gold.asx etf

I see that GOLD.ASX is trading at $137.14 a unit.
On my understanding each unit equals one tenth of an ounce of gold.

Please correct me if I am wrong.

Multiply $137.14 by 10 and we get AUD$1371.40 for an ounce of gold. But that is a significant discount to physical gold which at present is AUD$1410.

So why is this GOLD.ASX ETF's gold being sold on the cheap?

Can anyone enlighten me? Also, has this ETF had the physical gold holdings it claims independently audited? Also isn't this ETF managed by paper gold shorts?

I know markets aren't always accurate.

For example Brent crude, which isn't as pure as Nymex Light Sweet Crude, for some mysterious reason which the mainstream media financial analysts don't tell us, is now trading at about a $10 premium to the better quality Nymex Light Sweet Crude. Odd, isn't it?

Please enlighten me, as I'm trying to work out why this GOLD.ASX gold isn't worth as much as some other gold.