Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Activity In Gold Bullion, USD$ And Ounces In Thousands

The following table summarizes activity in gold bullion for the three months ended June 30, 2012 (all balances in 000’s):


	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		5,813.1		$	7,137,395		$	9,664,400		$	—
Gold contributed		230.8			368,304			368,304			—
Gold distributed		(221.1	)		(272,307	)		(348,173	)		75,866
Gold sold		(3.6	)		(4,447	)		(5,973	)		1,526
Adjustment for realized gain		—			—			77,392			—
Adjustment for unrealized loss on gold bullion		—			—			(453,856	)		—

Ending balance		5,819.2		$	7,228,945		$	9,302,094		$	77,392

The following table summarizes activity in gold bullion for the six months ended June 30, 2012 (all balances in 000’s):


	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		5,498.8		$	6,572,102		$	8,418,739		$	—
Gold contributed		598.3			998,830			998,830			—
Gold distributed		(270.8	)		(333,325	)		(430,539	)		97,214
Gold sold		(7.1	)		(8,662	)		(11,824	)		3,162
Adjustment for realized gain		—			—			100,376			—
Adjustment for unrealized gain on gold bullion		—			—			226,512			—

Ending balance		5,819.2		$	7,228,945		$	9,302,094		$	100,376

Activity In Redeemable Capital Shares, USD$ And Shares In Thousands

Activity in redeemable capital Shares was as follows (all balances in 000’s):


	Three Months Ended						Six Months Ended
	June 30, 2012						June 30, 2012
	Shares			Amount			Shares			Amount
Beginning balance		596,450		$	9,662,321			563,850		$	8,416,801
Shares issued		23,700			368,304			61,400			998,830
Shares redeemed		(22,700	)		(348,173	)		(27,800	)		(430,539	)
Redemption value adjustment		—			(382,245	)		—			315,115

Ending balance		597,450		$	9,300,207			597,450		$	9,300,207

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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