Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Basis of Accounting, Policy [Policy Text Block]

A.	Basis of Accounting

The following significant accounting policies are 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.

Investment, Policy [Policy Text Block]

B.	Gold Bullion

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

Fair value of the gold bullion held by the Trust is based on the price per fine troy ounce of gold determined in an electronic auction hosted by ICE Benchmark Administration (“IBA”) that begins at

3:00

p.m. (London time) and published shortly thereafter, on each day that the London gold market is open for business (such price, the “LBMA Gold Price PM”). If there is

announced LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced price of gold determined in an electronic auction hosted by IBA that begins at

10:30

a.m. (London time) (such price, the “LBMA Gold Price AM”), unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in gold bullion for the

three

months ended

June 30, 2018

and

2017:

Three Months Ended June 30, 2018	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		8,725,190		$	10,859,308,652		$	11,550,842,235		$	—
Gold bullion contributed		689,115			918,575,987			918,575,987			—
Gold bullion distributed		(770,898	)		(964,441,439	)		(992,947,997	)		28,506,558
Gold bullion sold to pay expenses		(5,705	)		(7,126,305	)		(7,479,964	)		353,659
Net realized gain		—			—			28,860,217			—
Net change in unrealized appreciation/depreciation		—			—			(696,835,646	)		—
Ending balance		8,637,702		$	10,806,316,895		$	10,801,014,832		$	28,860,217

Three Months Ended June 30, 2017	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		6,425,460		$	7,847,423,443		$	7,998,734,500		$	—
Gold bullion contributed		450,189			568,086,499			568,086,499			—
Gold bullion distributed		(108,710	)		(132,886,400	)		(135,318,870	)		2,432,470
Gold bullion sold to pay expenses		(4,047	)		(4,946,225	)		(5,082,699	)		136,474
Net realized gain		—			—			2,568,944			—
Net change in unrealized appreciation/depreciation		—			—			(27,785,695	)		—
Ending balance		6,762,892		$	8,277,677,317		$	8,401,202,679		$	2,568,944

The following tables summarize activity in gold bullion for the

six

months ended

June 30, 2018

and

2017:

Six Months Ended June 30, 2018	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		7,828,465		$	9,663,574,842		$	10,149,604,427		$	—
Gold bullion contributed		1,619,592			2,156,243,426			2,156,243,426			—
Gold bullion distributed		(799,700	)		(1,000,238,842	)		(1,030,905,319	)		30,666,477
Gold bullion sold to pay expenses		(10,655	)		(13,262,531	)		(14,017,337	)		754,806
Net realized gain		—			—			31,421,283			—
Net change in unrealized appreciation/depreciation		—			—			(491,331,648	)		—
Ending balance		8,637,702		$	10,806,316,895		$	10,801,014,832		$	31,421,283

Six Months Ended June 30, 2017	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		6,308,062		$	7,706,923,343		$	7,311,674,849		$	—
Gold bullion contributed		805,861			999,543,283			999,543,283			—
Gold bullion distributed		(343,077	)		(419,071,822	)		(423,616,445	)		4,544,623
Gold bullion sold to pay expenses		(7,954	)		(9,717,487	)		(9,760,059	)		42,572
Net realized gain		—			—			4,587,195			—
Net change in unrealized appreciation/depreciation		—			—			518,773,856			—
Ending balance		6,762,892		$	8,277,677,317		$	8,401,202,679		$	4,587,195

Calculation of Net Asset Value [Policy Text Block]

C.	Calculati on of Net Asset Value

On each business day, as soon as practicable after

4:00

p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the gold and other assets held by 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.

Offering of the Shares [Policy Text Block]

D.	Offering of the Shares

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 Trustee 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 represents the per Share amount of gold held by the Trust, after giving effect to its liabilities.

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

Income Tax, Policy [Policy Text Block]

E.	Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore,

provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has reviewed the tax positions as of

June 30, 2018

and has determined that

provision for income tax is required in the Trust’s financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details