31, 2020 (Amounts in 000’s of US$, except for ounces data) Ounces of gold Opening balance 1,405,430.5 787,688.3 Creations 69,166.7 739,919.1 Redemptions ( 147,946.2 ) ( 120,236.3 ) Transfers of gold to pay expenses ( 2,300.8 ) ( 1,940.6 ) Closing balance 1,324,350.2 1,405,430.5 Investment in gold Opening balance $ 2,652,891 $ 1,193,151 Creations 128,307 1,298,953 Redemptions ( 258,605 ) ( 203,169 ) Realized gain on gold distributed for the redemption of Shares 32,491 30,873 Transfers of gold to pay expenses ( 4,155 ) ( 3,433 ) Realized gain on gold transferred to pay expenses 635 643 Change in unrealized (loss) / gain on investment in gold ( 159,986 ) 335,873 Closing balance $ 2,391,578 $ 2,652,891 F- 11 Aberdeen Standard Gold ETF Trust Notes to the Financial Statements 2.7. Expenses