10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2018

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: 001-34917

ETFS PRECIOUS METALS BASKET TRUST

(Exact name of registrant as specified in its charter)

New York	27-2780046
(State or other jurisdiction of incorporation or	(I.R.S. Employer Identification No.)
organization)
c/o ETF Securities USA LLC
405 Lexington Avenue
New York, NY	10174
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:

(646) 846-3130

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 and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 accountancy 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 ☒

As of May  1, 2018, ETFS Precious Metals Basket Trust had 6,000,000ETFS Physical PM Basket Shares outstanding.

ETFS PRECIOUS METALS BASKET TRUST

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2018

INDEX

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3.	Defaults Upon Senior Securities	16
Item 4.	Mine Safety Disclosures	16
Item 5.	Other Information	16
Item 6.	Exhibits	17
SIGNATURES

ETFS PRECIOUS METALS BASKET TRUST

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities
At March 31, 2018(Unaudited) and December 31, 2017

	March 31, 2018		December 31, 2017
(Amounts in 000's of US$, except for Share and per Share data)
ASSETS
Investment in Bullion
Gold (cost: March 31, 2018: $208,362; December 31, 2017: $196,806)	$	224,174	$	208,689
Silver (cost: March 31, 2018: $108,341; December 31, 2017: $103,311)		101,082		99,537
Platinum (cost: March 31, 2018: $24,371; December 31, 2017: $23,345)		21,133		19,895
Palladium (cost: March 31, 2018: $24,974; December 31, 2017: $22,967)		32,851		33,995
Total investment in Bullion		379,240		362,116
Bullion receivable		3,212		-
Total Assets		382,452		362,116
LIABILITIES
Fees payable to Sponsor		193		184
Total Liabilities		193		184
NET ASSETS (1)	$	382,259	$	361,932

(1)Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2018 were 5,950,000 and at December 31, 2017 were 5,600,000. Net asset values per Share at March 31, 2018 and December 31, 2017  were$64.25 and $64.63, respectively.

See Notes to the Financial Statements

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ETFS PRECIOUS METALS BASKET TRUST

Schedules of Investments
At March 31, 2018 (Unaudited) and December 31, 2017

	March 31, 2018
Description	oz	Cost		Fair Value		% of Net Assets
Investment in Bullion (in 000's of US$, except for oz and percentage data)
Gold	169,334.9	$	208,362	$	224,174	58.64%
Silver	6,208,940.8		108,341		101,082	26.44%
Platinum	22,577.8		24,371		21,133	5.53%
Palladium	33,866.7		24,974		32,851	8.59%
Total investment in Bullion		$	366,048	$	379,240	99.21%
Other assets in excess of liabilities					3,019	0.79%
Net assets				$	382,259	100.00%
	December 31, 2017
Description	oz	Cost		Fair Value		% of Net Assets
Investment in Bullion (in 000's of US$, except for oz and percentage data)
Gold	160,963.2	$	196,806	$	208,689	57.66%
Silver	5,901,979.3		103,311		99,537	27.50%
Platinum	21,461.5		23,345		19,895	5.50%
Palladium	32,192.4		22,967		33,995	9.39%
Total investment in Bullion		$	346,429	$	362,116	100.05%
Less liabilities					(184)	(0.05)%
Net assets				$	361,932	100.00%

See Notes to the Financial Statements

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ETFS PRECIOUS METALS BASKET TRUST

Statements of Operations (Unaudited)
For the three months ended March 31, 2018 and 2017

	Three Months		Three Months
	Ended		Ended
	March 31, 2018		March 31, 2017
(Amounts in 000's of US$, except for Share and per Share data)
EXPENSES
Sponsor's Fee	$	562	$	431
Total expenses		562		431
Net investment loss		(562)		(431)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on Bullion transferred to pay expenses		30		(10)
Realized gain on Bullion distributed for the redemption of Shares		484		51
Change in unrealized (loss) / gain on investment in Bullion		(2,495)		24,221
Total (loss) / gain on investment in Bullion		(1,981)		24,262
Change in net assets from operations	$	(2,543)	$	23,831
Net (decrease) / increase in net assets per Share	$	(0.44)	$	5.10
Weighted average number of Shares		5,796,667		4,674,444

See Notes to the Financial Statements

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ETFS PRECIOUS METALS BASKET TRUST

Statement of Changes in Net Assets
For the three months ended March 31, 2018 (Unaudited) and the year ended December 31, 2017

	Three Months Ended March 31, 2018
(Amounts in 000's of US$, except for Share data)	Shares	Amount
Opening balance at January 1, 2018	5,600,000	$	361,932
Net investment loss			(562)
Realized gain on investment in Bullion			514
Change in unrealized loss on investment in Bullion			(2,495)
Change in unrealized loss on unsettled creations or redemptions			(24)
Creations	500,000		32,679
Redemptions	(150,000)		(9,785)
Closing balance at March 31, 2018	5,950,000	$	382,259
	Year Ended December 31, 2017
(Amounts in 000's of US$, except for Share data)	Shares	Amount
Opening balance at January 1, 2017	4,500,000	$	261,512
Net investment loss			(1,943)
Realized gain on investment in Bullion			68
Change in unrealized gain on investment in Bullion			33,120
Change in unrealized loss on unsettled creations or redemptions			(58)
Creations	1,150,000		72,378
Redemptions	(50,000)		(3,145)
Closing balance at December 31, 2017	5,600,000	$	361,932

See Notes to the Financial Statements

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ETFS PRECIOUS METALS BASKET TRUST

Financial Highlights (Unaudited)
For the three months ended March 31, 2018 and 2017

	Three Months		Three Months
	Ended		Ended
	March 31, 2018		March 31, 2017
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period	$	64.63	$	58.11
Income from investment operations:
Net investment loss		(0.10)		(0.09)
Total realized and unrealized gains or losses on investment in Bullion		(0.28)		5.24
Change in net assets from operations		(0.38)		5.15
Net asset value per Share at end of period	$	64.25	$	63.26
Weighted average number of Shares		5,796,667		4,674,444
Expense ratio (1)		0.60%		0.60%
Net investment loss ratio (1)		(0.60)%		(0.60)%
Total return, net asset value (2)		(0.59)%		8.86%

(1) Annualized for periods of less than one year.

(2) Total return is not annualized.

See Notes to the Financial Statements

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ETFS PRECIOUS METALS BASKET TRUST

Notes to the Financial Statements

1. Organization

The ETFS Precious Metals Basket Trust (the “Trust”) is an investment trust formed on October 18, 2010, under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by ETF Securities USA LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”) at the time of the Trust’s organization. The Trust holds gold, silver, platinum and palladium in set ratios (together, “Bullion”) and issues ETFS Physical PM Basket Shares (“Shares”) (in minimum blocks of 50,000 Shares, also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company. Prior to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company. Effective April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to Aberdeen Asset Management Inc. (“AAMI”), a Delaware corporation. As a result of the sale, AAMI became the sole member of the Sponsor. AAMI is a wholly-owned indirect subsidiary of Standard Life Aberdeen plc. The Trust is governed by the Trust Agreement.

The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, silver, platinum and palladium, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the gold, silver, platinum and palladium markets through an investment in securities. The fiscal year end for the Trust is December 31.

The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for the Form 10-Q. In the opinion of management of the Sponsor, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the three months ended March 31, 2018 and for all periods presented have been made.

These financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the operating results for the full year.

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ETFS PRECIOUS METALS BASKET TRUST

Notes to the Financial Statements

2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1 Basis of Accounting

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946,  Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company.  The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

2.2. Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurements  (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS A.G., or any other firm selected by the Custodian to hold the Trust’s platinum and palladium in the Trust’s allocated account in the firm’s Zurich, Switzerland vault premises on a segregated basis and whose appointment has been approved by the Sponsor (the “Zurich Sub-Custodian”). At March 31, 2018, approximately 1% of the Trust’s platinum and 2% of the Trust’s palladium was held by the Zurich Sub-Custodian. At March 31, 2018no gold or silver was held by the Zurich Sub-Custodian.

The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust.This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”.

Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and cost of Bullion transferred.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price.

The ICE Benchmark Adinistration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA-authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. Prior to October 2, 2017, the LBMA Silver Price auction was operated by CME Group Inc. and Thomson Reuters.The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.

The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix.

Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust. 

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ETFS PRECIOUS METALS BASKET TRUST

Notes to the Financial Statements

2. Significant Accounting Policies (Continued)

2.2. Valuation of Bullion (Continued)

The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1.	Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.
Level 2.	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.
Level 3.	Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The investment in Bullion is classified as a level 2 asset, as the fair value of the Trust’s investment in Bullion is calculated based upon third party pricing sources supported by observable, verifiable inputs.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)	March 31, 2018		December 31, 2017
Level 2
Investment in Bullion	$	379,240	$	362,116

There were no transfers between levels during the three months ended March 31, 2018 or the year ended December 31, 2017.

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ETFS PRECIOUS METALS BASKET TRUST

Notes to the Financial Statements

2. Significant Accounting Policies (Continued)

2.3. Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, for all orders accepted prior to September 5, 2017, ownership of Bullion is transferred within three business days of the trade date, and for all orders accepted on or after September 5, 2017, ownership of Bullion is transferred within two business days of the trade date.

2.4. Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is registered as a broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective as of September 5, 2017, the typical settlement period for Shares is two business days.Prior to September 5, 2017, the typical settlement period for Shares was three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce of each metal. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of each metal.  

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

2.5. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2018 and December 31, 2017.

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ETFS PRECIOUS METALS BASKET TRUST

Notes to the Financial Statements

2. Significant Accounting Policies (Continued)

2.6. Investment in Bullion

Changes in ounces of Bullion and their respective values for the three months ended March 31, 2018 and for the year ended December 31, 2017 are set out below:

(Amounts in 000's of US$, except for ounces data)	Three Months Ended March 31, 2018
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Creations		12,920.1		473,737.9		1,722.7		2,584.0		490,964.7
Redemptions		(4,306.1)		(157,891.2)		(574.1)		(861.2)		(163,632.6)
Transfers of Bullion to pay expenses		(242.3)		(8,885.2)		(32.3)		(48.5)		(9,208.3)
Closing balance		169,334.9		6,208,940.8		22,577.8		33,866.7		6,434,720.2
Investment in Bullion
Opening balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116
Creations		17,145		7,943		1,682		2,673		29,443
Redemptions		(5,754)		(2,618)		(558)		(855)		(9,785)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		462		(139)		(63)		224		484
Transfers of Bullion to pay expenses		(321)		(150)		(31)		(51)		(553)
Realized gain / (loss) on Bullion transferred to pay expenses		24		(6)		(4)		16		30
Change in unrealized gain / (loss) on investment in Bullion		3,929		(3,485)		212		(3,151)		(2,495)
Closing balance	$	224,174	$	101,082	$	21,133	$	32,851	$	379,240
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2017
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		128,679.3		4,718,236.5		17,157.1		25,735.6		4,889,808.5
Creations		34,600.0		1,268,666.3		4,613.3		6,920.0		1,314,799.6
Redemptions		(1,444.2)		(52,952.5)		(192.6)		(288.8)		(54,878.1)
Transfers of Bullion to pay expenses		(871.9)		(31,971.0)		(116.3)		(174.4)		(33,133.6)
Closing balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Investment in Bullion
Opening balance	$	149,152	$	76,624	$	15,562	$	17,397	$	258,735
Creations		43,165		21,854		4,396		5,811		75,226
Redemptions		(1,786)		(938)		(196)		(225)		(3,145)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		32		10		(19)		28		51
Transfers of Bullion to pay expenses		(1,087)		(541)		(110)		(149)		(1,887)
Realized gain / (loss) on Bullion transferred to pay expenses		27		(20)		(19)		28		16
Change in unrealized gain on investment in Bullion		19,186		2,548		281		11,105		33,120
Closing balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116

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ETFS PRECIOUS METALS BASKET TRUST

Notes to the Financial Statements

2. Significant Accounting Policies (Continued)

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor.

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

For the three months ended March 31, 2018 and 2017the Sponsor’s Fee was $561,705and $430,339, respectively.

At March 31, 2018and at December 31, 2017, the fees payable to the Sponsor were $193,099 and $183,974, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no expenses during thethree months ended March 31, 2018 and 2017.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of Bullion transferred.

2.8. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date.  During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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ETFS PRECIOUS METALS BASKET TRUST

Notes to the Financial Statements

3. Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.  In addition the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

4. Concentration of Risk

The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion which creates a concentration risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, central bank purchases and sales, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

5. Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. 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.

12

ETFS PRECIOUS METALS BASKET TRUST

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 the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements with respect to the Trust’s financial condition, operations, future performance and business. These statements can be identified by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on October 18, 2010. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds Bullion (consisting of gold, silver, platinum and palladium in specified proportions) and is expected to issue Baskets in exchange for deposits of Bullion, and to distribute Bullion in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, silver, platinum and palladium in the proportions held by the Trust, less the Trust’s expenses. The Trust holds Bullion in a ratio such that for every 0.03 ounces of gold, it holds 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in Bullion.

The Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee. Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “GLTR”.

Valuation of Bullion and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m., New York time, on such day (“Evaluation Time”), the Trustee will evaluate the Bullion held by the Trust and determine both the ANAV and the NAV of the Trust.

At the Evaluation Time, the Trustee will value the Trust’s Bullion on the basis of that day’s London Metal Price for such metal or, if no London Metal Price is made for a metal on such day or has not been announced by the Evaluation Time, the next most recent London Metal Price announced for such metal determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the applicable London Metal Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s Bullion is not an appropriate basis for evaluation of the Trust’s Bullion, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the London Metal Price or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s Bullion or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.

Once the value of the Bullion has been determined, the Trustee will subtract all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the Bullion and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

All fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets shall be calculated using the ANAV calculated for such day on which the valuation takes place. The Trustee shall subtract from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee will also determine the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

13

ETFS PRECIOUS METALS BASKET TRUST

The Quarter Ended March 31, 2018

The NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the Bullion owned and receivable by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Trust’s NAV increased from $361,931,979 at December 31, 2017 to $382,258,613 at March 31, 2018,  a  5.62%increase for the quarter. The increasein the Trust’s NAV resulted primarily from an increase in the outstanding Shares, which rose from 5,600,000 Shares at December 31, 2017 to 5,950,000 shares at March 31, 2018, a result of 500,000 Shares (10 Baskets) being created and 150,000 Shares (3 Baskets) being redeemed during the quarter.

There was a decrease in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which fell0.45% during the quarter.

The NAV per Share decreased0.59% from $64.63 at December 31, 2017 to $64.25 at March 31, 2018. The Trust’s NAV per Share fellslightly morethan the Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $561,705 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $67.58 at January 25, 2018 was the highest during the quarter, compared with a low of $63.96 at March 20, 2018.

The decrease in net assets from operations for the quarter ended March 31, 2018 was $2,543,068, resulting from a  realized gain of $29,986 on the transfer of Bullion to pay expenses and a realized gain of $483,860 on Bullion distributed for the redemption of Shares, offset by a change in unrealized loss on investment in Bullion of $2,495,209and the Sponsor’s Fee of $561,705. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2018.  

14

ETFS PRECIOUS METALS BASKET TRUST

Liquidity & Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s 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 Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion, only in the specified proportion of gold, silver, platinum and palladium held by the Trust, as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell Bullion to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of Bullion to the Sponsor. At March 31, 2018 the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. 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.In addition, please refer to Note 2 to the financial statements for further discussion of accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of March 31, 2018, the Trust’s disclosure controls and procedures were effective.

There have been no changes in the Trust’s or Sponsor’s internal control over financial reporting that occurred during the Trust’s fiscal quarter ended March 31, 2018 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

15

ETFS PRECIOUS METALS BASKET TRUST

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017.  

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

Item 2(a).None.

Item 2(b).Not applicable.

Item 2(c).For the three months ended March 31, 2018:

10 Basketswere created.

3Basketswereredeemed.

	Total Baskets	Total Shares	Average ounces of Bullion per Share
Period	Redeemed	Redeemed	Gold	Silver	Platinum	Palladium
January 2018	-	-	-	-	-	-
February 2018	3	150,000	0.029	1.053	0.004	0.006
March 2018	-	-	-	-	-	-
	3	150,000

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

16

ETFS PRECIOUS METALS BASKET TRUST

Item 6. Exhibits

(a) Exhibits

31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Document
101.DEF	XBRL Taxonomy Extension Definitions Document
101.LAB	XBRL Taxonomy Extension Labels Document
101.PRE	XBRL Taxonomy Extension Presentation Document

17

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 thereunto duly authorized.

	ETF SECURITIES USA LLC
	Sponsor of the ETFS Precious Metals Basket Trust
	(Registrant)
Date: May  3, 2018	/s/ Christopher Demetriou
	Christopher Demetriou*
	Chief Executive Officer
	(Principal Executive Officer)
Date: May  3, 2018	/s/ Andrea Melia
	Andrea Melia*
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

*The Registrant is a trust and the persons are signing in their capacities as officers of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher Demetriou, certify that:

1. I have reviewed this Report on Form 10-Q of ETFSPrecious Metals BasketTrust;

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

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

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

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

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

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

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

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

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

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

Date: May 3, 2018	/s/ Christopher Demetriou*
	Christopher Demetriou**
	Chief Executive Officer
	(Principal Executive Officer)

*The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

**The Registrant is a trust and Mr. Demetriou is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrea Melia, certify that:

1. I have reviewed this Report on Form 10-Q of ETFS Precious Metals BasketTrust;

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

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

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

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

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

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

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

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

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

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

Date: May 3, 2018	/s/ Andrea Melia*
	Andrea Melia**
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

*The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

**The Registrant is a trust and Ms.  Meliais signing in her capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ETFS Precious Metals BasketTrust (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2018as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: May 3, 2018	/s/ Christopher Demetriou*
	Christopher Demetriou**
	Chief Executive Officer
	(Principal Executive Officer)

*The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

**The Registrant is a trust and Mr. Demetriou is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ETFS Precious Metals BasketTrust (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2018as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: May 3, 2018	/s/ Andrea Melia*
	Andrea Melia **
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

*The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

**The Registrant is a trust and Ms.  Melia is signing in her capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Registrant Name	ETFS Precious Metals Basket Trust
Entity Central Index Key	0001483386
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	gltr
Entity Common Stock, Shares Outstanding		6,000,000

XML

Statements of Assets and Liabilities - USD ($)		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Investment in Bullion		$ 379,240,000	$ 362,116,000
Bullion receivable		3,212,000	0
Total Assets		382,452,000	362,116,000
LIABILITIES
Fees payable to Sponsor		193,099	183,974
Total Liabilities		193,000	184,000
Net assets	[1]	382,259,000	361,932,000
Gold [Member]
ASSETS
Investment in Bullion		224,174,000	208,689,000
Silver [Member]
ASSETS
Investment in Bullion		101,082,000	99,537,000
Platinum [Member]
ASSETS
Investment in Bullion		21,133,000	19,895,000
Palladium [Member]
ASSETS
Investment in Bullion		$ 32,851,000	$ 33,995,000

[1] Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2018 were 5,950,000 and at December 31, 2017 were 5,600,000. Net asset values per Share at March 31, 2018 and December 31, 2017 were $64.25 and $64.63, respectively.

XML

Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Investment in Bullion at cost	$ 366,048	$ 346,429
Common stock, shares authorized	Unlimited	Unlimited
Common stock, par value	$ 0	$ 0
Common stock, shares issued	5,950,000	5,600,000
Common stock, shares outstanding	5,950,000	5,600,000
Net asset values per Share	$ 64.25	$ 64.63
Gold [Member]
Investment in Bullion at cost	$ 208,362	$ 196,806
Silver [Member]
Investment in Bullion at cost	108,341	103,311
Platinum [Member]
Investment in Bullion at cost	24,371	23,345
Palladium [Member]
Investment in Bullion at cost	$ 24,974	$ 22,967

XML

Schedules of Investments $ in Thousands		Mar. 31, 2018 USD ($) oz	Dec. 31, 2017 USD ($) oz
Investment Holdings [Line Items]
Investment in Bullion (oz) | oz		6,434,720.2	6,116,596.4
Cost		$ 366,048	$ 346,429
Fair Value		$ 379,240	$ 362,116
Fair Value, % of Net Assets		99.21%	100.05%
Other assets in excess of liabilities (Less Liabilities)		$ 3,019	$ (184)
Other assets in excess of liabilities (Less Liabilities), % of Net Assets		0.79%	(0.05%)
Net assets	[1]	$ 382,259	$ 361,932
Net assets, % of Net Assets		100.00%	100.00%
Gold [Member]
Investment Holdings [Line Items]
Investment in Bullion (oz) | oz		169,334.9	160,963.2
Cost		$ 208,362	$ 196,806
Fair Value		$ 224,174	$ 208,689
Fair Value, % of Net Assets		58.64%	57.66%
Silver [Member]
Investment Holdings [Line Items]
Investment in Bullion (oz) | oz		6,208,940.8	5,901,979.3
Cost		$ 108,341	$ 103,311
Fair Value		$ 101,082	$ 99,537
Fair Value, % of Net Assets		26.44%	27.50%
Platinum [Member]
Investment Holdings [Line Items]
Investment in Bullion (oz) | oz		22,577.8	21,461.5
Cost		$ 24,371	$ 23,345
Fair Value		$ 21,133	$ 19,895
Fair Value, % of Net Assets		5.53%	5.50%
Palladium [Member]
Investment Holdings [Line Items]
Investment in Bullion (oz) | oz		33,866.7	32,192.4
Cost		$ 24,974	$ 22,967
Fair Value		$ 32,851	$ 33,995
Fair Value, % of Net Assets		8.59%	9.39%

[1] Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2018 were 5,950,000 and at December 31, 2017 were 5,600,000. Net asset values per Share at March 31, 2018 and December 31, 2017 were $64.25 and $64.63, respectively.

XML

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
EXPENSES
Sponsor’s Fee	$ 561,705	$ 430,339
Total expenses	562,000	431,000
Net investment loss	(562,000)	(431,000)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on Bullion transferred to pay expenses	30,000	(10,000)
Realized gain on Bullion distributed for the redemption of Shares	484,000	51,000
Change in unrealized (loss) / gain on investment in Bullion	(2,495,000)	24,221,000
Total (loss) / gain on investment in Bullion	(1,981,000)	24,262,000
Change in net assets from operations	$ (2,543,000)	$ 23,831,000
Net (decrease) / increase in net assets per Share	$ (0.44)	$ 5.10
Weighted average number of Shares (in Shares)	5,796,667	4,674,444

XML

Statement of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Statement of Changes in Net Assets [Abstract]
Opening balance (in Shares)	5,600,000	4,500,000	4,500,000
Creations (in Shares)	500,000		1,150,000
Redemptions (in Shares)	(150,000)		(50,000)
Closing balance (in Shares)	5,950,000		5,600,000
Opening balance	$ 361,932	$ 261,512	$ 261,512
Net investment loss	(562)	(431)	(1,943)
Realized gain on investment in Bullion	514		68
Change in unrealized gain / (loss) on investment in Bullion	(2,495)	$ 24,221	33,120
Change in unrealized loss on unsettled creations or redemptions	(24)		(58)
Creations	32,679		72,378
Redemptions	(9,785)		(3,145)
Closing balance	$ 382,259		$ 361,932

XML

Financial Highlights - $ / shares		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period		$ 64.63	$ 58.11
Income from investment operations:
Net investment loss		(0.10)	(0.09)
Total realized and unrealized gains or losses on investment in Bullion		(0.28)	5.24
Change in net assets from operations		(0.38)	5.15
Net asset value per Share at end of period		$ 64.25	$ 63.26
Weighted average number of Shares		5,796,667	4,674,444
Expense ratio	[1]	0.60%	0.60%
Net investment loss ratio	[1]	(0.60%)	(0.60%)
Total return, net asset value	[2]	(0.59%)	8.86%

[1] Annualized for periods of less than one year.

[2] Total return is not annualized

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Organization

3 Months Ended

Mar. 31, 2018

Organization [Abstract]

Organization

1. Organization

The ETFS Precious Metals Basket Trust (the “Trust”) is an investment trust formed on October 18, 2010, under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by ETF Securities USA LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”) at the time of the Trust’s organization. The Trust holds gold, silver, platinum and palladium in set ratios (together, “Bullion”) and issues ETFS Physical PM Basket Shares (“Shares”) (in minimum blocks of 50,000 Shares, also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company. Prior to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company. Effective April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to Aberdeen Asset Management Inc. (“AAMI”), a Delaware corporation. As a result of the sale, AAMI became the sole member of the Sponsor. AAMI is a wholly-owned indirect subsidiary of Standard Life Aberdeen plc. The Trust is governed by the Trust Agreement.

The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, silver, platinum and palladium, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the gold, silver, platinum and palladium markets through an investment in securities. The fiscal year end for the Trust is December 31.

The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for the Form 10-Q. In the opinion of management of the Sponsor, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for thethree months ended March 31, 2018and for all periods presented have been made.

These financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The results of operations for the three months ended March 31, 2018are not necessarily indicative of the operating results for the full year.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Significant Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1 Basis of Accounting

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company.  The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

2.2. Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS A.G., or any other firm selected by the Custodian to hold the Trust’s platinum and palladium in the Trust’s allocated account in the firm’s Zurich, Switzerland vault premises on a segregated basis and whose appointment has been approved by the Sponsor (the “Zurich Sub-Custodian”). At March 31, 2018, approximately 1% of the Trust’s platinum and 2% of the Trust’s palladium was held by the Zurich Sub-Custodian. At March 31, 2018no gold or silver was held by the Zurich Sub-Custodian.

The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”.

Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and cost of Bullion transferred.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price.

The ICE Benchmark Adinistration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA-authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. Prior to October 2, 2017, the LBMA Silver Price auction was operated by CME Group Inc. and Thomson Reuters.The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.

The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix.

Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust. 

2.2. Valuation of Bullion (Continued)

The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.  

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1.	Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.
Level 2.	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.
Level 3.	Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The investment in Bullion is classified as a level 2 asset, as the fair value of the Trust’s investment in Bullion is calculated based upon third party pricing sources supported by observable, verifiable inputs.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)	March 31, 2018		December 31, 2017
Level 2
Investment in Bullion	$	379,240	$	362,116

There were no transfers between levels during the three months ended March 31, 2018or the year ended December 31, 2017.

2.3. Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, for all orders accepted prior to September 5, 2017, ownership of Bullion is transferred within three business days of the trade date, and for all orders accepted on or after September 5, 2017, ownership of Bullion is transferred within two business days of the trade date.

2.4. Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is registered as a broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective as of September 5, 2017, the typical settlement period for Shares is two business days. Prior to September 5, 2017, the typical settlement period for Shares was three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce of each metal. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of each metal.  

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

2.5. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2018 and December 31, 2017.

2.6. Investment in Bullion

Changes in ounces of Bullion and their respective values for the three months ended March 31, 2018and for the year ended December 31, 2017 are set out below:

(Amounts in 000's of US$, except for ounces data)	Three Months Ended March 31, 2018
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Creations		12,920.1		473,737.9		1,722.7		2,584.0		490,964.7
Redemptions		(4,306.1)		(157,891.2)		(574.1)		(861.2)		(163,632.6)
Transfers of Bullion to pay expenses		(242.3)		(8,885.2)		(32.3)		(48.5)		(9,208.3)
Closing balance		169,334.9		6,208,940.8		22,577.8		33,866.7		6,434,720.2
Investment in Bullion
Opening balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116
Creations		17,145		7,943		1,682		2,673		29,443
Redemptions		(5,754)		(2,618)		(558)		(855)		(9,785)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		462		(139)		(63)		224		484
Transfers of Bullion to pay expenses		(321)		(150)		(31)		(51)		(553)
Realized gain / (loss) on Bullion transferred to pay expenses		24		(6)		(4)		16		30
Change in unrealized gain / (loss) on investment in Bullion		3,929		(3,485)		212		(3,151)		(2,495)
Closing balance	$	224,174	$	101,082	$	21,133	$	32,851	$	379,240
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2017
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		128,679.3		4,718,236.5		17,157.1		25,735.6		4,889,808.5
Creations		34,600.0		1,268,666.3		4,613.3		6,920.0		1,314,799.6
Redemptions		(1,444.2)		(52,952.5)		(192.6)		(288.8)		(54,878.1)
Transfers of Bullion to pay expenses		(871.9)		(31,971.0)		(116.3)		(174.4)		(33,133.6)
Closing balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Investment in Bullion
Opening balance	$	149,152	$	76,624	$	15,562	$	17,397	$	258,735
Creations		43,165		21,854		4,396		5,811		75,226
Redemptions		(1,786)		(938)		(196)		(225)		(3,145)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		32		10		(19)		28		51
Transfers of Bullion to pay expenses		(1,087)		(541)		(110)		(149)		(1,887)
Realized gain / (loss) on Bullion transferred to pay expenses		27		(20)		(19)		28		16
Change in unrealized gain on investment in Bullion		19,186		2,548		281		11,105		33,120
Closing balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor.

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

For the three months ended March 31, 2018 and 2017the Sponsor’s Fee was $561,705and $430,339, respectively.

At March 31, 2018and at December 31, 2017, the fees payable to the Sponsor were $193,099 and $183,974, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended March 31, 2018 and 2017.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of Bullion transferred.

2.8.Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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Related Parties

3 Months Ended

Mar. 31, 2018

Related Parties [Abstract]

Related Parties

3. Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.  In addition the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

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Concentration Of Risk

3 Months Ended

Mar. 31, 2018

Concentration Of Risk [Abstract]

Concentration Of Risk

4. Concentration of Risk

The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion which creates a concentration risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, central bank purchases and sales, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

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Indemnification

3 Months Ended

Mar. 31, 2018

Indemnification [Abstract]

Indemnification

5. Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. 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.

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Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2018

Significant Accounting Policies [Abstract]

Basis Of Accounting

2.1 Basis of Accounting

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company.  The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

Valuation Of Bullion

2.2. Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS A.G., or any other firm selected by the Custodian to hold the Trust’s platinum and palladium in the Trust’s allocated account in the firm’s Zurich, Switzerland vault premises on a segregated basis and whose appointment has been approved by the Sponsor (the “Zurich Sub-Custodian”). At March 31, 2018, approximately 1% of the Trust’s platinum and 2% of the Trust’s palladium was held by the Zurich Sub-Custodian. At March 31, 2018no gold or silver was held by the Zurich Sub-Custodian.

The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”.

Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and cost of Bullion transferred.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price.

The ICE Benchmark Adinistration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA-authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. Prior to October 2, 2017, the LBMA Silver Price auction was operated by CME Group Inc. and Thomson Reuters.The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.

The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix.

Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust. 

2.2. Valuation of Bullion (Continued)

The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.  

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1.	Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.
Level 2.	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.
Level 3.	Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The investment in Bullion is classified as a level 2 asset, as the fair value of the Trust’s investment in Bullion is calculated based upon third party pricing sources supported by observable, verifiable inputs.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)	March 31, 2018		December 31, 2017
Level 2
Investment in Bullion	$	379,240	$	362,116

There were no transfers between levels during the three months ended March 31, 2018or the year ended December 31, 2017.

Bullion Receivable And Payable

2.3. Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, for all orders accepted prior to September 5, 2017, ownership of Bullion is transferred within three business days of the trade date, and for all orders accepted on or after September 5, 2017, ownership of Bullion is transferred within two business days of the trade date.

Creations And Redemptions Of Shares

2.4. Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is registered as a broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective as of September 5, 2017, the typical settlement period for Shares is two business days. Prior to September 5, 2017, the typical settlement period for Shares was three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce of each metal. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of each metal.  

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

Income Taxes

2.5. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2018 and December 31, 2017.

Investment In Bullion

2.6. Investment in Bullion

Changes in ounces of Bullion and their respective values for the three months ended March 31, 2018and for the year ended December 31, 2017 are set out below:

(Amounts in 000's of US$, except for ounces data)	Three Months Ended March 31, 2018
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Creations		12,920.1		473,737.9		1,722.7		2,584.0		490,964.7
Redemptions		(4,306.1)		(157,891.2)		(574.1)		(861.2)		(163,632.6)
Transfers of Bullion to pay expenses		(242.3)		(8,885.2)		(32.3)		(48.5)		(9,208.3)
Closing balance		169,334.9		6,208,940.8		22,577.8		33,866.7		6,434,720.2
Investment in Bullion
Opening balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116
Creations		17,145		7,943		1,682		2,673		29,443
Redemptions		(5,754)		(2,618)		(558)		(855)		(9,785)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		462		(139)		(63)		224		484
Transfers of Bullion to pay expenses		(321)		(150)		(31)		(51)		(553)
Realized gain / (loss) on Bullion transferred to pay expenses		24		(6)		(4)		16		30
Change in unrealized gain / (loss) on investment in Bullion		3,929		(3,485)		212		(3,151)		(2,495)
Closing balance	$	224,174	$	101,082	$	21,133	$	32,851	$	379,240
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2017
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		128,679.3		4,718,236.5		17,157.1		25,735.6		4,889,808.5
Creations		34,600.0		1,268,666.3		4,613.3		6,920.0		1,314,799.6
Redemptions		(1,444.2)		(52,952.5)		(192.6)		(288.8)		(54,878.1)
Transfers of Bullion to pay expenses		(871.9)		(31,971.0)		(116.3)		(174.4)		(33,133.6)
Closing balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Investment in Bullion
Opening balance	$	149,152	$	76,624	$	15,562	$	17,397	$	258,735
Creations		43,165		21,854		4,396		5,811		75,226
Redemptions		(1,786)		(938)		(196)		(225)		(3,145)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		32		10		(19)		28		51
Transfers of Bullion to pay expenses		(1,087)		(541)		(110)		(149)		(1,887)
Realized gain / (loss) on Bullion transferred to pay expenses		27		(20)		(19)		28		16
Change in unrealized gain on investment in Bullion		19,186		2,548		281		11,105		33,120
Closing balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116

Expenses / Realized Gains / Losses

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor.

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

For the three months ended March 31, 2018 and 2017the Sponsor’s Fee was $561,705and $430,339, respectively.

At March 31, 2018and at December 31, 2017, the fees payable to the Sponsor were $193,099 and $183,974, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended March 31, 2018 and 2017.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of Bullion transferred.

Subsequent Events

2.8.Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date.  During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Significant Accounting Policies [Abstract]

Categorization Of The Trust's Assets

(Amounts in 000's of US$)	March 31, 2018		December 31, 2017
Level 2
Investment in Bullion	$	379,240	$	362,116

Schedule Of Investment In Bullion

(Amounts in 000's of US$, except for ounces data)	Three Months Ended March 31, 2018
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Creations		12,920.1		473,737.9		1,722.7		2,584.0		490,964.7
Redemptions		(4,306.1)		(157,891.2)		(574.1)		(861.2)		(163,632.6)
Transfers of Bullion to pay expenses		(242.3)		(8,885.2)		(32.3)		(48.5)		(9,208.3)
Closing balance		169,334.9		6,208,940.8		22,577.8		33,866.7		6,434,720.2
Investment in Bullion
Opening balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116
Creations		17,145		7,943		1,682		2,673		29,443
Redemptions		(5,754)		(2,618)		(558)		(855)		(9,785)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		462		(139)		(63)		224		484
Transfers of Bullion to pay expenses		(321)		(150)		(31)		(51)		(553)
Realized gain / (loss) on Bullion transferred to pay expenses		24		(6)		(4)		16		30
Change in unrealized gain / (loss) on investment in Bullion		3,929		(3,485)		212		(3,151)		(2,495)
Closing balance	$	224,174	$	101,082	$	21,133	$	32,851	$	379,240
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2017
Ounces of Bullion	Gold		Silver		Platinum		Palladium		Total
Opening balance		128,679.3		4,718,236.5		17,157.1		25,735.6		4,889,808.5
Creations		34,600.0		1,268,666.3		4,613.3		6,920.0		1,314,799.6
Redemptions		(1,444.2)		(52,952.5)		(192.6)		(288.8)		(54,878.1)
Transfers of Bullion to pay expenses		(871.9)		(31,971.0)		(116.3)		(174.4)		(33,133.6)
Closing balance		160,963.2		5,901,979.3		21,461.5		32,192.4		6,116,596.4
Investment in Bullion
Opening balance	$	149,152	$	76,624	$	15,562	$	17,397	$	258,735
Creations		43,165		21,854		4,396		5,811		75,226
Redemptions		(1,786)		(938)		(196)		(225)		(3,145)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		32		10		(19)		28		51
Transfers of Bullion to pay expenses		(1,087)		(541)		(110)		(149)		(1,887)
Realized gain / (loss) on Bullion transferred to pay expenses		27		(20)		(19)		28		16
Change in unrealized gain on investment in Bullion		19,186		2,548		281		11,105		33,120
Closing balance	$	208,689	$	99,537	$	19,895	$	33,995	$	362,116

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Organization (Details)	3 Months Ended
	Mar. 31, 2018 shares
Organization [Abstract]
Minimum block of shares issued redeemed against bullion	50,000

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Significant Accounting Policies (Narrative) (Details) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Bullion [Line Items]
Basket of shares		50,000
Fair value transfers		$ 0		$ 0
Reserve for uncertain tax positions		$ 0		0
Annualized rate of Sponsors Fee	[1]	0.60%	0.60%
Sponsor Fees		$ 561,705	$ 430,339
Fees payable to Sponsor		193,099		$ 183,974
All other expenses		$ 0	$ 0
Silver [Member]
Bullion [Line Items]
Percentage of assets help by Zurich Sub-Custodian		0.00%
Platinum [Member]
Bullion [Line Items]
Percentage of assets help by Zurich Sub-Custodian		1.00%
Palladium [Member]
Bullion [Line Items]
Percentage of assets help by Zurich Sub-Custodian		2.00%
Gold [Member]
Bullion [Line Items]
Percentage of assets help by Zurich Sub-Custodian		0.00%

[1] Annualized for periods of less than one year.

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Significant Accounting Policies (Categorization Of The Trust's Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Bullion	$ 379,240	$ 362,116

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Significant Accounting Policies (Schedule Of Investment In Bullion) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018 USD ($) oz	Mar. 31, 2017 USD ($) oz	Dec. 31, 2017 USD ($) oz
Bullion [Line Items]
Opening balance (in Ounces) | oz	6,116,596.4	4,889,808.5	4,889,808.5
Creations (in Ounces) | oz	490,964.7		1,314,799.6
Redemptions (in Ounces) | oz	(163,632.6)		(54,878.1)
Transfers of Bullion to pay expenses (in Ounces) | oz	(9,208.3)		(33,133.6)
Closing balance (in Ounces) | oz	6,434,720.2		6,116,596.4
Opening balance	$ 362,116	$ 258,735	$ 258,735
Creations	29,443		75,226
Redemptions	(9,785)		(3,145)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	484	51	51
Transfers of Bullion to pay expenses	(553)		(1,887)
Realized gain / (loss) on Bullion transferred to pay expenses	30	(10)	16
Change in unrealized gain / (loss) on investment in Bullion	(2,495)	$ 24,221	33,120
Closing balance	$ 379,240		$ 362,116
Gold [Member]
Bullion [Line Items]
Opening balance (in Ounces) | oz	160,963.2	128,679.3	128,679.3
Creations (in Ounces) | oz	12,920.1		34,600.0
Redemptions (in Ounces) | oz	(4,306.1)		(1,444.2)
Transfers of Bullion to pay expenses (in Ounces) | oz	(242.3)		(871.9)
Closing balance (in Ounces) | oz	169,334.9		160,963.2
Opening balance	$ 208,689	$ 149,152	$ 149,152
Creations	17,145		43,165
Redemptions	(5,754)		(1,786)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	462		32
Transfers of Bullion to pay expenses	(321)		(1,087)
Realized gain / (loss) on Bullion transferred to pay expenses	24		27
Change in unrealized gain / (loss) on investment in Bullion	3,929		19,186
Closing balance	$ 224,174		$ 208,689
Silver [Member]
Bullion [Line Items]
Opening balance (in Ounces) | oz	5,901,979.3	4,718,236.5	4,718,236.5
Creations (in Ounces) | oz	473,737.9		1,268,666.3
Redemptions (in Ounces) | oz	(157,891.2)		(52,952.5)
Transfers of Bullion to pay expenses (in Ounces) | oz	(8,885.2)		(31,971.0)
Closing balance (in Ounces) | oz	6,208,940.8		5,901,979.3
Opening balance	$ 99,537	$ 76,624	$ 76,624
Creations	7,943		21,854
Redemptions	(2,618)		(938)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	(139)		10
Transfers of Bullion to pay expenses	(150)		(541)
Realized gain / (loss) on Bullion transferred to pay expenses	(6)		(20)
Change in unrealized gain / (loss) on investment in Bullion	(3,485)		2,548
Closing balance	$ 101,082		$ 99,537
Platinum [Member]
Bullion [Line Items]
Opening balance (in Ounces) | oz	21,461.5	17,157.1	17,157.1
Creations (in Ounces) | oz	1,722.7		4,613.3
Redemptions (in Ounces) | oz	(574.1)		(192.6)
Transfers of Bullion to pay expenses (in Ounces) | oz	(32.3)		(116.3)
Closing balance (in Ounces) | oz	22,577.8		21,461.5
Opening balance	$ 19,895	$ 15,562	$ 15,562
Creations	1,682		4,396
Redemptions	(558)		(196)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	(63)		(19)
Transfers of Bullion to pay expenses	(31)		(110)
Realized gain / (loss) on Bullion transferred to pay expenses	(4)		(19)
Change in unrealized gain / (loss) on investment in Bullion	212		281
Closing balance	$ 21,133		$ 19,895
Palladium [Member]
Bullion [Line Items]
Opening balance (in Ounces) | oz	32,192.4	25,735.6	25,735.6
Creations (in Ounces) | oz	2,584.0		6,920.0
Redemptions (in Ounces) | oz	(861.2)		(288.8)
Transfers of Bullion to pay expenses (in Ounces) | oz	(48.5)		(174.4)
Closing balance (in Ounces) | oz	33,866.7		32,192.4
Opening balance	$ 33,995	$ 17,397	$ 17,397
Creations	2,673		5,811
Redemptions	(855)		(225)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	224		28
Transfers of Bullion to pay expenses	(51)		(149)
Realized gain / (loss) on Bullion transferred to pay expenses	16		28
Change in unrealized gain / (loss) on investment in Bullion	(3,151)		11,105
Closing balance	$ 32,851		$ 33,995