Summary
This Form 8-K filing for the iShares® COMEX® Gold Trust (IAU) on August 9, 2010, primarily announces an amendment to its Custodian Agreement with JPMorgan Chase Bank, N.A., London Branch. The key change mandates that the Trust's account at JPMorgan will hold no more than 110 ounces of gold on an unallocated basis at the close of each business day. This amendment, effective August 4, 2010, aims to enhance the management and security of the Trust's gold holdings by limiting the amount held unallocated. Additionally, a similar assurance has been obtained from The Bank of Nova Scotia, another custodian for the Trust, regarding its account holdings. These adjustments are part of the ongoing operational management of the Trust to ensure efficient and secure custody of physical gold. Investors in IAU should note these operational updates as they pertain to the underlying asset management, which can indirectly influence the Trust's ability to accurately reflect the price of gold.
Key Highlights
- 1Amendment to Custodian Agreement with JPMorgan Chase Bank, N.A., London Branch finalized on August 4, 2010.
- 2The amendment limits the amount of gold held in the Trust's account at JPMorgan on an unallocated basis to a maximum of 110 ounces per business day.
- 3A similar arrangement has been made with The Bank of Nova Scotia, another custodian, regarding its account holdings.
- 4These changes are effective as of the close of business on August 4, 2010.
- 5The filing details operational adjustments to the custody of the Trust's physical gold holdings.
- 6Exhibit 10.1, the Amendment to the Custodian Agreement with JPMorgan, is filed with the report.