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Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:          
Proceeds from sales of gold bullion inventory to pay expenses     $ 12,752 $ 18,230  
Expenses – Sponsor’s fees paid     (12,752) (18,230)  
Net cash provided by operating activities     0 0  
Supplemental disclosure of non-cash information:          
Gold bullion contributed for subscription of Shares(b)     389,402 [1] 847,967 [1]  
Gold bullion distributed for redemption of Shares(b)     (360,752) [1] (2,458,045) [1]  
Increase (decrease) in cash     0 0  
Cash, beginning of period     0 0 0
Cash, end of period 0 0 0 0 0
Net income (527,695) 767,323 51,860 67,050 (628,066)
Adjustments to reconcile net income to net cash provided by operating activities:          
Proceeds from sales of investment in gold bullion sold to pay expenses     12,752 18,230  
Net realized gain from investment in gold bullion sold to pay expenses (293) 112 (749) (1,826)  
Cost of gold bullion inventory sold to pay expenses   4,958   16,404  
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)    
Adjustment to gold bullion inventory(a)    [2],[3] (782,673) [2],[3],[4]    [2],[3],[5] 111,955 [2],[3],[5],[6]  
Change in operating assets and liabilities:          
Sponsor’s fees payable     $ (44) $ (896)  
[1] Presented at fair value for the nine months ended September 30, 2014 and at cost for the nine months ended September 30, 2013.
[2] 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.
[3] 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.
[4] Previously reported as "market value recovery."
[5] Net value of amounts previously reported as "market value reserve" and "market value recovery." Please refer to Note 2C for accounting policy.
[6] Net value of amounts previously reported as "market value reserve" and "market value recovery."