Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2013

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


	Three Months Ended June 30, 2013						Six Months Ended June 30, 2013
	Shares			Amount			Shares			Amount
Beginning balance		701,600		$	10,899,390			719,550		$	11,645,298
Shares issued		—			—			42,750			672,521
Shares redeemed		(109,150	)		(1,483,453	)		(169,850	)		(2,425,068	)
Redemption value adjustment		—			(2,556,187	)		—			(3,033,001	)

Ending balance		592,450		$	6,859,750			592,450		$	6,859,750

Activity in Gold Bullion

The following table summarizes activity in gold bullion for the three months ended June 30, 2013 (all balances in 000’s):


	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		6,821.0		$	9,190,784		$	10,901,704		$	—
Gold contributed		—			—			—			—
Gold distributed		(1,060.7	)		(1,429,134	)		(1,483,453	)		54,319
Gold sold		(4.1	)		(5,627	)		(6,195	)		568
Adjustment for realized gain		—			—			54,887			—
Adjustment for unrealized loss on gold bullion		—			—			(2,605,548	)		—
Market value reserve		—			(894,628	)		—			—

Ending balance		5,756.2		$	6,861,395		$	6,861,395		$	54,887

The following table summarizes activity in gold bullion for the six months ended June 30, 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		(1,650.8	)		(2,220,107	)		(2,425,068	)		204,961
Gold sold		(8.5	)		(11,446	)		(13,384	)		1,938
Adjustment for realized gain		—			—			206,899			—
Adjustment for unrealized loss on gold bullion		—			—			(3,227,356	)		—
Market value reserve		—			(894,628	)		—			—

Ending balance		5,756.2		$	6,861,395		$	6,861,395		$	206,899

- 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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