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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to data released by World Gold Council (WGC),<strong> </strong>India has entered league of world’s top-10 gold holding central banks. RBI achieved this feat after purchased 52.3 tonnes gold in FY19 to augment its foreign exchange reserves.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">RBI currently holds 612.6 tonnes of gold as part of its foreign exchange (forex) reserves and was ranked 10th largest gold holding central bank. It accounted to 6.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of its overall forex reserves. Till May 2019, RBI was ranked 11th, but in March it added 3.7 tonnes of gold to its forex reserves and dislodged Netherlands from 10th spot.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Official Gold Holdings (As of June 2019*)</span></span></strong></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Rank</span></span></strong></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Country/Region</span></span></strong></span></span></p>
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<td style="border-color:black; vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Reserves (Tonnes)</span></span></strong></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1</span></span></span></span></p>
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<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">United States</span></span></span></span></p>
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<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8133</span></span></span></span></p>
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<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2</span></span></span></span></p>
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<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Germany</span></span></span></span></p>
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<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3368</span></span></span></span></p>
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<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3</span></span></span></span></p>
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<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">IMF</span></span></span></span></p>
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<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2814</span></span></span></span></p>
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<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">4</span></span></span></span></p>
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<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Italy</span></span></span></span></p>
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<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2452</span></span></span></span></p>
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<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">5</span></span></span></span></p>
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<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">France </span></span></span></span></p>
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<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2436</span></span></span></span></p>
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<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">6</span></span></span></span></p>
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<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Russia</span></span></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2183</span></span></span></span></p>
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<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">7</span></span></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1900</span></span></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Switzerland</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1050</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">9</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Japan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">765</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">10</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">613</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">11</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Netherlands</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">612</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">12</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">ECB</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">505</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">13</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Taiwan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">424</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">14</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Portugal</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">383</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">15</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Kazakhstan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">367</span></span></span></span></p>
</td>
</tr>
</tbody>
</table>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Gold Council (WGC) derives data on gold reserves from International Financial Statistics under International Monetary Fund (IMF). It is binding on all signatory central banks to provide monthly updates to IMF on their gold purchases forming part of their foreign exchange reserves.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About World Gold Council (WGC)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is association whose members comprise world’s leading gold mining companies.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Functions:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></span></li>
</ul>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to data released by World Gold Council (WGC),<strong> </strong>India has entered league of world’s top-10 gold holding central banks. RBI achieved this feat after purchased 52.3 tonnes gold in FY19 to augment its foreign exchange reserves.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">RBI currently holds 612.6 tonnes of gold as part of its foreign exchange (forex) reserves and was ranked 10th largest gold holding central bank. It accounted to 6.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of its overall forex reserves. Till May 2019, RBI was ranked 11th, but in March it added 3.7 tonnes of gold to its forex reserves and dislodged Netherlands from 10th spot.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Official Gold Holdings (As of June 2019*)</span></span></strong></span></span></p>
<table align="center" border="1" cellspacing="0" class="MsoTableGrid" style="border-collapse:collapse; border:solid black 1.0pt">
<tbody>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Rank</span></span></strong></span></span></p>
</td>
<td style="border-color:black; vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Country/Region</span></span></strong></span></span></p>
</td>
<td style="border-color:black; vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Reserves (Tonnes)</span></span></strong></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">United States</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8133</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Germany</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3368</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">IMF</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2814</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">4</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Italy</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2452</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">5</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">France </span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2436</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">6</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Russia</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2183</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">7</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">China </span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1900</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Switzerland</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1050</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">9</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Japan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">765</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">10</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">613</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">11</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Netherlands</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">612</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">12</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">ECB</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">505</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">13</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Taiwan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">424</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">14</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Portugal</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">383</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">15</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Kazakhstan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">367</span></span></span></span></p>
</td>
</tr>
</tbody>
</table>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Gold Council (WGC) derives data on gold reserves from International Financial Statistics under International Monetary Fund (IMF). It is binding on all signatory central banks to provide monthly updates to IMF on their gold purchases forming part of their foreign exchange reserves.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About World Gold Council (WGC)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is association whose members comprise world’s leading gold mining companies.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Functions:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></span></li>
</ul>
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