10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2013

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                     to                     

Commission file number: 001-32418

iShares^® Gold Trust

(Exact name of registrant as specified in its charter)

New York	81-6124036
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

c/o iShares^® Delaware Trust Sponsor LLC

400 Howard Street

San Francisco, California 94105

Attn: Product Management Team

iShares^® Product Research & Development

(Address of principal executive offices)

(415) 670-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)		1
	Balance Sheets at March 31, 2013 and December 31, 2012		1
	Income Statements for the three months ended March 31, 2013 and 2012		2
	Statements of Changes in Shareholders’ Equity (Deficit) for the three months ended March 31, 2013 and the year ended December 31, 2012		3
	Statements of Cash Flows for the three months ended March 31, 2013 and 2012		4
	Notes to Financial Statements		5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		8
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		10
Item 4.	Controls and Procedures		10
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings		11
Item 1A.	Risk Factors		11
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		11
Item 3.	Defaults Upon Senior Securities		11
Item 4.	Mine Safety Disclosures		11
Item 5.	Other Information		11
Item 6.	Exhibits		12
SIGNATURES			13

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares^® Gold Trust

Balance Sheets (Unaudited)

At March 31, 2013 and December 31, 2012

(Dollar amounts in $000’s)	March 31, 2013			December 31, 2012
ASSETS
Current assets
Gold bullion inventory (fair value of $10,901,704 and $11,647,783, respectively)	$	9,131,393		$	9,315,055
Payable for capital Shares redeemed		(18,336	)		—
Receivable for capital Shares sold		77,727			—
TOTAL ASSETS	$	9,190,784		$	9,315,055
LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Sponsor’s fees payable	$	2,314		$	2,485
Total liabilities		2,314			2,485
Commitments and contingent liabilities (Note 5)		—			—
Redeemable capital Shares, no par value, unlimited amount authorized (at redemption value) – 701,600,000 issued and outstanding at March 31, 2013 and 719,550,000 issued and outstanding at December 31, 2012		10,899,390			11,645,298
Shareholders’ equity (deficit)		(1,710,920	)		(2,332,728	)
TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT)	$	9,190,784		$	9,315,055

See notes to financial statements.

1

iShares^® Gold Trust

Income Statements (Unaudited)

For the three months ended March 31, 2013 and 2012

	Three Months Ended March 31,
(Dollar amounts in $000’s, except for per Share amounts)	2013			2012
Revenue
Proceeds from sales of gold to pay expenses	$	7,189		$	5,851
Cost of gold sold to pay expenses		(5,819	)		(4,215	)
Gain on sales of gold to pay expenses		1,370			1,636
Gain on gold distributed for the redemption of Shares		150,642			21,348
Total gain on sales and distributions of gold		152,012			22,984
Expenses
Sponsor’s fees		(7,018	)		(5,992	)
Total expenses		(7,018	)		(5,992	)
NET INCOME	$	144,994		$	16,992
Net income per Share	$	0.20		$	0.03
Weighted-average Shares outstanding		717,346,111			587,501,648

See notes to financial statements.

2

iShares^® Gold Trust

Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited)

For the three months ended March 31, 2013

and the year ended December 31, 2012

(Dollar amounts in $000’s)	Three Months Ended March 31, 2013			Year Ended December 31, 2012
Shareholders’ equity (deficit) – beginning of period	$	(2,332,728	)	$	(1,846,637	)
Net income		144,994			136,332
Adjustment of redeemable capital Shares to redemption value		476,814			(622,423	)
Shareholders’ equity (deficit) – end of period	$	(1,710,920	)	$	(2,332,728	)

See notes to financial statements.

3

iShares^® Gold Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2013 and 2012

	Three Months Ended March 31,
(Dollar amounts in $000’s)	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Proceeds from sales of gold	$	7,189		$	5,851
Expenses – Sponsor’s fees paid		(7,189	)		(5,851	)
Net cash provided by operating activities		—			—
Increase (decrease) in cash		—			—
Cash, beginning of period		—			—
Cash, end of period	$	—		$	—
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Net income	$	144,994		$	16,992
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on gold distributed for the redemption of Shares		(150,642	)		(21,348	)
Cost of gold sold to pay expenses		5,819			4,215
Increase (decrease) in Sponsor’s fees payable		(171	)		141
Net cash provided by operating activities	$	—		$	—
Supplemental disclosure of non-cash information:
Carrying value of gold received for creation of Shares	$	672,521		$	630,526
Carrying value of gold distributed for redemption of Shares, at average cost	$	(790,973	)	$	(61,018	)

See notes to financial statements.

4

iShares^® Gold Trust

Notes to Financial Statements (Unaudited)

March 31, 2013

1 - Organization

The iShares^® Gold Trust (the “Trust”) was organized on January 21, 2005 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day to day administration of the Trust. The Trust’s sponsor is iShares^® Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or “Shares”) representing fractional undivided beneficial interests in its net assets.

The objective of the Trust is for the value of its Shares to reflect, at any given time, the price of gold owned by the Trust at that time, less the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in gold bullion.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the SEC on February 28, 2013.

The Trust is not an investment company registered under the Investment Company Act of 1940, as amended.

2 - Summary of Significant Accounting Policies

A. Basis of Accounting

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

B. Gold Bullion

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

For financial statement purposes, the gold bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the gold bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. At the end of the Trust’s fiscal year, management will make a determination on whether the reserve is recovered or whether the cost basis of gold should be written down. Gain or loss on sales of gold bullion is calculated on a trade date basis. Fair value of the gold bullion is based on the price of gold fixed in the afternoon of each working day (London time) by the London Gold Market Fixing Ltd. (“London PM Fix”). If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced price fixed by the London Gold Market Fixing Ltd. in the morning (London time) of the day the valuation takes place (such price, the “London AM Fix”).

5

The following table summarizes activity in gold bullion for the three months ended March 31, 2013 (all balances in 000’s):

	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		6,999.9		$	9,315,055		$	11,647,783		$	—
Gold contributed		415.6			672,521			672,521			—
Gold distributed		(590.1	)		(790,973	)		(941,615	)		150,642
Gold sold		(4.4	)		(5,819	)		(7,189	)		1,370
Adjustment for realized gain		—			—			152,012			—
Adjustment for unrealized loss on gold bullion		—			—			(621,808	)		—
Ending balance		6,821.0		$	9,190,784		$	10,901,704		$	152,012

The following table summarizes activity in gold bullion for the year ended December 31, 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		1,951.2			3,303,091			3,303,091			—
Gold distributed		(435.3	)		(541,586	)		(697,017	)		155,431
Gold sold		(14.8	)		(18,552	)		(24,815	)		6,263
Adjustment for realized gain		—			—			161,694			—
Adjustment for unrealized gain on gold bullion		—			—			486,091			—
Ending balance		6,999.9		$	9,315,055		$	11,647,783		$	161,694

C. Redeemable Capital Shares

Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced London AM Fix.

When gold is exchanged in settlement of a redemption, it is considered a sale of gold for financial statement purposes.

Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflects capital Shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust Shares are reflected at redemption value, which is the net asset value per Share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity.

Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the gold bullion held by the Trust.

6

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

	Three Months Ended March 31, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Beginning balance		719,550		$	11,645,298			563,850		$	8,416,801
Shares issued		42,750			672,521			200,400			3,303,091
Shares redeemed		(60,700	)		(941,615	)		(44,700	)		(697,017	)
Redemption value adjustment		—			(476,814	)		—			622,423
Ending balance		701,600		$	10,899,390			719,550		$	11,645,298

D. Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest and gains and losses are deemed “passed through” to the holders of Shares of the Trust.

3 - Trust Expenses

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.25% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.

4 - Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 - Indemnification

Under the Trust’s organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

6 - Concentration Risk

Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold. Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of gold include large sales by the official sector (governments, central banks, and related institutions), an increase in the hedging activities of gold producers, and changes in the attitude towards gold of speculators, investors and other market participants.

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. Neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Introduction

The iShares^® Gold Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares^® Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues units of beneficial interest (or “Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of gold bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of gold owned by the Trust less the Trust’s expenses and liabilities divided by the number of outstanding Shares. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of gold.

The Trust issues and redeems Shares only in exchange for gold, only in aggregations of 50,000 Shares or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers that have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”). A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on NYSE Arca, Inc. under the symbol “IAU.”

Valuation of Gold; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value of the Trust and the net asset value per Share. The Trustee values the gold held by the Trust using the price fixed by the London Gold Market Fixing Ltd. in the afternoon (London time) of the day the valuation takes place (such price, the “London PM Fix”). If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced price fixed by the London Gold Market Fixing Ltd. in the morning (London time) of the day the valuation takes place (such price, the “London AM Fix”). Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the gold and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of gold.

8

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below we describe the valuation of gold bullion, a critical accounting policy that we believe is important to understanding our results of operations and financial position. In addition, please refer to Note 2 to the financial statements for further discussion of the Trust’s accounting policies.

Valuation of Gold Bullion

Gold bullion held by the Trust is recorded at the lower of cost or market. For purposes of this calculation, market values are based on the London PM Fix. Should the market value of the gold bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. At the end of the Trust’s fiscal year, management will make a determination on whether the reserve is recovered or whether the cost basis of gold should be written down. As indicated above, the London PM Fix is also used to value gold bullion held for purposes of calculating the net asset value of the Trust, which in turn is used for the calculation of the redemption value of outstanding Trust Shares. If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced London AM Fix.

There are other indicators of the value of gold bullion that are available that could be different than that chosen by the Trust. The London PM Fix is used by the Trust because it is commonly used by the U.S. gold market as an indicator of the value of gold, and is permitted to be used under the Trust Agreement. The use of an indicator of the value of gold bullion other than the London PM Fix could result in materially different fair value pricing of the gold in the Trust, and as such, could result in different lower of cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares.

Results of Operations

The Quarter Ended March 31, 2013

The Trust’s net asset value fell from $11,645,298,468 at December 31, 2012 to $10,899,389,705 at March 31, 2013, a 6.41% decrease. The decrease in the Trust’s net asset value resulted primarily from a decline in the London PM Fix price, which fell 3.95% from $1,664.00 at December 31, 2012 to $1,598.25 at March 31, 2013. The Trust’s net asset value was also affected by a decrease in outstanding Shares, which fell from 719,550,000 Shares at December 31, 2012 to 701,600,000 Shares at March 31, 2013, a consequence of 42,750,000 Shares (855 Baskets) being created and 60,700,000 Shares (1,214 Baskets) being redeemed during the quarter.

The 3.96% decline in the Trust’s net asset value per Share from $16.18 at December 31, 2012 to $15.54 at March 31, 2013 is directly related to the 3.95% decrease in the London PM Fix price.

The Trust’s net asset value per Share decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $7,018,255 for the quarter, or 0.06% of the Trust’s average weighted assets of $11,376,876,764 during the quarter. The net asset value per Share of $16.47 on January 2, 2013 was the highest during the quarter, compared with a low during the quarter of $15.30 on March 6, 2013. The net asset value of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the gold owned by the Trust on that day; the net asset value per Share is obtained by dividing the net asset value of the Trust on a given day by the number of Shares outstanding on that day.

Net income for the quarter ended March 31, 2013 was $144,993,654, resulting from a net gain of $1,370,075 on the sales of gold to pay expenses and a net gain of $150,641,834 on gold distributed for the redemption of Shares, offset by Sponsor’s fees of $7,018,255. Other than the Sponsor’s fees, the Trust had no expenses during the quarter.

9

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust have been effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

There were no changes in the Trust’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

10

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on February  28, 2013.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) 60,700,000 Shares (1,214 Baskets) were redeemed during the quarter ended March 31, 2013.

Period	Total Number of Shares Redeemed		Average Ounces of Gold Per Share
01/01/13 to 01/31/13		1,500,000		0.0097
02/01/13 to 02/28/13		22,200,000		0.0097
03/01/13 to 03/31/13		37,000,000		0.0097
Total		60,700,000		0.0097

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit No.	Description
4.1	Third Amended and Restated Depositary Trust Agreement incorporated by reference to Exhibit 4.1 filed with Annual Report on Form 10-K on February 28, 2013
4.2	Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 filed with Amendment No. 1 to Annual Report on Form 10-K filed by the registrant on November 12, 2008
10.1	First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch, is incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on September 2, 2010
10.2	Sub-license Agreement is incorporated by reference to Exhibit 10.2 filed with Amendment No. 1 to Annual Report on Form 10-K filed by the registrant on November 12, 2008
10.3	First Amendment to First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch, is incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on February 14, 2012
10.4	Assignment, Delegation and Assumption Agreement between BlackRock Asset Management International Inc. and iShares® Delaware Trust Sponsor LLC is incorporated by reference to Exhibit 10.4 filed with Post-Effective Amendment No. 1 to Registration Statement No. 333-184325 on November 16, 2012
31.1	Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

iShares^® Delaware Trust Sponsor LLC

Sponsor of the iShares^® Gold Trust (registrant)

/s/ Patrick J. Dunne

Patrick J. Dunne

President and Chief Executive Officer

(Principal executive officer)

Date: May 9, 2013

/s/ Jack Gee

Jack Gee

Chief Financial Officer

(Principal financial and accounting officer)

Date: May 9, 2013

* The registrant is a trust and the persons are signing in their capacities as officers of iShares^® Delaware Trust Sponsor LLC, the Sponsor of the registrant.

13

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Patrick J. Dunne, certify that:

1. I have reviewed this report on Form 10-Q of the iShares^® Gold Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2013

/s/ Patrick J. Dunne

Patrick J. Dunne

President and Chief Executive Officer

(Principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Jack Gee, certify that:

1. I have reviewed this report on Form 10-Q of the iShares^® Gold Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2013

/s/ Jack Gee

Jack Gee

Chief Financial Officer

(Principal financial officer)

EX-32.1

Exhibit 32.1

Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares^® Gold Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patrick J. Dunne, Chief Executive Officer of iShares^® Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: May 9, 2013

/s/ Patrick J. Dunne

Patrick J. Dunne*

President and Chief Executive Officer

(Principal executive officer)

* The registrant is a trust and Mr. Dunne is signing in his capacity as an officer of iShares^® Delaware Trust Sponsor LLC, the Sponsor of the registrant.

EX-32.2

Exhibit 32.2

Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares^® Gold Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jack Gee, Chief Financial Officer of iShares^® Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: May 9, 2013

/s/ Jack Gee

Jack Gee*

Chief Financial Officer

(Principal financial officer)

* The registrant is a trust and Mr. Gee is signing in his capacity as an officer of iShares^® Delaware Trust Sponsor LLC, the Sponsor of the registrant.

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Trust Expenses

3 Months Ended

Mar. 31, 2013

Trust Expenses

3 - Trust Expenses

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.25% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2013

Summary of Significant Accounting Policies

2 - Summary of Significant Accounting Policies

A. Basis of Accounting

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

B. Gold Bullion

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

For financial statement purposes, the gold bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the gold bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. At the end of the Trust’s fiscal year, management will make a determination on whether the reserve is recovered or whether the cost basis of gold should be written down. Gain or loss on sales of gold bullion is calculated on a trade date basis. Fair value of the gold bullion is based on the price of gold fixed in the afternoon of each working day (London time) by the London Gold Market Fixing Ltd. (“London PM Fix”). If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced price fixed by the London Gold Market Fixing Ltd. in the morning (London time) of the day the valuation takes place (such price, the “London AM Fix”).

The following table summarizes activity in gold bullion for the three months ended March 31, 2013 (all balances in 000’s):

	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		6,999.9		$	9,315,055		$	11,647,783		$	—
Gold contributed		415.6			672,521			672,521			—
Gold distributed		(590.1	)		(790,973	)		(941,615	)		150,642
Gold sold		(4.4	)		(5,819	)		(7,189	)		1,370
Adjustment for realized gain		—			—			152,012			—
Adjustment for unrealized loss on gold bullion		—			—			(621,808	)		—
Ending balance		6,821.0		$	9,190,784		$	10,901,704		$	152,012

The following table summarizes activity in gold bullion for the year ended December 31, 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		1,951.2			3,303,091			3,303,091			—
Gold distributed		(435.3	)		(541,586	)		(697,017	)		155,431
Gold sold		(14.8	)		(18,552	)		(24,815	)		6,263
Adjustment for realized gain		—			—			161,694			—
Adjustment for unrealized gain on gold bullion		—			—			486,091			—
Ending balance		6,999.9		$	9,315,055		$	11,647,783		$	161,694

C. Redeemable Capital Shares

Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced London AM Fix.

When gold is exchanged in settlement of a redemption, it is considered a sale of gold for financial statement purposes.

Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflects capital Shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust Shares are reflected at redemption value, which is the net asset value per Share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity.

Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the gold bullion held by the Trust.

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

	Three Months Ended March 31, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Beginning balance		719,550		$	11,645,298			563,850		$	8,416,801
Shares issued		42,750			672,521			200,400			3,303,091
Shares redeemed		(60,700	)		(941,615	)		(44,700	)		(697,017	)
Redemption value adjustment		—			(476,814	)		—			622,423
Ending balance		701,600		$	10,899,390			719,550		$	11,645,298

D. Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest and gains and losses are deemed “passed through” to the holders of Shares of the Trust.

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Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
ASSETS
Gold bullion inventory (fair value of $10,901,704 and $11,647,783, respectively)	$ 9,131,393	$ 9,315,055
Payable for capital Shares redeemed	(18,336)
Receivable for capital Shares sold	77,727
TOTAL ASSETS	9,190,784	9,315,055
LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
Sponsor's fees payable	2,314	2,485
Total liabilities	2,314	2,485
Commitments and contingent liabilities (Note 5)
Redeemable capital Shares, no par value, unlimited amount authorized (at redemption value) - 701,600,000 issued and outstanding at March 31, 2013 and 719,550,000 issued and outstanding at December 31, 2012	10,899,390	11,645,298
Shareholders' equity (deficit)	(1,710,920)	(2,332,728)
TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)	$ 9,190,784	$ 9,315,055

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Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Proceeds from sales of gold	$ 7,189	$ 5,851
Expenses - Sponsor's fees paid	(7,189)	(5,851)
Net cash provided by operating activities
Increase (decrease) in cash
Cash, beginning of period
Cash, end of period
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Net income	144,994	16,992	136,332
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on gold distributed for the redemption of Shares	(150,642)	(21,348)
Cost of gold sold to pay expenses	5,819	4,215
Increase (decrease) in Sponsor's fees payable	(171)	141
Net cash provided by operating activities
Supplemental disclosure of non-cash information:
Carrying value of gold received for creation of Shares	672,521	630,526
Carrying value of gold distributed for redemption of Shares, at average cost	$ (790,973)	$ (61,018)

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Organization

3 Months Ended

Mar. 31, 2013

Organization

1 - Organization

The iShares^® Gold Trust (the “Trust”) was organized on January 21, 2005 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day to day administration of the Trust. The Trust’s sponsor is iShares^® Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or “Shares”) representing fractional undivided beneficial interests in its net assets.

The objective of the Trust is for the value of its Shares to reflect, at any given time, the price of gold owned by the Trust at that time, less the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in gold bullion.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the SEC on February 28, 2013.

The Trust is not an investment company registered under the Investment Company Act of 1940, as amended.

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Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Gold bullion inventory, fair value	$ 10,901,704	$ 11,647,783
Redeemable capital Shares, no par value
Redeemable capital Shares, issued	701,600,000	719,550,000
Redeemable capital Shares, outstanding	701,600,000	719,550,000

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Trust Expenses - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013
Sponsor's fee, annualized accrual rate based on daily net asset value	0.25%
Legal fees, per year, maximum	$ 100,000

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Document and Entity Information	3 Months Ended
	Mar. 31, 2013
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	IAU
Entity Registrant Name	ISHARES GOLD TRUST
Entity Central Index Key	0001278680
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	701,600,000

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Income Statements (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenue
Proceeds from sales of gold to pay expenses	$ 7,189	$ 5,851
Cost of gold sold to pay expenses	(5,819)	(4,215)
Gain on sales of gold to pay expenses	1,370	1,636
Gain on gold distributed for the redemption of Shares	150,642	21,348
Total gain on sales and distributions of gold	152,012	22,984
Expenses
Sponsor's fees	(7,018)	(5,992)
Total expenses	(7,018)	(5,992)
NET INCOME	$ 144,994	$ 16,992
Net income per Share	$ 0.20	$ 0.03
Weighted-average Shares outstanding	717,346,111	587,501,648

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Concentration Risk

3 Months Ended

Mar. 31, 2013

Concentration Risk

6 - Concentration Risk

Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold. Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of gold include large sales by the official sector (governments, central banks, and related institutions), an increase in the hedging activities of gold producers, and changes in the attitude towards gold of speculators, investors and other market participants.

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Indemnification

3 Months Ended

Mar. 31, 2013

Indemnification

5 - Indemnification

Under the Trust’s organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

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Summary of Significant Accounting Policies - Activity in Gold Bullion (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2013 oz	Mar. 31, 2012 oz	Dec. 31, 2012 oz
Summary Activity In Gold Bullion [Line Items]
Beginning balance, Ounces	6,999,900	5,498,800	5,498,800
Gold contributed, Ounces	415,600		1,951,200
Gold distributed, Ounces	(590,100)		(435,300)
Gold sold, Ounces	(4,400)		(14,800)
Ending balance, Ounces	6,821,000		6,999,900
Beginning balance, Average Cost	$ 9,315,055	$ 6,572,102	$ 6,572,102
Gold contributed, Average Cost	672,521		3,303,091
Gold distributed, Average Cost	(790,973)		(541,586)
Gold sold, Average Cost	(5,819)		(18,552)
Ending balance, Average Cost	9,190,784		9,315,055
Beginning balance, Fair Value	11,647,783	8,418,739	8,418,739
Gold contributed, Fair Value	672,521		3,303,091
Gold distributed, Fair Value	(941,615)		(697,017)
Gold sold, Fair Value	(7,189)		(24,815)
Adjustment for realized gain, Fair Value	152,012		161,694
Adjustment for unrealized gain (loss) on gold bullion, Fair Value	(621,808)		486,091
Ending balance, Fair Value	10,901,704		11,647,783
Gold distributed, Realized Gain (Loss)	150,642		155,431
Gold sold, Realized Gain (Loss)	1,370	1,636	6,263
Ending balance, Realized Gain (Loss)	$ 152,012		$ 161,694

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2013

Basis of Accounting

A. Basis of Accounting

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

Gold Bullion

B. Gold Bullion

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

For financial statement purposes, the gold bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the gold bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. At the end of the Trust’s fiscal year, management will make a determination on whether the reserve is recovered or whether the cost basis of gold should be written down. Gain or loss on sales of gold bullion is calculated on a trade date basis. Fair value of the gold bullion is based on the price of gold fixed in the afternoon of each working day (London time) by the London Gold Market Fixing Ltd. (“London PM Fix”). If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced price fixed by the London Gold Market Fixing Ltd. in the morning (London time) of the day the valuation takes place (such price, the “London AM Fix”).

Redeemable Capital Shares

C. Redeemable Capital Shares

Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced London AM Fix.

When gold is exchanged in settlement of a redemption, it is considered a sale of gold for financial statement purposes.

Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflects capital Shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust Shares are reflected at redemption value, which is the net asset value per Share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity.

Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the gold bullion held by the Trust.

Federal Income Taxes

D. Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest and gains and losses are deemed “passed through” to the holders of Shares of the Trust.

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Activity in Gold Bullion

The following table summarizes activity in gold bullion for the three months ended March 31, 2013 (all balances in 000’s):

	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		6,999.9		$	9,315,055		$	11,647,783		$	—
Gold contributed		415.6			672,521			672,521			—
Gold distributed		(590.1	)		(790,973	)		(941,615	)		150,642
Gold sold		(4.4	)		(5,819	)		(7,189	)		1,370
Adjustment for realized gain		—			—			152,012			—
Adjustment for unrealized loss on gold bullion		—			—			(621,808	)		—
Ending balance		6,821.0		$	9,190,784		$	10,901,704		$	152,012

The following table summarizes activity in gold bullion for the year ended December 31, 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		1,951.2			3,303,091			3,303,091			—
Gold distributed		(435.3	)		(541,586	)		(697,017	)		155,431
Gold sold		(14.8	)		(18,552	)		(24,815	)		6,263
Adjustment for realized gain		—			—			161,694			—
Adjustment for unrealized gain on gold bullion		—			—			486,091			—
Ending balance		6,999.9		$	9,315,055		$	11,647,783		$	161,694

Activity in Redeemable Capital Shares

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

	Three Months Ended March 31, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Beginning balance		719,550		$	11,645,298			563,850		$	8,416,801
Shares issued		42,750			672,521			200,400			3,303,091
Shares redeemed		(60,700	)		(941,615	)		(44,700	)		(697,017	)
Redemption value adjustment		—			(476,814	)		—			622,423
Ending balance		701,600		$	10,899,390			719,550		$	11,645,298

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Summary of Significant Accounting Policies - Activity in Redeemable Capital Shares (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Temporary Equity [Line Items]
Redeemable capital shares, prescribed aggregation	50,000
Period for Share settlement, days	3 days
Beginning balance, Shares	719,550,000	563,850,000
Shares issued, Shares	42,750,000	200,400,000
Shares redeemed, Shares	(60,700,000)	(44,700,000)
Ending balance, Shares	701,600,000	719,550,000
Beginning balance, Amount	$ 11,645,298	$ 8,416,801
Shares issued, Amount	672,521	3,303,091
Shares redeemed, Amount	(941,615)	(697,017)
Redemption value adjustment, Amount	(476,814)	622,423
Ending balance, Amount	$ 10,899,390	$ 11,645,298

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Statements of Changes in Shareholders' Equity (Deficit) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Shareholders' equity (deficit) - beginning of period	$ (2,332,728)	$ (1,846,637)
Net income	144,994	136,332
Adjustment of redeemable capital Shares to redemption value	476,814	(622,423)
Shareholders' equity (deficit) - end of period	$ (1,710,920)	$ (2,332,728)

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Related Parties

3 Months Ended

Mar. 31, 2013

Related Parties

4 - Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.