events    
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                         | In
accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trusts management
has evaluated the possibility of subsequent events existing in the Trusts financial
statements through the filing date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

9

---



ETFS ASIAN GOLD TRUST

Item 2. Managements Discussion
and Analysis of Financial Condition and Results of Operations

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | This information should be read in conjunction with the
 financial statements and notes to the financial statements included in Item 1
 of Part 1 of this Form 10-Q. The discussion and analysis that follows may
 contain forward-looking statements with respect to the Trusts financial
 conditions, operations, future performance and business. These statements can
 be identified by the use of the words may, should, expect, plan,
 anticipate, believe, estimate, predict, potential or similar words
 and phrases. These statements are based upon certain assumptions and analyses
 the Sponsor has made based on its perception of historical trends, current
 conditions and expected future developments. Neither the Trust nor the
 Sponsor is under a duty to update any of the forward looking statements, to
 conform such statements to actual results or to reflect a change in managements
 expectations or predictions.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | Introduction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The
 Trust is a common law trust, formed under the laws of the state of New York
 on the Date of Inception. The Trust is not managed like a corporation or an
 active investment vehicle. It does not have any officers, directors, or
 employees and is administered by the Trustee pursuant to the Trust Agreement.
 The Trust is not registered as an investment company under the Investment
 Company Act of 1940 and is not required to register under such act. It will
 not hold or trade in commodity futures contracts, nor is it a commodity pool,
 subject to regulation as a commodity pool operator or a commodity trading
 adviser in connection with issuing Shares.                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The
 Trust holds gold bullion and is expected to issue Baskets in exchange for
 deposits of gold bullion, and to distribute gold bullion in connection with
 redemptions of Baskets. Shares issued by the Trust represent units of
 undivided beneficial interest in and ownership of the Trust. The investment
 objective of the Trust is for the Shares to reflect the performance of the
 price of gold bullion, less the Trusts expenses. The Sponsor believes that,
 for many investors, the Shares will represent a cost effective investment
 relative to traditional means of investing in gold bullion.                                                                                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The
 Trust issues and redeems Shares only with Authorized Participants in exchange
 for Gold bullion, only in aggregations of 50,000 or integral multiples
 thereof. A list of current Authorized Participants is available from the
 Sponsor or the Trustee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | Shares
 of the Trust trade on the New York Stock Exchange (the NYSE) Arca under the
 symbol AGOL.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | Valuation of Gold and Computation
 of Net Asset Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | As
 of the London PM Fix on each day that the NYSE Arca is open for regular
 trading or as soon as practicable after 4:00 p.m. New York time on such day,
 (the Evaluation Time) the Trustee values the gold held by the Trust
 and determines both the ANAV and the NAV of the Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | At the Evaluation
 Time, the Trustee values the Trust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 by the Evaluation Time, the next most recent London gold
 price (AM or PM) determined prior to the Evaluation Time is used, unless the
 Sponsor determines that such price is inappropriate as a basis for valuation.
 In the case this determination is made, the Sponsor will identify an alternative
 basis for such evaluation to be used by the Trustee.                                                                                                                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | Once the value of the
 gold held by the Trust has been determined, the Trustee subtracts all
 estimated accrued but unpaid fees and other liabilities of the Trust from the
 total value of the gold and all other assets of the Trust. The
 resulting figure is the ANAV of the Trust. The ANAV is used to compute the
 Sponsors Fee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The
 Trustee then subtracts from the ANAV the amount of Sponsors Fees computed
 for such day to determine the net asset value (NAV) of the Trust. The Trustee
 also determines the NAV per Share by dividing the NAV of the Trust by the number
 of Shares outstanding as of the close of trading on the NYSE Arca.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The Period from Date of Inception
 (January 10, 2011) to March 31, 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The
 NAV of the Trust is obtained by subtracting the Trusts
 expenses and liabilities on any day from the value of the gold owned by the
 Trust on that day; the NAV per Share is obtained by dividing the NAV of the
 Trust on a given day by the number of Shares outstanding on that day.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | On
 January 10, 2011, the Trust was formed as a legal entity upon the completion
 of the initial deposit of gold (the Date of Inception). On January 10,
 2011, the Trusts Shares commenced trading on the NYSE Arca under the symbol
 AGOL, and the Trust commenced operations, began accruing expenses and began
 the calculation of NAV. During the period, NAV grew to $57,512,570 at March
 31, 2011.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | NAV
 per Share at March 31, 2011 was $143.78.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | Outstanding
 Shares increased to 400,000 Shares at March 31, 2011 due to 400,000 Shares (8
 Baskets) being created and 0 Shares (0 Baskets) being redeemed during the
 period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | Sponsors
 Fees were $44,620 for the period, or 0.39% of the Trusts assets on an annualized
 basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The
 NAV per share of $144.59 at March 24, 2011 was the highest during the
 quarter, compared with a low of $131.88 at January 28, 2011.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | Net
 loss from operations for the period ended March 31, 2011 was $44,622,
 resulting from a net loss of $2 on the transfer of gold to pay expenses and
 Sponsors Fees of $44,620. Other than the Sponsors Fee, the Trust
 had no expenses during the period ended March 31, 2011.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

10

---



ETFS ASIAN GOLD TRUST

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Liquidity & Capital Resources                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | The
 Trust is not aware of any trends, demands, commitments, events or
 uncertainties that are reasonably likely to result in material changes to its
 liquidity needs. In exchange for the Sponsors Fee, the Sponsor has agreed to
 assume most of the expenses incurred by the Trust. As a result, the only
 ordinary expense of the Trust during the period covered by this report was
 the Sponsors Fee.                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | The
 Trustee will, at the direction of the Sponsor or in its own discretion, sell
 the Trusts gold as necessary to pay the Trusts expenses not
 otherwise assumed by the Sponsor. The Trustee will not sell gold to
 pay the Sponsors Fee but will pay the Sponsors Fee through in-kind
 transfers of gold to the Sponsor. At March 31, 2011 the Trust did not
 have any cash balances.                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | Off-Balance Sheet Arrangements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | The Trust has no off-balance sheet arrangements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | Critical Accounting Estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | The
 financial statements and accompanying notes are prepared in accordance with
 accounting principles generally accepted in the United States of America. The
 preparation of these financial statements relies on estimates and assumptions
 that impact the Trusts financial position and results of operations. These
 estimates and assumptions affect the Trusts application of accounting
 policies. In addition, please refer to Note 2 to the financial statements for
 further discussion of accounting policies.

Item 3. Quantitative and
Qualitative Disclosures About Market Risk

| |                 
| | ----------------
| | Not
 applicable.

Item 4. Controls and Procedures

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
 authorized officers of the Sponsor performing functions equivalent to those
 that a principal executive officer and principal financial officer of the
 Trust would perform if the Trust had any officers, and with the participation
 of the Trustee, have evaluated the effectiveness of the Trusts disclosure
 controls and procedures, and have concluded that the disclosure controls and
 procedures of the Trust have been effective as of the end of the period
 covered by this Form 10-Q.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | There
 have been no changes in the Trusts or Sponsors internal control
 over financial reporting that occurred during the Trusts period ended
 March 31, 2011 that have materially affected, or are reasonably likely
 to materially affect, the Trusts or Sponsors internal control over
 financial reporting.                                                                                                                                                                                     

Item 4T. Controls and Procedures

| |                 
| | ----------------
| | Not
 applicable.

11

---



ETFS ASIAN GOLD TRUST

PART II: OTHER INFORMATION

|                                                                     |                                                                                                                                                                                              |                                            
|-------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|Item 1. Legal Proceedings                                           
|                                                                     |                                                                                                                                                                                              |                                            
|                                                                     | None.                                                                                                                                                                                       
|                                                                     |                                                                                                                                                                                             
|Item 1A. Risk Factors                                               
|                                                                    
|                                                                     | There have been no material
 changes to the risk factors since last disclosed in the prospectus included
 in the registrants registration statement filed on Form S-1 on January 10,
 2011.
|                                                                     |                                                                                                                                                                                             
|Item 2. Unregistered Sales of Equity Securities and
 Use of Proceeds
|                                                                    
|                                                                     | Item 2(a).                                                                                                                                                                                   | None.                                      
|                                                                     |                                                                                                                                                                                              |                                            
|                                                                     | Item 2(b).                                                                                                                                                                                   | Not applicable.                            
|                                                                     |                                                                                                                                                                                              |                                            
|                                                                     | Item 2(c).                                                                                                                                                                                   | For the three months ended
 March 31, 2011:
|                                                                     |                                                                                                                                                                                              |                                            
|                                                                     |                                                                                                                                                                                              | 8
 Baskets were created.                   
|                                                                     |                                                                                                                                                                                              |                                            
|                                                                     |                                                                                                                                                                                              | 0
 Baskets were redeemed.                  

|              |  |                          |   |                         |  |                                            |  |  |   | 
|------------- |  | ------------------------ | - | ----------------------- |  | ------------------------------------------ |  |  | - | 
|Period        |  | Total
 Baskets
 Redeemed |   | Total
 Shares
 Redeemed |  | Average Ounces of
 Gold bullion Per
 Share | 
|              |  |                          |   |                         |  |                                            | 
|              |  |                          |   |                         |  |                                            |  |  |   | 
|January 2011  |  |                          |  |                         |  |                                           |  |  |  | 
|February 2011 |  |                          |  |                         |  |                                           |  |  |  | 
|March 2011    |  |                          |  |                         |  |                                           |  |  |  | 
|             
|              |  |                          |   |                         |  |                                            |  |  |   | 
|Total         |  |                          |  |                         |  |                                           |  |  |  | 

Item 3. Defaults Upon Senior
Securities

None.

Item 4. (Removed and Reserved)

None.

Item 5. Other Information

None.



12

---



ETFS ASIAN GOLD TRUST

Item 6. Exhibits

| |              |                                                                                                                                                   
| | ------------ | --------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Exhibits
| |              |                                                                                                                                                   
| | 31.1         | Chief Executive Officers Certificate, pursuant
    to Section 302 of the Sarbanes-Oxley Act of 2002.                                             
| |              |                                                                                                                                                   
| | 31.2         | Chief Financial Officers Certificate, pursuant
    to Section 302 of the Sarbanes-Oxley Act of 2002.                                             
| |              |                                                                                                                                                   
| | 32.1         | Chief Executive Officers
 Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
 Section 906 of the Sarbanes-Oxley Act of 2002.
| |              |                                                                                                                                                   
| | 32.2         | Chief Financial Officers
 Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
 Section 906 of the Sarbanes-Oxley Act of 2002.

13

---



SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned in the
capacities thereunto duly authorized.

|                   |  |                                            
|------------------ |  | -------------------------------------------
|                   |  | ETF SECURITIES USA LLC                     
|                   |  | Sponsor of the ETFS Asian
 Gold Trust      
|                   |  | (Registrant)                               
|                   |  |                                            
|Date: May 13, 2011 |  | /s/ Graham Tuckwell                        
|                   |  |                                            
|                   |  | Graham Tuckwell                            
|                   |  | President and Chief
 Executive Officer     
|                   |  | (Principal Executive Officer)              
|                   |  |                                            
|Date: May 13, 2011 |  | /s/ Thomas Quigley                         
|                   |  |                                            
|                   |  | Thomas Quigley                             
|                   |  | Chief Financial Officer and
 Treasurer     
|                   |  | (Principal Financial
 Officer and Principal
|                   |  | Accounting Officer)                        

* The Registrant is a trust
and the persons are signing in their capacities as officers of ETF Securities
USA LLC, the Sponsor of the Registrant.

14

---



Exhibit Index

|     |                                                                                                                                                   
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------
|31.1 | Chief Executive Officers
 Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                
|     |                                                                                                                                                   
|31.2 | Chief Financial Officers
 Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                
|     |                                                                                                                                                   
|32.1 | Chief Executive Officers
 Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
 Section 906 of the Sarbanes-Oxley Act of 2002.
|     |                                                                                                                                                   
|32.2 | Chief Financial Officers
 Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
 Section 906 of the Sarbanes-Oxley Act of 2002.

15

---