Document:

GraniteShares Gold Trust S-1

 

Exhibit 10.1

 

Dated:
________________, 2017

 

ICBC
STANDARD BANK PLC

 

and

 

THE
BANK OF NEW YORK MELLON

 solely
in its capacity as trustee of the GraniteShares Gold Trust

and
not individually

 

  

ALLOCATED
GOLD ACCOUNT AGREEMENT

 

 

 

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This
ALLOCATED GOLD ACCOUNT AGREEMENT (this “Agreement”) is made as of the date set out on the cover page
of this Agreement

 

BETWEEN

 

		(1)	ICBC
                                         Standard Bank Plc, a public limited company incorporated under the laws of England
                                         and Wales with its registered office at 20 Gresham Street, London, EC2V 7JE, United Kingdom
                                         (the “Custodian”); and

 

		(2)	THE
                                         BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as
                                         trustee of the GraniteShares Gold Trust created under the Trust Agreement identified
                                         below and not individually (the “Trustee”), which expression shall,
                                         wherever the context so admits, include the named Trustee and all other persons or companies
                                         for the time being the trustee or trustees of the Trust Agreement as trustee for the
                                         Shareholders.

 

INTRODUCTION

 

		(1)	The
                                         Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the
                                         Trust Agreement.

 

		(2)	Shares
                                         may be issued by the Trust against delivery of Gold made by way of payment for the issue
                                         of such Shares. The Trustee has agreed that Gold delivered in connection with a subscription
                                         for Shares will be paid into the Metal Accounts.

 

		(3)	The
                                         Custodian has agreed to open and maintain for the Trustee the Trust Allocated Account
                                         and to provide other services in connection with the Trust Allocated Account.

 

		(4)	The
                                         Custodian has agreed to transfer Gold deposited into the Trust Unallocated Account to
                                         the Trust Allocated Account in connection with a subscription for Shares and to transfer
                                         Gold from the Trust Allocated Account to the Trust Unallocated Account in connection
                                         with redemption of Shares.

 

		(5)	The
                                         Trustee has agreed that the Trust Allocated Account will be established by the Trustee
                                         (for the account of the Trust), and that the Trustee will have the sole right to give
                                         instructions for the making of any payments into or out of the Trust Allocated Account.

 

IT
IS AGREED AS FOLLOWS

 

1.           INTERPRETATION

 

		1.1	Definitions:
                                         In this Agreement, unless there is anything
                                         in the subject or context inconsistent therewith, the following expressions shall have
                                         the following meanings.

 

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“Affiliate”
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with the Custodian.

 

“AURUM”
means the electronic matching and settlement system operated by LPMCL.

 

“Authorized
Participant” shall have the meaning assigned to such term in the Unallocated Gold Account Agreement.

 

“Dispute”
means for the purpose of clause 16 any disagreement between the Trustee and the Custodian which has not been resolved amicably
within a period of fourteen London Business Days after the Custodian has received from the Trustee, or the Trustee has received
from the Custodian, written notification of the disagreement.

 

“Gold”
means (i) Physical Gold held by the Custodian or any Sub-Custodian under this Agreement and/or (ii) any credit to an account,
including the Trust Unallocated Account, on an Unallocated Basis, as the context requires.

 

“LBMA”
means The London Bullion Market Association or its successors.

 

“Loco
London” means with respect to an account holding Gold, the custody, trading or clearing of such Gold in London, United
Kingdom.

 

“London
Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are
open for business in London and on which the London gold bullion market is open for business.

 

“LBMA
Gold Price PM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
3:00 p.m. London, England time.

 

“London
Good Delivery Standards” means the specifications for “good delivery” gold bars, including, without limitation,
the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The
Good Delivery Rules for Gold and Silver Bars” published by the LBMA.

 

“LPMCL”
means London Precious Metals Clearing Limited or its successors.

 

“Metal
Accounts” means the Trust Allocated Account and the Trust Unallocated Account.

 

“New
York Business Day” means a “Business Day” as defined in the Trust Agreement.

 

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“Physical
Gold” means gold bullion that meets the London Good Delivery Standards.

 

“Point
of Delivery” means such date and time that the recipient (or its agent) acknowledges in written form its receipt of
delivery of Physical Gold.

 

“Rules”
means the rules, regulations, practices, procedures and customs of the LBMA, including the London Good Delivery Standards, the
LPMCL, the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority
or other body, applicable to the activities contemplated by this Agreement, including the activities of any Sub-Custodian.

 

“Shareholder”
means the beneficial owner of one or more Shares.

 

“Shares”
means the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named “GraniteShares
Gold Shares” created pursuant to and constituted by the Trust Agreement.

 

“Sponsor”
means GraniteShares LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.

 

“Sub-Custodian”
means a sub-custodian, agent or depository (including an entity within our corporate group) appointed by the Custodian pursuant
to clause 8.

 

“Trust”
means the GraniteShares Gold Trust formed pursuant to the Trust Agreement.

 

“Trust
Agreement” means the Depositary Trust Agreement of the GraniteShares Gold Trust dated on or about ______________, 2017,
as amended from time to time, between the GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.

 

“Trust
Allocated Account” means the loco London Gold account, number ______________, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an allocated basis pursuant to this Agreement.

 

“Trust
Unallocated Account” means the loco London Gold account, number ______________, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an Unallocated Basis pursuant to the Unallocated Gold Account
Agreement.

 

“Unallocated
Basis” means, with respect to the holding of gold, that the holder is entitled to receive delivery of Physical Gold
in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular
gold that the custodian maintaining that account owns or holds.

 

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“Unallocated
Gold Account Agreement” means the Unallocated Account Agreement dated ______________, 2017 between the Trustee and the
Custodian pursuant to which the Trust Unallocated Account is established and operated.

 

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

 

		1.2	Headings:
                                         The headings in this Agreement do not affect its interpretation.

 

		1.3	Singular
                                         and plural: References to the singular include the plural and vice versa.

 

		1.4	Construction.
                                         The word “including” means “including without limitation”. The
                                         word “or” is not exclusive.

 

2.           TRUST
ALLOCATED ACCOUNT

 

		2.1	Opening
                                         Trust Allocated Account: The Custodian shall open and maintain the Trust Allocated
                                         Account in the name of the Trustee (in its capacity as trustee for the Shareholders).

 

		2.2	Deposits
                                         and Withdrawals: The Trust Allocated Account shall evidence and record deposits and
                                         withdrawals of Physical Gold made pursuant to the terms of this Agreement.

 

		2.3	Denomination
                                         of Allocated Accounts: The Trust Allocated Account will hold deposits of Physical
                                         Gold and will be denominated in fine troy ounces (to three decimal places).

 

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		2.4	Trust
                                         Allocated Account Reports: At the end of each London Business Day, the Custodian
                                         will provide the Trustee with access to information (i) showing the increases and decreases
                                         to the Physical Gold standing to the Trustee’s credit in the Trust Allocated Account
                                         and identifying separately each transaction and the New York or London Business Day on
                                         which it occurred and (ii) identifying each individual bar of Physical Gold held in the
                                         Trust Allocated Account. On each London Business Day, the Custodian will send the Trustee
                                         a notification of (i) each separate transaction, if any, transferring Gold to the Trust
                                         Allocated Account from the Trust Unallocated Account, (ii) the amount of Gold, if any,
                                         transferred from the Trust Allocated Account to the Trust Allocated Account and (iii)
                                         the closing balance of Physical Gold held in the Trust Allocated Account for such London
                                         Business Day, and the Custodian will use commercially reasonable efforts to send the
                                         notification by 12:00 noon (New York time). In addition, the Custodian will provide the
                                         Trustee with such information about the increases and decreases to the Gold standing
                                         to the Trustee’s credit in the Trust Unallocated Account on a same-day basis at
                                         such other times and in such other form as the Trustee and the Custodian shall agree.
                                         For each calendar month, the Custodian will provide the Trustee within a reasonable time
                                         after the end of the month a statement of account for the Trust Allocated Account which
                                         shall include the opening and closing monthly balance and all transfers to and from the
                                         Trust Allocated Account, accompanied by one or more weight lists containing information
                                         sufficient to identify each bar of Physical Gold held in the Trust Allocated Account
                                         as of the last London Business Day of the calendar month and the party having physical
                                         possession thereof, including any Sub-Custodian or any sub-custodian of a Sub-Custodian.
                                         The Custodian also will provide the Trustee with additional weight lists in respect of
                                         the Physical Gold held in the Trust Allocated Account from time to time upon the Trustee’s
                                         reasonable request. All such reports will be made available to the Trustee by means of
                                         authenticated SWIFT message, provided that, if the SWIFT messaging system is unavailable
                                         for any reason, the Trustee and the Custodian will agree upon a temporary notification
                                         system for making such reports available to the Trustee. Additionally, if agreed to by
                                         the Trustee and the Custodian, such reports will be made available to the Trustee by
                                         means of the Custodian’s proprietary electronic system.

 

		2.5	Reversal
                                         of Entries: The Custodian shall reverse any provisional or erroneous entries to the
                                         Trust Allocated Account which it discovers or of which it is notified with effect back-valued
                                         to the date upon which the final or correct entry (or no entry) should have been made.

 

		2.6	Provision
                                         of Information: The Custodian agrees that it will forthwith notify the Trustee in
                                         writing of any encumbrance of which it is aware is or is purported to have been created
                                         over or in respect of the Trust Allocated Account or any of the amounts standing to the
                                         credit thereof.

 

		2.7	Access:
                                         The Custodian will allow, and will procure that any Sub-Custodian that the Custodian
                                         appoints allows, the Sponsor and the Trustee and their identified representatives, independent
                                         public accountants and bullion auditors (currently Inspectorate International Ltd.) access
                                         to its premises, upon reasonable notice during normal business hours, to examine the
                                         Physical Gold held in the Trust Allocated Account and such records as they may reasonably
                                         require to perform their respective duties with regard to investors in Shares. The Trustee
                                         agrees that any such access shall be subject to execution of a confidentiality agreement
                                         and agreement to the Custodian’s security procedures, and any such audit shall
                                         be at the Trust’s expense.

 

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		2.8	Regulatory
                                         Reporting: To the extent that the Custodian’s activities under this Agreement
                                         are relevant to the preparation of the filings required of the Trust under the securities
                                         laws of the United States or any other jurisdiction, the Custodian will, to the extent
                                         permitted by applicable law, the Rules or applicable regulatory authority, cooperate
                                         with the Trustee and the Sponsor and the Trustee’s and the Sponsor’s representatives
                                         to provide such information concerning the Custodian’s activities as may be necessary
                                         for such filings to be completed. Additionally, to the extent that the Custodian’s
                                         activities or controls in its capacity as custodian of the Trust’s assets are relevant
                                         to the information presented in the financial statements of the Trust, the Custodian
                                         will cooperate with the Sponsor and the Trustee to assist the Sponsor in providing the
                                         required written assurances regarding the reliability of the internal controls used in
                                         the preparation of such financial statements, including by providing the Sponsor’s
                                         and the Trust’s external auditors with any necessary information and reports regarding
                                         the Custodian’s internal controls over financial reporting as far as such reporting
                                         relates to the scope of the Custodian’s duties.

 

3.            DEPOSITS

 

		3.1	Procedure:
                                         The Custodian shall receive deposits of Physical Gold into the Trust Allocated Account
                                         relating to the same kind of Physical Gold and having the same denomination as that to
                                         which the Trust Allocated Account relates only pursuant to transfers from the Trust Unallocated
                                         Account as provided in clause 4.1(b) of the Unallocated Gold Account Agreement
                                         or as otherwise agreed upon between Custodian and the Trustee. The notice for any deposit
                                         of Gold to be made into the Trust Allocated Account in connection with clause 4.1(b)
                                         of the Unallocated Gold Account Agreement shall be made in accordance with clause
                                         4.2(b) of the Unallocated Gold Account Agreement.

 

		3.2	Right
                                         to Amend Procedure: The Custodian may amend the procedure in relation to the deposit
                                         of Gold to the Trust Allocated Account only where such amendment is caused by a change
                                         in the Rules. The Custodian will, whenever practicable, notify the Trustee and the Sponsor
                                         within a commercially reasonable time before the Custodian amends its procedures or imposes
                                         additional ones in relation to the transfer of Gold into Trust Allocated Account, and
                                         in doing so the Custodian will consider the Trustee’s and the Sponsor’s needs
                                         to communicate any such change to Authorized Participants and others.

 

		3.3	Allocation:
                                         The Trustee acknowledges that the process of allocation of Physical Gold to the Trust
                                         Allocated Account from the Trust Unallocated Account may involve minimal adjustments
                                         to the weights of Physical Gold to be allocated to adjust such weight to the number of
                                         whole bars available.

 

4.            WITHDRAWALS

 

		4.1	Procedure:
                                         The Trustee may at any time give instructions to the Custodian for the withdrawal
                                         of Physical Gold from the Trust Allocated Account as provided for in this Agreement,
                                         provided that a withdrawal may be made only by:

 

		(a)	transfer
                                         to the Trust Unallocated Account or another account maintained on an Unallocated Basis
                                         or as otherwise permitted in connection with the transfers described in clauses 4.1(a)
                                         and (e) of the Unallocated Gold Account Agreement; or

  

		(b)	transfer
                                         in the manner described in clauses 4.1(c) and (d) of the Unallocated Gold
                                         Account Agreement.

 

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The
Trustee anticipates exercising its rights under clauses 4.1(c) and (d) of the Unallocated Gold Account Agreement
on an exceptional basis only. Any Gold made available to the relevant person (as instructed by the Trustee) pursuant to clauses
4.1(c) and (d) of the Unallocated Gold Account Agreement will be in a form which complies with the Rules or in such
other form as may be agreed between the Trustee and the Custodian the combined fine weight of which will not exceed the number
of fine ounces of Gold the Trustee has instructed the Custodian to debit.

 

		4.2	Notice
                                         Requirements: The notice for any withdrawal of Gold to be made from the Trust Allocated
                                         Account (i) in connection with clauses 4.1(a) or (e) (with respect to sales
                                         of Gold only) of the Unallocated Gold Account Agreement shall be made in accordance with
                                         clause 4.2(a) of the Unallocated Gold Account Agreement and (ii) in connection
                                         with clauses 4.1(c), (d) or (e) (with respect to transfers (other than
                                         for the sale of Gold) permitted under the Trust Agreement) of the Unallocated Gold Account
                                         Agreement shall be made in accordance with clause 4.2(c) of the Unallocated Gold
                                         Account Agreement.

 

		4.3	Right
                                         to Amend Procedure: The Custodian may amend the procedure for the withdrawal of Gold
                                         from the Trust Unallocated Account only where such amendment is caused by a change in
                                         the Rules. Any such amendment will be subject to the notification conditions of clause
                                         3.2.

 

		4.4	Specification
                                         of Physical Gold: The Custodian may specify the serial numbers of the bars to be
                                         withdrawn once it receives instructions from the Trustee to effect a withdrawal of Physical
                                         Gold pursuant to clause 4.1. The Custodian is entitled to select the Physical
                                         Gold to be made available for any such withdrawal, provided, however, that to the extent
                                         the Trustee provides specific serial numbers of bars to be so selected, the Custodian
                                         will take reasonable efforts to select such Physical Gold as specified by the Trustee.
                                         The Custodian may require more than two London Business Days prior notice in the event
                                         that the Trustee does specify the serial numbers of bars to be withdrawn.

 

		4.5	Delivery
                                         Obligations: Unless otherwise instructed by the Trustee on behalf of the Trust or
                                         the relevant person, the Custodian shall make any transportation and insurance arrangements
                                         in respect of delivery of Physical Gold in accordance with its usual practice. Where
                                         instructions are given, the Custodian shall use all reasonable efforts to comply with
                                         the same. The Custodian shall not be obliged to effect any requested delivery if, in
                                         its reasonable opinion, this would cause the Custodian or its 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. All insurance and transportation
                                         costs shall be for the account of the Trust.

 

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		4.6	De-allocation:
                                         Following receipt by the Custodian of notice for the withdrawal of Physical Gold
                                         from the Trust Allocated Account pursuant to clause 4.1, the Custodian shall de-allocate
                                         sufficient Physical Gold from the Trust Allocated Account to credit the Trust Unallocated
                                         Account in the amount required, provided that, in the case of a transfer made in connection
                                         with clause 4.1(a) of the Unallocated Gold Account Agreement, the Custodian will
                                         use its commercially reasonable endeavors to complete the de-allocation of Physical Gold
                                         from the Trust Allocated Account to the Trust Unallocated Account by no later than 5:00
                                         p.m. (London Time) on the London Business Day on which notice is given in the form prescribed
                                         in clause 4.2(a) of the Unallocated Gold Account Agreement for a withdrawal under
                                         clause 4.1(a) of the Unallocated Gold Account Agreement. The Trustee acknowledges
                                         that the process of de-allocation of Physical Gold for withdrawal and/or credit to the
                                         Trust Unallocated Account may involve minimal adjustments to the weight of Physical Gold
                                         to be withdrawn to adjust such weight to the whole bars available.

 

		4.7	Risk:
                                         Where there is a shipment from the Custodian of Physical Gold, all right, title and
                                         risk in and to such Physical Gold shall pass at the Point of Delivery to the relevant
                                         person for whose account the Physical Gold is being delivered.

 

5.            INSTRUCTIONS

 

		5.1	Giving
                                         of Instructions: Only the Trustee shall have the right to give instructions in respect
                                         of the Trust Allocated Account. The Trustee shall notify the Custodian in writing of
                                         the names of the people who are authorised to give instructions on the Trustee’s
                                         behalf. Until the Custodian receives written notice to the contrary, the Custodian is
                                         entitled to assume that any of those people have full and unrestricted power to give
                                         instructions on the Trustee’s behalf. The Custodian is also entitled to rely on
                                         any instructions which are from, or which purport to emanate from, any person who appears
                                         to have such authority. The Custodian reserves the right to obtain further validation
                                         of any instructions.

 

		5.2	Transfer
                                         Instructions: All transfers into and out of the Trust Allocated Account shall be
                                         made upon receipt of, and in accordance with, instructions given by the Trustee to the
                                         Custodian. Such instructions shall be given by authenticated SWIFT message or, if for
                                         any reason the SWIFT messaging system is not operational, by such other temporary means
                                         as the Trustee and the Custodian may agree from time to time. Other information (which
                                         shall not constitute an instruction) related to transfers into and out of the Trust Unallocated
                                         Account may be sent between the Trustee and the Custodian by email or by such other means
                                         as the Trustee and the Custodian may agree from time to time. Any such communication
                                         shall be deemed to have been given, made or served upon actual receipt by the recipient.

 

		5.3	Account
                                         not to be Overdrawn: The Trust Allocated Account may not at any time have a debit
                                         balance thereon, and no instruction shall be valid to the extent that the effect thereof
                                         would be for the Trust Allocated Account to have a debit balance thereon.

 

		5.4	Amendments:
                                         Once given, instructions continue in full force and effect until they are cancelled,
                                         amended or suspended. Any communication that cancels, amends or suspends as instruction
                                         shall be valid only after actual receipt by the Custodian in accordance with clause
                                         5.2.

 

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		5.5	Unclear
                                         or Ambiguous Instructions: If, in the Custodian’s opinion, any instructions
                                         are unclear or ambiguous, the Custodian shall use reasonable endeavours (taking into
                                         account any relevant time constraints) to obtain clarification of those instructions
                                         from the Trustee and, failing that, the Custodian may in its absolute discretion and
                                         without any liability on its part, act upon what the Custodian believes 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 the Custodian’s reasonable satisfaction.

 

		5.6	Refusal
                                         to Execute: The Custodian may refuse to execute instructions if in its reasonable
                                         opinion they are or may be, or require action which is or may be, contrary to the Rules
                                         or any applicable law.

 

6.            CONFIDENTIALITY

 

		6.1	Disclosure
                                         to Others: Subject to clause 6.2, each party shall respect the confidentiality
                                         of information acquired under this Agreement and neither will, without the consent of
                                         the other party, disclose to any other person any transaction or other information acquired
                                         about the other party, its business or the Trust under this Agreement, provided that
                                         such other party has made clear, at or before the time such information is provided,
                                         that such information is being provided on a confidential basis. Notwithstanding anything
                                         to the contrary in this Agreement, to the extent required, a copy of this Agreement may
                                         be filed under the securities laws of the United States or any other jurisdiction in
                                         connection with the registration of the public offering of Shares by the Trust.

 

		6.2	Permitted
                                         Disclosures: Each party accepts that from time to time the other party may be required
                                         by law or the Rules, or required or requested by a government department or agency, fiscal
                                         body or regulatory or listing authority, required by the LPMCL (e.g., in connection
                                         with AURUM), or required as otherwise may be necessary in conducting the Trust’s
                                         business, to disclose this Agreement or 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 (in the case
                                         of the Trustee) by the Sponsor, or any beneficiary of the Trust. Each party irrevocably
                                         authorizes such persons to make such disclosures without further reference to such party.

 

7.            CUSTODY
SERVICES

 

		7.1	Appointment:
                                         The Trustee hereby appoints the Custodian to act as custodian of the Physical Gold
                                         held in the Trust Allocated Account in accordance with this Agreement and any Rules which
                                         apply to the Custodian, and the Custodian hereby accepts such appointment.

 

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		7.2	Segregation
                                         of Physical Gold: The Custodian will be responsible for the safekeeping of the Physical
                                         Gold on the terms and conditions of this Agreement. The Custodian will segregate the
                                         Physical Gold from any Physical Gold which the Custodian owns or holds for others by
                                         making appropriate entries in its books and records and will require Sub-Custodian to
                                         segregate the Physical Gold from any Physical Gold which they own or hold for others
                                         by making appropriate entries in their books and records. Entries on the Custodian’s
                                         books and records to identify Physical Gold will refer to each bar of Physical Gold by
                                         refiner, assay, serial number and gross and fine weight. Additionally, the Custodian
                                         will require each Sub-Custodian to identify on its books and records each bar of Physical
                                         Gold held by them by refiner, assay, serial number and gross and fine weight and to provide
                                         such information to the Trustee upon request.

 

		7.3	Ownership
                                         of Physical Gold: The Custodian will identify in its books and records that the Physical
                                         Gold is being held for the Trustee (on trust for the Shareholders), and will require
                                         each Sub-Custodian to identify on its book and records that the Physical Gold is being
                                         held for the Custodian for the benefit of the Trust. The Custodian shall ensure that
                                         the Physical Gold belonging to the Trustee (on trust for the Shareholders) shall at all
                                         times be free and clear of all liens and encumbrances and shall not be subject to any
                                         right, charge, security interest, lien or claim of any kind, whether arising by operation
                                         of law or otherwise, in favor of the Custodian, any Sub-Custodian or any creditor of
                                         any of them or any other person. The Custodian shall not loan, hypothecate, pledge or
                                         otherwise encumber any Physical Gold held in Trust Allocated Account absent the Trustee’s
                                         written instructions to the contrary.

 

		7.4	Location
                                         of Physical Gold: Unless otherwise agreed between the parties, Physical Gold must
                                         be held by the Custodian at its London vault premises or, when Physical Gold has been
                                         allocated on a temporary basis in a vault other than the Custodian’s London vault
                                         by any Sub-Custodian employed by the Custodian pursuant to clause 8.1. The Custodian
                                         agrees that it shall use, or where applicable procure any Sub-Custodian to use, commercially
                                         reasonable efforts promptly to transport any Physical Gold held for the Trustee to its
                                         London vault premises at the Custodian’s cost and risk. The Custodian agrees that
                                         all delivery and packing shall be in accordance with the Rules and LBMA good market practices.

 

		7.5	Replacement
                                         of Gold: Upon a determination by the Custodian that any Physical Gold credited to
                                         the Trust Allocated Account does not comply with the Rules, the Custodian shall as soon
                                         as practical replace such Physical Gold with Physical Gold which complies with the Rules
                                         by (i) debiting the Trust Allocated Account and crediting the Trust Unallocated Account
                                         with the requisite amount of Physical Gold to be replaced, (ii) providing replacement
                                         Physical Gold which complies with the Rules and which is of an amount that as closely
                                         as practical approximates (without exceeding) the amount of Physical Gold to be replaced
                                         and (iii) debiting the Trust Unallocated Account and crediting the Trust Allocated Account
                                         with the requisite amount of replacement Physical Gold. The Custodian shall not start
                                         the foregoing replacement process on a particular London Business Day unless it is reasonably
                                         sure that such replacement process can be started and completed in the same London Business
                                         Day. The Custodian shall notify the Trustee as soon as practicable on the London Business
                                         Day (but no later than the end of business on such London Business Day) when (i) the
                                         Custodian has determined that Physical Gold credited to the Trust Allocated Account does
                                         not comply with the Rules and will be replaced and (ii) when replacement Physical Gold
                                         has been credited to the Trust Allocated Account in accordance with the above instructions.
                                         The cost of any such replacement shall be borne by the Custodian.

 

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8.            SUB-CUSTODIANS

 

		8.1	Sub-Custodians:
                                         The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping
                                         of Physical Gold until transported to the Custodian’s London vault premises as
                                         provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves
                                         select sub-custodians to provide such temporary custody and safekeeping of Physical Gold,
                                         but such sub-custodians shall not by such selection or otherwise be, or be considered
                                         to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable
                                         care in selecting any Sub-Custodian. In selecting any Sub-Custodian with reasonable care,
                                         the Custodian is to determine if such Sub-Custodian can reasonably be expected to operate
                                         in a reasonable and prudent manner and in compliance with the Rules and all other relevant
                                         laws, rules and regulations applicable to its services as a sub-custodian of Gold. The
                                         Custodian will notify each of the Trustee and the Sponsor if it selects any Sub-Custodian,
                                         or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the
                                         Trustee and the Sponsor that the Custodian has selected a Sub-Custodian shall not be
                                         deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.
                                         Any Sub-Custodian shall be a LBMA member.

 

		8.2	Liability:
                                         Except for the Custodian’s obligations under clauses 2.7, 7.2, 7.3
                                         and 7.4, the Custodian shall not be liable in contract, tort or otherwise
                                         for any loss, damage or expense arising directly or indirectly from an act or omission,
                                         or insolvency, of any Sub-Custodian or any further delegate of such Sub-Custodian unless
                                         the appointment of that Sub-Custodian was made by the Custodian fraudulently, negligently
                                         or in bad faith.

 

		8.3	Notice:
                                         The Custodian will provide the Trustee upon request with the name and address of
                                         any Sub-Custodian the Custodian selects and any direct or indirect sub-custodian selected
                                         or used by such Sub-Custodian, along with any other information which the Trustee may
                                         reasonably request concerning the appointment of such Sub-Custodian or such direct or
                                         indirect sub-custodian.

 

     12

     

    

 

9.            REPRESENTATIONS

 

		9.1	Each
                                         party represents and warrants to the other party, on the basis that each of its following
                                         representations and warranties is deemed repeated each time that a notice is given for
                                         the deposit or withdrawal of Physical Gold under this Agreement, that:

 

		(a)	it
                                         is duly constituted and validly existing under the laws of its jurisdiction of constitution;

 

		(b)	it
                                         has all necessary authority, powers, consents, licences and authorizations and has taken
                                         all necessary action to enable it lawfully to enter into and perform its duties and obligations
                                         under this Agreement;

 

		(c)	the
                                         person or persons entering into this Agreement on its behalf has or have been duly authorized
                                         to do so; and

 

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

 

10.         FEES
AND EXPENSES

 

		10.1	Fees:
                                         For the Custodian’s services under this Agreement, the Custodian and the Sponsor
                                         have entered into a separate agreement, to which the Custodian has agreed, under which
                                         the Sponsor shall to pay the Custodian’s fee for services under this Agreement.

 

		10.2	Expenses:
                                         Pursuant to a separate written agreement between the Sponsor and the Custodian, to
                                         which the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all
                                         costs, charges and expenses (excluding (i) any relevant taxes and VAT (if chargeable),
                                         duties and other governmental charges, (ii) fees for storage of the Physical Gold and
                                         any fees and expenses of Sub-Custodians, which will be recovered under clause 10.1,
                                         and (iii) indemnification obligations of the Trustee under clause 11.5, which
                                         will be paid pursuant to the following sentence) incurred by the Custodian in connection
                                         with the performance of its duties and obligations under this Agreement or otherwise
                                         in connection with the Physical Gold. The Trustee will procure payment on demand, solely
                                         from and to the extent of the assets of the Trust, of any other costs, charges and expenses
                                         not assumed by the Sponsor under its agreement with the Custodian referenced in this
                                         clause 10.2 (including any relevant taxes (other than VAT, which is addressed
                                         in clause 13.1), duties, other governmental charges and indemnification claims
                                         of the Custodian payable by the Trustee pursuant to clause 11.5, but excluding
                                         fees for storage of the Physical Gold and any fees and expenses of Sub-Custodians, which
                                         will be recovered under clause 10.1) incurred by the Custodian in connection with
                                         the Physical Gold.

 

		10.3	Credit
                                         Balances: No interest or other amount will be paid by the Custodian on any credit
                                         balance on the Trust Allocated Account unless otherwise agreed by the Custodian and the
                                         Trustee.

 

     13

     

    

 

		10.4	No
                                         Recovery from Trust: Amounts payable pursuant to this clause 10 (including
                                         clause 10.5) shall not be debited from the Trust Allocated Account, but shall
                                         be payable, as applicable, by the Sponsor or by the Trustee on behalf of the Trust, and
                                         the Custodian hereby acknowledges that it will have no recourse against Physical Gold
                                         standing to the credit of the Trust Allocated Account or to the Trustee individually
                                         in respect of any such amounts.

 

		10.5	Default
                                         Interest: If the Trustee or the Sponsor, as applicable, fails to procure payment
                                         to the Custodian of any amount when it is due, the Custodian reserves the right to charge
                                         interest (both before and after any judgment) on any such unpaid amount calculated at
                                         a rate equal to 2% 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 as a separate debt.

 

11.          SCOPE
OF RESPONSIBILITY

 

		11.1	Exclusion
                                         of Liability: The Custodian will use reasonable care in the performance of its duties
                                         under this Agreement and will only be responsible for any loss or damage suffered by
                                         the Trustee or the Trust as a direct result of any negligence, fraud or willful default
                                         on its part in the performance of its duties, and in which case its liability will not
                                         exceed the market value of the Gold credited to the Trust Unallocated Account and the
                                         Trust Allocated Account at the time such negligence, fraud or willful default is either
                                         discovered by or notified to the Custodian (such market value calculated using the nearest
                                         available LBMA Gold Price PM following the occurrence of such negligence, fraud or willful
                                         default), provided that, in the case of such discovery by or notification to the Custodian,
                                         the Custodian notifies the Sponsor and the Trustee promptly after any discovery of such
                                         negligence, fraud or willful default. If the Custodian delivers from the Trust Allocated
                                         Account Gold that is not of the fine weight the Custodian has represented to the Trustee
                                         or that is not in accordance with the Rules, recovery by the Trustee, to the extent such
                                         recovery is otherwise allowed, shall not be barred by any delay in asserting a claim
                                         because of the failure to discover the corresponding loss or damage regardless of whether
                                         such loss or damage could or should have been discovered.

 

		11.2	No
                                         Duty or Obligation: The Custodian is 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 in this Agreement.

 

     14

     

    

 

		11.3	Insurance:
                                         The Custodian (or
                                         one of its Affiliates) shall make such insurance arrangements from time to time in connection
                                         with the Custodian’s custodial obligations under this Agreement as the Custodian
                                         considers appropriate and will be responsible for all costs, fees and expenses (including
                                         any relevant taxes) in relation to such insurance policy or policies. Upon reasonable
                                         prior written notice, in connection with the preparation of the initial registration
                                         statement under the United States Securities Act of 1933, as amended, covering any Shares,
                                         the Custodian will allow its insurance to be reviewed by the Trustee and by the Sponsor.
                                         The Custodian also will allow from time to time the Trustee and the Sponsor to review
                                         such insurance in connection with any amendment to that initial registration statement
                                         or any future registration statement that covers the Shares and any amendment thereto
                                         in each case upon reasonable prior written notice from the Trustee. Any permission to
                                         review the Custodian’s insurance is limited to the term of this Agreement and is
                                         conditioned on the reviewing party executing a form of confidentiality agreement provided
                                         by the Custodian, or if the confidentiality agreement is already in force, acknowledging
                                         that the review is subject thereto. In the event that the Custodian (or one of
                                         its Affiliates) elects to reduce, cancel or not to renew the Custodian’s insurance,
                                         the Custodian will give the Trustee and the Sponsor written notice of any such election
                                         within no more than 15 days after the date of any such election.

 

		11.4	Force
                                         Majeure: The Custodian shall not be liable for any delay in performance, or for the
                                         non-performance, of any of its obligations under this Agreement by reason of any cause
                                         beyond the Custodian’s reasonable control. This includes any act of God or war
                                         or terrorism, any breakdown, malfunction or failure of, or connected with, any communication,
                                         computer, transmission, clearing or settlement facilities, industrial action, or acts,
                                         rules and regulations of any governmental or supra national bodies or authorities or
                                         any relevant regulatory or self-regulatory organization.

 

		11.5	Indemnity:
                                         The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify
                                         and keep indemnified the Custodian (on an after tax basis) on demand against all costs
                                         and expenses, damages, liabilities and losses (other than VAT, which is addressed in
                                         clause 13.1) and the expenses assumed by the Sponsor under its agreement with
                                         the Custodian referenced in clause 10.2) which the Custodian may suffer or incur,
                                         directly or indirectly in connection with this Agreement, except to the extent that such
                                         sums are due directly to the negligence, willful default or fraud of the Custodian. The
                                         foregoing indemnity shall also not apply to the Custodians’ fees that are paid
                                         by the Sponsor pursuant to clause 10.1.

 

		11.6	Custodian’s
                                         Interests and Affiliates’ Interests: The Custodian has the right, without notifying
                                         the Trustee, to act upon the Trustee’s instructions or to take any other action
                                         permitted by the terms of this Agreement where:

 

		(a)	the
                                         Custodian, directly or indirectly, has an interest in the consequences of such instruction
                                         or action;

 

		(b)	except
                                         as otherwise provided in this Agreement, the Custodian processes the Trustee’s
                                         instructions on an aggregated basis together with similar instructions from other clients;
                                         or

 

     15

     

    

 

		(c)	the
                                         Custodian, except as otherwise provided in this Agreement, has a relationship with another
                                         party which does or may create a conflict with its duty to the Trustee or the Trust including
                                         (without prejudice) circumstances where the Custodian or any of its associates may (i)
                                         act as financial adviser, banker or otherwise provide services to a contract counterparty
                                         of the Trustee or the Trust; (ii) act in the same arrangement as agent for more than
                                         one client; or (iii) earn profits from any of the activities listed herein.

 

		 	The
Custodian or any of its divisions, branches or Affiliates may be in possession of information tending to show that the action
required by the Trustee’s instructions may not be in the Trust’s best interests, but shall not have any duty to disclose
any such information.

 

12.         TERMINATION

 

		12.1	Notice:
                                         Any termination notice given by the Trustee under clause 12.2 must specify:

 

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

 

		(b)	the
                                         person to whom the Physical Gold is to be transferred; and

 

		(c)	all
                                         other necessary arrangements for the transfer of Physical Gold to the order of the Trustee.

 

		12.2	Term:
                                         This Agreement shall have a fixed term up to and including five (5) years and will
                                         automatically renew for further successive terms of one (1) year thereafter unless terminated
                                         by the parties in accordance with this clause 12; provided that during such periods
                                         (i) either the Trustee or the Custodian may terminate this Agreement for any reason or
                                         for no reason by giving not less than 90 days’ written notice to the other party
                                         and (ii) this Agreement may be terminated immediately upon written notice as follows:

 

		(a)	by
                                         the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement
                                         to its clients or proposes to withdraw from the gold bullion business;

 

		(b)	by
                                         the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party
                                         to this Agreement or to offer its services to the Trust on the terms contemplated by
                                         this Agreement or if it becomes unlawful for the Trustee or the Trust to receive such
                                         services or for the Trustee to be a party to this Agreement;

 

		(c)	by
                                         the Custodian, if there is any event which, in the Custodian’s reasonable view,
                                         indicates the Trust’s or the Sponsor’s insolvency or impending insolvency;

 

     16

     

    

 

		(d)	by
                                         the Trustee, if there is any event which, in the Sponsor’s reasonable view, indicates
                                         the Custodian’s or the Sponsor’s insolvency or impending insolvency;

 

		(e)	by
                                         the Trustee, if the Trust is to be terminated; or

 

		(f)	by
                                         the Trustee or by the Custodian, if the Unallocated Gold Account Agreement ceases to
                                         be in full force and effect at any time.

 

		12.3	Change
                                         in Trustee or the Sponsor: If there is any change in the identity of the Trustee
                                         or the Sponsor in accordance with the Trust Agreement, then the Custodian, the Trustee,
                                         the Sponsor and the Trust shall, subject to the last sentence of this clause 12.3,
                                         execute such documents and shall take such actions as the new Trustee or Sponsor and
                                         the outgoing Trustee or Sponsor may reasonably require for the purpose of vesting in
                                         the new Trustee or Sponsor the rights and obligations of the outgoing Trustee or Sponsor,
                                         and releasing the outgoing Trustee or Sponsor from its future obligations under this
                                         Agreement. The Custodian’s obligations under this clause 12.3 shall be conditioned
                                         on the Custodian having conducted prompt, reasonable and proportionate due diligence
                                         to the Custodian’s reasonable satisfaction on any such new Trustee or Sponsor

 

		12.4	Redelivery
                                         Arrangements: If the Trustee does not make arrangements acceptable to the Custodian
                                         for the delivery of the Physical Gold, the Custodian may continue to maintain the Trust
                                         Allocated Account, in which case the Custodian will continue to charge the fees and expenses
                                         payable under clause 10. If the Trustee has not made arrangements acceptable to
                                         the Custodian for the transfer of Physical Gold from the Trust Allocated Account within
                                         6 months of the date specified in the termination notice as the date on which the termination
                                         will take effect, the Custodian will be entitled to close the Trust Allocated Account
                                         and sell the Physical Gold (at such time and on such markets as the Custodian considers
                                         appropriate) and account to the Trustee for the proceeds.

 

		12.5	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.

 

13.         VALUE
ADDED TAX

 

		13.1	VAT
                                         Inclusive: All sums payable or other consideration provided to the Custodian by the
                                         Trustee or the Sponsor in connection with this Agreement and the Unallocated Gold Account
                                         Agreement (including pursuant to the separate agreement referred to in clause 10.1
                                         of this Agreement) are inclusive of any VAT which is or becomes chargeable on any
                                         supplies made by the Custodian pursuant to this Agreement and the Unallocated Gold Account
                                         Agreement.

 

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14.          NOTICES

 

		14.1	Notices:
                                         Except as provided in clauses 2.4, 5.2 and 16.5, any notice
                                         or other communication shall be delivered personally or sent by first class post, pre-paid
                                         recorded delivery (or air mail if overseas), authenticated electronic transmission (including
                                         email and 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 clause 14.3 or another address, number or destination
                                         specified by that party by written notice to the other.

 

		14.2	Deemed
                                         Receipt of Notice: A notice or other communication under or in connection with clause
                                         14.1 will be deemed received only if actually received or delivered.

 

		14.3	Contact
                                         Information: The addresses and numbers of the parties for the purposes of clauses
                                         5.2 and 14.1 are:

 

The
Custodian:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
Precious Metals Operations

E-mail:        London.PreciousMetalsOperations@icbcstandard.com and

                    Bullion.Physical@icbcstandard.com

 

The
Trustee:

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention:
Chris Yedreyeski

Facsimile:
718-315-4927

E-Mail:
etfservicescom@bnymellon.com

 

The
address and numbers of the Sponsor for purposes of receiving notices under this Agreement are:

 

The
Sponsor:

 

GraniteShares
LLC

30
Vesey Street – 9th Floor

New
York NY 10007

Attention:
Benoit Autier

Telephone:
+1 917 338 0565

E-Mail:
benoit.autier@graniteshares.com

 

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		14.4	Recording
                                         of Calls: The Custodian and the Trustee may each record telephone conversations without
                                         use of a warning tone. Such recordings will be the recording party’s sole property
                                         and accepted by the other party hereto as evidence of the orders or instructions given,
                                         provided that (i) in case of any dispute or disagreement regarding any conversation so
                                         recorded the recording party will promptly share the recordings with the other party
                                         and its representatives and (ii) the recording party will have no obligation to retain
                                         any such recordings prior to becoming aware of any such dispute or disagreement.

 

15.         GENERAL

 

		15.1	Role
                                         of Trustee: The Trustee is a party to this Agreement solely in its capacity as Trustee
                                         for the Shareholders and accordingly (i) the Trustee shall only be liable to satisfy
                                         any obligations under this Agreement, including any obligations or liabilities arising
                                         in connection with any default by the Trustee under this Agreement, to the extent of
                                         the assets held from time to time by the Trustee as trustee of the Trust (the “Trust
                                         Assets”) to the extent authorized by the Trust Agreement and (ii) no recourse
                                         shall be had to (a) any assets other than the Trust Assets, including any of the assets
                                         held by the Trustee as trustee, co-trustee or nominee of a trust other than the Trust,
                                         as owner in its individual capacity or in any way other than as trustee of the Trust;
                                         or (b) the Trustee for any assets that have been distributed by the Trustee to the beneficiaries
                                         of the Trust.

 

		15.2	No
                                         Advice: The Custodian’s duties and obligations under this Agreement do not
                                         include providing the other party with investment advice. In asking the Custodian to
                                         open and maintain the Trust Allocated Account, the Trustee acknowledges that it is acting
                                         pursuant to the Trust Agreement, and the Custodian shall not owe to the Trustee or the
                                         Trust any duty to exercise any judgement on their behalf as to the merits or suitability
                                         of any deposits into, or withdrawals from, the Trust Allocated Account.

 

		15.3	Rights
                                         and Remedies: The Custodian hereby waives any right it has or may hereafter acquire
                                         to combine, consolidate or merge the Metal Accounts with any other account of the Trust
                                         or the Trustee or to set off any liabilities of the Trust or the Trustee to the Custodian
                                         and agrees that it may not set off, transfer or combine or withhold payment of any sum
                                         standing to the credit or to be credited to the Metal Accounts in or towards or conditionally
                                         upon satisfaction of any liabilities to it of the Trust or the Trustee. Subject thereto,
                                         the Custodian’s rights under this Agreement are in addition to, and independent
                                         of, any other rights which the Custodian may have at any time in relation to the Metal
                                         Accounts.

 

		15.4	Business
                                         Day: If an obligation of a party would otherwise be due to be performed on a day
                                         which is not a New York Business Day or a London Business Day, as the case may be, in
                                         respect of the Trust Allocated Account, such obligation shall be due to be performed
                                         on the next succeeding New York Business Day or London Business Day, as the case may
                                         be, in respect of the Trust Allocated Account.

 

     19

     

    

 

		15.5	Assignment:
                                         This Agreement is for the benefit of and binding upon both the Custodian and the
                                         Trustee and their respective successors and assigns. Save as expressly provided in clause
                                         12.3 and this clause 15.5, no party may assign, transfer or encumber, or purport
                                         to assign, transfer or encumber, any right or obligation under this Agreement unless
                                         the other party otherwise consents in writing, except that consent is not required where
                                         the Custodian assigns, transfers or encumbers any right or obligation under this Agreement
                                         to an Affiliate. This clause shall not restrict the Custodian’s power to merge
                                         or consolidate with any party, or to dispose of all or part of its custody business,
                                         and further provided that this clause shall not restrict the Trustee from assigning its
                                         rights hereunder to a Shareholder to the extent required for the Trust to fulfill its
                                         obligations under the Trust Agreement.

 

		15.6	Amendments:
                                         Any amendment to this Agreement must be agreed in writing and be signed by the Trustee
                                         and the Custodian. Unless otherwise agreed, an amendment will not affect any legal rights
                                         or obligations which may already have arisen.

 

		15.7	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.

 

		15.8	Liability:
                                         Nothing in this Agreement shall exclude or limit any liability which cannot lawfully
                                         be excluded or limited (e.g. liability for personal injury or death caused by negligence).

 

		15.9	Entire
                                         Agreement: This Agreement and the Unallocated Gold Account Agreement represent the
                                         entire agreement between the parties in respect of their subject matter. This Agreement
                                         and the Unallocated Gold Account Agreement supersede and replace any prior existing agreement
                                         between the parties hereto relating to the same subject matter.

 

		15.10	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.

 

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:
                                         The Trustee and the Custodian agree that 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 which may
                                         arise out of or in connection with this Agreement and, for these purposes the Trustee
                                         and the Custodian irrevocably submits to the non-exclusive jurisdiction of such courts,
                                         waive any claim of forum non conveniens and any objection to laying of venue, and further
                                         waive any personal service.

 

     20

     

    

 

		16.3	Waiver
                                         of Immunity: To the extent that the Trustee may in any jurisdiction claim as Trustee,
                                         the Trust or its assets any immunity from suit, judgment, enforcement or otherwise howsoever,
                                         the Trustee agrees not to claim, and irrevocably waives, any such immunity to which it
                                         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	Third
                                         Party Rights: Except with respect to the Trust, which shall be considered a beneficiary
                                         of this entire Agreement, and the Sponsor, which shall be considered a beneficiary (as
                                         applicable) of clauses 2.7, 2.8, 3.2, 4.3, 6.2, 8.1, 11.1, 11.3, 12.3, 14.3, and
                                         16.4, the Custodian does not owe any duty or obligation or have any liability
                                         towards any person who is not a party to this Agreement. Except as set forth in this
                                         clause 16.4, 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 and do intend that the Contracts
                                         (Rights of Third Parties) 1999 Act shall not apply to this Agreement, provided that the
                                         Sponsor may enforce its rights under 2.7, 2.8, 3.2, 4.3, 6.2, 8.1, 11.1, 11.3, 12.3,
                                         14.3 and 16.4. Nothing in this paragraph is intended to limit the obligations
                                         hereunder of any successor Trustee of the Trust or to limit the right of any successor
                                         Trustee of the Trust to enforce the Custodian’s obligations hereunder.

 

		16.5	Service
                                         of Process: Process by which any proceedings are begun may be served on a party by
                                         being delivered to the party’s address specified below. This does not affect any
                                         right to serve process in another manner permitted by law.

 

Custodian’s
Address for service of process:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
The Head of Legal

 

Trustee’s
Address for service of process:

 

The
Bank of New York Mellon

225
Liberty Street

New
York, New York 10286

Attention:
Legal Department – Asset Servicing

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set out on the cover page of this Agreement.

 

Signed
on behalf of

ICBC
STANDARD BANK PLC

 

By
its authorized signatories

 

	Signature	 	 	Signature	 	 
	Name	 	 	Name	 	 
	Title	 	 	Title	 	 
	Date	 	 	Date	 	 

 

Signed
on behalf of

THE
BANK OF NEW YORK MELLON,

solely
in its capacity as trustee of the GraniteShares Gold Trust and not individually

 

By
its authorized signatory

 

	Signature	 	 	 
	Name	 	 	 
	Title	 	 	 
	Date	 	 	 

  

[Signature
Page to Allocated Gold Account Agreement]

 

     22GraniteShares Gold Trust S-1

 

Exhibit 10.2

 

Dated:
______________, 2017

 

ICBC
STANDARD BANK PLC

 

and

 

THE
BANK OF NEW YORK MELLON

solely
in its capacity as trustee of the GraniteShares Gold Trust

and
not individually

 

 

UNALLOCATED
GOLD ACCOUNT AGREEMENT

 

 

 

    	1 

     

    

 

This
UNALLOCATED GOLD ACCOUNT AGREEMENT (this “Agreement”) is made as of the date set out on the cover page
of this Agreement 

 

BETWEEN

 

		(1)	ICBC
                                         Standard Bank Plc, a public limited company incorporated under the laws of England
                                         and Wales with its registered office at 20 Gresham Street, London, EC2V 7JE, United Kingdom
                                         (the “Custodian”); and

 

		(2)	THE
                                         BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as
                                         trustee of the GraniteShares Gold Trust created under the Trust Agreement identified
                                         below and not individually (the “Trustee”), which expression
                                         shall, wherever the context so admits, include the named Trustee and all other persons
                                         or companies for the time being the trustee or trustees of the Trust Agreement as trustee
                                         for the Shareholders.

 

INTRODUCTION

 

		(1)	The
                                         Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the
                                         Trust Agreement.

		(2)	An
                                         Authorized Participant may apply to become a Shareholder by: (i) applying for Shares
                                         in accordance with an Authorized Participant Agreement and (ii) depositing the relevant
                                         amount of Gold into the Trust Unallocated Account.

		(3)	The
                                         Custodian has agreed to transfer Gold deposited into the Trust Unallocated Account to
                                         the Trust Allocated Account.

		(4)	In
                                         order to effect redemptions of Shares for Authorized Participants, Physical Gold must
                                         be transferred from the Trust Allocated Account to the Trust Unallocated Account by way
                                         of de-allocation, and must then be delivered to the AP Account.

		(5)	The
                                         Trustee has agreed that the Trust Unallocated Account will be established by the Trustee
                                         for the account of the Trust, and that the Trustee will have the sole right to give instructions
                                         for the making of any payments into or out of the Trust Unallocated Account.

 

IT
IS AGREED AS FOLLOWS

 

		1.	INTERPRETATION

 

		1.1	Definitions:
                                         In this Agreement, unless there is anything
                                         in the subject or context inconsistent therewith, the following expressions shall have
                                         the following meanings.

 

“Affiliate”
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with the Custodian.

 

“Allocated
Gold Account Agreement” means the Allocated Gold Account Agreement dated ____________, 2017 between the Trustee and
the Custodian pursuant to which the Trust Allocated Account is established and operated.

 

    	2 

     

    

 

“AP
Account” means a loco London Gold account maintained on an Unallocated Basis by the Custodian or another LPMCL clearing
bank for the Authorized Participant, as specified in the applicable transfer instructions given under clause 5.2.

 

“AP
Application” means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to subscribe
for Shares, being an offer on terms referred to in the Prospectus and in accordance with the provisions of the relevant Authorized
Participant Agreement and the Conditions.

 

“AP
Redemption Form” means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to redeem
Shares in exchange for Gold, being an offer on terms referred to in the Prospectus and in accordance with the provisions of the
relevant Authorized Participant Agreement and the Conditions.

 

“AURUM”
means the electronic matching and settlement system operated by LPMCL.

 

“Authorized
Participant” means a person which, at the time of submitting an order to the Trust for the creation or redemption of
Shares: (a) is a person who (i) is a registered broker-dealer or other securities market participant such as a bank or other financial
institution which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities
transactions, and (ii) is a participant in The Depository Trust Company or its successors; (b) has in effect a valid Authorized
Participant Agreement and (c) has established an AP Account.

 

“Authorized
Participant Agreement” means a written agreement between the Trustee, the Sponsor and another person under which such
person is appointed to act as an “Authorized Participant,” in relation to Shares and, if such agreement is subject
to conditions precedent, provided that such conditions have been satisfied.

 

“Availability
Date” means the London Business Day on which the Trustee wishes the Custodian to credit to the Trust Unallocated Account
Gold to be transferred to the Trust Unallocated Account on such London Business Day.

 

“Benchmark
Price” means, as of any day, (i) such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such
day’s LBMA Gold Price PM is not available; or (ii) such other publicly available price which is reasonably available to
the Trustee and which the Sponsor may determine fairly represents the commercial value of gold held by the Trust and instructs
the Trustee to use as the Benchmark Price.

 

“Conditions”
means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the
Trust Agreement.

 

    	3 

     

    

 

“Dispute”
means for the purpose of clause 15 any disagreement between the Trustee and the Custodian which has not been resolved
amicably within a period of fourteen London Business Days after the Trustee has received from the Custodian, or the Custodian
has received from the Trustee, written notification of the disagreement.

 

“Gold”
means (i) Physical Gold held by the Custodian or any sub-custodian under the Allocated Gold Account Agreement and/or (ii) any
credit to an account, including the Trust Unallocated Account,
on an Unallocated Basis, as the context requires.

 

“LBMA”
means The London Bullion Market Association or its successors.

 

“LBMA
Gold Price AM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
10:30 a.m. London, England time.

 

“LBMA
Gold Price PM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
3:00 p.m. London, England time.

 

“Loco
London” means with respect to an account holding Gold, the custody, trading or clearing of such Gold in London, United
Kingdom.

 

“London
Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are
open for business in London and on which the London gold bullion market is open for business.

 

“London
Good Delivery Standards” means the specifications for “good delivery” gold bars, including, without limitation,
the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The
Good Delivery Rules for Gold and Silver Bars” published by the LBMA.

 

“LPMCL”
means London Precious Metals Clearing Limited or its successors.

 

“Metal
Accounts” means the Trust Allocated Account and the Trust Unallocated Account.

 

“New
York Business Day” means a “Business Day” as defined in the Trust Agreement.

 

    	4 

     

    

 

“Physical
Gold” means gold bullion that meets the London Good Delivery Standards.

 

“Point
of Delivery” means such date and time that the recipient (or its agent) acknowledges in written form its receipt of
delivery of Gold;

 

“Prospectus”
means the prospectus constituting a part of the registration statement filed on Form S-1, Registration Number ____________ with
the Securities Exchange Commission in accordance with the U.S. Securities Act of 1933, as amended, in relation to the Shares dated
on or about ______________, 2017, as the same may be modified, supplemented or amended from time to time.

 

“Rules”
means the rules, regulations, practices, procedures and customs of the LBMA, including the London Good Delivery Standards, the
LPMCL, the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority
or other body, applicable to the activities contemplated by this Agreement.

 

“Shareholder”
means the beneficial owner of one or more Shares.

 

“Shares”
means the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named GraniteShares Gold
Shares and created pursuant to and constituted by the Trust Agreement.

 

“Sponsor”
means GraniteShares LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.

 

“Trust”
means the GraniteShares Gold Trust formed pursuant to the Trust Agreement.

 

“Trust
Agreement” means the Depositary Trust Agreement of the GraniteShares Gold Trust dated on or about ____________, 2017,
as amended from time to time, between GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.

 

“Trust
Allocated Account” means the loco London Gold account, number _______________, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an allocated basis pursuant to the Allocated Gold Account Agreement.

 

“Trust
Unallocated Account” means the loco London Gold account, number _______________, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an Unallocated Basis pursuant to this Agreement.

 

    	5 

     

    

 

“Unallocated
Basis” means, with respect to the holding of gold, that the holder is entitled to receive delivery of Physical Gold
in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular
gold that the custodian maintaining that account owns or holds.

 

“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 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 London Business Day on which the Trustee wishes a withdrawal of Gold from the Trust Unallocated Account
to take place.

 

		1.2	Headings:
                                          The headings in this Agreement do not affect its interpretation.

 

		1.3	Singular
                                         and plural: References to the singular include the plural and vice versa.

 

		1.4	Construction.
                                         The word “including” means “including without limitation”. The
                                         word “or” is not exclusive.

 

		2.	TRUST
UNALLOCATED ACCOUNT

 

		2.1	Opening
                                         Trust Unallocated Account: The Custodian shall open and maintain the Trust Unallocated
                                         Account in the name of the Trustee (in its capacity as trustee for the Shareholders).

 

		2.2	Denomination
                                         of Trust Unallocated Account: The Trust Unallocated Account will hold deposits of
                                         Gold and will be denominated in fine troy ounces (to three decimal places).

 

		2.3	Trust
                                         Unallocated Account Reports: At the end of each London Business Day, the Custodian
                                         will provide the Trustee with access to information showing the increases and decreases
                                         to the Gold standing to the Trustee’s credit in the Trust Unallocated Account,
                                         and identifying separately each transaction and the New York or London Business Day on
                                         which it occurred. On each London Business Day, the Custodian will send the Trustee a
                                         notification of (i) each separate transaction, if any, transferring Gold to the Trust
                                         Unallocated Account, including the amount of Gold transferred to the Trust Unallocated
                                         Account and the AP Account from which such Gold is transferred, (ii) the amount of Gold,
                                         if any, transferred from the Trust Unallocated Account to the Trust Allocated Account
                                         or to any AP Account and (iii) the closing balance of Gold credited to the Trust Unallocated
                                         Account for such London Business Day, and the Custodian will use commercially reasonable
                                         efforts to send the notification by 12:00 noon (New York time). In addition, the Custodian
                                         will provide the Trustee such information about the increases and decreases to the Gold
                                         standing to the Trustee’s credit in the Trust Unallocated Account on a same-day
                                         basis at such other times and in such other form as the Trustee and the Custodian shall
                                         agree. For each calendar month, the Custodian will provide the Trustee within a reasonable
                                         time after the end of the month a statement of account for the Trust Unallocated Account
                                         which shall include the opening and closing monthly balance and all transfers to and
                                         from the Trust Unallocated Account. All such reports will be made available to the Trustee
                                         by means of authenticated SWIFT message, provided that, if the SWIFT messaging system
                                         is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary
                                         notification system for making such reports available to the Trustee. Additionally, if
                                         agreed to by the Trustee and the Custodian, such reports will be made available to the
                                         Trustee by means of the Custodian’s proprietary electronic system.

 

    	6 

     

    

 

		2.4	Reversal
                                         of Entries: The Custodian shall reverse any provisional or erroneous entries to the
                                         Trust Unallocated Account which it discovers or of which it is notified with effect back-valued
                                         to the date upon which the final or correct entry (or no entry) should have been made.

 

		2.5	Provision
                                         of Information: The Custodian agrees that it will forthwith notify the Trustee
                                         in writing of any encumbrance of which it is aware is or is purported to have been created
                                         over or in respect of the Trust Unallocated Account or any of the amounts standing to
                                         the credit thereof.

 

		2.6	Access: The
                                         Custodian will allow the Sponsor and the Trustee and their identified representatives,
                                         independent public accountants and bullion auditors (currently Inspectorate International
                                         Ltd.) access to its premises, upon reasonable notice during normal business hours, to
                                         examine the Gold and such records, as they may reasonably require to perform their respective
                                         duties with regard to investors in Shares. The Trustee agrees that any such access shall
                                         be subject to execution of a confidentiality agreement and agreement to the Custodian’s
                                         security procedures, and any such audit shall be at the Trust’s expense.

 

		2.7	Regulatory
                                         Reporting: To the extent that the Custodian’s activities under this Agreement
                                         are relevant to the preparation of the filings required of the Trust under the securities
                                         laws of the United States or any other jurisdiction, the Custodian will, to the extent
                                         permitted by applicable law, the Rules or applicable regulatory authority, cooperate
                                         with the Trustee and the Sponsor and the Trustee’s and the Sponsor’s representatives
                                         to provide such information concerning the Custodian’s activities as may be necessary
                                         for such filings to be completed. Additionally, to the extent that the Custodian’s
                                         activities or controls in its capacity as custodian of the Trust’s assets are relevant
                                         to the information presented in the financial statements of the Trust, the Custodian
                                         will cooperate with the Sponsor and the Trustee to assist the Sponsor in providing the
                                         required written assurances regarding the reliability of the internal controls used in
                                         the preparation of such financial statements, including by providing the Sponsor’s
                                         and the Trust’s external auditors with any necessary information and reports regarding
                                         the Custodian’s internal controls over financial reporting as far as such reporting
                                         relates to the scope of the Custodian’s duties.

 

    	7 

     

    

 

		3.	DEPOSITS

 

		3.1	Procedure: The
                                         Custodian shall receive deposits of Gold into the Trust Unallocated Account (in the manner
                                         and accompanied by such documentation as the Custodian may reasonably require) by:

 

		(a)	de-allocation
                                         of Gold held in the Trust Allocated Account on redemption of Shares by an Authorized
                                         Participant or for any other purpose authorized by the Trust Agreement; or

 

		(b)	transfer
                                         of Gold from an AP Account relating to the same kind of Gold and having the same denomination
                                         as that to which the Trust Unallocated Account relates in connection with an AP Application
                                         by an Authorized Participant for Shares.

 

No
other methods of deposit are permitted.

 

		3.2	Notice
                                         Requirements:  Notice of intended deposit must be received by the Custodian
                                         from the Trustee no later than 3:00 p.m. (London time) one London Business Day prior
                                         to the Availability Date and specify the weight (in fine troy ounces of gold) to be credited
                                         to the Trust Unallocated Account, the Availability Date, the account from which such
                                         deposit will be transferred, and any other information which the Custodian may, with
                                         the agreement of the Trustee, from time to time require. The Custodian will promptly
                                         notify the Trustee by email upon a deposit of Gold being made into the Trust Unallocated
                                         Account pursuant to clause 3.1(b). When, by reference to the Trustee’s notifications
                                         and instructions to the Custodian, the Custodian reasonably believes an amount of Gold
                                         has been credited to the Trust Unallocated Account in error, the Custodian will notify
                                         the Trustee promptly and, pending a joint resolution of the error, will treat such amount
                                         as not being subject to the standing instruction in clause 5.3.

 

		3.3	Right
                                         to Amend Procedure:  The Custodian may amend the procedure in relation to the
                                         deposit of Gold to the Trust Unallocated Account only where such amendment is caused
                                         by a change in Rules. The Custodian will, whenever practicable, notify the Trustee and
                                         the Sponsor within a commercially reasonable time before the Custodian amends its procedures
                                         or imposes additional ones in relation to the transfer of Gold into the Trust Unallocated
                                         Account, and in doing so the Custodian will consider the Trustee’s and the Sponsor’s
                                         needs to communicate any such change to Authorized Participants and others.

 

		4.	WITHDRAWALS

 

		4.1	Procedure: The
                                         Trustee may at any time give instructions to the Custodian for the withdrawal of Gold
                                         standing to the credit of the Trust Unallocated Account as provided for in this Agreement,
                                         provided that a withdrawal may be made only by:

 

    	8 

     

    

 

		(a)	transfer
                                         to an AP Account relating to the same kind of Gold and having the same denomination as
                                         that to which the Trust Unallocated Account relates when Shares are to be redeemed by
                                         an Authorized Participant;

 

		(b)	transfer
                                         of Gold to the Trust Allocated Account;

 

		(c)	the
                                         collection of Physical Gold from the Custodian at its vault premises, or such other location
                                         as the Custodian may direct;

 

		(d)	delivery
                                         of Gold to such location as the Trustee directs, at the Trust’s expense and risk;
                                         or

 

		(e)	transfer
                                         to an account maintained by the Custodian or by a third party on an Unallocated Basis
                                         in connection with the sale of Gold or other transfers permitted under the Trust Agreement.

 

The
Trustee anticipates exercising its rights under clauses 4.1(c) and (d) on an exceptional basis only. Any Gold made
available to the relevant person (as instructed by the Trustee) pursuant to clauses 4.1(c) and (d) will be in a
form which complies with the Rules or in such other form as may be agreed between the Trustee and the Custodian the combined fine
weight of which will not exceed the number of fine ounces of Gold the Trustee has instructed the Custodian to debit. To the extent
that the Trustee is authorized to sell Gold under the Trust Agreement, the Custodian may, but is not required to, purchase such
Gold; provided that, if the Trustee’s instruction to sell Gold is received by the Custodian by 2:00 p.m. (London time) on
a London Business Day, the purchase price for such Gold shall be that day’s Benchmark Price and, if the Trustee’s
instruction to sell Gold is received by the Custodian after 2:00 p.m. (London time) on a London Business Day, the purchase price
for such Gold shall be the next Benchmark Price available after that day. The Trustee’s instruction to sell Gold may be
an instruction to sell such amount of Gold as necessary to produce a specified amount of United States dollars.

 

		4.2	Notice
                                         Requirements:  Any notice from the Trustee relating to a withdrawal of
                                         Gold must be in writing and:

 

		(a)	if
                                         it relates to a withdrawal pursuant to clauses 4.1(a) or (e) (for sale
                                         of Gold only), to be in such form as may be agreed by the parties from time to time,
                                         and in all cases be received by the Custodian no later than 3:00 p.m (London time) on
                                         the Withdrawal Date unless otherwise agreed;

 

		(b)	if
                                         it relates to a transfer pursuant to clause 4.1(b), be in the form of an AP Application
                                         (which shall be sufficient instruction for the purposes of this Agreement) and be received
                                         by the Custodian no later than 3:00 p.m. (London time) on the day which is one London
                                         Business Day prior to the Withdrawal Date; or

 

    	9 

     

    

 

		(c)	if
                                         it relates to a withdrawal pursuant to clause 4.1(c), (d) or (e)
                                         (with respect to transfers (other than for sales of Gold) permitted under the Trust Agreement),
                                         be received by the Custodian no later than 11:30 a.m. (London time) not less than two
                                         London Business Days prior to the Withdrawal Date unless otherwise agreed and specify
                                         the name of the person or carrier that will collect the Gold from the Custodian or the
                                         identity of the person to whom delivery is to be made, as the case may be;

 

and
in all cases, specify the weight (in fine troy ounces of gold) of the Gold to be debited from the Trust Unallocated Account, the
Withdrawal Date and any other information which the Custodian may, with the agreement of the Trustee, from time to time require.

 

		4.3	Right
                                         to Amend Procedure: The Custodian may amend the procedure for the withdrawal of Gold
                                         from the Trust Unallocated Account only where such amendment is caused by a change in
                                         the Rules. Any such amendment will be subject to the notification conditions of clause
                                         3.3.

 

		4.4	Delivery
                                         Obligations: Unless otherwise instructed by the Trustee on behalf of the Trust or
                                         the relevant person, the Custodian shall make any transportation and insurance arrangements
                                         in respect of delivery of Gold in accordance with its usual practice. Where instructions
                                         are given, the Custodian shall use all reasonable efforts to comply with the same. The
                                         Custodian shall not be obliged to effect any requested delivery if, in its reasonable
                                         opinion, this would cause the Custodian or its 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. All insurance and transportation costs shall
                                         be for the account of the Trust.

 

		4.5	Risk: Where
                                         there is a shipment from the Custodian of Gold, all right, title and risk in and to such
                                         Gold shall pass at the Point of Delivery to the relevant person for whose account the
                                         Gold is being delivered.

 

		4.6	Allocation: Without
                                         limiting clause 5.3, in the case of a transfer under clause 4.1(b) and
                                         after receipt of notice given in the form prescribed in clause 4.2(b), the Custodian
                                         will use its commercially reasonable endeavours to complete the allocation of such deposits
                                         of Gold by not later than 3:00 p.m. (London time) on the Withdrawal Date provided that
                                         the Gold referenced in such notice is deposited into the Trust Unallocated Account by
                                         10:00 a.m. (London time) on the Withdrawal Date, and the Custodian will promptly notify
                                         the Trustee by email upon the completion of such allocation. Following the Custodian’s
                                         receipt of such notice, the Custodian shall identify bars of a weight most closely approximating,
                                         but not exceeding, the balance in the Trust Unallocated Account and shall transfer such
                                         weight from the Trust Unallocated Account to the Trust Allocated Account. The Trustee
                                         acknowledges that the process of allocation of Gold to the Trust Allocated Account from
                                         the Trust Unallocated Account may involve minimal adjustments to the weights of Gold
                                         to be allocated to adjust such weight to the number of whole bars available.

 

    	10 

     

    

 

		5.	INSTRUCTIONS

 

		5.1	Giving
                                         of Instructions: Only the Trustee shall have the right to give instructions
                                         in respect of the Trust Unallocated Account. The Trustee shall notify the Custodian in
                                         writing of the names of the people who are authorised to give instructions on the Trustee’s
                                         behalf. Until the Custodian receives written notice to the contrary, the Custodian is
                                         entitled to assume that any of those people have full and unrestricted power to give
                                         instructions on the Trustee’s behalf. The Custodian is also entitled to rely on
                                         any instructions which are from, or which purport to emanate from, any person who appears
                                         to have such authority. The Custodian reserves the right to obtain further validation
                                         of any instructions.

 

		5.2	Transfer
                                         Instructions: All transfers into and out of the Trust Unallocated Account shall be
                                         made upon receipt of, and in accordance with, instructions given by the Trustee to the
                                         Custodian. Such instructions shall be given by authenticated SWIFT message or, if for
                                         any reason the SWIFT messaging system is not operational, by such other temporary means
                                         as the Trustee and the Custodian may agree from time to time. Other information (which
                                         shall not constitute an instruction) related to transfers into and out of the Trust Unallocated
                                         Account may be sent between the Trustee and the Custodian by email or by such other means
                                         as the Trustee and the Custodian may agree from time to time. Any such communication
                                         shall be deemed to have been given, made or served upon actual receipt by the recipient.

 

		5.3	Continuous
                                         Allocation of Gold: Without prejudice to clause 5.1, unless otherwise
                                         notified by the Trustee in writing, the Custodian shall, at the end of each London Business
                                         Day, including when Gold is to be transferred from an AP Account to the Metal Accounts,
                                         transfer any Gold then standing to the credit of the Trust Unallocated Account (excluding
                                         Gold which has been de-allocated in order to effect delivery of Gold to a redeeming Authorized
                                         Participant or pursuant to other withdrawal occurring on such day) to the Trust Allocated
                                         Account such that the amount of Gold that remains standing to the credit of the Trustee
                                         in the Trust Unallocated Account does not exceed 430.000 fine ounces at the close of
                                         such London Business Day. Additionally, the Custodian shall use reasonable commercial
                                         efforts to minimize the amount of Gold held for the Trust in the Trust Unallocated Account
                                         at all times during each London Business Day.

 

		5.4	Account
                                         not to be Overdrawn: The Trust Unallocated Account may not at any time have a debit
                                         balance thereon, and no instruction shall be valid to the extent that the effect thereof
                                         would be for the Trust Unallocated Account to have a debit balance thereon.

 

		5.5	AURUM:
                                         The Trustee acknowledges that instructions relating to a counterparty for whom the
                                         Custodian does not already provide settlement services will be forwarded by the Custodian
                                         to AURUM on the Trustee’s behalf. The Trustee acknowledges that AURUM is operated
                                         by a third party and that the Custodian cannot be responsible for any errors, omissions
                                         or malfunctions in the systems operated by AURUM. To the extent that AURUM is not available
                                         or suffering a malfunction, the Trustee agrees that the Custodian’s obligations
                                         under this Agreement shall be postponed during such unavailability or such malfunction
                                         and until a reasonable period thereafter.

 

    	11 

     

    

 

		5.6	Amendments:
                                         Once given, instructions continue in full force and effect until they are cancelled,
                                         amended or suspended. Any communication that cancels, amends or suspends as instruction
                                         shall be valid only after actual receipt by the Custodian in accordance with clause
                                         5.2.

 

		5.7	Unclear
                                         or Ambiguous Instructions: If, in the Custodian’s opinion, any instructions
                                         are unclear or ambiguous, the Custodian shall use reasonable endeavours (taking into
                                         account any relevant time constraints) to obtain clarification of those instructions
                                         from the Trustee and, failing that, the Custodian may in its absolute discretion and
                                         without any liability on its part, act upon what the Custodian believes 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 the Custodian’s reasonable satisfaction.

 

		5.8	Refusal
                                         to Execute: The Custodian may refuse to execute instructions if in its reasonable
                                         opinion they are or may be, or require action which is or may be, contrary to the Rules
                                         or any applicable law.

 

		6.	CONFIDENTIALITY

 

		6.1	Disclosure
                                         to Others: Subject to clause 6.2, each party shall respect the confidentiality
                                         of information acquired under this Agreement and neither will, without the consent of
                                         the other party, disclose to any other person any transaction or other information acquired
                                         about the other party, its business or the Trust under this Agreement, provided that
                                         such other party has made clear, at or before the time such information is provided,
                                         that such information is being provided on a confidential basis. Notwithstanding anything
                                         to the contrary in this Agreement, to the extent required, a copy of this Agreement may
                                         be filed under the securities laws of the United States or any other jurisdiction in
                                         connection with the registration of the public offering of Shares by the Trust.

 

		6.2	Permitted
                                         Disclosures: Each party accepts that from time to time the other party may be required
                                         by law or the Rules, or required or requested by a government department or agency, fiscal
                                         body or regulatory or listing authority, required by the LPMCL (e.g., in connection with
                                         AURUM), or required as otherwise may be necessary in conducting the Trust’s business,
                                         to disclose this Agreement or 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 (in the case of the Trustee) by the Sponsor,
                                         or any beneficiary of the Trust. Each party irrevocably authorizes such persons to make
                                         such disclosures without further reference to such party.

 

    	12 

     

    

 

		7.	CUSTODY
SERVICES

 

		7.1	Appointment: The
                                         Trustee hereby appoints the Custodian to act as custodian of the Gold in accordance with
                                         this Agreement and any Rules which apply to the Custodian, and the Custodian hereby accepts
                                         such appointment.

 

		7.2	Safekeeping
                                         of Gold: The Custodian will be responsible for the safekeeping of the
                                         Gold on the terms and conditions of this Agreement.

 

		7.3	Ownership
                                         of Gold: The Custodian will identify in its books that the Gold belongs
                                         to the Trustee (on trust for the Shareholders). The Custodian shall ensure that the Gold
                                         belonging to the Trustee (on trust for the Shareholders) shall at all times be free and
                                         clear of all liens and encumbrances and shall not be subject to any right, charge, security
                                         interest, lien or claim of any kind, whether arising by operation of law or otherwise,
                                         in favor of the Custodian, any sub-custodian or any creditor of any of them or any other
                                         person. The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Gold
                                         held in Trust Unallocated Account absent the Trustee’s written instructions to
                                         the contrary.

 

		8.	REPRESENTATIONS

 

		8.1	Each
                                         party represents and warrants to the other party, on the basis that each of its following
                                         representations and warranties is deemed repeated each time that a notice is given for
                                         the deposit or withdrawal of Gold under this Agreement, that:

 

		(a)	it
                                         is duly constituted and validly existing under the laws of its jurisdiction of constitution;

 

		(b)	it
                                         has all necessary authority, powers, consents, licences and authorizations and has taken
                                         all necessary action to enable it lawfully to enter into and perform its duties and obligations
                                         under this Agreement;

 

		(c)	the
                                         person or persons entering into this Agreement on its behalf has or have been duly authorized
                                         to do so; and

 

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

 

    	13 

     

    

 

		9.	FEES
AND EXPENSES

 

		9.1	Fees:
                                         There will be no fees charged directly to the Trustee or the Trust by the Custodian
                                         for the services provided by it under this Agreement. Payment of such fees will be made
                                         by the Sponsor pursuant to the Allocated Gold Account Agreement.

 

		9.2	Expenses:
                                         Pursuant to a separate agreement between the Sponsor and the Custodian, to which
                                         the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all costs,
                                         charges and expenses (excluding (i) any relevant taxes and VAT (if chargeable), duties
                                         and other governmental charges, (ii) fees for storage of the Gold, which will be recovered
                                         under the Allocated Gold Account Agreement, and (iii) indemnification obligations of
                                         the Trustee under clause 10.5, which will be paid pursuant to the following sentence)
                                         incurred by the Custodian in connection with the performance of its duties and obligations
                                         under this Agreement or otherwise in connection with the Gold. The Trustee will procure
                                         payment on demand, solely from and to the extent of the assets of the Trust, of any other
                                         costs, charges and expenses not assumed by the Sponsor under its agreement with the Custodian
                                         referenced in this clause 9.2 (including any relevant taxes (other than VAT, which
                                         is addressed in clause 12.1), duties, other governmental charges and indemnification
                                         claims of the Custodian payable by the Trustee pursuant to clause 10.5, but excluding
                                         fees for storage of the Gold, which will be recovered under the Allocated Gold Account
                                         Agreement) incurred by the Custodian in connection with the Gold.

 

		9.3	Credit
                                         Balances: No interest or other amount will be paid by the Custodian on any credit
                                         balance on the Trust Unallocated Account unless otherwise agreed by the Custodian and
                                         the Trustee.

 

		9.4	No
                                         Recovery from Trust: Amounts payable pursuant to this clause 9 (including
                                         clause 9.5) shall not be debited from the Trust Unallocated Account, but shall
                                         be payable, as applicable, by the Sponsor or the Trustee on behalf of the Trust, and
                                         the Custodian hereby acknowledges that it will have no recourse against Gold standing
                                         to the credit of the Trust Unallocated Account or to the Trustee individually in respect
                                         of any such amounts.

 

		9.5	Default
                                         Interest: If the Trustee or the Sponsor, as applicable, fails to procure payment
                                         to the Custodian of any amount when it is due, the Custodian reserves the right to charge
                                         interest (both before and after any judgment) on any such unpaid amount calculated at
                                         a rate equal to 2% 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 as a separate debt.

 

    	14 

     

    

 

		10.	SCOPE
OF RESPONSIBILITY

 

		10.1	Exclusion
                                         of Liability: The Custodian will use reasonable care in the performance of its duties
                                         under this Agreement and will only be responsible for any loss or damage suffered by
                                         the Trustee or the Trust as a direct result of any negligence, fraud or willful default
                                         on its part in the performance of its duties, and in which case its liability will not
                                         exceed the market value of the Gold credited to the Trust Unallocated Account and the
                                         Trust Allocated Account at the time such negligence, fraud or willful default is either
                                         discovered by or notified to the Custodian (such market value calculated using the nearest
                                         available LBMA Gold Price PM following the occurrence of such negligence, fraud or willful
                                         default), provided that, in the case of such discovery by or notification to the Custodian,
                                         the Custodian notifies the Sponsor and the Trustee promptly after any discovery of such
                                         negligence, fraud or willful default. If the Custodian delivers from the Trust Unallocated
                                         Account Gold that is not of the fine weight the Custodian has represented to the Trustee
                                         or that is not in accordance with the Rules, recovery by the Trustee, to the extent such
                                         recovery is otherwise allowed, shall not be barred by any delay in asserting a claim
                                         because of the failure to discover the corresponding loss or damage regardless of whether
                                         such loss or damage could or should have been discovered.

 

		10.2	No
                                         Duty or Obligation: The Custodian is under no duty or obligation to make or take
                                         any special arrangements or precautions beyond those required by the Rules or as specifically
                                         set forth in this Agreement.

 

		10.3	Insurance: The
                                         Custodian (or one of its Affiliates) shall make such insurance arrangements from time
                                         to time in connection with the Custodian’s custodial obligations under this Agreement
                                         as the Custodian considers appropriate and will be responsible for all costs, fees and
                                         expenses (including any relevant taxes) in relation to such insurance policy or policies.
                                         Upon reasonable prior written notice, in connection with the preparation of the initial
                                         registration statement under the United States Securities Act of 1933, as amended, covering
                                         any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and
                                         by the Sponsor. The Custodian also will allow from time to time the Trustee and the Sponsor
                                         to review such insurance in connection with any amendment to that initial registration
                                         statement or any future registration statement that covers the Shares and any amendment
                                         thereto, in each case upon reasonable prior written notice from the Trustee. Any permission
                                         to review the Custodian’s insurance is limited to the term of this Agreement and
                                         is conditioned on the reviewing party executing a form of confidentiality agreement provided
                                         by the Custodian, or if the confidentiality agreement is already in force, acknowledging
                                         that the review is subject thereto. In the event that the Custodian (or one of its Affiliates)
                                         elects to reduce, cancel or not to renew the Custodian’s insurance, the Custodian
                                         will give the Trustee and the Sponsor written notice of any such election within no more
                                         than 15 days after the date of any such election.

 

		10.4	Force
                                         Majeure: The Custodian shall not be liable for any delay in performance, or for the
                                         non-performance, of any of its obligations under this Agreement by reason of any cause
                                         beyond the Custodian’s reasonable control. This includes any act of God or war
                                         or terrorism, any breakdown, malfunction or failure of, or connected with, any communication,
                                         computer, transmission, clearing or settlement facilities, industrial action, or acts,
                                         rules and regulations of any governmental or supra national bodies or authorities or
                                         any relevant regulatory or self-regulatory organization.

 

    	15 

     

    

 

		10.5	Indemnity:
                                         The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify
                                         and keep indemnified the Custodian (on an after tax basis) on demand against all costs
                                         and expenses, damages, liabilities and losses (other than VAT, which is addressed in
                                         clause 12.1) and the expenses assumed by the Sponsor under its agreement with
                                         the Custodian referenced in clause 9.2) which the Custodian may suffer or incur,
                                         directly or indirectly in connection with this Agreement, except to the extent that such
                                         sums are due directly to the negligence, willful default or fraud of the Custodian.

 

		10.6	Custodian’s
                                         Interests and Affiliates’ Interests: The Custodian has the right, without notifying
                                         the Trustee, to act upon the Trustee’s instructions or to take any other action
                                         permitted by the terms of this Agreement where:

 

		(a)	the
                                         Custodian, directly or indirectly, has an interest in the consequences of such instruction
                                         or action;

 

		(b)	except
                                         as otherwise provided in this Agreement, the Custodian processes the Trustee’s
                                         instructions on an aggregated basis together with similar instructions from other clients;
                                         or

 

		(c)	the
                                         Custodian, except as otherwise provided in this Agreement, has a relationship with another
                                         party which does or may create a conflict with its duty to the Trustee or the Trust including
                                         (without prejudice) circumstances where the Custodian or any of its associates may (i)
                                         act as financial adviser, banker or otherwise provide services to a contract counterparty
                                         of the Trustee or the Trust; (ii) act in the same arrangement as agent for more than
                                         one client; or (iii) earn profits from any of the activities listed herein.

 

The
Custodian or any of its divisions, branches or Affiliates may be in possession of information tending to show that the action
required by the Trustee’s instructions may not be in the Trust’s best interests, but shall not have any duty to disclose
any such information.

 

		11.	TERMINATION

 

		11.1	Notice:
                                         Any termination notice given by the Trustee under clause 11.2 must specify:

 

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

 

		(b)	the
                                         person to whom the Gold is to be transferred; and

 

		(c)	all
                                         other necessary arrangements for the transfer of Gold to the order of the Trustee.

 

    	16 

     

    

 

		11.2	Term: This
                                         Agreement shall have a fixed term up to and including five (5) years and will automatically
                                         renew for further successive terms of one (1) year thereafter unless terminated by the
                                         parties in accordance with this clause 11; provided
                                         that during such periods (i) either the Trustee or the Custodian may terminate this Agreement
                                         for any reason or for no reason by giving not less than 90 days’ written notice
                                         to the other party and (ii) this Agreement may be terminated immediately upon written
                                         notice as follows:

 

		(a)	by
                                         the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement
                                         to its clients or proposes to withdraw from the gold bullion business;

 

		(b)	by
                                         the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party
                                         to this Agreement or to offer its services to the Trust on the terms contemplated by
                                         this Agreement or if it becomes unlawful for the Trustee or the Trust to receive such
                                         services or for the Trustee to be a party to this Agreement;

 

		(c)	by
                                         the Custodian, if there is any event which, in the Custodian’s reasonable view,
                                         indicates the Trust’s or the Sponsor’s insolvency or impending insolvency;

 

		(d)	by
                                         the Trustee, if there is any event which, in the Sponsor’s reasonable view, indicates
                                         the Custodian’s or the Sponsor’s insolvency or impending insolvency;

 

		(e)	by
                                         the Trustee, if the Trust is to be terminated; or

 

		(f)	by
                                         the Trustee or by the Custodian, if the Allocated Gold Account Agreement ceases to be
                                         in full force and effect at any time.

 

		11.3	Change
                                         in Trustee or the Sponsor: If there is any change in the identity of the Trustee
                                         or the Sponsor in accordance with the Trust Agreement, then the Custodian, the Trustee,
                                         the Sponsor and the Trust shall, subject to the last sentence of this clause 11.3,
                                         execute such documents and shall take such actions as the new Trustee or Sponsor and
                                         the outgoing Trustee or Sponsor may reasonably require for the purpose of vesting in
                                         the new Trustee or Sponsor the rights and obligations of the outgoing Trustee or Sponsor,
                                         and releasing the outgoing Trustee or Sponsor from its future obligations under this
                                         Agreement. The Custodian’s obligations under this clause 11.3 shall be conditioned
                                         on the Custodian having conducted prompt, reasonable and proportionate due diligence
                                         to the Custodian’s reasonable satisfaction on any such new Trustee or Sponsor.

 

    	17 

     

    

 

		11.4	Redelivery
                                         Arrangements: If the Trustee does not make arrangements acceptable to the Custodian
                                         for the delivery of the Gold, the Custodian may continue to maintain the Trust Unallocated
                                         Account, in which case the Custodian will continue to charge the fees and expenses payable
                                         under clause 10 of the Allocated Gold Account Agreement. If the Trustee has not made
                                         arrangements acceptable to the Custodian for the transfer of Gold from the Trust Unallocated
                                         Account within 6 months of the date specified in the termination notice as the date on
                                         which the termination will take effect, the Custodian will be entitled to close the Trust
                                         Unallocated Account and sell the Gold (at such time and on such markets as the Custodian
                                         considers appropriate) and account to the Trustee for the proceeds.

 

		11.5	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.

 

		12.	VALUE
ADDED TAX

 

		12.1	VAT
                                         Inclusive: All sums payable or other consideration provided to the Custodian by the
                                         Trustee or the Sponsor in connection with this Agreement and the Allocated Gold Account
                                         Agreement (including pursuant to the separate agreement referred to in clause 10.1 of
                                         the Allocated Gold Account Agreement) are inclusive of any VAT which is or becomes chargeable
                                         on any supplies made by the Custodian pursuant to this Agreement and the Allocated Gold
                                         Account Agreement.

 

		13.	NOTICES

 

		13.1	Notices:
                                         Except as provided in clauses 2.3, 3.2, 4.6, 5.2 and 15.5, any notice
                                         or other communication shall be delivered personally or sent by first class post, pre-paid
                                         recorded delivery (or air mail if overseas), authenticated electronic transmission (including
                                         email and 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 clause 13.3 or another address, number or destination
                                         specified by that party by written notice to the other.

 

		13.2	Deemed
                                         Receipt of Notice: A notice or other communication under or in connection with clause
                                         13.1 will be deemed received only if actually received or delivered.

 

		13.3	Contact
                                         Information: The addresses and numbers of the parties for the purposes of clauses
                                         5.2 and 13.1 are:

 

The
Custodian:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
   Precious Metals Operations

E-mail:
        London.PreciousMetalsOperations@icbcstandard.com and Bullion.Physical@icbcstandard.com

 

    	18 

     

    

 

The
Trustee:

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention:
Chris Yedreyeski

Facsimile:
718-315-4927

E-Mail:
etfservicescom@bnymellon.com

 

The
address and numbers of the Sponsor for purposes of receiving notices under this Agreement are:

 

The
Sponsor:

 

GraniteShares
LLC

30
Vesey Street – 9th Floor

New
York NY 10007

Attention:
Benoit Autier

Telephone:
+1 917 338 0565

E-Mail:
benoit.autier@graniteshares.com

 

		13.4	Recording
                                         of Calls: The Custodian and the Trustee may each record telephone conversations without
                                         use of a warning tone. Such recordings will be the recording party’s sole property
                                         and accepted by the other party hereto as evidence of the orders or instructions given,
                                         provided that (i) in case of any dispute or disagreement regarding any conversation so
                                         recorded the recording party will promptly share the recordings with the other party
                                         and its representatives and (ii) the recording party will have no obligation to retain
                                         any such recordings prior to becoming aware of any such dispute or disagreement.

 

		14.	GENERAL

 

		14.1	Role
                                         of Trustee: The Trustee is a party to this Agreement solely in its capacity as Trustee
                                         for the Shareholders and accordingly (i) the Trustee shall only be liable to satisfy
                                         any obligations under this Agreement, including any obligations or liabilities arising
                                         in connection with any default by the Trustee under this Agreement, to the extent of
                                         the assets held from time to time by the Trustee as trustee of the Trust (the “Trust
                                         Assets”) to the extent authorized by the Trust Agreement and (ii) no recourse
                                         shall be had to (a) any assets other than the Trust Assets, including any of the assets
                                         held by the Trustee as trustee, co-trustee or nominee of a trust other than the Trust,
                                         as owner in its individual capacity or in any way other than as trustee of the Trust;
                                         or (b) the Trustee for any assets that have been distributed by the Trustee to the beneficiaries
                                         of the Trust.

 

    	19 

     

    

 

		14.2	No
                                         Advice: The Custodian’s duties and obligations under this Agreement do not
                                         include providing the other party with investment advice. In asking the Custodian to
                                         open and maintain the Trust Unallocated Account, the Trustee acknowledges that it is
                                         acting pursuant to the Trust Agreement, and the Custodian shall not owe to the Trustee
                                         or the Trust any duty to exercise any judgement on their behalf as to the merits or suitability
                                         of any deposits into, or withdrawals from, the Trust Unallocated Account.

 

		14.3	Rights
                                         and Remedies: The Custodian hereby waives any right it has or may hereafter acquire
                                         to combine, consolidate or merge the Metal Accounts with any other account of the Trust
                                         or the Trustee or to set off any liabilities of the Trust or the Trustee to the Custodian
                                         and agrees that it may not set off, transfer or combine or withhold payment of any sum
                                         standing to the credit or to be credited to the Metal Accounts in or towards or conditionally
                                         upon satisfaction of any liabilities to it of the Trust or the Trustee. Subject thereto,
                                         the Custodian’s rights under this Agreement are in addition to, and independent of, any
                                         other rights which the Custodian may have at any time in relation to the Metal Accounts.

 

		14.4	Business
                                         Day: If an obligation of a party would otherwise be due to be performed on a day
                                         which is not a New York Business Day or a London Business Day, as the case may be, in
                                         respect of the Trust Unallocated Account, such obligation shall be due to be performed
                                         on the next succeeding New York Business Day or London Business Day, as the case may
                                         be, in respect of the Trust Unallocated Account.

 

		14.5	Assignment:
                                         This Agreement is for the benefit of and binding upon both the Custodian and the
                                         Trustee and their respective successors and assigns. Save
                                         as expressly provided in clause 11.3 and this clause 14.5, no party may
                                         assign, transfer or encumber, or purport to assign, transfer or encumber, any right or
                                         obligation under this Agreement unless the other party otherwise consents in writing,
                                         except that consent is not required where the Custodian assigns, transfers or encumbers
                                         any right or obligation under this Agreement to an Affiliate. This clause shall not restrict
                                         the Custodian’s power to merge or consolidate with any party, or to dispose of
                                         all or part of its custody business, and further provided that this clause shall not
                                         restrict the Trustee from assigning its rights hereunder to a Shareholder to the extent
                                         required for the Trust to fulfill its obligations under the Trust Agreement.

 

		14.6	Amendments:
                                         Any amendment to this Agreement must be agreed in writing and be signed by the Trustee
                                         and the Custodian. Unless otherwise agreed, an amendment will not affect any legal rights
                                         or obligations which may already have arisen.

 

		14.7	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.

 

    	20 

     

    

 

		14.8	Liability:
                                         Nothing in this Agreement shall exclude or limit any liability which cannot lawfully
                                         be excluded or limited (e.g. liability for personal injury or death caused by negligence).

 

		14.9	Entire
                                         Agreement: This Agreement and the Allocated Gold Account
                                         Agreement represent the entire agreement between the parties in respect of their subject
                                         matter. This Agreement and the Allocated Gold Account Agreement supersede and replace
                                         any prior existing agreement between the parties hereto relating to the same subject
                                         matter.

 

		14.10	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.	GOVERNING
LAW AND JURISDICTION

 

		15.1	Governing
                                         Law: This Agreement is governed by, and will be construed in accordance with, English
                                         law.

 

		15.2	Jurisdiction:
                                         The Trustee and the Custodian agree that 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 which may
                                         arise out of or in connection with this Agreement and, for these purposes the Trustee
                                         and the Custodian irrevocably submits to the non-exclusive jurisdiction of such courts,
                                         waive any claim of forum non conveniens and any objection to laying of venue, and further
                                         waive any personal service.

 

		15.3	Waiver
                                         of Immunity: To the extent that the Trustee may in any jurisdiction claim as Trustee,
                                         the Trust or its assets any immunity from suit, judgment, enforcement or otherwise howsoever,
                                         the Trustee agrees not to claim, and irrevocably waives, any such immunity to which it
                                         would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full
                                         extent permitted by the laws of such jurisdiction.

 

		15.4	Third
                                         Party Rights: Except with respect to the Trust, which shall be considered a beneficiary
                                         of this entire Agreement, and the Sponsor, which shall be considered a beneficiary (as
                                         applicable) of clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3, 11.3, 13.3 and 15.4,
                                         the Custodian does not owe any duty or obligation or have any liability towards any person
                                         who is not a party to this Agreement. Except as set forth in this clause 15.4,
                                         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 and do intend that the Contracts (Rights of Third
                                         Parties) 1999 Act shall not apply to this Agreement, provided that the Sponsor may enforce
                                         its rights under clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3, 11.3, 13.3 and 15.4.
                                         Nothing in this paragraph is intended to limit the obligations hereunder of any successor
                                         Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce
                                         the Custodian’s obligations hereunder.

 

    	21 

     

    

 

		15.5	Service
                                         of Process: Process by which any proceedings are begun may be served on a party by
                                         being delivered to the party’s address specified below. This does not affect any
                                         right to serve process in another manner permitted by law.

 

Custodian’s
Address for service of process:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
The Head of Legal

 

Trustee’s
Address for service of process:

 

The
Bank of New York Mellon

225
Liberty Street

New
York, New York 10286

Attention:
Legal Department – Asset Servicing

 

[Signature
Page Follows]

 

    	22 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set out on the cover page of this Agreement.

 

Signed
on behalf of

ICBC
STANDARD BANK PLC

 

By
its authorized signatories

	 	 	 	 	 
	Signature	 	 	Signature	 
	Name	 	 	Name	 
	Title	 	 	Title	 
	Date	 	 	Date	 

 

Signed
on behalf of

THE
BANK OF NEW YORK MELLON,

solely
in its capacity as trustee of the GraniteShares Gold Trust and not individually

 

By
its authorized signatory

	 	 	 	 	 
	Signature	 	 	 	 
	Name	 	 	 	 
	Title	 	 	 	 
	Date	 	 	 	 

 

[Signature
Page to Unallocated Gold Account Agreement]

 

    	23

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