10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2019

 or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ____________ to ____________

Commission File Number: 001-32418

iShares® Gold Trust

(Exact name of registrant as specified in its charter)

New York	81-6124036
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

c/o iSharesDelaware Trust Sponsor LLC

400 Howard Street

San Francisco, California 94105

Attn: Product Management Team

iShares Product Research & Development

(Address of principal executive offices)(Zip Code)

(415) 670-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report) 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares	IAU	NYSE Arca, Inc.

Table of Contents

PART I – FINANCIAL INFORMATION		Page
Item 1.	Financial Statements (Unaudited)	1
	Statements of Assets and Liabilities at March 31, 2019 and December 31, 2018	1
	Statements of Operations for the three months ended March 31, 2019 and 2018	2
	Statements of Changes in Net Assets for the three months ended March 31, 2019 and the year ended December 31, 2018	3
	Statements of Cash Flows for the three months ended March 31, 2019 and 2018	4
	Schedules of Investments at March 31, 2019 and December 31, 2018	5
	Notes to Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4.	Controls and Procedures	11
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	12
Item 1A.	Risk Factors	12
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 3.	Defaults Upon Senior Securities	12
Item 4.	Mine Safety Disclosures	12
Item 5.	Other Information	12
Item 6.	Exhibits	13
SIGNATURES		14

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares Gold Trust

Statements of Assets and Liabilities (Unaudited)

At March 31, 2019 and December 31, 2018

	March 31,		December 31,
	2019		2018
Assets
Investment in gold bullion, at fair value(a)	$	12,559,005,466	$	11,547,078,166
Total Assets		12,559,005,466		11,547,078,166
Liabilities
Sponsor’s fees payable		2,673,796		2,340,020
Total Liabilities		2,673,796		2,340,020
Commitments and contingent liabilities (Note 6)		—		—
Net Assets	$	12,556,331,670	$	11,544,738,146
Shares issued and outstanding(b)		1,012,350,000		940,200,000
Net asset value per Share (Note 2C)	$	12.40	$	12.28

(a) Cost of investment in gold bullion: $12,152,880,181 and $11,255,129,376, respectively.

(b) No par value, unlimited amount authorized.

See notes to financial statements.

1

iShares Gold Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2019 and 2018

	Three Months Ended March 31,
	2019			2018
Expenses
Sponsor’s fees	$	7,619,352		$	6,856,858
Total expenses		7,619,352			6,856,858
Net investment loss		(7,619,352	)		(6,856,858	)
Net Realized and Unrealized Gain
Net realized gain from:
Gold bullion sold to pay expenses		298,039			401,147
Gold bullion distributed for the redemption of Shares		5,549,393			2,159,919
Net realized gain		5,847,432			2,561,066
Net change in unrealized appreciation/depreciation		114,176,495			205,503,998
Net realized and unrealized gain		120,023,927			208,065,064
Net increase in net assets resulting from operations	$	112,404,575		$	201,208,206
Net increase in net assets per Share(a)	$	0.11		$	0.23

(a) Net increase in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

2

iShares Gold Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2019 and the year ended December 31, 2018

	Three Months Ended			Year Ended
	March 31, 2019			December 31, 2018
Net Assets, Beginning of Period	$	11,544,738,146		$	10,147,507,137
Operations:
Net investment loss		(7,619,352	)		(27,533,111	)
Net realized gain		5,847,432			23,491,426
Net change in unrealized appreciation/depreciation		114,176,495			(194,080,795	)
Net increase (decrease) in net assets resulting from operations		112,404,575			(198,122,480	)
Capital Share Transactions:
Contributions for Shares issued		1,064,902,289			3,078,649,161
Distributions for Shares redeemed		(165,713,340	)		(1,483,295,672	)
Net increase in net assets from capital share transactions		899,188,949			1,595,353,489
Increase in net assets		1,011,593,524			1,397,231,009
Net Assets, End of Period	$	12,556,331,670		$	11,544,738,146
Shares issued and redeemed
Shares issued		85,500,000			247,000,000
Shares redeemed		(13,350,000	)		(121,700,000	)
Net increase in Shares issued and outstanding		72,150,000			125,300,000

See notes to financial statements.

3

iShares Gold Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2019 and 2018

	Three Months Ended March 31,
	2019			2018
Cash Flows from Operating Activities
Proceeds from gold bullion sold to pay expenses	$	7,285,576		$	6,537,373
Expenses – Sponsor’s fees paid		(7,285,576	)		(6,537,373	)
Net cash provided by operating activities		—			—
Increase (decrease) in cash		—			—
Cash, beginning of period		—			—
Cash, end of period	$	—		$	—
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net increase (decrease) in net assets resulting from operations	$	112,404,575		$	201,208,206
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from gold bullion sold to pay expenses		7,285,576			6,537,373
Net realized (gain) loss		(5,847,432	)		(2,561,066	)
Net change in unrealized appreciation/depreciation		(114,176,495	)		(205,503,998	)
Change in operating assets and liabilities:
Sponsor’s fees payable		333,776			319,485
Net cash provided by (used in) operating activities	$	—		$	—
Supplemental disclosure of non-cash information:
Gold bullion contributed for Shares issued	$	1,064,902,289		$	1,237,667,439
Gold bullion distributed for Shares redeemed	$	(165,713,340	)	$	(37,957,322	)

See notes to financial statements.

4

iShares Gold Trust

Schedules of Investments (Unaudited)

At March 31, 2019 and December 31, 2018

March 31, 2019

Description	Ounces		Cost		Fair Value
Gold bullion		9,695,079	$	12,152,880,181	$	12,559,005,466
Total Investment – 100.02%						12,559,005,466
Less Liabilities – (0.02)%						(2,673,796	)
Net Assets – 100.00%					$	12,556,331,670

December 31, 2018

Description	Ounces		Cost		Fair Value
Gold bullion		9,009,541	$	11,255,129,376	$	11,547,078,166
Total Investment – 100.02%						11,547,078,166
Less Liabilities – (0.02)%						(2,340,020	)
Net Assets – 100.00%					$	11,544,738,146

See notes to financial statements.

5

iShares Gold Trust

Notes to Financial Statements (Unaudited)

March 31, 2019

1 - Organization

The iShares Gold Trust (the “Trust”) was organized on January 21, 2005 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the Fourth Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of December 22, 2016. The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in gold.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on February 28, 2019.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

2 - Significant Accounting Policies

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.

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 that day’s London Bullion Market Association (“LBMA”) Gold Price PM. “LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S. dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of one or more 30-second rounds starting at 3:00 p.m. (London time), on each day that the London gold market is open for business and published shortly thereafter. If there is no 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) (“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.

6

The following tables summarize activity in gold bullion for the three months ended March 31, 2019 and 2018:

Three Months Ended March 31, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		818,971			1,064,902,289			1,064,902,289			—
Gold bullion distributed		(127,849	)		(160,163,947	)		(165,713,340	)		5,549,393
Gold bullion sold to pay expenses		(5,584	)		(6,987,537	)		(7,285,576	)		298,039
Net realized gain		—			—			5,847,432			—
Net change in unrealized appreciation/depreciation		—			—			114,176,495			—
Ending balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	5,847,432

Three Months Ended March 31, 2018	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		7,828,465		$	9,663,574,842		$	10,149,604,427		$	—
Gold bullion contributed		930,477			1,237,667,439			1,237,667,439			—
Gold bullion distributed		(28,802	)		(35,797,403	)		(37,957,322	)		2,159,919
Gold bullion sold to pay expenses		(4,950	)		(6,136,226	)		(6,537,373	)		401,147
Net realized gain		—			—			2,561,066			—
Net change in unrealized appreciation/depreciation		—			—			205,503,998			—
Ending balance		8,725,190		$	10,859,308,652		$	11,550,842,235		$	2,561,066

C. Calculation 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.

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.

E. Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no 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 analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2019 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

7

3 - Trust Expenses

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.25% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.

4 - Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 - Indemnification

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates and subsidiaries shall be indemnified by the Trust for any loss, liability or expense incurred by any such person that arises out of or in connection with the performance of obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, absent such person’s negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of such person’s duties and obligations.

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

6 - Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7 - Concentration Risk

Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold. Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of gold include large sales by the official sector (governments, central banks, and related institutions), an increase in the hedging activities of gold producers, and changes in the attitude of speculators, investors and other market participants towards gold.

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2019 and 2018.

	Three Months Ended
	March 31,
	2019			2018
Net asset value per Share, beginning of period	$	12.28		$	12.45
Net investment loss(a)		(0.01	)		(0.01	)
Net realized and unrealized gain(b)		0.13			0.27
Net increase in net assets from operations		0.12			0.26
Net asset value per Share, end of period	$	12.40		$	12.71
Total return, at net asset value(c)(d)		0.98	%		2.09	%
Ratio to average net assets:
Net investment loss(e)		(0.25	)%		(0.25	)%
Expenses(e)		0.25	%		0.25	%

(a)	Based on average Shares outstanding during the period.
(b)	The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.
(c)	Based on the change in net asset value of a Share during the period.
(d)	Percentage is not annualized.
(e)	Percentage is annualized.

8

9 - Investment Valuation

U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 – Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2019 and December 31, 2018, the value of the gold bullion held by the Trust is categorized as Level 1.

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward‑looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Introduction

The iShares Gold Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Fourth Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iSharesDelaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of gold bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of gold.

The Trust issues and redeems Shares only in exchange for gold, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”). A list of the current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol IAU.

Valuation of Gold Bullion; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value and the net asset value per Share (“NAV”) of the Trust. The Trustee values the gold held by the Trust using 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 the day the valuation takes place (such price, the “LBMA Gold Price PM”). If there is no 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. The LBMA Gold Price AM and LBMA Gold Price PM are used by the Trust because they are commonly used by the U.S. gold market as indicators of the value of gold, and are permitted to be used under the Trust Agreement. The use of indicators of the value of gold bullion other than the LBMA Gold Price AM and LBMA Gold Price PM could result in materially different fair value pricing of the gold held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares. Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the gold and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of gold.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Gold Bullion; Computation of Net Asset Value” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

10

Results of Operations

The Quarter Ended March 31, 2019

The Trust’s net asset value grew from $11,544,738,146 at December 31, 2018 to $12,556,331,670 at March 31, 2019, an 8.76% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 940,200,000 Shares at December 31, 2018 to 1,012,350,000 Shares at March 31, 2019, a consequence of 85,500,000 Shares (1,710 Baskets) being created and 13,350,000 Shares (267 Baskets) being redeemed during the quarter. The Trust’s net asset value also benefited from an increase in the price of gold, which rose 1.07% from $1,281.65 (LBMA Gold Price AM) at December 31, 2018 to $1,295.40 (LBMA Gold Price PM) at March 31, 2019.

The 0.98% rise in the Trust’s NAV from $12.28 at December 31, 2018 to $12.40 at March 31, 2019 is directly related to the 1.07% increase in the price of gold.

The Trust’s NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $7,619,352 for the quarter, or 0.06% of the Trust’s average weighted assets of $12,372,153,678 during the quarter. The NAV of $12.87 on February 20, 2019 was the highest during the quarter, compared with a low during the quarter of $12.26 on January 23, 2019.

Net increase in net assets resulting from operations for the quarter ended March 31, 2019 was $112,404,575, resulting from an unrealized gain on investment in gold bullion of $114,176,495, a net realized gain of $5,549,393 on gold distributed for the redemption of Shares and a net realized gain of $298,039 from gold bullion sold to pay expenses during the quarter, offset by a net investment loss of $7,619,352. Other than the Sponsor’s fees of $7,619,352, the Trust had no expenses during the quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

There were no changes in the Trust’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

11

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on February 28, 2019.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) 13,350,000 Shares (267 Baskets) were redeemed during the quarter ended March 31, 2019.

Period	Total Number of Shares Redeemed		Average Ounces of Gold Paid Per Share
01/01/19 to 01/31/19		2,000,000	$	0.0096
02/01/19 to 02/28/19		1,450,000		0.0096
03/01/19 to 03/31/19		9,900,000		0.0096
Total		13,350,000	$	0.0096

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

12

Item 6. Exhibits

Exhibit No.	Description
4.1	Fourth Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016
4.2	Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016
10.1	Second Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016
10.2	Sub-license Agreement is incorporated by reference to Exhibit 10.2 of the Amendment No. 1 to Annual Report on Form 10-K filed by the Registrant on November 12, 2008
31.1	Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
32.2	Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

13

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

iShares Delaware Trust Sponsor LLC,

Sponsor of the iShares Gold Trust (registrant)

/s/ Paul Lohrey

Paul Lohrey

Director, President and Chief Executive Officer

(Principal executive officer)

Date: May 7, 2019

/s/ Mary Cronin

Mary Cronin

Chief Financial Officer

(Principal financial and accounting officer)

Date: May 7, 2019

* The registrant is a trust and the persons are signing in their respective capacities as officers of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

14

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Paul Lohrey, certify that:

1. I have reviewed this report on Form 10-Q of iShares Gold Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2019

/s/ Paul Lohrey

Paul Lohrey

President and Chief Executive Officer

(Principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Mary Cronin, certify that:

1. I have reviewed this report on Form 10-Q of iShares Gold Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2019

/s/ Mary Cronin

Mary Cronin

Chief Financial Officer

(Principal financial officer)

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares Gold Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul Lohrey, Chief Executive Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

Date: May 7, 2019

/s/ Paul Lohrey

Paul Lohrey*

President and Chief Executive Officer

(Principal executive officer)

* The registrant is a trust and Mr. Lohrey is signing in his capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

EX-32.2

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares Gold Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mary Cronin, Chief Financial Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

Date: May 7, 2019

/s/ Mary Cronin

Mary Cronin*

Chief Financial Officer

(Principal financial officer)

* The registrant is a trust and Ms. Cronin is signing in her capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

XML

Document And Entity Information	3 Months Ended
	Mar. 31, 2019 shares
Document Information [Line Items]
Entity Registrant Name	ISHARES GOLD TRUST
Entity Central Index Key	0001278680
Trading Symbol	iau
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)	1,012,350,000
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Statements of Assets and Liabilities (Unaudited) - USD ($)		Mar. 31, 2019	Dec. 31, 2018
Assets
Investment in gold bullion, at fair value(a)	[1]	$ 12,559,005,466	$ 11,547,078,166
Total Assets		12,559,005,466	11,547,078,166
Liabilities
Sponsor’s fees payable		2,673,796	2,340,020
Total Liabilities		2,673,796	2,340,020
Commitments and contingent liabilities (Note 6)
Net Assets		$ 12,556,331,670	$ 11,544,738,146
Shares issued and outstanding(b) (in shares)	[2]	1,012,350,000	940,200,000
Net asset value per Share (Note 2C) (in dollars per share)		$ 12.40	$ 12.28

[1] Cost of investment in gold bullion: $12,152,880,181 and $11,255,129,376, respectively.

[2] No par value, unlimited amount authorized.

XML

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investment in gold bullion, cost	$ 12,152,880,181	$ 11,255,129,376
Shares, par value (in dollars per share)	$ 0	$ 0
Shares, issued (in shares)	1,012,350,000	940,200,000

XML

Statements of Operations (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Expenses
Sponsor’s fees		$ 7,619,352	$ 6,856,858
Total expenses		7,619,352	6,856,858
Net investment loss		(7,619,352)	(6,856,858)
Net Realized and Unrealized Gain
Gold bullion sold to pay expenses		298,039	401,147
Gold bullion distributed for the redemption of Shares		5,549,393	2,159,919
Net realized gain		5,847,432	2,561,066
Net change in unrealized appreciation/depreciation		114,176,495	205,503,998
Net realized and unrealized gain		120,023,927	208,065,064
Net increase in net assets resulting from operations		$ 112,404,575	$ 201,208,206
Net increase in net assets per Share(a) (in dollars per share)	[1]	$ 0.11	$ 0.23

[1] Net increase in net assets per Share based on average shares outstanding during the period.

XML

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Net Assets, Beginning of Period	$ 11,544,738,146	$ 10,147,507,137
Operations:
Net investment loss	(7,619,352)	(27,533,111)
Net realized gain (loss), fair value	5,847,432	23,491,426
Net change in unrealized appreciation/depreciation	114,176,495	(194,080,795)
Net increase in net assets resulting from operations	112,404,575	(198,122,480)
Capital Share Transactions:
Contributions for Shares issued	1,064,902,289	3,078,649,161
Distributions for Shares redeemed	(165,713,340)	(1,483,295,672)
Net increase in net assets from capital share transactions	899,188,949	1,595,353,489
Increase in net assets	1,011,593,524	1,397,231,009
Net Assets, End of Period	$ 12,556,331,670	$ 11,544,738,146
Shares issued and redeemed
Shares issued (in shares)	85,500,000	247,000,000
Shares redeemed (in shares)	(13,350,000)	(121,700,000)
Net increase in Shares issued and outstanding (in shares)	72,150,000	125,300,000

XML

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Cash Flows from Operating Activities
Proceeds from gold bullion sold to pay expenses	$ 7,285,576	$ 6,537,373
Expenses – Sponsor’s fees paid	(7,285,576)	(6,537,373)
Net cash provided by operating activities	0	0
Increase (decrease) in cash	0	0
Cash, beginning of period	0	0	$ 0
Cash, end of period	0	0	0
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net increase (decrease) in net assets resulting from operations	112,404,575	201,208,206	(198,122,480)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from gold bullion sold to pay expenses	7,285,576	6,537,373
Net realized (gain) loss	(5,847,432)	(2,561,066)	(23,491,426)
Net change in unrealized appreciation/depreciation	(114,176,495)	(205,503,998)	$ 194,080,795
Change in operating assets and liabilities:
Sponsor’s fees payable	333,776	319,485
Net cash provided by operating activities	0	0
Supplemental disclosure of non-cash information:
Gold bullion contributed for Shares issued	1,064,902,289	1,237,667,439
Gold bullion distributed for Shares redeemed	$ (165,713,340)	$ (37,957,322)

XML

Schedules of Investments (Unaudited)

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Investment Holdings, Schedule of Investments [Text Block]

iShares Gold Trust

Schedules of Investments (Unaudited)

At

March 31, 2019

and

December 31, 2018

March 31, 2019

Description	Ounces		Cost		Fair Value
Gold bullion		9,695,079	$	12,152,880,181	$	12,559,005,466
Total Investment – 100.02%						12,559,005,466
Less Liabilities – (0.02)%						(2,673,796	)
Net Assets – 100.00%					$	12,556,331,670

December 31, 2018

Description	Ounces		Cost		Fair Value
Gold bullion		9,009,541	$	11,255,129,376	$	11,547,078,166
Total Investment – 100.02%						11,547,078,166
Less Liabilities – (0.02)%						(2,340,020	)
Net Assets – 100.00%					$	11,544,738,146

See notes to financial statements.

XML

Note 1 - Organization

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1

- Organization

The iShares Gold Trust (the “Trust”) was organized on

January 21, 2005

as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the Fourth Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of

December 22, 2016.

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in gold.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form

10

-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are

not

necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form

10

-K for the year ended

December 31, 2018,

as filed with the SEC on

February 28, 2019.

The Trust qualifies as an investment company solely for accounting purposes and

not

for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic

946,

Financial Services - Investment Companies

, but is

not

registered, and is

not

required to be registered, as an investment company under the Investment Company Act of

1940,

as amended.

XML

Note 2 - Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2

- Significant Accounting Policies

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.

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 that day’s London Bullion Market Association (“LBMA”) Gold Price PM. “LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S. dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of

one

or more

30

-

second

rounds starting at

3:00

p.m. (London time), on each day that the London gold market is open for business and published shortly thereafter. If there is

no

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) (“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

March 31, 2019

and

2018:

Three Months Ended March 31, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		818,971			1,064,902,289			1,064,902,289			—
Gold bullion distributed		(127,849	)		(160,163,947	)		(165,713,340	)		5,549,393
Gold bullion sold to pay expenses		(5,584	)		(6,987,537	)		(7,285,576	)		298,039
Net realized gain		—			—			5,847,432			—
Net change in unrealized appreciation/depreciation		—			—			114,176,495			—
Ending balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	5,847,432

Three Months Ended March 31, 2018	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		7,828,465		$	9,663,574,842		$	10,149,604,427		$	—
Gold bullion contributed		930,477			1,237,667,439			1,237,667,439			—
Gold bullion distributed		(28,802	)		(35,797,403	)		(37,957,322	)		2,159,919
Gold bullion sold to pay expenses		(4,950	)		(6,136,226	)		(6,537,373	)		401,147
Net realized gain		—			—			2,561,066			—
Net change in unrealized appreciation/depreciation		—			—			205,503,998			—
Ending balance		8,725,190		$	10,859,308,652		$	11,550,842,235		$	2,561,066

C. Calculation 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.

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.

E. Federal Income Taxes

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

no

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 analyzed applicable tax laws and regulations and their application to the Trust as of

March 31, 2019

and does

not

believe that there are any uncertain tax positions that require recognition of a tax liability.

XML

Note 3 - Trust Expenses

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Trust Expenses [Text Block]

3

- Trust Expenses

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to

0.25%

of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to

$100,000

per annum in legal fees and expenses.

XML

Note 4 - Related Parties

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

4

- Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is

not

a separate expense of the Trust.

XML

Note 5 - Indemnification

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Indemnification [Text Block]

5

- Indemnification

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates and subsidiaries shall be indemnified by the Trust for any loss, liability or expense incurred by any such person that arises out of or in connection with the performance of obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, absent such person’s negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of such person’s duties and obligations.

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

XML

Note 6 - Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

6

- Commitments and Contingent Liabilities

In the normal course of business, the Trust

may

enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that

may

be made against the Trust that have

not

yet occurred.

XML

Note 7 - Concentration Risk

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

7

- Concentration Risk

Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold. Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust. Factors that

may

have the effect of causing a decline in the price of gold include large sales by the official sector (governments, central banks, and related institutions), an increase in the hedging activities of gold producers, and changes in the attitude of speculators, investors and other market participants towards gold.

XML

Note 8 - Financial Highlights

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Financial Highlights [Text Block]

8

- Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the

three

months ended

March 31, 2019

and

2018.

	Three Months Ended
	March 31,
	2019			2018
Net asset value per Share, beginning of period	$	12.28		$	12.45
Net investment loss (a)		(0.01	)		(0.01	)
Net realized and unrealized gain (b)		0.13			0.27
Net increase in net assets from operations		0.12			0.26
Net asset value per Share, end of period	$	12.40		$	12.71
Total return, at net asset value (c)(d)		0.98	%		2.09	%
Ratio to average net assets:
Net investment loss (e)		(0.25	)%		(0.25	)%
Expenses (e)		0.25	%		0.25	%

(a)	Based on average Shares outstanding during the period.
(b)	The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.
(c)	Based on the change in net asset value of a Share during the period.
(d)	Percentage is not annualized.
(e)	Percentage is annualized.

XML

Note 9 - Investment Valuation

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

9

- Investment Valuation

U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.

Various inputs are used in determining the fair value of assets and liabilities. Inputs

may

be based on independent market data (“observable inputs”) or they

may

be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of

three

broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The

three

levels of the fair value hierarchy are as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 – Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At

March 31, 2019

and

December 31, 2018,

the value of the gold bullion held by the Trust is categorized as Level

1.

XML

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

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 that day’s London Bullion Market Association (“LBMA”) Gold Price PM. “LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S. dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of

one

or more

30

-

second

rounds starting at

3:00

p.m. (London time), on each day that the London gold market is open for business and published shortly thereafter. If there is

no

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) (“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

March 31, 2019

and

2018:

Three Months Ended March 31, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		818,971			1,064,902,289			1,064,902,289			—
Gold bullion distributed		(127,849	)		(160,163,947	)		(165,713,340	)		5,549,393
Gold bullion sold to pay expenses		(5,584	)		(6,987,537	)		(7,285,576	)		298,039
Net realized gain		—			—			5,847,432			—
Net change in unrealized appreciation/depreciation		—			—			114,176,495			—
Ending balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	5,847,432

Three Months Ended March 31, 2018	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		7,828,465		$	9,663,574,842		$	10,149,604,427		$	—
Gold bullion contributed		930,477			1,237,667,439			1,237,667,439			—
Gold bullion distributed		(28,802	)		(35,797,403	)		(37,957,322	)		2,159,919
Gold bullion sold to pay expenses		(4,950	)		(6,136,226	)		(6,537,373	)		401,147
Net realized gain		—			—			2,561,066			—
Net change in unrealized appreciation/depreciation		—			—			205,503,998			—
Ending balance		8,725,190		$	10,859,308,652		$	11,550,842,235		$	2,561,066

Calculation of Net Asset Value [Policy Text Block]

C. Calculation 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,

no

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 analyzed applicable tax laws and regulations and their application to the Trust as of

March 31, 2019

and does

not

believe that there are any uncertain tax positions that require recognition of a tax liability.

XML

Schedules of Investments (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Investment [Table Text Block]

Description	Ounces		Cost		Fair Value
Gold bullion		9,695,079	$	12,152,880,181	$	12,559,005,466
Total Investment – 100.02%						12,559,005,466
Less Liabilities – (0.02)%						(2,673,796	)
Net Assets – 100.00%					$	12,556,331,670

Description	Ounces		Cost		Fair Value
Gold bullion		9,009,541	$	11,255,129,376	$	11,547,078,166
Total Investment – 100.02%						11,547,078,166
Less Liabilities – (0.02)%						(2,340,020	)
Net Assets – 100.00%					$	11,544,738,146

XML

Note 2 - Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Activity in Gold Bullion [Table Text Block]

Three Months Ended March 31, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		818,971			1,064,902,289			1,064,902,289			—
Gold bullion distributed		(127,849	)		(160,163,947	)		(165,713,340	)		5,549,393
Gold bullion sold to pay expenses		(5,584	)		(6,987,537	)		(7,285,576	)		298,039
Net realized gain		—			—			5,847,432			—
Net change in unrealized appreciation/depreciation		—			—			114,176,495			—
Ending balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	5,847,432

Three Months Ended March 31, 2018	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		7,828,465		$	9,663,574,842		$	10,149,604,427		$	—
Gold bullion contributed		930,477			1,237,667,439			1,237,667,439			—
Gold bullion distributed		(28,802	)		(35,797,403	)		(37,957,322	)		2,159,919
Gold bullion sold to pay expenses		(4,950	)		(6,136,226	)		(6,537,373	)		401,147
Net realized gain		—			—			2,561,066			—
Net change in unrealized appreciation/depreciation		—			—			205,503,998			—
Ending balance		8,725,190		$	10,859,308,652		$	11,550,842,235		$	2,561,066

XML

Note 8 - Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Financial Highlights [Table Text Block]

	Three Months Ended
	March 31,
	2019			2018
Net asset value per Share, beginning of period	$	12.28		$	12.45
Net investment loss (a)		(0.01	)		(0.01	)
Net realized and unrealized gain (b)		0.13			0.27
Net increase in net assets from operations		0.12			0.26
Net asset value per Share, end of period	$	12.40		$	12.71
Total return, at net asset value (c)(d)		0.98	%		2.09	%
Ratio to average net assets:
Net investment loss (e)		(0.25	)%		(0.25	)%
Expenses (e)		0.25	%		0.25	%

XML

Schedules of Investments (Unaudited) (Details)	Mar. 31, 2019 USD ($) oz	Dec. 31, 2018 USD ($) oz	Mar. 31, 2018 USD ($) oz	Dec. 31, 2017 USD ($) oz
Gold bullion (Ounce) | oz	9,695,079	9,009,541	8,725,190	7,828,465
Investment in gold bullion, cost	$ 12,152,880,181	$ 11,255,129,376	$ 10,859,308,652	$ 9,663,574,842
Gold bullion fair value	12,559,005,466	11,547,078,166
Less Liabilities	(2,673,796)	(2,340,020)
Net Assets	$ 12,556,331,670	$ 11,544,738,146		$ 10,147,507,137

XML

Schedules of Investments (Unaudited) (Details) (Parentheticals)	Mar. 31, 2019	Dec. 31, 2018
Total investment, percentage of net asset value	100.02%	100.02%
Less liabilities, percentage of net asset value	(0.02%)	(0.02%)
Net assets, percentage of net asset value	100.00%	100.00%

XML

Note 2 - Significant Accounting Policies (Details Textual)	Mar. 31, 2019 shares
Shares Prescribed Aggregation	50,000

XML

Note 2 - Significant Accounting Policies - Activity in Gold Bullion (Details)	3 Months Ended			12 Months Ended
	Mar. 31, 2019 USD ($) oz		Mar. 31, 2018 USD ($) oz	Dec. 31, 2018 USD ($) oz
Beginning balance (Ounce) | oz	9,009,541		7,828,465	7,828,465
Gold bullion contributed (Ounce) | oz	818,971		930,477
Gold bullion distributed (Ounce) | oz	(127,849)		(28,802)
Gold bullion sold to pay expenses (Ounce) | oz	(5,584)		(4,950)
Ending balance (Ounce) | oz	9,695,079		8,725,190	9,009,541
Beginning balance, average cost	$ 11,255,129,376		$ 9,663,574,842	$ 9,663,574,842
Gold bullion contributed, average cost	1,064,902,289		1,237,667,439
Gold bullion distributed, average cost	(160,163,947)		(35,797,403)
Gold bullion sold to pay expenses, average cost	(6,987,537)		(6,136,226)
Ending balance, average cost	12,152,880,181		10,859,308,652	11,255,129,376
Beginning balance, fair value	11,547,078,166	[1]	10,149,604,427	10,149,604,427
Gold bullion contributed, fair value	1,064,902,289		1,237,667,439
Gold bullion distributed, fair value	(165,713,340)		(37,957,322)
Gold bullion sold to pay expenses, fair value	(7,285,576)		(6,537,373)
Net realized gain (loss), fair value	5,847,432		2,561,066	23,491,426
Net change in unrealized appreciation/depreciation, fair value	114,176,495		205,503,998	(194,080,795)
Ending balance, fair value	12,559,005,466	[1]	11,550,842,235	11,547,078,166	[1]
Gold bullion distributed, realized gain (loss)	5,549,393		2,159,919
Gold bullion sold to pay expenses, realized gain (loss)	298,039		401,147
Ending balance, realized gain (loss)	$ 5,847,432		$ 2,561,066	$ 23,491,426

[1] Cost of investment in gold bullion: $12,152,880,181 and $11,255,129,376, respectively.

XML

Note 3 - Trust Expenses (Details Textual)	12 Months Ended
	Dec. 31, 2018 USD ($)
Sponsors Fee Annualized Accrual Rate Based on Daily Net Asset Value	0.25%
Maximum [Member]
Legal Fees Per Year	$ 100,000

XML

Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Net asset value per Share, beginning of period (in dollars per share)		$ 12.28	$ 12.45
Net investment loss(a) (in dollars per share)	[1]	(0.01)	(0.01)
Net realized and unrealized gain(b) (in dollars per share)	[2]	0.13	0.27
Net increase in net assets from operations (in dollars per share)		0.12	0.26
Net asset value per Share, end of period (in dollars per share)		$ 12.40	$ 12.71
Total return, at net asset value(c)(d)	[3],[4]	0.98%	2.09%
Net investment loss(e)	[5]	(0.25%)	(0.25%)
Expenses(e)	[5]	0.25%	0.25%

[1] Based on average Shares outstanding during the period.

[2] The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investment.

[3] Based on the change in net asset value of a Share during the period.

[4] Percentage is not annualized.

[5] Percentage is annualized.