iau20200630_10q.htm

0001437749-20-016631.txt : 20200805 0001437749-20-016631.hdr.sgml : 20200805 20200805135239 ACCESSION NUMBER: 0001437749-20-016631 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200805 DATE AS OF CHANGE: 20200805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISHARES GOLD TRUST CENTRAL INDEX KEY: 0001278680 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32418 FILM NUMBER: 201076689 BUSINESS ADDRESS: STREET 1: BLACKROCK INC. STREET 2: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-670-4879 MAIL ADDRESS: STREET 1: BLACKROCK INC. STREET 2: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: ISHARES COMEX GOLD TRUST DATE OF NAME CHANGE: 20040204 10-Q 1 iau20200630_10q.htm FORM 10-Q iau20200630_10q.htm

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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 June 30, 2020
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 incorporation or organization)	(I.R.S. Employer Identification No.)

c/o iShares Delaware 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.

As of July 31, 2020, the Registrant had 1,655,400,000 Shares outstanding.

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		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	1

	Statements of Assets and Liabilities at June 30, 2020 and December 31, 2019	1

	Statements of Operations for the three and six months ended June 30, 2020 and 2019	2

	Statements of Changes in Net Assets for the three and six months ended June 30, 2020 and 2019	3

	Statements of Cash Flows for the six months ended June 30, 2020 and 2019	5

	Schedules of Investments at June 30, 2020 and December 31, 2019	6

	Notes to Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	12

Item 4.	Controls and Procedures	12

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	13

Item 1A.	Risk Factors	13

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13

Item 3.	Defaults Upon Senior Securities	13

Item 4.	Mine Safety Disclosures	13

Item 5.	Other Information	13

Item 6.	Exhibits	14

SIGNATURES		15

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares® Gold Trust

Statements of Assets and Liabilities (Unaudited)

At June 30, 2020 and December 31, 2019

	June 30, 2020		December 31, 2019
Assets
Investment in gold bullion, at fair value(a)	$	25,917,726,586	$	17,632,155,037
Total Assets		25,917,726,586		17,632,155,037

Liabilities
Sponsor’s fees payable		5,101,796		3,629,955
Total Liabilities		5,101,796		3,629,955

Commitments and contingent liabilities (Note 6)		—		—

Net Assets	$	25,912,624,790	$	17,628,525,082

Shares issued and outstanding(b)		1,535,400,000		1,211,150,000
Net asset value per Share (Note 2C)	$	16.88	$	14.56

(a)	Cost of investment in gold bullion: $20,470,354,346 and $15,094,673,874, respectively.
(b)	No par value, unlimited amount authorized.

See notes to financial statements.

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iShares® Gold Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2020 and 2019

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Expenses
Sponsor’s fees	$	14,632,446		$	7,621,405		$	26,450,615		$	15,240,757
Total expenses		14,632,446			7,621,405			26,450,615			15,240,757
Net investment loss		(14,632,446	)		(7,621,405	)		(26,450,615	)		(15,240,757	)

Net Realized and Unrealized Gain (Loss)
Net realized gain from:
Gold bullion sold to pay expenses		2,481,003			262,548			4,294,193			560,587
Gold bullion distributed for the redemption of Shares		55,939,245			22,147,759			205,772,537			27,697,152
Net realized gain		58,420,248			22,410,307			210,066,730			28,257,739
Net change in unrealized appreciation/depreciation		2,078,877,217			1,012,499,328			2,909,891,077			1,126,675,823
Net realized and unrealized gain		2,137,297,465			1,034,909,635			3,119,957,807			1,154,933,562

Net increase in net assets resulting from operations	$	2,122,665,019		$	1,027,288,230		$	3,093,507,192		$	1,139,692,805

Net increase in net assets per Share(a)	$	1.47		$	1.05		$	2.28		$	1.16

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

See notes to financial statements.

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iShares® Gold Trust

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2020

	Six Months Ended June 30, 2020
Net Assets at December 31, 2019	$	17,628,525,082

Operations:
Net investment loss		(11,818,169	)
Net realized gain		151,646,482
Net change in unrealized appreciation/depreciation		831,013,860
Net increase in net assets resulting from operations		970,842,173

Capital Share Transactions:
Contributions for Shares issued		2,615,209,304
Distributions for Shares redeemed		(991,396,287	)
Net increase in net assets from capital share transactions		1,623,813,017

Increase in net assets		2,594,655,190

Net Assets at March 31, 2020	$	20,223,180,272

Operations:
Net investment loss		(14,632,446	)
Net realized gain		58,420,248
Net change in unrealized appreciation/depreciation		2,078,877,217
Net increase in net assets resulting from operations		2,122,665,019

Capital Share Transactions:
Contributions for Shares issued		3,865,881,490
Distributions for Shares redeemed		(299,101,991	)
Net increase in net assets from capital share transactions		3,566,779,499

Increase in net assets		5,689,444,518

Net Assets at June 30, 2020	$	25,912,624,790

Shares issued and redeemed
Shares issued		409,250,000
Shares redeemed		(85,000,000	)
Net increase in Shares issued and outstanding		324,250,000

See notes to financial statements.

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iShares® Gold Trust

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2019

	Six Months Ended June 30, 2019
Net Assets at December 31, 2018	$	11,544,738,146

Operations:
Net investment loss		(7,619,352	)
Net realized gain		5,847,432
Net change in unrealized appreciation/depreciation		114,176,495
Net increase in net assets resulting from operations		112,404,575

Capital Share Transactions:
Contributions for Shares issued		1,064,902,289
Distributions for Shares redeemed		(165,713,340	)
Net increase in net assets from capital share transactions		899,188,949

Increase in net assets		1,011,593,524

Net Assets at March 31, 2019	$	12,556,331,670

Operations:
Net investment loss		(7,621,405	)
Net realized gain		22,410,307
Net change in unrealized appreciation/depreciation		1,012,499,328
Net increase in net assets resulting from operations		1,027,288,230

Capital Share Transactions:
Contributions for Shares issued		739,781,522
Distributions for Shares redeemed		(976,968,626	)
Net decrease in net assets from capital share transactions		(237,187,104	)

Increase in net assets		790,101,126

Net Assets at June 30, 2019	$	13,346,432,796

Shares issued and redeemed
Shares issued		142,600,000
Shares redeemed		(92,900,000	)
Net increase in Shares issued and outstanding		49,700,000

See notes to financial statements.

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iShares® Gold Trust

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2020 and 2019

	Six Months Ended June 30,
	2020			2019
Cash Flows from Operating Activities
Proceeds from gold bullion sold to pay expenses	$	24,978,774		$	15,020,997
Expenses – Sponsor’s fees paid		(24,978,774	)		(15,020,997	)
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 in net assets resulting from operations	$	3,093,507,192		$	1,139,692,805
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		24,978,774			15,020,997
Net realized (gain) loss		(210,066,730	)		(28,257,739	)
Net change in unrealized appreciation/depreciation		(2,909,891,077	)		(1,126,675,823	)
Change in operating assets and liabilities:
Sponsor’s fees payable		1,471,841			219,760
Net cash provided by (used in) operating activities	$	—		$	—

Supplemental disclosure of non-cash information:
Gold bullion contributed for Shares issued	$	6,481,090,794		$	1,804,683,811
Gold bullion distributed for Shares redeemed		(1,290,498,278	)		(1,142,681,966	)

See notes to financial statements.

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iShares® Gold Trust

Schedules of Investments (Unaudited)

At June 30, 2020 and December 31, 2019

June 30, 2020

Description	Ounces		Cost		Fair Value
Gold bullion		14,658,518	$	20,470,354,346	$	25,917,726,586

Total Investments — 100.02%						25,917,726,586
Less Liabilities — (0.02)%						(5,101,796	)
Net Assets — 100.00%					$	25,912,624,790

December 31, 2019

Description	Ounces		Cost		Fair Value
Gold bullion		11,577,252	$	15,094,673,874	$	17,632,155,037

Total Investments — 100.02%						17,632,155,037
Less Liabilities — (0.02)%						(3,629,955	)
Net Assets — 100.00%					$	17,628,525,082

See notes to financial statements.

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iShares® Gold Trust

Notes to Financial Statements (Unaudited)

June 30, 2020

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, 2019, as filed with the SEC on February 27, 2020.

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.

Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.

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.

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The following tables summarize activity in gold bullion for the three months ended June 30, 2020 and 2019:

Three Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		12,571,766		$	16,858,848,412		$	20,227,343,435		$	—
Gold bullion contributed		2,271,113			3,865,881,490			3,865,881,490			—
Gold bullion distributed		(176,145	)		(243,162,746	)		(299,101,991	)		55,939,245
Gold bullion sold to pay expenses		(8,216	)		(11,212,810	)		(13,693,813	)		2,481,003
Net realized gain		—			—			58,420,248			—
Net change in unrealized appreciation/depreciation		—			—			2,078,877,217			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	58,420,248

Three Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	—
Gold bullion contributed		546,477			739,781,522			739,781,522			—
Gold bullion distributed		(761,506	)		(954,820,867	)		(976,968,626	)		22,147,759
Gold bullion sold to pay expenses		(5,960	)		(7,472,873	)		(7,735,421	)		262,548
Net realized gain		—			—			22,410,307			—
Net change in unrealized appreciation/depreciation		—			—			1,012,499,328			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	22,410,307

The following tables summarize activity in gold bullion for the six months ended June 30, 2020 and 2019:

Six Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		11,577,252		$	15,094,673,874		$	17,632,155,037		$	—
Gold bullion contributed		3,908,619			6,481,090,794			6,481,090,794			—
Gold bullion distributed		(811,936	)		(1,084,725,741	)		(1,290,498,278	)		205,772,537
Gold bullion sold to pay expenses		(15,417	)		(20,684,581	)		(24,978,774	)		4,294,193
Net realized gain		—			—			210,066,730			—
Net change in unrealized appreciation/depreciation		—			—			2,909,891,077			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	210,066,730

Six Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		1,365,448			1,804,683,811			1,804,683,811			—
Gold bullion distributed		(889,355	)		(1,114,984,814	)		(1,142,681,966	)		27,697,152
Gold bullion sold to pay expenses		(11,544	)		(14,460,410	)		(15,020,997	)		560,587
Net realized gain		—			—			28,257,739			—
Net change in unrealized appreciation/depreciation		—			—			1,126,675,823			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	28,257,739

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.

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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 June 30, 2020 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

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 Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement.

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); a significant increase in the hedging activities of gold producers; significant changes in the attitude of speculators, investors and other market participants towards gold; global gold supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.

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8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2020 and 2019.

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net asset value per Share, beginning of period	$	15.37		$	12.40		$	14.56		$	12.28

Net investment loss(a)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain(b)		1.52			1.09			2.34			1.22
Net increase in net assets from operations		1.51			1.08			2.32			1.20
Net asset value per Share, end of period	$	16.88		$	13.48		$	16.88		$	13.48

Total return, at net asset value(c)(d)		9.82	%		8.71	%		15.93	%		9.77	%

Ratio to average net assets
Net investment loss(e)		(0.25	)%		(0.25	)%		(0.25	)%		(0.25	)%
Expenses(e)		0.25	%		0.25	%		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.

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 June 30, 2020 and December 31, 2019, the value of the gold bullion held by the Trust is categorized as Level 1.

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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. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, 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 iShares Delaware 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 of the Trust and the net asset value per Share (“NAV”). 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 total value of the gold held by the Trust and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes 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.

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Results of Operations

The Quarter Ended June 30, 2020

The Trust’s net asset value grew from $20,223,180,272 at March 31, 2020 to $25,912,624,790 at June 30, 2020, a 28.13% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 1,316,000,000 Shares at March 31, 2020 to 1,535,400,000 Shares at June 30, 2020, a consequence of 237,850,000 Shares (4,757 Baskets) being created and 18,450,000 Shares (369 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value also benefited from an increase in the price of gold, which rose 9.89% from $1,608.95 (LBMA Gold Price AM) at March 31, 2020 to $1,768.10 (LBMA Gold Price PM) at June 30, 2020.

The 9.82% rise in the Trust’s NAV from $15.37 at March 31, 2020 to $16.88 at June 30, 2020 is directly related to the 9.89% 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 $14,632,446 for the quarter, or 0.06% of the Trust’s average weighted assets of $23,603,564,772 during the quarter. The NAV of $16.91 on June 29, 2020 was the highest during the quarter, compared with a low during the quarter of $15.06 on April 01, 2020.

Net increase in net assets resulting from operations for the quarter ended June 30, 2020 was $2,122,665,019, resulting from an unrealized gain on investment in gold bullion of $2,078,877,217, a net realized gain of $58,420,248 on gold distributed for the redemption of Shares and a net realized gain of $2,481,003 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $14,632,446. Other than the Sponsor’s fees of $14,632,446, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2020

The Trust’s net asset value grew from $17,628,525,082 at December 31, 2019 to $25,912,624,790 at June 30, 2020, a 46.99% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the LBMA Gold Price, which rose 16.09% from $1,523.00 (LBMA Gold Price AM) at December 31, 2019 to $1,768.10 (LBMA Gold Price PM) at June 30, 2020. The increase in the Trust’s net asset value was partially offset by an increase in outstanding Shares, which rose from 1,211,150,000 Shares at December 31, 2019 to 1,535,400,000 Shares at June 30, 2020, a consequence of 409,250,000 Shares (8,185 Baskets) being created and 85,000,000 Shares (1,700 Baskets) being redeemed during the period.

The 15.93% increase in the NAV from $14.56 at December 31, 2019 to $16.88 at June 30, 2020 is directly related to the 16.09% increase in the price of gold.

The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $26,450,615 for the period, or 0.12% of the Trust’s average weighted assets of $21,322,339,469 during the period. The NAV of $16.91 on June 29, 2020 was the highest during the period, compared with a low during the period of $14.08 on March 19, 2020.

Net increase in net assets resulting from operations for the six months ended June 30, 2020 was $3,093,507,192, resulting from an unrealized gain on investment in gold bullion of $2,909,891,077, a net realized gain of $205,772,537 on gold distributed for the redemption of Shares and a net realized gain of $4,294,193 from gold bullion sold to pay expenses during the period, offset by a net investment loss of $26,450,615. Other than the Sponsor’s fees of $26,450,615, the Trust had no expenses during the period.

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.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors

Except as set forth below, 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, 2019, filed with the Securities and Exchange Commission on February 27, 2020.

The Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy and the markets and service providers relevant to the performance of the Trust.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been spread globally. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, event cancellations, supply chain disruptions, and lower consumer demand, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. The impact of this outbreak has adversely affected the economies of many nations and the entire global economy and may impact individual issuers and capital markets in ways that cannot necessarily be foreseen. Other infectious illness outbreaks that may arise in the future could have similar impacts. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

The COVID-19 outbreak may continue to have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce or store gold, restrictions on travel that delay or prevent the transportation of gold, and an increase in demand for gold may disrupt supply chains for gold, which could cause secondary market spreads to widen and compromise our ability to settle transactions on time. Any inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver gold as a result of the outbreak will negatively affect the Trust’s operations.

The duration of the outbreak and its effects cannot be determined with certainty. A prolonged outbreak could result in an increase of the costs of the Trust, affect liquidity in the market for gold as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely affect the value of your Shares. In addition, the outbreak could also impair the information technology and other operational systems upon which the Trust’s service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market for gold, which could adversely affect the price of the Shares.

Further, the outbreak could interfere with or prevent the operation of the electronic auction hosted by IBA to determine the LBMA Gold Price, which the Trustee uses to value the gold held by the Trust and calculate the net asset value of the Trust. The outbreak could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact the Trust.

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

a) None.

b) Not applicable.

c) 18,450,000 Shares (369 Baskets) were redeemed during the quarter ended June 30, 2020.

Period	Total Number of Shares Redeemed		Average Ounces of Gold Paid Per Share
04/01/20 to 04/30/20		2,700,000	$	0.0096
05/01/20 to 05/31/20		—		—
06/01/20 to 06/30/20		15,750,000		0.0095
Total		18,450,000	$	0.0095

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

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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		Amendment Agreement to Second Amended and Restated Custodian Agreement between The Bank of New York Mellon and JP Morgan Chase Bank N.A., London branch

10.3		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		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

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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:

August 5, 2020

/s/ Mary Cronin

Mary Cronin
Director and Chief Financial Officer
(Principal financial and accounting officer)

Date:

August 5, 2020

*	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.

EX-10.2 2 ex_194292.htm EXHIBIT 10.2 ex_194292.htm

Exhibit 10.2

AMENDMENT AGREEMENT

THIS AMENDMENT AGREEMENT is dated 30 June 2020 (this “Amendment”)

PARTIES

(1)

JPMorgan Chase Bank, N.A., London Branch, a company incorporated with limited liability as a National Banking Association whose principal London Office is at 25 Bank Street, Canary Wharf, E14 5JP, London, United Kingdom ("we” or “us”); and

(2)

The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, whose principal place of business is at 240 Greenwich Street, New York, New York, 10286, United States of America, in its capacity as trustee of the iShares® Gold Trust, formerly known as the iShares® COMEX® Gold Trust ("Trust"), (in such capacity "you")

together (the “Parties”).

WHEREAS, the Parties hereto have previously entered into a Second Amended and Restated Custodian Agreement dated 22 December 2016 (the “Agreement”); and

WHEREAS, the Parties desire to amend Clauses 3.4, which relates to the delivery of gold, and 14.2.1 of the Agreement.

NOW THEREFORE, in consideration of the mutual agreements herein contained, the Parties hereby agree as follows:

1.	Definitions and Interpretation

1.1	Terms defined in the Agreement shall have the same meaning when used in this Amendment, unless defined below.

2.	Amendment of the Agreement

2.1	Pursuant to Clause 15.3 of the Agreement, and with effect from and including 30 June 2020, the Parties agree that the Agreement is hereby amended as stated in this Clause 2.

2.2	The following wording in the heading for Clause 3.4 of the Agreement shall be deleted: “refuse Precious Metal or”.

2.3	The following wording in Clause 3.4 of the Agreement shall be deleted: “; provided, that we will not be required to take any additional delivery of Gold if, after giving effect to such delivery, the aggregate value of Bullion would exceed U.S.$50 billion”.

2.4	For the avoidance of doubt, the remainder of Clause 3.4 of the Agreement shall remain unchanged.

2.5	Clause 14.2.1 of the Agreement shall be deleted in its entirety and replaced with:

“If to us,

JPMorgan Chase Bank, N.A., London Branch

25 Bank Street

Canary Wharf

E14 5JP

London, United Kingdom

Attention: David Nahmanovici, Mark Amlin

Facsimile: +44 120 2345348”

3.	Representations

3.1	Each party represents to the other party that all representations contained in the Agreement are true and accurate as of the date of this Amendment and that all such representations are deemed to be given or repeated by each party, as the case may be, on the date of this Amendment.

4.	Miscellaneous

4.1

Entire Agreement. This Amendment and the Agreement shall constitute the entire agreement and understanding of the parties with respect to their subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto. Except as specifically amended hereby, all other provisions of the Agreement, as amended and supplemented, shall continue in full force and effect.

4.2

Counterparts. This Amendment may be executed and delivered in counterparts, each of which will be deemed an original. Facsimile and electronic signatures shall be acceptable and binding.

4.3

Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment.

4.4

Governing Law. This Amendment will be governed by and construed in accordance with English law.

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized officers, as of the date first above written.

[Signature page to follow]

JPMorgan Chase Bank, N.A., London Branch

Signature:	/s/ David Nahmanovici
Title:	Managing Director
Date:	30 June 2020

The Bank of New York Mellon

solely in its capacity as trustee of the iShares^® Gold Trust

Signature:	/s/ Patrick Griffin
Title:	Vice President
Date:	June 30, 2020

Pursuant to Section 5.5(a) of the Fourth Amended and Restated Depositary Trust Agreement of iShares Gold Trust, dated as of December 22, 2016, the Sponsor hereby approves of The Bank of New York Mellon, as trustee of the iShares^® Gold Trust, of entering into this Amendment Agreement.

Signed on behalf of

iShares Delaware Trust Sponsor LLC

as sponsor of the iShares Gold Trust

Signature:	/s/ Paul C. Lohrey
Title:	President and CEO
Date:	29 June 2020

EX-31.1 3 ex_193508.htm EXHIBIT 31.1 ex_193508.htm

Exhibit 31.1

CERTIFICATION

I, Paul Lohrey, certify that:

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

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;

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;

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:

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;

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;

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

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

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):

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

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:

August 5, 2020

/s/ Paul Lohrey

Paul Lohrey
President and Chief Executive Officer
(Principal executive officer)

EX-31.2 4 ex_193509.htm EXHIBIT 31.2 ex_193509.htm

Exhibit 31.2

CERTIFICATION

I, Mary Cronin, certify that:

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

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:

August 5, 2020

/s/ Mary Cronin

Mary Cronin
Director and Chief Financial Officer
(Principal financial officer)

EX-32.1 5 ex_193510.htm EXHIBIT 32.1 ex_193510.htm

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 June 30, 2020 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:

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

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:

August 5, 2020

/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 6 ex_193511.htm EXHIBIT 32.2 ex_193511.htm

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 June 30, 2020 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:

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

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:

August 5, 2020

/s/ Mary Cronin

Mary Cronin*
Director and 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.

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Statement of Cash Flows [Abstract] Investment [Table Text Block] Statement [Line Items] Investment Holdings, Schedule of Investments [Text Block] Entity Common Stock, Shares Outstanding Statement of Stockholders' Equity [Abstract] Income Statement [Abstract] Trading Symbol Business Description and Basis of Presentation [Text Block] Net asset value per Share (Note 2C) (in dollars per share) Net asset value per Share, beginning of period (in dollars per share) Net asset value per Share, end of period (in dollars per share) Fair Value Disclosures [Text Block] Local Phone Number Shares, issued (in shares) Shares issued and outstanding (in shares) Net increase in net assets resulting from operations Net increase in net assets resulting from operations us-gaap_TableTextBlock Notes Tables Shares, par value (in dollars per share) Assets us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect Increase (decrease) in cash Commitments and contingent liabilities (Note 6) Gold bullion contributed (Ounce) Ounces of gold bullion contributed for the creation of shares. 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<a href="#" id="scheduleofinvest" title="scheduleofinvest"/>iShares® Gold Trust Schedules of Investments (Unaudited) At June 30, 2020 and December 31, 2019 June 30, 2020 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid black;"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments — 100.02% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities — (0.02)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(5,101,796</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets — 100.00% </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,912,624,790</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> December 31, 2019 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid black;"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,577,252</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">15,094,673,874</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">17,632,155,037</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments — 100.02% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">17,632,155,037</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr class="GFJY4-DFU-com-rdg-thunderdome-client-resources-CssResource-html-lineItem-v2v-addition" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities — (0.02)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(3,629,955</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets — 100.00% </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">17,628,525,082</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> See notes to financial statements.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid black;"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments — 100.02% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities — (0.02)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(5,101,796</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets — 100.00% </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,912,624,790</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid black;"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,577,252</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">15,094,673,874</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">17,632,155,037</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments — 100.02% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">17,632,155,037</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr class="GFJY4-DFU-com-rdg-thunderdome-client-resources-CssResource-html-lineItem-v2v-addition" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities — (0.02)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(3,629,955</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets — 100.00% </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="text-align: right; font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">17,628,525,082</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table>

14658518

20470354346

25917726586

5101796

25912624790

11577252

15094673874

17632155037

3629955

17628525082

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, 2019, as filed with the SEC on February 27, 2020. 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 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">A. </td><td> Basis of Accounting </td></tr> </tbody></table> 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. Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">B. </td><td> Gold Bullion </td></tr> </tbody></table> 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 June 30, 2020 and 2019: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Three Months Ended June 30, 2020 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,571,766</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">16,858,848,412</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">20,227,343,435</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">2,271,113</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,865,881,490</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,865,881,490</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(176,145</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(243,162,746</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(299,101,991</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">55,939,245</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(8,216</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(11,212,810</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(13,693,813</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">2,481,003</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">58,420,248</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,078,877,217</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">58,420,248</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Three Months Ended June 30, 2019 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9,695,079</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,152,880,181</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,559,005,466</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">546,477</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">739,781,522</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">739,781,522</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(761,506</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(954,820,867</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(976,968,626</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">22,147,759</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(5,960</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(7,472,873</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(7,735,421</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">262,548</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">22,410,307</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,012,499,328</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,474,090</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,930,367,963</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,348,992,576</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">22,410,307</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> The following tables summarize activity in gold bullion for the six months ended June 30, 2020 and 2019: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Six Months Ended June 30, 2020 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,577,252</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">15,094,673,874</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">17,632,155,037</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,908,619</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">6,481,090,794</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">6,481,090,794</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(811,936</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,084,725,741</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,290,498,278</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">205,772,537</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(15,417</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(20,684,581</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(24,978,774</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">4,294,193</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">210,066,730</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,909,891,077</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">210,066,730</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Six Months Ended June 30, 2019 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9,009,541</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,255,129,376</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,547,078,166</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,365,448</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,804,683,811</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,804,683,811</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(889,355</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,114,984,814</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,142,681,966</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">27,697,152</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(11,544</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(14,460,410</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(15,020,997</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">560,587</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">28,257,739</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,126,675,823</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,474,090</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,930,367,963</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,348,992,576</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">28,257,739</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">C. </td><td> Calculation of Net Asset Value </td></tr> </tbody></table> 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. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">D. </td><td> Offering of the Shares </td></tr> </tbody></table> 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. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">E. </td><td> Federal Income Taxes </td></tr> </tbody></table> 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 June 30, 2020 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">B. </td><td> Gold Bullion </td></tr> </tbody></table> 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 June 30, 2020 and 2019: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Three Months Ended June 30, 2020 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,571,766</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">16,858,848,412</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">20,227,343,435</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">2,271,113</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,865,881,490</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,865,881,490</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(176,145</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(243,162,746</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(299,101,991</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">55,939,245</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(8,216</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(11,212,810</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(13,693,813</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">2,481,003</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">58,420,248</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,078,877,217</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">58,420,248</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Three Months Ended June 30, 2019 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9,695,079</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,152,880,181</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,559,005,466</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">546,477</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">739,781,522</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">739,781,522</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(761,506</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(954,820,867</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(976,968,626</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">22,147,759</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(5,960</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(7,472,873</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(7,735,421</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">262,548</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">22,410,307</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,012,499,328</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,474,090</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,930,367,963</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,348,992,576</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">22,410,307</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> The following tables summarize activity in gold bullion for the six months ended June 30, 2020 and 2019: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Six Months Ended June 30, 2020 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,577,252</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">15,094,673,874</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">17,632,155,037</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,908,619</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">6,481,090,794</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">6,481,090,794</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(811,936</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,084,725,741</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,290,498,278</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">205,772,537</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(15,417</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(20,684,581</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(24,978,774</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">4,294,193</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">210,066,730</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,909,891,077</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">210,066,730</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Six Months Ended June 30, 2019 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9,009,541</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,255,129,376</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,547,078,166</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,365,448</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,804,683,811</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,804,683,811</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(889,355</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,114,984,814</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,142,681,966</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">27,697,152</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(11,544</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(14,460,410</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(15,020,997</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">560,587</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">28,257,739</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,126,675,823</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,474,090</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,930,367,963</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,348,992,576</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">28,257,739</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Three Months Ended June 30, 2020 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,571,766</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">16,858,848,412</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">20,227,343,435</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">2,271,113</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,865,881,490</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,865,881,490</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(176,145</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(243,162,746</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(299,101,991</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">55,939,245</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(8,216</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(11,212,810</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(13,693,813</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">2,481,003</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">58,420,248</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,078,877,217</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">58,420,248</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Three Months Ended June 30, 2019 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9,695,079</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,152,880,181</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">12,559,005,466</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">546,477</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">739,781,522</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">739,781,522</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(761,506</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(954,820,867</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(976,968,626</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">22,147,759</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(5,960</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(7,472,873</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(7,735,421</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">262,548</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">22,410,307</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,012,499,328</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,474,090</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,930,367,963</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,348,992,576</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">22,410,307</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Six Months Ended June 30, 2020 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,577,252</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">15,094,673,874</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">17,632,155,037</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">3,908,619</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">6,481,090,794</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">6,481,090,794</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(811,936</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,084,725,741</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,290,498,278</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">205,772,537</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(15,417</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(20,684,581</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(24,978,774</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">4,294,193</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">210,066,730</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,909,891,077</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">14,658,518</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,470,354,346</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,917,726,586</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">210,066,730</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> Six Months Ended June 30, 2019 </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9,009,541</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,255,129,376</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">11,547,078,166</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,365,448</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,804,683,811</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">1,804,683,811</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(889,355</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,114,984,814</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(1,142,681,966</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">27,697,152</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Gold bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(11,544</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(14,460,410</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(15,020,997</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">560,587</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">28,257,739</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,126,675,823</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,474,090</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,930,367,963</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,348,992,576</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">28,257,739</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 12571766

16858848412

20227343435

2271113 3865881490 3865881490 176145 243162746 299101991 55939245 8216 11212810 13693813

2481003

58420248

2078877217

14658518

20470354346

25917726586

58420248

9695079

12152880181

12559005466

546477 739781522 739781522 761506 954820867 976968626 22147759 5960 7472873 7735421

262548

22410307

1012499328

9474090

11930367963

13348992576

22410307

11577252

15094673874

17632155037

3908619 6481090794 6481090794 811936 1084725741 1290498278 205772537 15417 20684581 24978774

4294193

210066730

2909891077

14658518

20470354346

25917726586

210066730

9009541

11255129376

11547078166

1365448 1804683811 1804683811 889355 1114984814 1142681966 27697152 11544 14460410 15020997

560587

28257739

1126675823

9474090

11930367963

13348992576

28257739

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. 0.0025 100000

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 Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor. The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement. 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); a significant increase in the hedging activities of gold producers; significant changes in the attitude of speculators, investors and other market participants towards gold; global gold supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.

8 - Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2020 and 2019. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"> <tbody> <tr style="vertical-align: bottom;"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="6" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended June 30, </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="6" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);"> Six Months Ended June 30, </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net asset value per Share, beginning of period </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.37</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">12.40</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">14.56</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">12.28</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 48%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net investment loss(a) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.01</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.01</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.02</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.02</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net realized and unrealized gain(b) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.52</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.09</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2.34</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.22</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net increase in net assets from operations </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.51</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.08</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2.32</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.20</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net asset value per Share, end of period </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">16.88</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13.48</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">16.88</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13.48</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 48%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Total return, at net asset value(c)(d) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9.82</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">8.71</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">15.93</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9.77</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 48%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Ratio to average net assets </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net investment loss(e) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Expenses(e) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> </tr> </tbody> </table> <hr/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> (a) </td> <td> Based on average Shares outstanding during the period. </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> (b) </td> <td> 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. </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> (c) </td> <td> Based on the change in net asset value of a Share during the period. </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> (d) </td> <td> Percentage is not annualized. </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> (e) </td> <td> Percentage is annualized. </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"> <tbody> <tr style="vertical-align: bottom;"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="6" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended June 30, </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="6" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);"> Six Months Ended June 30, </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td style="font-family: Arial; font-size: 10pt; width: 2%; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net asset value per Share, beginning of period </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.37</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">12.40</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">14.56</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">12.28</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 48%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net investment loss(a) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.01</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.01</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.02</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.02</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net realized and unrealized gain(b) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.52</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.09</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2.34</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.22</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net increase in net assets from operations </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.51</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.08</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2.32</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1.20</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net asset value per Share, end of period </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">16.88</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13.48</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">16.88</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13.48</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 48%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Total return, at net asset value(c)(d) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9.82</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">8.71</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">15.93</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">9.77</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 48%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Ratio to average net assets </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: Arial; font-size: 10pt; width: 9%;"> </td> <td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Net investment loss(e) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">(0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial; font-size: 10pt; width: 48%;"> Expenses(e) </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: Arial; font-size: 10pt; margin-left: 0pt;">0.25</td> <td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">%</td> </tr> </tbody> </table>

15.37

12.40

14.56

12.28

-0.01 -0.01 -0.02 -0.02 1.52 1.09 2.34 1.22 1.51 1.08 2.32 1.20

16.88

13.48

16.88

13.48

0.0982 0.0871 0.1593 0.0977 -0.0025 -0.0025 -0.0025 -0.0025 0.0025 0.0025 0.0025 0.0025

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: <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 54pt;"> Level 1 − </td> <td> Unadjusted quoted prices in active markets for identical assets or liabilities; </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 54pt;"> Level 2 − </td> <td> 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 </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 54pt;"> Level 3 − </td> <td> Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. </td> </tr> </tbody> </table> At June 30, 2020 and December 31, 2019, the value of the gold bullion held by the Trust is categorized as Level 1.

Based on the change in net asset value of a Share during the period. Percentage is annualized. Net increase in net assets per Share based on average shares outstanding during the period. 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. Based on average Shares outstanding during the period. Cost of investment in gold bullion: $20,470,354,346 and $15,094,673,874, respectively. Percentage is not annualized. No par value, unlimited amount authorized.

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Entity Central Index Key	0001278680
Entity Registrant Name	ISHARES GOLD TRUST
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-32418
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	81-6124036
Entity Address, Address Line One	400 Howard Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	670-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Shares
Trading Symbol	IAU
Security Exchange Name	NYSEArca
Entity Common Stock, Shares Outstanding		1,655,400,000

XML 14 R2.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities (Unaudited) - USD ($)

Jun. 30, 2020

Dec. 31, 2019

Assets

Investment in gold bullion, at fair value

^[1]

$ 25,917,726,586

$ 17,632,155,037

Total Assets

25,917,726,586

17,632,155,037

Liabilities

Sponsor’s fees payable

5,101,796

3,629,955

Total Liabilities

5,101,796

3,629,955

Commitments and contingent liabilities (Note 6)

Net Assets

$ 25,912,624,790

$ 17,628,525,082

Shares issued and outstanding (in shares)

^[2]

1,535,400,000

1,211,150,000

Net asset value per Share (Note 2C) (in dollars per share)

$ 16.88

$ 14.56

[1]	Cost of investment in gold bullion: $20,470,354,346 and $15,094,673,874, respectively.
[2]	No par value, unlimited amount authorized.

XML 15 R3.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment in gold bullion, cost	$ 20,470,354,346	$ 15,094,673,874
Shares, par value (in dollars per share)	$ 0	$ 0
Shares, issued (in shares)	1,535,400,000	1,211,150,000

XML 16 R4.htm IDEA: XBRL DOCUMENT

Statements of Operations (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Expenses

Sponsor’s fees

$ 14,632,446

$ 7,621,405

$ 26,450,615

$ 15,240,757

Total expenses

14,632,446

7,621,405

26,450,615

15,240,757

Net investment loss

(14,632,446)

(7,621,405)

(26,450,615)

(15,240,757)

Net Realized and Unrealized Gain (Loss)

Gold bullion sold to pay expenses

2,481,003

262,548

4,294,193

560,587

Gold bullion distributed for the redemption of Shares

55,939,245

22,147,759

205,772,537

27,697,152

Net realized gain

58,420,248

22,410,307

210,066,730

28,257,739

Net change in unrealized appreciation/depreciation

2,078,877,217

1,012,499,328

2,909,891,077

1,126,675,823

Net realized and unrealized gain

2,137,297,465

1,034,909,635

3,119,957,807

1,154,933,562

Net increase in net assets resulting from operations

$ 2,122,665,019

$ 1,027,288,230

$ 3,093,507,192

$ 1,139,692,805

Net increase in net assets per Share (in dollars per share)

^[1]

$ 1.47

$ 1.05

$ 2.28

$ 1.16

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

XML 17 R5.htm IDEA: XBRL DOCUMENT

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Assets, Beginning of Period	$ 20,223,180,272	$ 17,628,525,082	$ 12,556,331,670	$ 11,544,738,146	$ 17,628,525,082	$ 11,544,738,146
Operations:
Net investment loss	(14,632,446)	(11,818,169)	(7,621,405)	(7,619,352)	(26,450,615)	(15,240,757)
Net realized gain	58,420,248	151,646,482	22,410,307	5,847,432	210,066,730	28,257,739
Net change in unrealized appreciation/depreciation	2,078,877,217	831,013,860	1,012,499,328	114,176,495	2,909,891,077	1,126,675,823
Net increase in net assets resulting from operations	2,122,665,019	970,842,173	1,027,288,230	112,404,575	3,093,507,192	1,139,692,805
Capital Share Transactions:
Contributions for Shares issued	3,865,881,490	2,615,209,304	739,781,522	1,064,902,289
Distributions for Shares redeemed	(299,101,991)	(991,396,287)	(976,968,626)	(165,713,340)
Net increase (decrease) in net assets from capital share transactions	3,566,779,499	1,623,813,017	(237,187,104)	899,188,949
Increase in net assets	5,689,444,518	2,594,655,190	790,101,126	1,011,593,524
Net Assets, End of Period	$ 25,912,624,790	$ 20,223,180,272	$ 13,346,432,796	$ 12,556,331,670	$ 25,912,624,790	$ 13,346,432,796
Shares issued and redeemed
Shares issued (in shares)					409,250,000	142,600,000
Shares redeemed (in shares)					(85,000,000)	(92,900,000)
Net increase in Shares issued and outstanding (in shares)					324,250,000	49,700,000

XML 18 R6.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Proceeds from gold bullion sold to pay expenses					$ 24,978,774	$ 15,020,997
Expenses – Sponsor's fees paid					(24,978,774)	(15,020,997)
Net cash provided by (used in) operating activities					0	0
Increase (decrease) in cash					0	0
Cash, beginning of period		$ 0		$ 0	0	0
Cash, end of period	$ 0		$ 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 in net assets resulting from operations	2,122,665,019	970,842,173	1,027,288,230	112,404,575	3,093,507,192	1,139,692,805
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					24,978,774	15,020,997
Net realized (gain) loss	(58,420,248)	(151,646,482)	(22,410,307)	(5,847,432)	(210,066,730)	(28,257,739)
Net change in unrealized appreciation/depreciation	$ (2,078,877,217)	$ (831,013,860)	$ (1,012,499,328)	$ (114,176,495)	(2,909,891,077)	(1,126,675,823)
Change in operating assets and liabilities:
Sponsor’s fees payable					1,471,841	219,760
Net cash provided by (used in) operating activities					0	0
Supplemental disclosure of non-cash information:
Gold bullion contributed for Shares issued					6,481,090,794	1,804,683,811
Gold bullion distributed for Shares redeemed					$ (1,290,498,278)	$ (1,142,681,966)

XML 19 R7.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited)

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Investment Holdings, Schedule of Investments [Text Block]

iShares® Gold Trust

Schedules of Investments (Unaudited)

At June 30, 2020 and December 31, 2019

June 30, 2020

Description	Ounces		Cost		Fair Value
Gold bullion		14,658,518	$	20,470,354,346	$	25,917,726,586

Total Investments — 100.02%						25,917,726,586
Less Liabilities — (0.02)%						(5,101,796	)
Net Assets — 100.00%					$	25,912,624,790

December 31, 2019

Description	Ounces		Cost		Fair Value
Gold bullion		11,577,252	$	15,094,673,874	$	17,632,155,037

Total Investments — 100.02%						17,632,155,037
Less Liabilities — (0.02)%						(3,629,955	)
Net Assets — 100.00%					$	17,628,525,082

See notes to financial statements.

XML 20 R8.htm IDEA: XBRL DOCUMENT

Note 1 - Organization

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1 - Organization

XML 21 R9.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2 - Significant Accounting Policies

A.	Basis of Accounting

Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.

B.

Gold Bullion

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

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, 2020 and 2019:

Three Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		12,571,766		$	16,858,848,412		$	20,227,343,435		$	—
Gold bullion contributed		2,271,113			3,865,881,490			3,865,881,490			—
Gold bullion distributed		(176,145	)		(243,162,746	)		(299,101,991	)		55,939,245
Gold bullion sold to pay expenses		(8,216	)		(11,212,810	)		(13,693,813	)		2,481,003
Net realized gain		—			—			58,420,248			—
Net change in unrealized appreciation/depreciation		—			—			2,078,877,217			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	58,420,248

Three Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	—
Gold bullion contributed		546,477			739,781,522			739,781,522			—
Gold bullion distributed		(761,506	)		(954,820,867	)		(976,968,626	)		22,147,759
Gold bullion sold to pay expenses		(5,960	)		(7,472,873	)		(7,735,421	)		262,548
Net realized gain		—			—			22,410,307			—
Net change in unrealized appreciation/depreciation		—			—			1,012,499,328			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	22,410,307

The following tables summarize activity in gold bullion for the six months ended June 30, 2020 and 2019:

Six Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		11,577,252		$	15,094,673,874		$	17,632,155,037		$	—
Gold bullion contributed		3,908,619			6,481,090,794			6,481,090,794			—
Gold bullion distributed		(811,936	)		(1,084,725,741	)		(1,290,498,278	)		205,772,537
Gold bullion sold to pay expenses		(15,417	)		(20,684,581	)		(24,978,774	)		4,294,193
Net realized gain		—			—			210,066,730			—
Net change in unrealized appreciation/depreciation		—			—			2,909,891,077			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	210,066,730

Six Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		1,365,448			1,804,683,811			1,804,683,811			—
Gold bullion distributed		(889,355	)		(1,114,984,814	)		(1,142,681,966	)		27,697,152
Gold bullion sold to pay expenses		(11,544	)		(14,460,410	)		(15,020,997	)		560,587
Net realized gain		—			—			28,257,739			—
Net change in unrealized appreciation/depreciation		—			—			1,126,675,823			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	28,257,739

C.

Calculation of Net Asset Value

D.	Offering of the Shares

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

XML 22 R10.htm IDEA: XBRL DOCUMENT

Note 3 - Trust Expenses

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Trust Expenses [Text Block]

3 - Trust Expenses

XML 23 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Related Parties

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

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 24 R12.htm IDEA: XBRL DOCUMENT

Note 5 - Indemnification

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Indemnification [Text Block]

5 - Indemnification

XML 25 R13.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

6 - Commitments and Contingent Liabilities

XML 26 R14.htm IDEA: XBRL DOCUMENT

Note 7 - Concentration Risk

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

7 - Concentration Risk

XML 27 R15.htm IDEA: XBRL DOCUMENT

Note 8 - Financial Highlights

6 Months Ended

Jun. 30, 2020

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 and six months ended June 30, 2020 and 2019.

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net asset value per Share, beginning of period	$	15.37		$	12.40		$	14.56		$	12.28

Net investment loss(a)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain(b)		1.52			1.09			2.34			1.22
Net increase in net assets from operations		1.51			1.08			2.32			1.20
Net asset value per Share, end of period	$	16.88		$	13.48		$	16.88		$	13.48

Total return, at net asset value(c)(d)		9.82	%		8.71	%		15.93	%		9.77	%

Ratio to average net assets
Net investment loss(e)		(0.25	)%		(0.25	)%		(0.25	)%		(0.25	)%
Expenses(e)		0.25	%		0.25	%		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 28 R16.htm IDEA: XBRL DOCUMENT

Note 9 - Investment Valuation

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

9 - Investment Valuation

Level 1 −

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

Level 2 −

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 June 30, 2020 and December 31, 2019, the value of the gold bullion held by the Trust is categorized as Level 1.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 29 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

A.	Basis of Accounting

Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.

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.

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, 2020 and 2019:

Three Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		12,571,766		$	16,858,848,412		$	20,227,343,435		$	—
Gold bullion contributed		2,271,113			3,865,881,490			3,865,881,490			—
Gold bullion distributed		(176,145	)		(243,162,746	)		(299,101,991	)		55,939,245
Gold bullion sold to pay expenses		(8,216	)		(11,212,810	)		(13,693,813	)		2,481,003
Net realized gain		—			—			58,420,248			—
Net change in unrealized appreciation/depreciation		—			—			2,078,877,217			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	58,420,248

Three Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	—
Gold bullion contributed		546,477			739,781,522			739,781,522			—
Gold bullion distributed		(761,506	)		(954,820,867	)		(976,968,626	)		22,147,759
Gold bullion sold to pay expenses		(5,960	)		(7,472,873	)		(7,735,421	)		262,548
Net realized gain		—			—			22,410,307			—
Net change in unrealized appreciation/depreciation		—			—			1,012,499,328			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	22,410,307

The following tables summarize activity in gold bullion for the six months ended June 30, 2020 and 2019:

Six Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		11,577,252		$	15,094,673,874		$	17,632,155,037		$	—
Gold bullion contributed		3,908,619			6,481,090,794			6,481,090,794			—
Gold bullion distributed		(811,936	)		(1,084,725,741	)		(1,290,498,278	)		205,772,537
Gold bullion sold to pay expenses		(15,417	)		(20,684,581	)		(24,978,774	)		4,294,193
Net realized gain		—			—			210,066,730			—
Net change in unrealized appreciation/depreciation		—			—			2,909,891,077			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	210,066,730

Six Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		1,365,448			1,804,683,811			1,804,683,811			—
Gold bullion distributed		(889,355	)		(1,114,984,814	)		(1,142,681,966	)		27,697,152
Gold bullion sold to pay expenses		(11,544	)		(14,460,410	)		(15,020,997	)		560,587
Net realized gain		—			—			28,257,739			—
Net change in unrealized appreciation/depreciation		—			—			1,126,675,823			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	28,257,739

Calculation of Net Asset Value [Policy Text Block]

C.	Calculation of Net Asset Value

Offering of the Shares [Policy Text Block]

D.	Offering of the Shares

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

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=120406818&loc=d3e32247-109318

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32847-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 740
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116657188&loc=SL116659661-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=120406818&loc=d3e32280-109318

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319

+ Details

XML 30 R18.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Investment [Table Text Block]

Description	Ounces		Cost		Fair Value
Gold bullion		14,658,518	$	20,470,354,346	$	25,917,726,586

Total Investments — 100.02%						25,917,726,586
Less Liabilities — (0.02)%						(5,101,796	)
Net Assets — 100.00%					$	25,912,624,790

Description	Ounces		Cost		Fair Value
Gold bullion		11,577,252	$	15,094,673,874	$	17,632,155,037

Total Investments — 100.02%						17,632,155,037
Less Liabilities — (0.02)%						(3,629,955	)
Net Assets — 100.00%					$	17,628,525,082

XML 31 R19.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Activity in Gold Bullion [Table Text Block]

Three Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		12,571,766		$	16,858,848,412		$	20,227,343,435		$	—
Gold bullion contributed		2,271,113			3,865,881,490			3,865,881,490			—
Gold bullion distributed		(176,145	)		(243,162,746	)		(299,101,991	)		55,939,245
Gold bullion sold to pay expenses		(8,216	)		(11,212,810	)		(13,693,813	)		2,481,003
Net realized gain		—			—			58,420,248			—
Net change in unrealized appreciation/depreciation		—			—			2,078,877,217			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	58,420,248

Three Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,695,079		$	12,152,880,181		$	12,559,005,466		$	—
Gold bullion contributed		546,477			739,781,522			739,781,522			—
Gold bullion distributed		(761,506	)		(954,820,867	)		(976,968,626	)		22,147,759
Gold bullion sold to pay expenses		(5,960	)		(7,472,873	)		(7,735,421	)		262,548
Net realized gain		—			—			22,410,307			—
Net change in unrealized appreciation/depreciation		—			—			1,012,499,328			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	22,410,307

Six Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		11,577,252		$	15,094,673,874		$	17,632,155,037		$	—
Gold bullion contributed		3,908,619			6,481,090,794			6,481,090,794			—
Gold bullion distributed		(811,936	)		(1,084,725,741	)		(1,290,498,278	)		205,772,537
Gold bullion sold to pay expenses		(15,417	)		(20,684,581	)		(24,978,774	)		4,294,193
Net realized gain		—			—			210,066,730			—
Net change in unrealized appreciation/depreciation		—			—			2,909,891,077			—
Ending balance		14,658,518		$	20,470,354,346		$	25,917,726,586		$	210,066,730

Six Months Ended June 30, 2019	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		9,009,541		$	11,255,129,376		$	11,547,078,166		$	—
Gold bullion contributed		1,365,448			1,804,683,811			1,804,683,811			—
Gold bullion distributed		(889,355	)		(1,114,984,814	)		(1,142,681,966	)		27,697,152
Gold bullion sold to pay expenses		(11,544	)		(14,460,410	)		(15,020,997	)		560,587
Net realized gain		—			—			28,257,739			—
Net change in unrealized appreciation/depreciation		—			—			1,126,675,823			—
Ending balance		9,474,090		$	11,930,367,963		$	13,348,992,576		$	28,257,739

XML 32 R20.htm IDEA: XBRL DOCUMENT

Note 8 - Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Financial Highlights [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net asset value per Share, beginning of period	$	15.37		$	12.40		$	14.56		$	12.28

Net investment loss(a)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain(b)		1.52			1.09			2.34			1.22
Net increase in net assets from operations		1.51			1.08			2.32			1.20
Net asset value per Share, end of period	$	16.88		$	13.48		$	16.88		$	13.48

Total return, at net asset value(c)(d)		9.82	%		8.71	%		15.93	%		9.77	%

Ratio to average net assets
Net investment loss(e)		(0.25	)%		(0.25	)%		(0.25	)%		(0.25	)%
Expenses(e)		0.25	%		0.25	%		0.25	%		0.25	%

XML 33 R21.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited) - Investments (Details)	Jun. 30, 2020 USD ($) oz	Mar. 31, 2020 USD ($) oz	Dec. 31, 2019 USD ($) oz	Jun. 30, 2019 USD ($) oz	Mar. 31, 2019 USD ($) oz	Dec. 31, 2018 USD ($) oz
Gold bullion (Ounce) \| oz	14,658,518	12,571,766	11,577,252	9,474,090	9,695,079	9,009,541
Investment in gold bullion, cost	$ 20,470,354,346	$ 16,858,848,412	$ 15,094,673,874	$ 11,930,367,963	$ 12,152,880,181	$ 11,255,129,376
Gold bullion fair value	25,917,726,586		17,632,155,037
Less Liabilities	(5,101,796)		(3,629,955)
Net Assets	$ 25,912,624,790	$ 20,223,180,272	$ 17,628,525,082	$ 13,346,432,796	$ 12,556,331,670	$ 11,544,738,146

XML 34 R22.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals)	Jun. 30, 2020	Dec. 31, 2019
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 35 R23.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies (Details Textual)	Jun. 30, 2020 shares
Shares Prescribed Aggregation (in shares)	50,000

XML 36 R24.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies - Activity in Gold Bullion (Details)

3 Months Ended

6 Months Ended

Jun. 30, 2020

USD ($)

Mar. 31, 2020

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Beginning balance (Ounce) | oz

12,571,766

11,577,252

9,695,079

9,009,541

11,577,252

9,009,541

Beginning balance, average cost

$ 16,858,848,412

$ 15,094,673,874

$ 12,152,880,181

$ 11,255,129,376

$ 15,094,673,874

$ 11,255,129,376

Beginning balance, fair value

$ 20,227,343,435

17,632,155,037

^[1]

$ 12,559,005,466

11,547,078,166

$ 17,632,155,037

^[1]

$ 11,547,078,166

Gold bullion contributed (Ounce) | oz

2,271,113

546,477

3,908,619

1,365,448

Gold bullion contributed, average cost

$ 3,865,881,490

$ 739,781,522

$ 6,481,090,794

$ 1,804,683,811

Gold bullion contributed, fair value

$ 3,865,881,490

$ 739,781,522

$ 6,481,090,794

$ 1,804,683,811

Gold bullion distributed (Ounce) | oz

(176,145)

(761,506)

(811,936)

(889,355)

Gold bullion distributed, average cost

$ (243,162,746)

$ (954,820,867)

$ (1,084,725,741)

$ (1,114,984,814)

Gold bullion distributed, fair value

(299,101,991)

(976,968,626)

(1,290,498,278)

(1,142,681,966)

Gold bullion distributed, realized gain (loss)

$ 55,939,245

$ 22,147,759

$ 205,772,537

$ 27,697,152

Gold bullion sold to pay expenses (Ounce) | oz

(8,216)

(5,960)

(15,417)

(11,544)

Gold bullion sold to pay expenses, average cost

$ (11,212,810)

$ (7,472,873)

$ (20,684,581)

$ (14,460,410)

Gold bullion sold to pay expenses, fair value

(13,693,813)

(7,735,421)

(24,978,774)

(15,020,997)

Gold bullion sold to pay expenses, realized gain (loss)

2,481,003

262,548

4,294,193

560,587

Net realized gain (loss), fair value

58,420,248

151,646,482

22,410,307

5,847,432

210,066,730

28,257,739

Net change in unrealized appreciation/depreciation, fair value

$ 2,078,877,217

$ 831,013,860

$ 1,012,499,328

$ 114,176,495

$ 2,909,891,077

$ 1,126,675,823

Ending balance (Ounce) | oz

14,658,518

12,571,766

9,474,090

9,695,079

14,658,518

9,474,090

Ending balance, average cost

$ 20,470,354,346

$ 16,858,848,412

$ 11,930,367,963

$ 12,152,880,181

$ 20,470,354,346

$ 11,930,367,963

Ending balance, fair value

25,917,726,586

^[1]

20,227,343,435

13,348,992,576

12,559,005,466

25,917,726,586

^[1]

13,348,992,576

Ending balance, realized gain (loss)

$ 58,420,248

$ 151,646,482

$ 22,410,307

$ 5,847,432

$ 210,066,730

$ 28,257,739

[1]	Cost of investment in gold bullion: $20,470,354,346 and $15,094,673,874, respectively.

XML 37 R25.htm IDEA: XBRL DOCUMENT

Note 3 - Trust Expenses (Details Textual)	6 Months Ended
Note 3 - Trust Expenses (Details Textual)	Jun. 30, 2020 USD ($)
Sponsors Fee Annualized Accrual Rate Based on Daily Net Asset Value	0.25%
Maximum [Member]
Legal Fees Per Year	$ 100,000

XML 38 R26.htm IDEA: XBRL DOCUMENT

Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Net asset value per Share, beginning of period (in dollars per share)

$ 15.37

$ 12.40

$ 14.56

$ 12.28

Net investment loss (in dollars per share)

^[1]

(0.01)

(0.02)

Net realized and unrealized gain (loss) (in dollars per share)

^[2]

1.52

1.09

2.34

1.22

Net increase in net assets from operations (in dollars per share)

1.51

1.08

2.32

1.20

Net asset value per Share, end of period (in dollars per share)

$ 16.88

$ 13.48

$ 16.88

$ 13.48

Total return, at net asset value

^[3],[4]

9.82%

8.71%

15.93%

9.77%

Ratio to average net assets

Net investment loss

^[5]

(0.25%)

Expenses

^[5]

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.

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