GOLD BULL.SECS 04/UND. ZO 

Gold Bullion Securities (GBS.L) represents a UCITS-compliant Exchange Traded Commodity (ETC), structured to offer investors a straightforward, cost-effective, and secure avenue for investing in physical gold. Its value is intended to mirror changes in the spot price of physical gold, net of its management fee. The ETC is underpinned by tangible, specifically allocated gold bullion, safely held by HSBC Bank plc as its custodian. Crucially, only gold bars conforming to the London Bullion Market Association's (LBMA) stringent 'Good Delivery' criteria are accepted. Each individual bar is segregated, uniquely identified, and fully allocated. To illustrate its mechanism, should the price of physical gold ascend by 1% within a day, the ETC's value would likewise increase by 1% (prior to fees). Conversely, a 1% drop in physical gold's spot price would result in a similar 1% decrease for the ETC, before any charges.