EXHIBIT 10.1











                       HSBC BANK USA, NATIONAL ASSOCIATION

                                       AND

                              THE BANK OF NEW YORK,
                  NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
                    TRUSTEE OF THE STREETTRACKS(R) GOLD TRUST








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                           STREETTRACKS(R) GOLD TRUST

                       ALLOCATED BULLION ACCOUNT AGREEMENT

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THIS AGREEMENT  is made on                           , 2004
                           --------------------------

BETWEEN

(1)      HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association
         organized under the laws of the United States of America, whose
         principal place of business in England is at 8 Canada Square, London
         E14 5HQ ("WE" or "US"); and

(2)      The BANK OF NEW YORK, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
         TRUSTEE (THE "TRUSTEE") OF STREETTRACKS(R) GOLD TRUST (THE
         "STREETTRACKS(R) GOLD TRUST") as established pursuant to the Trust
         Indenture (defined below) ("YOU").

INTRODUCTION

We have agreed to hold Bullion for you and to provide other services to you in
connection with such Bullion. This agreement sets out the terms under which we
will provide those services to you and the arrangements which will apply in
connection with those services.

IT IS AGREED AS FOLLOWS

1.       INTERPRETATION

1.1      DEFINITIONS:   In this agreement:

         "ALLOCATED ACCOUNT" means any account maintained by us in your name
         pursuant to this agreement.

         "AVAILABILITY DATE" means the Business Day on which you wish us to
         credit to your Allocated Account an amount of Bullion debited from your
         Unallocated Account.

         "BULLION" means the Precious Metal held for you under this agreement or
         standing to your credit in your Unallocated Account, as the case may
         be.

         "BUSINESS DAY" means a day other than (i) a day on which the New York
         Stock Exchange, Inc. is closed for regular trading or (ii), if the
         transaction involves the receipt or delivery of gold or confirmation
         thereof in the United Kingdom or in some other jurisdiction, (a) a day
         on which banking institutions in the United Kingdom or in such other
         jurisdiction, as the case may be, are authorized by law to close or a
         day on which the London gold market is closed or (b) a day on which
         banking institutions in the United Kingdom or in such other
         jurisdiction, as the case may be, are authorized to be open for less
         than a full business day or the London gold market is open for trading
         for less than a full business day and transaction procedures required
         to be executed or completed before the close of the business day may
         not be so executed or completed..

         "LBMA" means The London Bullion Market Association or its successors.

         "PARTICIPANT" means a Participant as defined in the Trust Indenture.




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         "PARTICIPANT AGREEMENT" means that certain Participant Agreement in
         effect from time to time between the Trustee and a Participant, as
         those terms are defined in the Trust Indenture.

         "PARTICIPANT UNALLOCATED ACCOUNT" means the Precious Metal account a
         Participant is required by the Participant Agreement to have maintained
         by us for such Participant on an Unallocated Basis.

         "POINT OF DELIVERY" means such date and time that the recipient or its
         agent acknowledges in written form its receipt of delivery of Precious
         Metal.

         "PRECIOUS METAL" means gold.

         "RULES" means the rules, regulations, practices and customs of the LBMA
         (including without limitation the rules of the LBMA as to good
         delivery), the Bank of England and such other regulatory authority or
         other body as shall affect the activities contemplated by this
         agreement.

         "SPONSOR" means World Gold Trust Services, LLC.

         "SUB-CUSTODIAN" means a sub-custodian, agent or depository (including
         an entity within our corporate group) selected by us to perform any of
         our duties under this agreement including the custody and safekeeping
         of Bullion.

         "THIRD PARTY UNALLOCATED ACCOUNT" means a Precious Metal account
         maintained by us on an Unallocated Basis for a party other than you in
         your capacity as Trustee of the streetTRACKS(R) Gold Trust.

         "TRUST INDENTURE" means that certain Trust Indenture of streetTRACKS(R)
         Gold Trust dated as of November [ ], 2004, between World Gold Trust
         Services, LLC, as Sponsor, and The Bank of New York, as Trustee,
         effective November [ ], 2004.

         "UNALLOCATED ACCOUNT" means the account maintained by us in your name
         on an Unallocated Basis pursuant to the Unallocated Bullion Account
         Agreement.

         "UNALLOCATED BASIS" means, with respect to a Precious Metal account
         maintained with us, that the person in whose name the account is held
         is entitled to delivery in accordance with the Rules of an amount of
         Precious Metal equal to the amount of Precious Metal standing to the
         credit of the person's account but has no ownership interest in any
         Precious Metal that we own or hold.

         "UNALLOCATED BULLION ACCOUNT AGREEMENT" means that certain Unallocated
         Bullion Account Agreement between you and us dated on or about the date
         of this agreement.

         "VAT" means value added tax as provided for in the Value Added Tax Act
         1994 (as amended or re-enacted from time to time) and legislation
         supplemental thereto and any



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         other tax (whether imposed in the United Kingdom in substitution
         thereof or in addition thereto or elsewhere) of a similar fiscal
         nature.

         "WITHDRAWAL DATE" means the Business Day on which you wish to withdraw
         Bullion from your Allocated Account.

1.2      HEADINGS: The headings in this agreement do not affect its
         interpretation.

1.3      SINGULAR AND PLURAL; OTHER USAGES:

            (a)   References to the singular include the plural and vice versa.

            (b)   "A or B" means "A or B or both."

            (c)   "Including" means "including but not limited to."

2.       ALLOCATED ACCOUNT

2.1      OPENING THE ALLOCATED ACCOUNT: We shall open and maintain the
         Allocated Account for you in respect of Bullion.

2.2      DEPOSITS AND WITHDRAWALS: The Allocated Account shall evidence and
         record the holdings of Bullion in, and the movements of Bullion into
         and out of the Allocated Account.

2.3      DENOMINATION OF THE ALLOCATED ACCOUNT: The Allocated Account shall be
         denominated in fine ounces of gold to three decimal places.

2.4      REPORTS: For each Business Day, by no later than the following Business
         Day, we will transmit to you by authenticated SWIFT message(s)
         information showing the movement of Bullion into and out of your
         Allocated Account, and identifying separately each transaction and the
         Business Day on which it occurred. In addition, we will provide you
         such information about the movement of Bullion into and out of your
         Allocated Account on a same-day basis at such other times and in such
         other form as you and we shall agree. In the case of any difference
         between the information provided by authenticated SWIFT message and the
         information we provide you pursuant to the immediately preceding
         sentence, the SWIFT message will be controlling, and we shall not be
         liable for your or any third party's reliance on the information we
         provide to you by means other than SWIFT message. For each calendar
         month, we will provide you within a reasonable time after the end of
         the month a statement of account for your Allocated Account,
         accompanied by one or more weight lists in respect of the Bullion in
         your Allocated Account as of the last Business Day of the calendar
         month, containing information sufficient to identify each bar of
         Bullion held in your Allocated Account and the party having physical
         possession thereof. We also will provide you additional weight lists in
         respect of the Bullion in your Allocated Account from time to time upon
         your request, but only on the condition that you may not request weight
         lists as a way to obtain them routinely on a more frequent basis than
         the monthly basis on which we are undertaking to provide them.



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2.5      REVERSAL OF ENTRIES: In order to maintain the accuracy of our books and
         records, but without limiting our responsibilities or liability under
         this agreement, we shall reverse or amend any entries to your Allocated
         Account to correct errors that we discover or of which we are notified
         with, if we deem it necessary, effect back-valued to the date upon
         which the correct entry (or no entry) should have been made. Without
         limiting the foregoing, if Bullion delivered to your Allocated Account
         upon withdrawal from your Unallocated Account is determined to be of a
         fineness or weight different from the fineness or weight we have
         reported to you, (i) we shall debit your Allocated Account and credit
         your Unallocated Account with the requisite amount of Bullion if the
         determination reduces the total fine ounces of Bullion that should have
         been credited to your Allocated Account, and (ii) we shall credit your
         Allocated Account and debit your Unallocated Account with the requisite
         amount of Bullion if the determination increases the total fine ounces
         of Bullion that should have been credited to your Allocated Account.

2.6      ACCESS: Upon reasonable prior written notice, we will, during our
         normal business hours, allow your representatives, not more than twice
         during any calendar year, and your independent public accountants, in
         connection with their audit of the financial statements of the
         streetTRACKS(R) Gold Trust, to visit our premises and examine the
         Bullion and such recordS maintained by us in relation to your Allocated
         Account as they may reasonably require. You shall bear all costs
         relating to such visits and exams, including any out of pocket or other
         costs we may incur in connection therewith. Our providing of any such
         visits or exams is conditioned on the relevant parties complying with
         all our security rules and procedures and undertaking to keep
         confidential all information they obtain in accordance with a form of
         confidentiality agreement we will provide. If at the time of any visit
         none of the Bullion is at our premises, the relevant parties will not
         be permitted to visit our vault. Any visits by your representatives
         pursuant to clause 2.6 of the Unallocated Bullion Account Agreement
         shall be deemed to be a visit for purposes of this clause 2.6.

3.       TRANSFERS INTO THE ALLOCATED ACCOUNT

3.1      PROCEDURE: We shall receive transfers of Bullion into your Allocated
         Account only at your instruction given pursuant to your Unallocated
         Bullion Account Agreement, by debiting Bullion from your Unallocated
         Account and crediting such Bullion to your Allocated Account, unless we
         otherwise agree in writing.

4.       TRANSFERS FROM THE ALLOCATED ACCOUNT

4.1      PROCEDURE AND INSTRUCTIONS: We will transfer Bullion from your
         Allocated Account to such persons and at such times as specified in
         your instructions to us and not otherwise. Unless you instruct us
         otherwise, we will transfer Bullion from your Allocated Account only by
         debiting Bullion from your Allocated Account and crediting the Bullion
         to your Unallocated Account. When you instruct us in accordance with
         clause 4.4, we will transfer Bullion from your Allocated Account by
         debiting Bullion from your Allocated Account and making such Bullion
         available for collection or delivery as provided in clause 4.4. All
         instructions to transfer Bullion from your Allocated Account must:


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            (a)   in the normal course, be received by us no later than 9:00
                  a.m. (London time) on (i) the day that is two Business Days
                  prior to the Withdrawal Date or (ii), in the case of a
                  transfer of Bullion to your Unallocated Account in
                  connection with a redemption of streetTRACKS(R) Gold Trust
                  shares that has been held open one Business Day, on thE
                  Withdrawal Date, unless we otherwise agree;

            (b)   specify (i) the minimum number of fine ounces of Bullion to be
                  debited from your Allocated Account and, if you are
                  identifying the Bullion to be debited, (ii) the serial numbers
                  of the Bullion to be debited; and

            (c)   provide any other information which we may from time to time
                  require, including, where applicable, the name of the person
                  that will collect the Bullion from us or, if applicable, to
                  whom we are to deliver it, and the Withdrawal Date.

4.2      POWER TO AMEND PROCEDURE: We may amend our procedure for the physical
         withdrawal of Bullion or impose such additional procedures as we may
         from time to time consider appropriate. We will notify you within a
         commercially reasonable time before we amend our procedures or impose
         additional ones in relation to the withdrawal of Bullion, and in doing
         so we will consider your needs to communicate any such change to
         Participants and others.

4.3      SPECIFICATION OF BULLION: Unless you instruct us as to the serial
         numbers of the Bullion to be debited, we are entitled to select the
         Bullion to be debited from your Allocated Account. When you instruct us
         to debit a minimum amount of Bullion from your Allocated Account for
         credit to your Unallocated Account without specifying the serial
         numbers of the Bullion to be debited, we will select the Bullion to be
         debited and will use commercially reasonable efforts to select for
         deallocation the smallest amount of Bullion necessary to satisfy your
         instruction. When you notify us of a debit of Bullion pursuant to
         clause 4.1(b) in the case of a redemption that has been held open one
         Business Day, you may not specify the serial numbers of the Bullion to
         be debited to your Allocated Account.

4.4      PHYSICAL WITHDRAWALS OF BULLION: Upon your instruction, we will debit
         Bullion from your Allocated Account and make the Bullion available for
         collection by you or, if separately agreed, for delivery by us, at your
         expense and risk. You and we agree nevertheless that you expect to
         withdraw Bullion physically from your Allocated Account (rather than by
         crediting it to your Unallocated Account) only in exceptional
         circumstances, as for example when we are unable to transfer Precious
         Metal on an Unallocated Basis. In the case of all physical withdrawals
         of Bullion from your Allocated Account, unless we agree to undertake
         delivery, you must collect, or arrange for the collection of, the
         Bullion being withdrawn from us, the Sub-Custodian or other party
         having physical possession thereof. We will advise you of the location
         from which the Bullion may be collected no later than one Business Day
         prior to the Withdrawal Date. When we have agreed separately to deliver
         Bullion in connection with a physical withdrawal, we shall make
         transportation and insurance arrangements on your behalf in accordance
         with our usual practice unless we have agreed in writing to other
         arrangements, with which we shall use commercially reasonable efforts
         to comply.

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         Anything in this agreement to the contrary notwithstanding, and
         without limiting your right to withdraw Bullion physically, we shall
         not be obliged to effect any requested delivery if, in our reasonable
         opinion, this would cause us or our agents to be in breach of the
         Rules or other applicable law, court order or regulation, the costs
         incurred would be excessive or delivery is impracticable for any
         reason. When pursuant to your instruction Bullion is physically
         withdrawn from your Allocated Account, all risk in and to the Bullion
         withdrawn shall pass at the Point of Delivery to the person to whom or
         to or for whose account such Bullion is transferred, delivered or
         collected. If you instruct us as to the serial number of one or more
         whole bars of Bullion to be debited, the Bullion you specify will be
         made available for collection or delivery as soon as reasonably
         practicable.

5.       INSTRUCTIONS

5.1      YOUR REPRESENTATIVES: We will act only on instructions given in
         accordance with this clause 5.1 and clause 14 and will not otherwise
         act on instructions given by any person claiming to have a beneficial
         interest in the streetTRACKS(R) Gold Trust. You shall notify us
         promptly iN writing of the names of the people who are authorised to
         give instructions on your behalf. Until we receive written notice to
         the contrary, we are entitled to assume that any of those people have
         full and unrestricted power to give us instructions on your behalf. We
         are also entitled to rely on any instructions which are from, or which
         purport to emanate from, any person who appears to have such authority.


















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5.2      AMENDMENTS: Once given, instructions continue in full force and effect
         until we receive further instructions that they are cancelled, amended
         or superseded. We must receive an instruction cancelling, amending or
         superseding a prior instruction before the time the prior instruction
         is acted upon. Instructions shall have effect only after actual
         receipt by us.

5.3      UNCLEAR OR AMBIGUOUS INSTRUCTIONS: If, in our opinion, any instructions
         are unclear or ambiguous, we shall use reasonable endeavours (taking
         into account any relevant time constraints) to obtain clarification of
         those instructions but, failing that, we may in our absolute discretion
         and without any liability on our part, act upon what we believe in good
         faith such instructions to be or refuse to take any action or execute
         such instructions until any ambiguity or conflict has been resolved to
         our satisfaction.

5.4      REFUSAL TO EXECUTE: We will, where practicable, refuse to execute
         instructions if in our opinion they are or may be contrary to the Rules
         or any applicable law.

6.       CONFIDENTIALITY

6.1      DISCLOSURE TO OTHERS: Subject to clause 6.2, we shall treat as
         confidential and will not, without your consent, disclose to any other
         person any transaction or other information we acquire about you or
         your business pursuant to this agreement. Subject to clause 6.2, you
         shall treat as confidential and will not, without our consent, disclose
         to any other person any information that we provide to you about us or
         our business pursuant to this agreement and that we tell you, at or
         before the time we provide it, we are providing to you on a
         confidential basis.

6.2      PERMITTED DISCLOSURES: Each party accepts that from time to time the
         other party may be required by law or the Rules, or requested by or
         required in connection with filings made with a government department
         or agency, fiscal body or regulatory or self-regulatory authority, to
         disclose information acquired under this agreement. In addition, the
         disclosure of such information may be required by a party's auditors,
         by its legal or other advisors, by a company which is in the same group
         of companies as a party (i.e. a subsidiary or holding company of a
         party) or by a Sub-Custodian. Subject to the agreement of the party to
         which information is disclosed to maintain it in confidence in
         accordance with clause 6.1, each party irrevocably authorises the other
         to make such disclosures without further reference to such party.

7.       CUSTODY SERVICES

7.1      APPOINTMENT:  You hereby  appoint us to act as custodian of the Bullion
         in accordance with this agreement and any Rules which apply to us.

7.2      SEGREGATION OF BULLION: We will be responsible for the safekeeping of
         the Bullion on the terms and conditions of this Agreement. We will
         segregate Bullion in your Allocated Account from any Precious Metal
         which we own or hold for others by making entries in our books and
         records to identify such Bullion as being held for your Allocated
         Account, and we will require Sub-Custodians to segregate Bullion held
         by them for us from any



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         Precious Metal which they own or hold for others by making entries in
         their books and records to identify such Bullion as being held for us.
         It is understood that our undertaking to require Sub-Custodians to
         segregate Bullion from Precious Metal they own or hold for others
         reflects the current custody practice in the London market, and that
         accordingly we will be deemed to have communicated that requirement
         prior to the execution of this Agreement by our participation in that
         market. Entries on our books and records to identify Bullion will
         refer to each bar by refiner, assay, serial number and gross and fine
         weight. Under current LBMA market practices, the weight lists provided
         to us by our Sub-Custodians are expected to identify Bullion held for
         us by serial number and may include additional identifying
         information.

7.3      OWNERSHIP OF BULLION: We will identify in our books and records that
         the Bullion belongs solely to you.

7.4      LOCATION OF BULLION: Subject to clause 8.1, the Bullion held for you in
         your Allocated Account must be held by us at our London vault premises
         or by or for any Sub-Custodian, unless otherwise agreed between us.

8.       SUB-CUSTODIANS

8.1      SUB-CUSTODIANS: We may select Sub-Custodians to perform any of our
         duties under this agreement including the custody and safekeeping of
         Bullion. The Sub-Custodians we select may themselves select
         subcustodians to perform their duties, but such subcustodians shall not
         by such selection or otherwise be, or be considered to be, a
         Sub-Custodian as such term is used herein. We will use reasonable care
         in selecting any Sub-Custodian. As of the execution of this Agreement,
         the Sub-Custodians that we use are: the Bank of England, The Bank of
         Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorganChase Bank, and
         UBS AG. We will notify you if we select any additional Sub-Custodian,
         or stop using any Sub-Custodian for such purpose. Your receipt of
         notice that we have selected a Sub-Custodian (including those named in
         this clause 8.1) shall not be deemed to limit our responsibility in
         selecting such Sub-Custodian. Not more frequently than annually, upon
         your request, we will confirm to you that from time to time we may hold
         Precious Metal for our own account with one or more of each of the
         Sub-Custodians, provided that this confirmation shall not constitute a
         representation by us regarding the solvency or creditworthiness of any
         Sub-Custodian.

8.2      LIABILITY: Except for our obligation to make commercially reasonable
         efforts to obtain delivery of Bullion from Sub-Custodians, we shall not
         be liable for any act or omission, or for the solvency, of any
         Sub-Custodian unless the selection of that Sub-Custodian was made by us
         negligently or in bad faith.

9.       REPRESENTATIONS

9.1      YOUR REPRESENTATIONS: You represent and warrant to us that (such
         representations and warranties being deemed to be repeated upon each
         occasion Bullion is credited to or debited from your Allocated Account
         under this agreement):



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            (a)   you have all necessary authority, powers, consents, licences
                  and authorisations (which have not been revoked) and have
                  taken all necessary action to enable you lawfully to enter
                  into and perform your duties and obligations under this
                  agreement;

            (b)   the persons entering into this agreement on your behalf have
                  been duly authorised to do so; and

            (c)   this agreement and the obligations created under it are
                  binding upon you and enforceable against you in accordance
                  with its terms (subject to applicable principles of equity)
                  and do not and will not violate the terms of the Rules or any
                  law, order, charge or agreement by which you are bound.

9.2      OUR REPRESENTATIONS: We represent and warrant to you that (such
         representations and warranties being deemed to be repeated upon each
         occasion Bullion is credited to or debited from your Allocated Account
         under this agreement):

            (a)   we have all necessary authority, powers, consents, licences
                  and authorisations (which have not been revoked) and have
                  taken all necessary action to enable us lawfully to enter into
                  and perform our duties and obligations under this agreement;

            (b)   the persons entering into this agreement on our behalf have
                  been duly authorised to do so; and

            (c)   this agreement and the obligations created under it are
                  binding upon us and enforceable against us in accordance with
                  its terms (subject to applicable principles of equity) and do
                  not and will not violate the terms of the Rules or any law,
                  order, charge or agreement by which we are bound.

10.      FEES AND EXPENSES

10.1     FEES: For our services under this agreement you shall pay us an annual
         fee equal to 0.10% of the average daily aggregate value of the Gold
         held in the Allocated Account and the Unallocated Account. The gold
         held in the Allocated Account and the Unallocated Account shall be
         determined based on our end of Business Day balances, and the value of
         the Gold shall be computed on the basis of the price of an ounce of
         gold as fixed by the five members of the London gold fix at or about
         3:00 p.m. London time (the "London P.M. Fix"), or if no London P.M. Fix
         is made on such day, on the basis of the last prior London "fix" (A.M.
         or P.M.). Our fee shall be paid in monthly installments in arrears.

10.2     EXPENSES: You must pay us on demand all costs, charges and expenses
         (including any relevant taxes, duties and reasonable legal fees but not
         including fees of Sub-Custodians) incurred by us in connection with the
         performance of our duties and obligations under this agreement or
         otherwise in connection with the Bullion.




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10.3     DEFAULT INTEREST: If you fail to pay us any amount when it is due, we
         reserve the right to charge you interest (both before and after any
         judgement) on any such unpaid amount calculated at a rate equal to 1%
         above the overnight London Interbank Offered Rate (LIBOR) for the
         currency in which the amount is due. Interest will accrue on a daily
         basis and will be due and payable by you as a separate debt.

11.      VALUE ADDED TAX

11.1     VAT INCLUSIVE: All sums payable under this agreement by you to us shall
         be deemed to be inclusive of VAT.

12.      SCOPE OF RESPONSIBILITY

12.1     EXCLUSION OF LIABILITY: We will use reasonable care in the performance
         of our duties under this agreement and will only be responsible to you
         for any loss or damage suffered by you as a direct result of any
         negligence, fraud or wilful default on our part in the performance of
         our duties, in which case our liability will not exceed the market
         value of the Bullion at the time such negligence, fraud or wilful
         default is discovered by us, provided that we notify you promptly after
         we discover such negligence, fraud or wilful default. If we credit
         Bullion to your Allocated Account that is not of the fine weight we
         have represented to you, recovery by you, to the extent such recovery
         is otherwise allowed, shall not be barred by your delay in asserting a
         claim because of the failure to discover such loss or damage regardless
         of whether such loss or damage could or should have been discovered.

12.2     NO DUTY OR OBLIGATION: We are under no duty or obligation to make or
         take, or require any Sub-Custodian to make or take, any special
         arrangements or precautions beyond those required by the Rules or as
         specifically set forth herein.

12.3     INSURANCE: We shall maintain insurance in regard to our business,
         including our bullion and custody business, on such terms and
         conditions as we consider appropriate. Upon reasonable prior written
         notice, in connection with the preparation of the initial registration
         statement under the United States federal Securities Act of 1933, as
         amended, covering shares of the streetTRACKS(R) Gold Trust, we will
         allow our insurance to be reviewed by you, by the Sponsor anD by UBS
         Securities LLC as underwriter in connection with such initial
         registration statement. We also will allow you and the Sponsor to
         review such insurance in connection with any amendment to that initial
         registration statement and from time to time, in each case upon
         reasonable prior written notice from you. Any permission to review our
         insurance is limited to the term of this agreement and is conditioned
         on the reviewing party executing a form of confidentiality agreement we
         will provide, or if the confidentiality agreement is already in force,
         acknowledging that the review is subject to it. The foregoing
         permissions for the Sponsor and UBS Securities LLC to review our
         insurance shall cease when the Sponsor or UBS Securities LLC, as the
         case may be, ceases to serve the streetTRACKS(R) Gold Trust as such
         Sponsor oR underwriter.




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12.4     FORCE MAJEURE: We shall not be liable to you for any delay in
         performance, or for the non-performance of any of our obligations under
         this agreement by reason of any cause beyond our reasonable control.
         This includes any act of God or war or terrorism, any breakdown,
         malfunction or failure of transmission in connection with or other
         unavailability of any wire, communication or computer facilities, any
         transport, port, or airport disruption, industrial action, acts and
         regulations and rules of any governmental or supra national bodies or
         authorities or regulatory or self-regulatory organisations or failure
         of any such body, authority, or organisation for any reason, to perform
         its obligations.

12.5     INDEMNITY: You shall, solely out of the assets of the streetTRACKS(R)
         Gold Trust, indemnify anD keep us, and each of our directors,
         shareholders, officers, employees, agents, affiliates (as such term is
         defined in Regulation S-X adopted by the United States Securities and
         Exchange Commission under the United States federal Securities Act of
         1933, as amended) and subsidiaries (us and each such person a
         "Custodian Indemnified Person" for purposes of this clause 12.5)
         indemnified (on an after tax basis) on demand against all costs and
         expenses, damages, liabilities and losses which any such Custodian
         Indemnified Person may suffer or incur, directly or indirectly in
         connection with this agreement except to the extent that such sums are
         due directly to our negligence, wilful default or fraud or that of such
         Custodian Indemnified Person.

12.6     THIRD PARTIES: You are our sole customer under this agreement and we do
         not owe any duty or obligation or have any liability towards any person
         who is not a party to this agreement. This agreement does not confer a
         benefit on any person who is not a party to it. The parties to this
         agreement do not intend that any term of this agreement shall be
         enforceable by any person who is not a party to it, except Custodian
         Indemnified Persons, and do intend that the Contracts (Rights of Third
         Parties) 1999 Act shall not apply to this Agreement. Nothing in this
         paragraph is intended to limit the obligations hereunder of any
         successor Trustee of the streetTRACKS(R) Gold Trust or to limit the
         right of any successor Trustee of the streetTRACKS(R) Gold Trust to
         enforce our obligations hereunder.

12.7     NO LIENS: We will not create any right, charge, security interest, lien
         or claim against the Bullion, except those in our favor arising under
         this agreement or the Unallocated Bullion Account Agreement, and we
         will not loan, hypothecate, pledge or otherwise encumber any Bullion
         except pursuant to your instructions.

12.8     OTHER ACTIVITIES: We and any of our affiliates may act as a Participant
         or own or hold Precious Metal or shares issued by the streetTRACKS(R)
         Gold Trust or both and may deal with theM in any manner, including
         acting as underwriter for the shares, with the same rights and powers
         as if we were not the custodian hereunder.

13.      TERMINATION

13.1     NON-TERMINATION: This agreement may not be terminated for one year
         following the "Initial Date of Deposit", as that term is defined in the
         Trust Indenture, unless the streetTRACKS(R) GolD Trust is terminated
         during that period.




STREETTRACKS(R)  Gold Trust
Allocated Bullion Account Agreement         - 12 -





13.2     METHOD: Subject to the requirements of clause 13.1, either party may
         terminate this agreement by giving not less than 90 Business Days'
         written notice to the other party. Any such notice given by you must
         specify:

            (a)   the date on which the termination will take effect;

            (b)   the person to whom the Bullion is to be made available; and

            (c)   all other necessary arrangements for the redelivery of the
                  Bullion to you.

13.3     RESIGNATION OF TRUSTEE: In the event you resign or are discharged or
         removed as Trustee, this agreement will terminate 90 Business Days
         following your resignation, discharge or removal unless a successor
         trustee to the streetTRACKS(R) Gold Trust is appointed before the end
         of thE 90 Business Day period or a full liquidation of the
         streetTRACKS(R) Gold Trust is started durinG the 90 Business Day period
         and you request us to continue the agreement in effect until the
         liquidation is completed.

13.4     REDELIVERY ARRANGEMENTS: Following any termination of this agreement,
         if you do not make arrangements acceptable to us for the redelivery of
         the Bullion we may continue to store the Bullion, in which case we will
         continue to charge the fees and expenses payable under clause 10. If
         you have not made arrangements acceptable to us for the redelivery of
         the Bullion within 6 months of the date specified in the termination
         notice as the date on which the termination will take effect, we will
         be entitled to sell the Bullion and account to you for the proceeds
         after deducting any amounts due to us under this agreement.

13.5     EXISTING RIGHTS: Termination shall not affect rights and obligations
         then outstanding under this agreement which shall continue to be
         governed by this agreement until all obligations have been fully
         performed.

14.      NOTICES

14.1     FORM: Subject to clause 14.5, any notice, notification, instruction or
         other communication under or in connection with this agreement shall be
         given in writing. References to writing include electronic
         transmissions that are of the kind specified in clause 14.2.

14.2     METHOD OF TRANSMISSION: Any notice, notification, instruction or other
         communication required to be in writing may be delivered personally or
         sent by first class post, pre-paid recorded delivery (or air mail if
         overseas), authenticated electronic transmission (including tested
         telex and authenticated SWIFT) or such other electronic transmission as
         the parties may from time to time agree to the party due to receive the
         notice or communication, at its address, number or destination set out
         in this agreement or another address, number or destination specified
         by that party by written notice to the other.

14.3     DEEMED RECEIPT ON NOTICE: A notice, notification, instruction or other
         communication under or in connection with this agreement will be deemed
         received only if actually received or delivered.





STREETTRACKS(R)  Gold Trust
Allocated Bullion Account Agreement         - 13 -






14.4     RECORDING OF CALLS: We may record telephone conversations without use
         of a warning tone. Such records will be our sole property and accepted
         by you as evidence of the orders or instructions given that are
         permitted to be given orally under this agreement.

14.5     INSTRUCTIONS RELATING TO BULLION: All notices, notifications,
         instructions and other communications relating to the movement of
         Bullion in relation to your Allocated Account shall be by way of
         authenticated electronic transmission (including tested telex and
         authenticated SWIFT), and shall be addressed to:

         Precious Metals Operations
         HSBC Bank USA, National Association
         8 Canada Square
         London E14 5HQ
         Tested Telex: 889217 RNB
         SWIFT: BLIC GB2L

15.      GENERAL

15.1     NO ADVICE: Our duties and obligations under this agreement do not
         include providing you with investment advice. In asking us to open and
         maintain the Allocated Account, you do so in reliance of your own
         judgment and we shall not owe to you any duty to exercise any judgment
         on your behalf as to the merits or suitability of any deposits into, or
         withdrawals from, your Allocated Account.

15.2     RIGHTS AND REMEDIES: Our rights under this agreement are in addition
         to, and independent of, any other rights which we may have at any time
         in relation to the Bullion, except that we will not have any right to
         set off against any account we maintain or property that we hold for
         you under this agreement any claim or amount that we may have against
         you or that may be owing to us other than pursuant to this agreement,
         no matter how that claim or amount arose.

15.3     ASSIGNMENT: This agreement is for the benefit of and binding upon us
         both and our respective successors, including any successor trustees,
         and assigns. This agreement may not be assigned by either party without
         the written consent of the other party; except that this clause shall
         not restrict our power to merge or consolidate with any party, or to
         dispose of all or part of our custody business.

15.4     AMENDMENTS: Any amendment to this agreement must be agreed in writing
         and be signed by us both. Unless otherwise agreed, an amendment will
         not affect any legal rights or obligations which may already have
         arisen.

15.5     PARTIAL INVALIDITY: If any of the clauses (or part of a clause) of this
         agreement becomes invalid or unenforceable in any way under the Rules
         or any law, the validity of the remaining clauses (or part of a clause)
         will not in any way be affected or impaired.

15.6     ENTIRE AGREEMENT: This document represents the entire agreement, and
         supersedes any previous agreements between us relating to the subject
         matter of this agreement.




STREETTRACKS(R)  Gold Trust
Allocated Bullion Account Agreement         - 14 -






15.7     JOINT AND SEVERAL LIABILITY: If there is more than one of you, your
         responsibilities under this agreement apply to each of you individually
         as well as jointly.

15.8     COUNTERPARTS: This agreement may be executed in any number of
         counterparts each of which when executed and delivered is an original,
         but all the counterparts together constitute the same agreement.

15.9     BUSINESS DAYS: If any obligation of either you or us falls due to be
         performed on a day which is not a Business Day in respect of the
         Allocated Account in question, then the relevant obligations shall be
         performed on the next succeeding Business Day applicable to such
         account.

15.10    PROCESSING OF ACCOUNT ENTRIES: Except for physical withdrawals as to
         which transfer of ownership is determined at the Point of Delivery,
         records of (i) all deposits to and withdrawals from the Allocated
         Account and all debits and credits to the Unallocated Account which,
         pursuant to instructions given in accordance with this agreement and
         the Unallocated Bullion Account Agreement, occur on a Business Day and
         (ii) all end of Business Day account balances in the Allocated Account
         and the Unallocated Account are prepared overnight as at the close of
         our business (usually 4:00 p.m. London time) on that Business Day. For
         avoidance of doubt, the foregoing sentence is illustrated by the
         following examples, which are not intended to create any separate
         obligations on our part:

                  Reports of a transfer of Precious Metal from a Third Party
                  Unallocated Account for credit to your Unallocated Account
                  on a Business Day and a debit of Bullion from your
                  Unallocated Account for credit to your Allocated Account on
                  that Business Day pursuant to the standing instruction
                  contained in the Unallocated Bullion Account Agreement and
                  of the balances in your Allocated Account and your
                  Unallocated Account for that Business Day shall be prepared
                  overnight as at the close of our business on that Business
                  Day.

                  Reports of a transfer of Bullion which we debit from your
                  Allocated Account for credit to your Unallocated Account on
                  a Business Day and a transfer of Bullion which we debit from
                  your Unallocated Account for credit to a Third Party
                  Unallocated Account on that Business Day and of the balances
                  in your Allocated Account and Unallocated Account for that
                  Business Day shall be prepared overnight as at the close of
                  our business on that Business Day.

         When you instruct us to debit Bullion from your Allocated Account for
         credit to your Unallocated Account and direct us to execute such
         instruction on the same Business Day as and in connection with one or
         more instructions that you give to us to debit Bullion from your
         Unallocated Account, we will use commercially reasonable efforts to
         execute the instructions in a manner that minimizes the time the
         Bullion to be debited from your Allocated Account stands to your credit
         in your Unallocated Account, save that we shall not be responsible for
         any delay caused by late, incorrect or garbled instructions or
         information from you or any third party.

15.11    MAINTENANCE OF THIS AGREEMENT. Concurrently with this agreement, we and
         you are entering into the Unallocated Bullion Account Agreement. That
         agreement shall remain



STREETTRACKS(R)  Gold Trust
Allocated Bullion Account Agreement         - 15 -






         in effect as long as this agreement remains in effect, and if that
         agreement is terminated, this agreement terminates with immediate
         effect.

15.12    PRIOR AGREEMENTS: The Agreement supersedes and replaces any prior
         existing agreement between you and us relating to the same subject
         matter.

15.13    COOPERATION. During the term of this agreement, we and you will
         cooperate with each other and make available to each other upon
         reasonable request any information or documents necessary to insure
         that each of our respective books and records are accurate and current.

16.      GOVERNING LAW AND JURISDICTION

16.1     GOVERNING LAW: This agreement is governed by, and will be construed in
         accordance with, English law.

16.2     JURISDICTION: We both agree the courts of the State of New York, in the
         United States of America, and the United States federal court located
         in the Borough of Manhattan in such state are to have jurisdiction to
         settle any disputes or claims which may arise out of or in connection
         with this agreement and, for these purposes we both irrevocably submit
         to the non-exclusive jurisdiction of such courts, waive any claim of
         forum non conveniens and any objections to the laying of venue, and
         further waive any personal service.

16.3     WAIVER OF IMMUNITY: To the extent that you may in any jurisdiction
         claim for yourself or your assets any immunity from suit, judgment,
         enforcement or otherwise howsoever, you agree not to claim and
         irrevocably waive any such immunity which you would otherwise be
         entitled to (whether on grounds of sovereignty or otherwise) to the
         full extent permitted by the laws of such jurisdiction.

16.4     SERVICE OF PROCESS: Process by which any proceedings are begun may be
         served by being delivered to the addresses specified below. This does
         not affect the right of either of us to serve process in another manner
         permitted by law.




         Our address for service of process:                          Your address for service of process
         HSBC Bank USA, National Association, London Branch           The Bank of New York
         8 Canada Square                                              2 Hanson Place
         London, E14 5HQ, United Kingdom                              Brooklyn, New York 11217
         Attention:        Precious Metals Department                 Attention:       ADR Administration
                           Legal Department




EXECUTED by the parties as follows


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]





STREETTRACKS(R)  Gold Trust
Allocated Bullion Account Agreement         - 16 -









Signed on behalf of
HSBC BANK USA, NATIONAL ASSOCIATION
by

Signature
           ....................................................
Name
           ....................................................
Title
           ....................................................

Signature
           ....................................................
Name
           ....................................................
Title
           ....................................................


Signed on behalf of
THE BANK OF NEW YORK,
NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
TRUSTEE OF THE STREETTRACKS(R) GOLD TRUST,
by

Signature
               ......................................
Name
               ......................................
Title
               .....................................



















                                                                  Signature Page
                                                      streetTRACKS(R) Gold Trust
                                             Allocated Bullion Account Agreement