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Income Statements (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenue        
Proceeds from sales of gold bullion inventory to pay expenses   $ 4,846   $ 18,230
Cost of gold bullion inventory sold to pay expenses   (4,958)   (16,404)
Gain (loss) on sales of gold bullion inventory to pay expenses 293 (112) 749 1,826
Gain (loss) on gold bullion distributed for the redemption of Shares   (10,448)   194,513
Total gain (loss) on sales and distributions of gold bullion   (10,560)   196,339
Adjustment to gold bullion inventory(a)(b)    [1],[2] 782,673 [1],[2],[3]    [1],[2],[4] (111,955) [1],[2],[4],[5]
Total gain on gold bullion   772,113   84,384
Expenses        
Sponsor’s fees 4,293 4,790 12,708 17,334
Total expenses(b) 4,293 [2] 4,790 [2] 12,708 [2] 17,334 [2]
Net investment loss(c) (4,293) [6]   (12,708) [6]  
Net Realized and Unrealized Gain (Loss)        
Net realized gain from investment in gold bullion sold to pay expenses 293 (112) 749 1,826
Net realized gain from gold bullion distributed for the redemption of Shares 5,830   15,012 194,513
Net change in unrealized appreciation/depreciation on investment in gold bullion (529,525)   48,807  
Net realized and unrealized gain (loss) (523,402)   64,568  
NET INCOME (LOSS) $ (527,695) $ 767,323 $ 51,860 $ 67,050
Net income (loss) per Share (in Dollars per share) $ (0.96) $ 1.30 $ 0.10 $ 0.10
Weighted-average Shares outstanding (in Shares) 548,120,652 590,370,652 544,528,205 648,052,564
[1] In connection with the lower of cost or market valuation standard for inventory, at September 30, 2013 a market value recovery was recorded to partially offset the previously recorded market value reserve. 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 interim financial statements was incorrect. The recognition of a market value reserve to the Trust's inventory at September 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 interim 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 nine months ended September 30, 2013, total gain on gold was overstated by $894,628,016 and total expenses were overstated by the same amount in the previously issued interim 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 interim financial statements; however, because of the amount involved with this adjustment, the presentation has been corrected, and the previously filed financial statements for the nine months ended September 30, 2013 have been revised accordingly.
[3] Previously reported as "market value recovery."
[4] Net value of amounts previously reported as "market value reserve" and "market value recovery." Please refer to Note 2C for accounting policy.
[5] Net value of amounts previously reported as "market value reserve" and "market value recovery."
[6] 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.