EX-10.11






Exhibit 10.11




Amendment No. 1

dated December 5, 2005

to

Allocated Bullion Account Agreement

dated November 12, 2004

between

HSBC Bank USA, National Association

and

The Bank of New York, not in its individual capacity,

but solely as trustee of the streetTRACKS® Gold Trust




     This Amendment No. 1 (this “Amendment”), dated as of December 5, 2005, to the
Allocated Bullion Account Agreement dated November 12, 2004 (the “Allocated Bullion Account
Agreement”) between HSBC Bank USA, National Association (the “Custodian”) and The Bank
of New York, not in its individual capacity, but solely as trustee (in such capacity, hereafter the
“Trustee”) of the streetTRACKS® Gold Trust (the “Trust”)



WITNESSES, that




     WHEREAS the Trustee and the Custodian have hitherto entered in the Allocated Bullion Account
Agreement and the same is currently in full force and effect, and



     WHEREAS clause 15.4 of the Allocated Bullion Account Agreement provides that any amendment
thereto shall be in writing signed by the Trustee and the Custodian, and



     WHEREAS the Trustee and the Custodian wish to amend clause 7.4 and clause 10.1 of the
Allocated Bullion Account Agreement as provided herein,



     NOW, THEREFORE, the Trustee and Custodian agree that the Allocated Bullion Account Agreement
shall be amended as follows:


1. Clause 7.4 of the Allocated Bullion Account Agreement shall be amended to read in its entirety
as follows:





7.4 Location of Bullion: Unless otherwise agreed between us, the Bullion held for
you in your Allocated Account must be held by us at our London vault premises or,
when Bullion has been allocated in a vault other than our London vault premises,
by or for any Sub-Custodian employed by us as permitted by clause 8.1. We agree
that we shall use commercially reasonable efforts promptly to transport any
Bullion held for you by or for a Sub-Custodian to our London vault premises and
such transport shall be at our cost and risk. We agree that all delivery and
packing shall be in accordance with the Rules and LBMA good market practices.



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2. Clause 8.1 of the Allocated Bullion Account Agreement shall be amended to read in its entirety
as follows:





8.1 Sub-Custodians: We may employ Sub-Custodians solely for the temporary custody
and safekeeping of Bullion until transported to our London vault premises as
provided in clause 7.4, unless otherwise agreed between us with the consent of the
Sponsor. The Sub-Custodians we select may themselves select subcustodians to
provide such temporary custody and safekeeping of Bullion, 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 date of Amendment No. 1 to this Agreement,
the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia
(ScotiaMocatta), Deustche Bank AG, JPMorganChase Bank, N.A., UBS AG and Barclays
Bank PLC. 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 shall confirm to you that from
time to time we may hold Precious Metal for 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.


3. Clause 10.1 of the Allocated Bullion Account Agreement shall be amended to read in its entirety
as follows:





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 first 4.5 million
ounces of Gold held in the Allocated Account and the Unallocated Account, and
0.06% of the average daily aggregate value of the Gold held in the Allocated
Account and the Unallocated Account in excess of 4.5 million ounces. 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.



     The foregoing amendments to clause 7.4 and 8.1 of the Allocated Bullion Account Agreement
shall be effective on and after the date hereof.



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     The foregoing amendment to clause 10.1 of the Allocated Bullion Account Agreement shall be
effective as of April 1, 2006.



     Except as modified by this Amendment, the Allocated Bullion Account Agreement shall remain
unmodified and in full force and effect, and is hereby ratified and confirmed in all respects.



     This Amendment is governed by, and will be construed in accordance with, English law.



     This Amendment may be executed in any number of counterparts, each of which when executed and
delivered shall be deemed an original, but together shall constitute one and the same agreement.
Facsimile signatures shall be acceptable and binding.



[Signature Page Follows]






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     IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed as of
the day and year first above written.



	 	 	 	 	 	 	 
	 	 	Signed on behalf of


HSBC Bank USA, National Association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Chris W. Heyliger
 

Chris W. Heyliger
	 	 
	 

	 	Title:
	 	Authorised Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Signed on behalf of


The Bank of New York, not in its individual
capacity, but solely as trustee of the
streetTRACKS® Gold Trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Jarvis J. Joseph
 

Jarvis J. Joseph
	 	 
	 

	 	Title:
	 	Vice President	 	 







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