If the proceeds were only $1.20, enter the cost basis as $1.  This approach will not have any effect on your taxes or create an error with the IRS (the net gain/loss will be "0").

This was probably the "sale" of a very small fractional share -  the result of a reinvested stock dividend - that was automatically processed by the brokerage firm's computers to simplify their record keeping.

See https://www.spdrgoldshares.com/media/GLD/file/SPDR-Gold-Trust-Tax-Information-2020.pdf for the calculation and note that GLD is considered a collectible which is taxed at a long-term capital gains tax rate of 28% (if you held the fund for more than one year).

Also note that the reason you have proceeds when you did not sell, is that the fund sells a small percentage of gold to cover fund expenses (and those expenses are currently not deductible since they are considered miscellaneous itemized expenses).

Frankly, given the low figure of proceeds ($1.20), you are probably just better off entering a zero basis, if you are going to enter the transaction at all. 

Looking more on the 1099, I see that the $1.20 was not reported by the IRS.

Undetermined B or E (basis not reported to the IRS) 1.20

next year you will have twelve of those transactions to report, if you hold the product.

This transaction is your investment fee.

Please look at (especially step 5)

https://ttlc.intuit.com/community/retirement/discussion/what-is-the-proper-way-to-adjust-the-cost-ba...