Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2012

Activity in Gold Bullion, USD$ and Ounces in Thousands

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


	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		5,819.2		$	7,228,945		$	9,302,094		$	—
Gold contributed		775.9			1,303,832			1,303,832			—
Gold distributed		(127.1	)		(158,787	)		(202,641	)		43,854
Gold sold		(3.6	)		(4,547	)		(5,909	)		1,362
Adjustment for realized gain		—			—			45,216			—
Adjustment for unrealized gain on gold bullion		—			—			1,038,210			—

Ending balance		6,464.4		$	8,369,443		$	11,480,802		$	45,216

The following table summarizes activity in gold bullion for the nine months ended September 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		1,374.2			2,302,662			2,302,662			—
Gold distributed		(397.9	)		(492,112	)		(633,180	)		141,068
Gold sold		(10.7	)		(13,209	)		(17,733	)		4,524
Adjustment for realized gain		—			—			145,592			—
Adjustment for unrealized gain on gold bullion		—			—			1,264,722			—

Ending balance		6,464.4		$	8,369,443		$	11,480,802		$	145,592

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						Nine Months Ended
	September 30, 2012						September 30, 2012
	Shares			Amount			Shares			Amount
Beginning balance		597,450		$	9,300,207			563,850		$	8,416,801
Shares issued		79,700			1,303,832			141,100			2,302,662
Shares redeemed		(13,050	)		(202,641	)		(40,850	)		(633,180	)
Redemption value adjustment		—			1,077,175			—			1,392,290

Ending balance		664,100		$	11,478,573			664,100		$	11,478,573

- 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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