• IShares Gold Trust average gross margin for 2012 was 31.32%, a 4.19% decline from 2011.
• IShares Gold Trust average gross margin for 2011 was 32.69%, a 8.59% decline from 2010.
• IShares Gold Trust average gross margin for 2010 was 35.76%, a 7.29% decline from 2009.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.