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Income Statements (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenue        
Proceeds from sales of gold bullion inventory to pay expenses   $ 6,195   $ 13,384
Cost of gold bullion inventory sold to pay expenses   (5,627)   (11,446)
Gain on sales of gold bullion inventory to pay expenses 222 568 456 1,938
Gain on gold bullion distributed for the redemption of Shares   54,319 9,182 204,961
Total gain on sales and distributions of gold bullion   54,887   206,899
Adjustment to gold bullion inventory(a)(b)    [1],[2] (894,628) [1],[2],[3]    [1],[2],[4] (894,628) [1],[2],[3],[4]
Total loss on gold bullion   (839,741)   (687,729)
Expenses        
Sponsor’s fees 4,231 5,526 8,415 12,544
Total expenses(b) 4,231 [2] 5,526 [2] 8,415 [2] 12,544 [2]
Net investment loss(c) (4,231) [5]   (8,415) [5]  
Net Realized and Unrealized Gain (Loss)        
Net realized gain from investment in gold bullion sold to pay expenses 222 568 456 1,938
Net realized gain from gold bullion distributed for the redemptions of Shares 5,354 54,319 9,182 204,961
Net change in unrealized appreciation/depreciation on investment in gold bullion 114,888   578,332  
Net realized and unrealized gain 120,464   587,970  
NET INCOME (LOSS) $ 116,233 $ (845,267) $ 579,555 $ (700,273)
Net income (loss) per Share (in Dollars per share) $ 0.21 $ (1.33) $ 1.07 $ (1.03)
Weighted-average Shares outstanding (in Shares) 543,390,110 637,836,264 542,702,210 677,371,547
[1] In connection with the lower of cost or market valuation standard for inventory, at June 30, 2013 a market value reserve was recorded against the carrying value of the Trust's gold bullion inventory as a result of the market value of gold bullion held falling below its average cost. Please refer to Note 2C for accounting policy.
[2] In connection with the annual reporting close for the year ended December 31, 2013, management determined the manner in which it had previously reported the market value reserve on the Trust's gold bullion inventory within previously issued quarterly financial statements was incorrect. The recognition of a market value reserve to the Trust's inventory at June 30, 2013, which represents the adjustment necessary to reflect the carrying value of gold bullion inventory to the lower of cost or market value, was incorrectly reported as an expense of the Trust in the previously issued quarterly financial statements. Management determined that, according to U.S. GAAP, adjustments to the carrying value of the Trust's gold bullion inventory should be reflected against the revenues such inventory generates. For the three months ended June 30, 2013 and six months ended June 30, 2013, total gain (loss) on gold was overstated by $894,628,016 and total expenses were overstated by the same amount in the previously issued quarterly financial statements. Management evaluated the impact of this correction to the previously issued financial statements and determined that the historical presentation of the inventory reserves did not materially misstate the previously issued quarterly financial statements; however, because of the amount involved with this adjustment, the presentation has been corrected, and the previously filed financial statements for the three and six months ended June 30, 2013 have been revised accordingly.
[3] Previously reported as "market value reserve."
[4] Previously reported as "market value reserve." Please refer to Note 2C for accounting policy.
[5] Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Net investment loss is applicable to investment companies. Please refer to Note 2B.