SPDR GOLD TRUST - Quarter Report: 2007 June (Form 10-Q)

streetTRACKS^® GOLD TRUST
    

Notes to the Unaudited Condensed Financial Statements

4    Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees   (continued)

Trustee will charge the Trust for its expenses and disbursements incurred in connection with the Trust (including the expenses of the Custodian paid by the Trustee), exclusive of fees of agents for services to be performed by the Trustee, and for any extraordinary services performed by the Trustee for the Trust.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Fees are paid to the Custodian under the Allocated Bullion Account Agreement as compensation for its custody services. Under the Allocated Bullion Account Agreement, the Custodian is entitled to a fee that is accrued daily at an annual rate equal to 0.10% of the average daily aggregate value of the gold held in the Trust’s allocated gold account (Trust Allocated Account) and the Trust’s unallocated gold account (Trust Unallocated Account), payable monthly in arrears. Effective April 1, 2006, the Custodian’s fee is computed at an annual rate equal to 0.10% of the average daily aggregate value of the first 4.5 million ounces of gold held in the Trust Allocated Account and the Trust Unallocated Account and 0.06% of the average daily aggregate value of all gold held in the Trust Allocated Account and the Trust Unallocated Account in excess of 4.5 million ounces. The Custodian does not receive a fee under the Unallocated Bullion Account Agreement.

The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Fees are paid to the marketing agent for the Trust, State Street Global Markets, LLC (the ‘‘Marketing Agent’’) by the Trustee from the assets of the Trust as compensation for services performed pursuant to the agreement between the Sponsor and the Marketing Agent (the ‘‘Marketing Agent Agreement’’). The Marketing Agent’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the ANAV of the Trust, subject to reduction as described below.

The Marketing Agent and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

For seven years from the date of the Trust Indenture or until the earlier termination of the Marketing Agent Agreement, if at the end of any month during this period the estimated ordinary expenses of the Trust exceed an amount equal to 0.40% per year of the daily ANAV of the Trust for such month, the fees payable to the Sponsor and the Marketing Agent from the assets of the Trust for such month will be reduced by the amount of such excess in equal shares up to the amount of their fees. Investors should be aware that if the gross value of the Trust’s assets is less than approximately $388 million, the ordinary expenses of the Trust will be accrued at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely reduced their combined fees of 0.30% per year of the daily ANAV of the Trust. This amount is based on the estimated ordinary expenses of the Trust described in ‘‘Business of the Trust—Trust Expenses’’ in the 10-K for the fiscal year ended September 30, 2006 and may be higher if the Trust’s actual ordinary expenses exceed those estimates. Additionally, if the Trust incurs unforeseen expenses that cause the total ordinary expenses of the Trust to exceed 0.70% per year of the daily ANAV of the Trust, the ordinary expenses will accrue at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely reduced their combined fees of 0.30% per year of the daily ANAV of the Trust.

Upon the end of the seven year period or the earlier termination of the Marketing Agent Agreement, the fee reduction will expire and the estimated ordinary expenses of the Trust which are payable from

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streetTRACKS^® GOLD TRUST
    

Notes to the Unaudited Condensed Financial Statements

4    Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees   (continued)

the assets of the Trust each month may be more than they would have been during the period when the fee reduction is in effect, thus reducing the Net Asset Value (‘‘NAV’’) of the Trust more rapidly than if the fee reduction was in effect and adversely affecting the value of the Shares.

For the nine months ended June 30, 2007 the fees payable to the Sponsor and the Marketing Agent from the assets of the Trust were reduced by $334,226. For the year ended September 30, 2006, the comparable reduction in fees was $762,125.

Amounts Payable to Related parties and other accounts payable

(Amounts in 000’s of US$)			Jun-30, 2007						Sep-30, 2006
Payable to Custodian				$	(596	)				$	(466	)
Payable to Trustee					(163	)					(123	)
Payable to Sponsor					(1,207	)					(875	)
Payable to Marketing Agent					(1,207	)					(875	)
Accounts Payable to related parties				$	(3,173	)				$	(2,339	)

5    Concentration of Risk

In accordance with Statement of Position No. 94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business activity is the investment in gold.  Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as South Africa, the United States and Australia; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations.  In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.  In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.  Each of these events could have a material affect on the Trust’s financial position and results of operations.

6    Indemnification

The Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries are indemnified from the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of its duties under the Trust Indenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust Indenture. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification from the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor will also be indemnified from the Trust and held harmless against any loss, liability or expense arising under the Distribution Agreement with the Purchaser, the Marketing Agent Agreement or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust.

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streetTRACKS^® GOLD TRUST
    

Notes to the Unaudited Condensed Financial Statements

6    Indemnification   (continued)

The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor.

7    Recent Accounting Pronouncements

In June 2006, the Financial Accounting Standards Board (‘‘FASB’’) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes. The interpretation clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements in accordance with Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. Specifically, the pronouncement prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on the related derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition of uncertain tax positions. The interpretation is effective for fiscal years beginning after December 15, 2006. Accordingly, the interpretation will be effective for the Trust’s fiscal year ending September 30, 2008 and will be adopted as of October 1, 2007. The Sponsor is currently evaluating the effect of the interpretation, but does not believe that it will have a significant effect on the financial position or results of operations of the Trust.

In September 2006, Statement of Financial Accounting Standards (‘‘SFAS’’) No. 157, Fair Value Measurements, was issued and is effective for fiscal years beginning after November 15, 2007, SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. Accordingly, the SFAS 157 will be effective for the Trust’s fiscal year ending September 30, 2009 and will be adopted as of October 1, 2008. At this time, the impact to the Trust’s financial statements has not been determined.

In February 2007, SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities, was issued, which allows companies to elect to measure certain financial assets and liabilities at fair value. The fair value election can be made on an instrument by instrument basis but is irrevocable once made. SFAS 159 is effective for fiscal years beginning after November 15, 2007, with earlier application permitted. At this time, the impact to the Trust’s financial statements has not been determined.

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

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report. The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to future events and financial results. Words such as ‘‘anticipate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘plan,’’ ‘‘believe,’’ ‘‘seek,’’ ‘‘outlook’’ and ‘‘estimate’’ as well as similar words and phrases signify forward-looking statements. streetTRACKS^® Gold Trust’s forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements.

Trust Overview

streetTRACKS^® Gold Trust is an investment trust that was formed on November 12, 2004 (Date of Inception). The Trust issues baskets of shares, or Baskets, in exchange for deposits of gold and distributes gold in connection with the redemption of Baskets. The investment objective of the Trust is for the shares to reflect the performance of the price of gold bullion, less the expenses of the Trust’s operations. The shares are designed to provide investors with a cost effective and convenient way to invest in gold.

Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the movement in the price of the Shares against the corresponding gold price (per 1/10 of an oz. of gold):

Valuation of Gold, Definition of Net Asset Value (‘‘NAV’’) and Adjusted Net Asset Value (‘‘ANAV’’)

As of the London PM Fix on each day that the NYSE is open for regular trading or, if there is no London PM Fix on such day or the London PM Fix has not been announced by 12:00 PM New York time on such day, as of 12:00 PM New York time on such day (the ‘‘Evaluation Time’’), the Bank of New York, the Trustee, evaluates the gold held by the Trust and determines both the ANAV and the NAV of the Trust.

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At the Evaluation Time, the Trustee values the Trust’s gold on the basis of that day’s London PM Fix or, if no London PM Fix is made on such day or has not been announced by the Evaluation Time, the next most recent London gold price fix (AM or PM) determined prior to the Evaluation Time will be used, unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation. In the event the Trustee and the Sponsor determine that the London PM Fix or last prior London ‘‘fix’’ is not an appropriate basis for evaluation of the Trust’s gold, they will identify an alternative basis for such evaluation to be employed by the Trustee.

Once the value of the gold has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees to be computed by reference to the value of the ANAV of the Trust or custody fees computed by reference to the value of gold held in the Trust), expenses and other liabilities of the Trust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the fees of the Trustee, the Sponsor and the Marketing Agent.

To determine the Trust’s NAV, the Trustee subtracts from the ANAV of the Trust the amount of estimated accrued but unpaid fees computed by reference to the value of the ANAV of the Trust and computed by reference to the value of the gold held in the Trust (i.e., the fees of the Trustee, the Sponsor, the Marketing Agent and the Custodian). The Trustee determines the NAV per Share by dividing the NAV of the Trust by the number of shares outstanding as of the close of trading on the NYSE.

Gold acquired, or disposed of, by the Trust is recorded at average cost. The table below summarizes the impact of unrealized gains or losses on the Trust’s gold holdings at June 30, 2007 and September 30, 2006:

(Amounts in 000’s of US$)			Jun-30, 2007						Sep-30, 2006
Investment in gold - average cost				$	8,136,322					$	6,200,226
Unrealized gain on investment in gold					1,575,653						1,243,956
Gold receivable					(19,314	)					—
Investment in gold - market value				$	9,692,661					$	7,444,182

Critical Accounting Policy

Valuation of Gold

Gold is held by the Custodian on behalf of the Trust and is valued, for financial statement purposes, at the lower of cost or market.  The cost of gold is determined according to the average cost method and the market value is based on the London Fix used to determine the Net Asset Value of the Trust.  Realized gains and losses on sales of gold, or gold distributed for the redemption of shares, are calculated on a trade date basis using average cost.

Review of Financial Results

Financial Highlights

(All amounts in the following table and four paragraphs, except per share, are in 000’s of US$)			Three Months Ended Jun-30, 2007						Three Months Ended Jun-30, 2006						Nine Months Ended Jun-30, 2007						Nine Months Ended Jun-30, 2006
Total Gain on gold				$	242,923					$	111,721					$	337,271					$	120,851
Net Gain				$	232,621					$	104,610					$	309,039					$	104,532
Gain per share				$	1.49					$	0.91					$	2.09					$	1.08
Net cash flows from operating activities				$	0					$	0					$	0					$	0

The Trust’s total gain on gold for the three months ending June 30, 2007 of $242,923 is made up of a gain of $2,094 on the sale of gold to pay expenses plus a gain of $240,829 on gold distributed on the redemption of shares.

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The Trust’s total gain on gold for the three months ending June 30, 2006 of $111,721 is made up of a gain of $1,613 on the sale of gold to pay expenses plus a gain of $110,108 on gold distributed on the redemption of shares.

The Trust’s total gain on gold for the nine months ending June 30, 2007 of $337,271 is made up of a gain of $5,095 on the sale of gold to pay expenses plus a gain of $332,176 on gold distributed on the redemption of shares.

The Trust’s total gain for the nine months ending June 30, 2006 of $120,851 is made up of a gain of $2,679 on the sale of gold to pay expenses plus a gain of $118,172 on gold distributed on the redemption of shares.

Selected Supplemental Data - For the nine months ended June 30, 2007 and for the year ended September 30, 2006.

(All amounts, except per ounce and per share, are in 000’s)			Nine months Ended Jun-30, 2007						Year Ended Sep-30, 2006
Ounces of Gold:
Opening Balance					12,422.5						6,669.3
Creations (excluding gold receivable at June 30, 2007 – 29.7 ounces and at September 30, 2006 – nil)					5,293.6						6,805.2
Redemptions					(2,773.2	)					(1,013.6	)
Sales of gold					(42.6	)					(38.4	)
Closing Balance					14,900.3						12,422.5
Period end Gold price per ounce - London Fix(1)				$	650.50					$	599.25
Market value of gold holdings including gold receivable				$	9,711,975					$	7,444,182
Number of Shares:
Opening Balance					125,100						66,900
Creations					53,700						68,400
Redemptions					(28,000	)					(10,200	)
Closing Balance					150,800						125,100
Net Asset Value per share:
Creations				$	64.17					$	55.56
Redemptions					(64.99	)					(63.48	)
Net Gain/(Loss) for the period					2.09						1.30
At Period End				$	64.38					$	59.48
Shares at redemption value to investors at Period End				$	9,708,477					$	7,441,489
Change in Net Asset Value through period end					30.5	%					135.9	%
% Difference between Net Asset Value per share and market value of ounces represented by each share					(0.036	)%					(0.036	)%

(1)	There was no London PM Fix on June 30, 2007. In accordance with the Trust Indenture the London PM Fix on June 29, 2007 was used.

Results of Operations

In the three months ended June 30, 2007, 13,800,000 shares (138 Baskets) were created in exchange for 1,366,533 ounces of gold including gold receivable (29,692 ounces of gold), 20,000,000 shares (200 Baskets) were redeemed in exchange for 1,980,213 ounces of gold and 15,198 ounces of gold were sold to pay expenses.

In the nine months ended June 30, 2007, 53,700,000 shares (537 Baskets) were created in exchange for 5,323,302 ounces of gold including gold receivable (29,692 ounces of gold), 28,000,000 shares (280 Baskets) were redeemed in exchange for 2,773,147 ounces of gold and 42,636 ounces of gold were sold to pay expenses.

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As at June 30, 2007 the amount of gold owned by the Trust including gold receivable was 14,930,016 ounces with a market value of $9,711,975,284 (cost − $8,136,322,933) based on the London PM Fix on June 29, 2007 (in accordance with the Trust Indenture).

In the year ended September 30, 2006 68,400,000 shares (684 Baskets) were created in exchange for 6,805,286 ounces of gold, 10,200,000 shares (102 Baskets) were redeemed in exchange for 1,013,631 ounces of gold and 38,409 ounces of gold were sold to pay expenses.

As at September 30, 2006 the amount of gold owned by the Trust was 12,422,497 ounces (there was no gold receivable) with a market value of $7,444,181,626 (cost – $6,200,226,450).

Cash flow from operations

The Trust had no cash flow from operations in the three and nine months ended June 30, 2007, and 2006. Cash received in respect of gold sold to pay expenses in the three and nine months ended June 30, 2007 and 2006 was the same as those expenses, resulting in zero cash balances at June 30, 2007 and at June 30, 2006.

Cash Resources and Liquidity

At June 30, 2007 the Trust did not have any cash balances. When selling gold to pay expenses, the Trustee endeavors to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. As a consequence, we expect that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period.

Analysis of Movements in the Price of Gold

As movements in the price of gold are expected to directly affect the price of the Trust’s shares, investors should understand what the recent movements in the price of gold have been. Investors, however, should also be aware that past movements in the gold price are not indicators of future movements. This section identifies recent trends in the movements of the gold price and discusses some of the important events that have influenced these movements.

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The following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in US dollars per ounce over the period from April 1, 2002 to June 30, 2007, and is based on the London PM Fix.

The average, high, low and end-of-period gold prices for the period from the inception of the Trust on November 12, 2004, through March 31, 2007, based on the London PM Fix, were:

Period			Average			High			Date			Low			Date			End of period			Last business    day(1)
November 12, 2004 to December 31, 2004			$443.59			$454.20			Dec 2, 2004			$434.00			Dec 10, 2004			$438.00			31 Dec 2004(2)
Three months to March 31, 2005			$427.35			$443.70			Mar 11, 2005			$411.10			Feb 8, 2005			$427.50			31 Mar 2005
Three months to June 30, 2005			$427.39			$440.55			Jun 24, 2005			$414.45			May 31, 2005			$437.10			30 Jun 2005
Three months to September 30, 2005			$439.72			$473.25			Sep 30, 2005			$418.35			Jul 15, 2005			$473.25			30 Sep 2005
Three months to December 31, 2005			$484.20			$536.50			Dec 12, 2005			$456.50			Nov 7, 2005			$513.00			30 Dec 2005(2)
Three months to March 31, 2006			$554.07			$584.00			Mar 30, 2006			$524.75			Jan 5, 2006			$582.00			31 Mar 2006
Three months to June 30, 2006			$627.71			$725.00			May 12, 2006			$567.00			Jun 20, 2006			$613.50			30 Jun 2006
Three months to September 30, 2006			$621.67			$663.25			Jul 14, 2006			$573.60			Sep 15, 2006			$599.25			29 Sep 2006
Three months to December 31, 2006			$613.21			$648.75			Dec 1, 2006			$560.75			Oct 6, 2006			$635.70			29 Dec 2006(2)
Three months to March 31, 2007			$649.82			$685.75			Feb 26, 2007			$608.40			Jan 10, 2007			$661.75			30 Mar 2007
Three months to June 30, 2007			$666.84			$691.40			Apr 20, 2007			$642.10			Jun 27, 2007			$650.50			29 Jun 2007
November 12, 2004 to June 30, 2005			$430.82			$454.20			Dec 02, 2004			$411.10			Feb 8, 2005			$437.10			30 Jun 2005
Twelve months ended June 30, 2006			$525.24			$725.00			May 12, 2006			$418.35			Jul 15, 2005			$613.50			30 June 2006
Twelve months ended June 30, 2007			$637.75			$691.40			Apr 20, 2007			$560.75			Oct 6, 2006			$650.50			29 June 2007
November 12, 2004 to June 30, 2007			$545.50			$725.00			May 12, 2006			$411.10			Feb 8, 2005			$650.50			29 Jun 2007

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(1)	The end of period gold price is the London PM Fix on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust.

(2)

There was no London PM Fix on the last business day of December 2004, 2005 and 2006. The London AM Fix on the last business day was $438.00, $513.00 and $635.70, respectively. The Net Asset Value of the Trust on December 31, 2004, 2005 and 2006 was calculated using the London AM Fix, in accordance with the Trust Indenture.

The upward price trend that has been in place since 2001 has continued for much of the period since the inception of the Trust on November 12, 2004. In 2006, after reaching a peak of $725 at the London PM Fix on May 12, gold corrected down to a low for the second quarter of $567 at the PM Fix on June 20. The reason most often cited for the correction was a concern among investors that monetary authorities, especially in the U.S., would move to counter the threat of rising inflation by aggressively raising interest rates. The price subsequently recovered to $635.70 by the end of 2006. With no change in interest rates from the Federal Reserve Board since late June 2006, the recovery in the gold price has continued, with an average price of $666.84 for the three months to June 30, 2007.

Cautionary Statement Regarding Forward-Looking Information and Risk Factors

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are predictions and actual events or results may differ materially from those expressed in our forward-looking statements. Risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements. These uncertainties and other factors include, but are not limited to, the following:

The value of the shares relates directly to the value of the gold held by the Trust and fluctuations in the price of gold could materially adversely affect an investment in the shares.

The Shares are designed to mirror as closely as possible the price of gold bullion, and the value of the Shares relates directly to the value of the gold held by the Trust, less the Trust’s liabilities (including estimated accrued but unpaid expenses). The price of gold has fluctuated widely over the past several years. Several factors may affect the price of gold, including:

•	Global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as South Africa, the United States and Australia;

•	Investors’ expectations with respect to the rate of inflation;

•	Currency exchange rates;

•	Interest rates;

•	Investment and trading activities of hedge funds and commodity funds; and

•	Global or regional political, economic or financial events and situations.

In addition, investors should be aware that there is no assurance that gold will maintain its long term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

The sale of gold by the Trust to pay expenses reduces the amount of gold represented by each share on an ongoing basis irrespective of whether the trading price of the shares rises or falls in response to changes in the price of gold.

Each outstanding Share represents a proportional interest in the gold held by the Trust. As the Trust does not generate any income and as the Trust regularly sells gold over time to pay for its ongoing expenses, the amount of gold represented by each Share has gradually declined over time. This is true

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even if additional Shares are issued in exchange for additional deposits of gold into the Trust, as the amount of gold required to create Shares will proportionately reflect the amount of gold represented by the Shares outstanding at the time of creation. Assuming a constant gold price, the trading price of the Shares is expected to gradually decline relative to the price of gold as the amount of gold represented by the Shares gradually declines.

Investors should be aware that the gradual decline in the amount of gold represented by the Shares will occur regardless of whether the trading price of the Shares rises or falls in response to changes in the price of gold.

Readers are urged to review the Risk Factors section contained in the Trust’s annual report on Form 10-K for a description of other risks and uncertainties that may affect an investment in our shares.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4.    Controls and Procedures

Disclosure controls and procedures.    Under the supervision and with the participation of the Sponsor, World Gold Trust Services, LLC, including its chief executive officer and chief financial officer, we carried out an evaluation of the effectiveness of the design and operation of our company’s disclosure controls and procedures. Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Internal control over financial reporting.    There has been no change in our internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION:

Item 1.    Legal Proceedings

Not applicable.

Item 1A.    Risk Factors

There have been no material changes in our risk factors since we last reported under Part I, Item 1A, in our Annual Report on Form 10-K for the year ended September 30, 2006.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

As of the date of the formation of the Trust on November 12, 2004, the NAV of the Trust, which represents the value of the gold deposited into the Trust, was $13,081,500, and the NAV per Share was $43.60. Since formation and through June 30, 2007, 1,971 Baskets (197,100,000 Shares) have been created, including 23 Baskets (2,300,000 Shares) issued in connection with the initial public offering of our Shares on November 18, 2004 (Registration No. 333-105202). As of July 24, 2007, 161,500,000 Shares were outstanding and the estimated NAV per Share as determined by the Trustee for July 24, 2007 was $67.71.

Item 3.    Defaults Upon Senior Securities

None

Item 4.    Submission of Matters to a Vote of Security Holders

None

Item 5.    Other Information

None.

Item 6.    Exhibits and Reports on Form 8-K

(a)	Exhibits

	31.1	Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	31.2	Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	32.1	Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	32.2	Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)	Reports on Form 8-K filed during the quarter for which this report is filed:

None.

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SIGNATURES

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

WORLD GOLD TRUST SERVICES, LLC Sponsor of the Equity Gold Trust                    (Registrant)

/s/ James E. Burton                   James E. Burton Managing Director (principal executive officer)

/s/ James Lowe                           James Lowe Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer)

Date: July 27, 2007

*	The Registrant is a trust and the persons are signing in their capacities as officers of World Gold Trust Services, LLC, the Sponsor of the Registrant.

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