Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Sep. 30, 2013 | Nov. 20, 2013 | Mar. 28, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'GLD | ' | ' |
Entity Registrant Name | 'SPDR GOLD TRUST | ' | ' |
Entity Central Index Key | '0001222333 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 286,600,000 | ' |
Entity Public Float | ' | ' | $154.45 |
Statements_of_Condition
Statements of Condition (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Investment in gold, at cost | $35,812,777 | [1] | $50,726,261 | [1] |
Total Assets | 35,812,777 | 50,726,261 | ||
LIABILITIES | ' | ' | ||
Gold payable | 153,680 | 602,591 | ||
Accounts payable to related parties | 12,133 | 22,038 | ||
Accounts payable | 2,136 | 3,954 | ||
Accrued expenses | 1,145 | 812 | ||
Total Liabilities | 169,094 | 629,395 | ||
Redeemable Shares: | ' | ' | ||
Shares at redemption value to investors | 38,623,537 | [2] | 75,389,813 | [2] |
Shareholders' Deficit | -2,979,854 | -25,292,947 | ||
Total Liabilities, Redeemable Shares & Shareholders' Deficit | $35,812,777 | $50,726,261 | ||
[1] | The market value of Investment in Gold at September 30, 2013 is $38,792,631 and at September 30, 2012 is $76,019,208. | |||
[2] | Authorized share capital is unlimited and shares par value is $0.00. Shares issued and outstanding at September 30, 2013 is 301,600,000 and at September 30, 2012 is 437,900,000. |
Statements_of_Condition_Parent
Statements of Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Market value of Investment in Gold | $38,792,631 | $76,019,208 |
Common stock, par value | $0 | $0 |
Common stock, share authorized | 'Unlimited | 'Unlimited |
Common stock, shares issued | 301,600,000 | 437,900,000 |
Common stock, shares outstanding | 301,600,000 | 437,900,000 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of gold to pay expenses | $42,633 | $57,281 | $68,293 | $72,917 | $65,733 | $70,503 | $65,073 | $70,378 | $241,124 | $271,687 | $230,696 |
Cost of gold sold to pay expenses | -39,604 | -47,545 | -51,442 | -50,126 | -45,878 | -50,000 | -43,182 | -44,664 | -188,717 | -183,724 | -147,576 |
Gain on gold sold to pay expenses | 3,029 | 9,736 | 16,851 | 22,791 | 19,855 | 20,503 | 21,891 | 25,714 | 52,407 | 87,963 | 83,120 |
Gain on gold distributed for the redemption of shares | 258,302 | 1,837,987 | 1,996,071 | 590,485 | 858,889 | 595,760 | 308,162 | 828,206 | 4,682,845 | 2,591,017 | 7,495,893 |
Total gain on gold | 1,101,561 | 1,007,493 | 2,012,922 | 613,276 | 878,744 | 616,263 | 330,053 | 853,920 | 4,735,252 | 2,678,980 | 7,579,013 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Custody fees | 6,674 | 8,072 | 10,950 | 12,142 | 11,183 | 10,785 | 11,256 | 11,244 | 37,838 | 44,468 | 39,054 |
Trustee fees | 504 | 499 | 493 | 504 | 503 | 497 | 497 | 503 | 2,000 | 2,000 | 2,000 |
Sponsor fees | 14,900 | 18,158 | 25,088 | 28,006 | 25,651 | 24,718 | 25,813 | 25,734 | 86,152 | 101,916 | 89,517 |
Marketing agent fees | 14,900 | 18,158 | 25,088 | 28,006 | 25,651 | 24,718 | 25,813 | 25,734 | 86,152 | 101,916 | 89,517 |
Other expenses | 2,755 | 3,533 | 5,282 | 6,023 | 5,415 | 5,196 | 5,454 | 5,408 | 17,593 | 21,473 | 18,644 |
Total expenses | 39,733 | 48,420 | 66,901 | 74,681 | 68,403 | 65,914 | 68,833 | 68,623 | 229,735 | 271,773 | 238,732 |
Net gain from operations | $1,061,828 | $959,073 | $1,946,021 | $538,595 | $810,341 | $550,349 | $261,220 | $785,297 | $4,505,517 | $2,407,207 | $7,340,281 |
Net gain per share | $3.46 | $2.72 | $4.54 | $1.21 | $1.91 | $1.30 | $0.62 | $1.88 | $11.75 | $5.71 | $17.87 |
Weighted average number of shares | 307,234 | 352,742 | 429,089 | 445,261 | 423,977 | 423,501 | 422,024 | 417,038 | 383,416 | 421,629 | 410,730 |
Statements_of_Cash_Flow
Statements of Cash Flow (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
INCREASE/DECREASE IN CASH FROM OPERATIONS: | ' | ' | ' |
Cash proceeds received from sales of gold | $241,124 | $271,687 | $230,696 |
Cash expenses paid | -241,124 | -271,687 | -230,696 |
Increase/(decrease) in cash resulting from operations | ' | ' | ' |
Cash and cash equivalents at beginning of period | ' | ' | ' |
Cash and cash equivalents at end of period | ' | ' | ' |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ' | ' | ' |
Value of gold received for creation of shares - net of gold receivable | 7,734,465 | 13,956,415 | 17,521,097 |
Value of gold distributed for redemption of shares - net of gold payable | 21,868,493 | 5,464,923 | 12,729,649 |
RECONCILIATION OF NET GAIN/(LOSS) FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | ' | ' | ' |
Net gain/(loss) from operations | 4,505,517 | 2,407,207 | 7,340,281 |
Adjustments to reconcile net gain to net cash provided by operating activities | ' | ' | ' |
(Increase)/decrease in investment in gold | 14,913,484 | -7,989,565 | -5,000,632 |
(Increase)/decrease in gold receivable | ' | ' | 255,409 |
Increase/(decrease) in gold payable | -448,911 | 82,294 | 443,675 |
Increase/(decrease) in liabilities | -11,390 | 86 | 8,036 |
Increase/(decrease) in redeemable shares | ' | ' | ' |
Creations | 7,734,465 | 13,956,415 | 17,521,097 |
Redemptions | -26,693,165 | -8,456,437 | -20,567,866 |
Increase/(decrease) in cash resulting from operations | ' | ' | ' |
Statements_of_Changes_in_Share
Statements of Changes in Shareholders' Deficit (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Shareholders' deficit - opening balance | ' | ' | ' | ($25,292,947) | ' | ' | ' | ($21,948,152) | ($25,292,947) | ($21,948,152) | ($16,913,610) |
Net gain from operations | 1,061,828 | 959,073 | 1,946,021 | 538,595 | 810,341 | 550,349 | 261,220 | 785,297 | 4,505,517 | 2,407,207 | 7,340,281 |
Adjustment of redeemable shares to redemption value | ' | ' | ' | ' | ' | ' | ' | ' | 17,807,576 | -5,752,002 | -12,374,823 |
Shareholders' deficit - closing balance | ($2,979,854) | ' | ' | ' | ($25,292,947) | ' | ' | ' | ($2,979,854) | ($25,292,947) | ($21,948,152) |
Organization
Organization | 12 Months Ended |
Sep. 30, 2013 | |
Organization | ' |
1 Organization | |
The SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 (Date of Inception) under New York law pursuant to a trust indenture. The fiscal year end for the Trust is September 30th. The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of 100,000, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. |
Significant_accounting_policie
Significant accounting policies | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Significant accounting policies | ' | ||||||||||||
2 Significant accounting policies | |||||||||||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 Valuation of Gold | |||||||||||||
Gold is held by the Custodian on behalf of the Trust and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the London fix used to determine the Net Asset Value of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of shares, are calculated on a trade date basis using average cost. | |||||||||||||
The table below summarizes the impact of unrealized gains on the Trust’s gold holdings as of September 30, 2013 and 2012: | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Investment in gold – average cost | $ | 35,812,777 | $ | 50,726,261 | |||||||||
Unrealized gain on investment in gold | 2,979,854 | 25,292,947 | |||||||||||
Investment in gold – market value | $ | 38,792,631 | $ | 76,019,208 | |||||||||
The Trust recognizes the diminution in value of the investment in gold which arises from market declines on an interim basis. Increases in the value of the same investment in gold in later interim periods through market price recoveries are recognized in the later interim period. Increases in value recognized on an interim basis do not exceed the previously recognized diminution in value. | |||||||||||||
2.2 Gold receivable | |||||||||||||
Gold receivable, when recorded, represents the quantity of gold covered by contractually binding orders for the creation of shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within three days of trade date. | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Gold receivable | $0 | $0 | |||||||||||
2.3 Gold Payable | |||||||||||||
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within three days of the trade date. | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Gold payable | $153,680 | $602,591 | |||||||||||
2.4 Creations and Redemptions of Shares | |||||||||||||
The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. | |||||||||||||
As the Shares of the Trust are redeemable at the option of the Authorized Participants only in Baskets, the Trust has classified the Shares as Redeemable Shares on the Statements of Condition. The Trust records the redemption value, which represents its maximum obligation, as Redeemable Shares with the difference from cost as an offsetting amount to Shareholders’ Equity. Changes in the Shares for the years ended September 30, 2013, 2012 and 2011 are as follows: | |||||||||||||
(Amounts in 000’s) | Sept 30, | Sept 30, | Sept 30, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Number of Redeemable Shares: | |||||||||||||
Opening balance | 437,900 | 406,800 | 429,200 | ||||||||||
Creations | 51,100 | 84,700 | 115,600 | ||||||||||
Redemptions | (187,400 | ) | (53,600 | ) | (138,000 | ) | |||||||
Closing balance | 301,600 | 437,900 | 406,800 | ||||||||||
(Amounts in 000’s of US$ except for per share data) | Sept 30, | Sept 30, | Sept 30, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Redeemable Shares: | |||||||||||||
Opening balance | $ | 75,389,813 | $ | 64,137,833 | $ | 54,809,779 | |||||||
Creations | 7,734,465 | 13,956,415 | 17,521,097 | ||||||||||
Redemptions | (26,693,165 | ) | (8,456,437 | ) | (20,567,866 | ) | |||||||
Adjustment to redemption value | (17,807,576 | ) | 5,752,002 | 12,374,823 | |||||||||
Closing balance | 38,623,537 | $ | 75,389,813 | $ | 64,137,833 | ||||||||
Redemption value per redeemable share at period end | $ | 128.06 | $ | 172.16 | $ | 157.66 | |||||||
Net gain/(loss) per share represents basic net gain/(loss) per share because there are no dilutive equity instruments authorized or outstanding. | |||||||||||||
2.5 Revenue Recognition Policy | |||||||||||||
The Trustee will at the direction of the Sponsor or in its own discretion sell the Trust’s gold as necessary to pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amounts of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the London PM fix. 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 gold only if the sale transaction is made at the next London gold price fix (either AM or PM) following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold. | |||||||||||||
2.6 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 September 30, 2013 or 2012. |
Investment_in_Gold
Investment in Gold | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investment in Gold | ' | ||||||||||||
3 Investment in Gold | |||||||||||||
The following represents the changes in ounces of gold and the respective values for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||
(Ounces of gold are in 000’s and value of gold is in 000’s of | Sept 30, | Sept 30, | Sept 30, | ||||||||||
US$) | 2013 | 2012 | 2011 | ||||||||||
Ounces of Gold: | |||||||||||||
Opening balance | 42,803.60 | 39,928.90 | 41,813.10 | ||||||||||
Creations (excluding gold receivable at September 30, 2013 – 0, at September 30, 2012 – 0 and at September 30, 2011 – 0) | 4,944.80 | 8,225.80 | 11,463.00 | ||||||||||
Redemptions (excluding gold payable at September 30, 2013 – 115.9, at September 30, 2012 – 339.3 and at September 30, 2011 – 321.2) | (18,348.0 | ) | (5,187.1 | ) | (13,192.2 | ) | |||||||
Sales of gold | (156.0 | ) | (164.0 | ) | (155.0 | ) | |||||||
Closing balance | 29,244.40 | 42,803.60 | 39,928.90 | ||||||||||
Investment in Gold (lower of cost or market): | |||||||||||||
Opening balance | $ | 50,726,261 | $ | 42,736,696 | $ | 37,736,064 | |||||||
Creations (excluding gold receivable at September 30, 2013 – $0, at September 30, 2012 – $0, and at September 30, 2011 – $0) | 7,734,465 | 13,956,415 | 17,776,506 | ||||||||||
Redemptions (excluding gold payable at September 30, 2013 – $ 153,680, September 30, 2012 – $602,591, and at September 30, 2011 – $520,297) | (22,459,232 | ) | (5,783,126 | ) | (12,628,298 | ) | |||||||
Sales of gold | (188,717 | ) | (183,724 | ) | (147,576 | ) | |||||||
Closing balance | $ | 35,812,777 | $ | 50,726,261 | $ | 42,736,696 | |||||||
Quarterly_Statements_of_Operat
Quarterly Statements of Operations | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Quarterly Statements of Operations | ' | ||||||||||||||||||||
4 Quarterly Statements of Operations | |||||||||||||||||||||
(Amounts in 000’s of US$ except for share and | Three Months Ended | Year to | |||||||||||||||||||
per share data) | Dec-31, 2012 | Mar-31, 2013 | Jun-30, 2013 | Sep-30, 2013 | Sep-30, 2013 | ||||||||||||||||
REVENUES | |||||||||||||||||||||
Proceeds from sales of gold to pay expenses | $ | 72,917 | $ | 68,293 | $ | 57,281 | $ | 42,633 | $ | 241,124 | |||||||||||
Cost of gold sold to pay expenses | (50,126 | ) | (51,442 | ) | (47,545 | ) | (39,604 | ) | (188,717 | ) | |||||||||||
Gain on gold sold to pay expenses | 22,791 | 16,851 | 9,736 | 3,029 | 52,407 | ||||||||||||||||
Gain on gold distributed for the redemption of shares | 590,485 | 1,996,071 | 1,837,987 | 258,302 | 4,682,845 | ||||||||||||||||
Unrealized gain/(loss) on investment in gold | — | — | (840,230 | ) | 840,230 | — | |||||||||||||||
Total gain on gold | 613,276 | 2,012,922 | 1,007,493 | 1,101,561 | 4,735,252 | ||||||||||||||||
EXPENSES | |||||||||||||||||||||
Custody fees | 12,142 | 10,950 | 8,072 | 6,674 | 37,838 | ||||||||||||||||
Trustee fees | 504 | 493 | 499 | 504 | 2,000 | ||||||||||||||||
Sponsor fees | 28,006 | 25,088 | 18,158 | 14,900 | 86,152 | ||||||||||||||||
Marketing agent fees | 28,006 | 25,088 | 18,158 | 14,900 | 86,152 | ||||||||||||||||
Other expenses | 6,023 | 5,282 | 3,533 | 2,755 | 17,593 | ||||||||||||||||
Total expenses | 74,681 | 66,901 | 48,420 | 39,733 | 229,735 | ||||||||||||||||
Net gain from operations | $ | 538,595 | $ | 1,946,021 | $ | 959,073 | $ | 1,061,828 | $ | 4,505,517 | |||||||||||
Net gain per share | $ | 1.21 | $ | 4.54 | $ | 2.72 | $ | 3.46 | $ | 11.75 | |||||||||||
Weighted average number of shares | 445,261 | 429,089 | 352,742 | 307,234 | 383,416 | ||||||||||||||||
Fiscal Period Ended September 30, 2012 | |||||||||||||||||||||
(Amounts in 000’s of US$ except for share and | Three Months Ended | Year Ended | |||||||||||||||||||
per share data) | Dec-31, 2011 | Mar-31, 2012 | Jun-30, 2012 | Sep-30, 2012 | Sep-30, 2012 | ||||||||||||||||
REVENUES | |||||||||||||||||||||
Proceeds from sales of gold to pay expenses | $ | 70,378 | $ | 65,073 | $ | 70,503 | $ | 65,733 | $ | 271,687 | |||||||||||
Cost of gold sold to pay expenses | (44,664 | ) | (43,182 | ) | (50,000 | ) | (45,878 | ) | (183,724 | ) | |||||||||||
Gain on gold sold to pay expenses | 25,714 | 21,891 | 20,503 | 19,855 | 87,963 | ||||||||||||||||
Gain on gold distributed for the redemption of shares | 828,206 | 308,162 | 595,760 | 858,889 | 2,591,017 | ||||||||||||||||
Total gain on gold | 853,920 | 330,053 | 616,263 | 878,744 | 2,678,980 | ||||||||||||||||
EXPENSES | |||||||||||||||||||||
Custody fees | 11,244 | 11,256 | 10,785 | 11,183 | 44,468 | ||||||||||||||||
Trustee fees | 503 | 497 | 497 | 503 | 2,000 | ||||||||||||||||
Sponsor fees | 25,734 | 25,813 | 24,718 | 25,651 | 101,916 | ||||||||||||||||
Marketing agent fees | 25,734 | 25,813 | 24,718 | 25,651 | 101,916 | ||||||||||||||||
Other expenses | 5,408 | 5,454 | 5,196 | 5,415 | 21,473 | ||||||||||||||||
Total expenses | 68,623 | 68,833 | 65,914 | 68,403 | 271,773 | ||||||||||||||||
Net gain from operations | $ | 785,297 | $ | 261,220 | $ | 550,349 | $ | 810,341 | $ | 2,407,207 | |||||||||||
Net gain per share | $ | 1.88 | $ | 0.62 | $ | 1.3 | $ | 1.91 | $ | 5.71 | |||||||||||
Weighted average number of shares | 417,038 | 422,024 | 423,501 | 423,977 | 421,629 | ||||||||||||||||
Related_Parties_Sponsor_Truste
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees | ' | ||||||||
5 Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees | |||||||||
Fees are paid to the Sponsor as compensation for services performed under the Trust Indenture and for services performed in connection with maintaining the Trust’s website and marketing the Shares. The Sponsor’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the adjusted net asset value (“ANAV”) of the Trust, subject to reduction as described below. The Sponsor will receive reimbursement from the Trust for all of its disbursements and expenses incurred in connection with the Trust. | |||||||||
Fees are paid to the Trustee as compensation for services performed under the Trust Indenture. The Trustee’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.02% of the ANAV of the Trust, subject to a minimum fee of $500,000 and a maximum fee of $2 million per year. The Trustee’s fee is subject to modification as determined by the Trustee and the Sponsor in good faith to account for significant changes in the Trust’s administration or the Trustee’s duties. The Trustee will charge the Trust for its expenses and disbursements incurred in connection with the Trust (including the expenses of the Custodian paid by the Trustee), exclusive of fees of agents for services to be performed by the Trustee, and for any extraordinary services performed by the Trustee for the Trust. | |||||||||
Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. | |||||||||
Fees are paid to the Custodian under the Allocated Bullion Account Agreement as compensation for its custody services. Under the Allocated Bullion Account Agreement, the Custodian is entitled to a fee that is accrued daily at an annual rate equal to 0.10% of the average daily aggregate value of the first 4.5 million ounces of gold held in the Trust’s allocated gold account (Trust Allocated Account) and the Trust’s unallocated gold account (Trust Unallocated Account) and 0.06% of the average daily aggregate value of all gold held in the Trust Allocated Account and the Trust Unallocated Account in excess of 4.5 million ounces, payable in monthly installments in arrears. The Custodian does not receive a fee under the Unallocated Bullion Account Agreement. | |||||||||
The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. | |||||||||
Fees are paid to the marketing agent for the Trust, State Street Global Markets, LLC (the “Marketing Agent”) by the Trustee from the assets of the Trust as compensation for services performed pursuant to the agreement between the Sponsor and the Marketing Agent (Marketing Agent Agreement). The Marketing Agent’s fee is payable monthly, in arrears, and is accrued daily at an annual rate equal to 0.15% of the ANAV of the Trust, subject to reduction as described below. | |||||||||
The Marketing Agent and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. | |||||||||
Under the Marketing Agent Agreement, as amended, if at the end of any month, the estimated ordinary expenses of the Trust exceed an amount equal to 0.40% per year of the daily ANAV of the Trust for such month, the Sponsor and the Marketing Agent will waive the amount of such excess from the fees payable to them from the assets of the Trust for such month in equal shares up to the amount of their fees. Investors should be aware that, based on current expenses, if the gross value of the Trust assets is less than approximately $1.2 billion, the ordinary expenses of the Trust will be accrued at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees of 0.30% per year of the daily ANAV of the Trust. This amount is based on the estimated ordinary expenses of the Trust and may be higher if the Trust’s actual ordinary expenses exceed those estimates. Additionally, if the Trust incurs unforeseen expenses that cause the total ordinary expenses of the Trust to exceed 0.70% per year of the daily ANAV of the Trust, the ordinary expenses will accrue at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees of 0.30% per year of the daily ANAV of the Trust. | |||||||||
For the years ended September 30, 2013, 2012 and 2011 the fees payable to the Sponsor and the Marketing Agent from the assets of the Trust were each reduced by $0, $0, and $6,865 respectively. | |||||||||
Amounts Payable to Related Parties | |||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||
2013 | 2012 | ||||||||
Payable to custodian | $ | 2,190 | $ | 3,908 | |||||
Payable to trustee | 165 | 164 | |||||||
Payable to sponsor | 4,889 | 8,983 | |||||||
Payable to marketing agent | 4,889 | 8,983 | |||||||
Accounts payable to related parties | $ | 12,133 | $ | 22,038 | |||||
Concentration_of_Risk
Concentration of Risk | 12 Months Ended |
Sep. 30, 2013 | |
Concentration of Risk | ' |
6 Concentration of Risk | |
The Trust’s sole business activity is the investment in gold. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, South Africa and the United States; (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 gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material affect on the Trust’s financial position and results of operations. |
Indemnification
Indemnification | 12 Months Ended |
Sep. 30, 2013 | |
Indemnification | ' |
7 Indemnification | |
The Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries are indemnified from the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of its duties under the Trust Indenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust Indenture. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification from the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor will also be indemnified from the Trust and held harmless against any loss, liability or expense arising under the Marketing Agent Agreement or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust. | |
The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events | ' |
8. Subsequent Events | |
The Trust evaluates events subsequent to the end of the Trust’s fiscal year through the date of filing of this Form 10-K. During this period, no material disclosable subsequent events were identified. |
Significant_accounting_policie1
Significant accounting policies (Policies) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Valuation of Gold | ' | ||||||||||||
2.1 Valuation of Gold | |||||||||||||
Gold is held by the Custodian on behalf of the Trust and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the London fix used to determine the Net Asset Value of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of shares, are calculated on a trade date basis using average cost. | |||||||||||||
The table below summarizes the impact of unrealized gains on the Trust’s gold holdings as of September 30, 2013 and 2012: | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Investment in gold – average cost | $ | 35,812,777 | $ | 50,726,261 | |||||||||
Unrealized gain on investment in gold | 2,979,854 | 25,292,947 | |||||||||||
Investment in gold – market value | $ | 38,792,631 | $ | 76,019,208 | |||||||||
The Trust recognizes the diminution in value of the investment in gold which arises from market declines on an interim basis. Increases in the value of the same investment in gold in later interim periods through market price recoveries are recognized in the later interim period. Increases in value recognized on an interim basis do not exceed the previously recognized diminution in value. | |||||||||||||
Gold receivable | ' | ||||||||||||
2.2 Gold receivable | |||||||||||||
Gold receivable, when recorded, represents the quantity of gold covered by contractually binding orders for the creation of shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within three days of trade date. | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Gold receivable | $0 | $0 | |||||||||||
Gold Payable | ' | ||||||||||||
2.3 Gold Payable | |||||||||||||
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within three days of the trade date. | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Gold payable | $153,680 | $602,591 | |||||||||||
Creations and Redemptions of Shares | ' | ||||||||||||
2.4 Creations and Redemptions of Shares | |||||||||||||
The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. | |||||||||||||
As the Shares of the Trust are redeemable at the option of the Authorized Participants only in Baskets, the Trust has classified the Shares as Redeemable Shares on the Statements of Condition. The Trust records the redemption value, which represents its maximum obligation, as Redeemable Shares with the difference from cost as an offsetting amount to Shareholders’ Equity. Changes in the Shares for the years ended September 30, 2013, 2012 and 2011 are as follows: | |||||||||||||
(Amounts in 000’s) | Sept 30, | Sept 30, | Sept 30, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Number of Redeemable Shares: | |||||||||||||
Opening balance | 437,900 | 406,800 | 429,200 | ||||||||||
Creations | 51,100 | 84,700 | 115,600 | ||||||||||
Redemptions | (187,400 | ) | (53,600 | ) | (138,000 | ) | |||||||
Closing balance | 301,600 | 437,900 | 406,800 | ||||||||||
(Amounts in 000’s of US$ except for per share data) | Sept 30, | Sept 30, | Sept 30, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Redeemable Shares: | |||||||||||||
Opening balance | $ | 75,389,813 | $ | 64,137,833 | $ | 54,809,779 | |||||||
Creations | 7,734,465 | 13,956,415 | 17,521,097 | ||||||||||
Redemptions | (26,693,165 | ) | (8,456,437 | ) | (20,567,866 | ) | |||||||
Adjustment to redemption value | (17,807,576 | ) | 5,752,002 | 12,374,823 | |||||||||
Closing balance | 38,623,537 | $ | 75,389,813 | $ | 64,137,833 | ||||||||
Redemption value per redeemable share at period end | $ | 128.06 | $ | 172.16 | $ | 157.66 | |||||||
Net gain/(loss) per share represents basic net gain/(loss) per share because there are no dilutive equity instruments authorized or outstanding. | |||||||||||||
Revenue Recognition Policy | ' | ||||||||||||
2.5 Revenue Recognition Policy | |||||||||||||
The Trustee will at the direction of the Sponsor or in its own discretion sell the Trust’s gold as necessary to pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amounts of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the London PM fix. 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 gold only if the sale transaction is made at the next London gold price fix (either AM or PM) following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold. | |||||||||||||
Income Taxes | ' | ||||||||||||
2.6 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 September 30, 2013 or 2012. |
Significant_accounting_policie2
Significant accounting policies (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Valuation of Gold | ' | ||||||||||||
The table below summarizes the impact of unrealized gains on the Trust’s gold holdings as of September 30, 2013 and 2012: | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Investment in gold – average cost | $ | 35,812,777 | $ | 50,726,261 | |||||||||
Unrealized gain on investment in gold | 2,979,854 | 25,292,947 | |||||||||||
Investment in gold – market value | $ | 38,792,631 | $ | 76,019,208 | |||||||||
Gold Receivable | ' | ||||||||||||
Gold receivable, when recorded, represents the quantity of gold covered by contractually binding orders for the creation of shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within three days of trade date. | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Gold receivable | $0 | $0 | |||||||||||
Gold Payable | ' | ||||||||||||
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within three days of the trade date. | |||||||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||||||
2013 | 2012 | ||||||||||||
Gold payable | $153,680 | $602,591 | |||||||||||
Creations and Redemptions of Shares | ' | ||||||||||||
Changes in the Shares for the years ended September 30, 2013, 2012 and 2011 are as follows: | |||||||||||||
(Amounts in 000’s) | Sept 30, | Sept 30, | Sept 30, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Number of Redeemable Shares: | |||||||||||||
Opening balance | 437,900 | 406,800 | 429,200 | ||||||||||
Creations | 51,100 | 84,700 | 115,600 | ||||||||||
Redemptions | (187,400 | ) | (53,600 | ) | (138,000 | ) | |||||||
Closing balance | 301,600 | 437,900 | 406,800 | ||||||||||
(Amounts in 000’s of US$ except for per share data) | Sept 30, | Sept 30, | Sept 30, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Redeemable Shares: | |||||||||||||
Opening balance | $ | 75,389,813 | $ | 64,137,833 | $ | 54,809,779 | |||||||
Creations | 7,734,465 | 13,956,415 | 17,521,097 | ||||||||||
Redemptions | (26,693,165 | ) | (8,456,437 | ) | (20,567,866 | ) | |||||||
Adjustment to redemption value | (17,807,576 | ) | 5,752,002 | 12,374,823 | |||||||||
Closing balance | 38,623,537 | $ | 75,389,813 | $ | 64,137,833 | ||||||||
Redemption value per redeemable share at period end | $ | 128.06 | $ | 172.16 | $ | 157.66 | |||||||
Investment_in_Gold_Tables
Investment in Gold (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investment in Gold | ' | ||||||||||||
The following represents the changes in ounces of gold and the respective values for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||
(Ounces of gold are in 000’s and value of gold is in 000’s of | Sept 30, | Sept 30, | Sept 30, | ||||||||||
US$) | 2013 | 2012 | 2011 | ||||||||||
Ounces of Gold: | |||||||||||||
Opening balance | 42,803.60 | 39,928.90 | 41,813.10 | ||||||||||
Creations (excluding gold receivable at September 30, 2013 – 0, at September 30, 2012 – 0 and at September 30, 2011 – 0) | 4,944.80 | 8,225.80 | 11,463.00 | ||||||||||
Redemptions (excluding gold payable at September 30, 2013 – 115.9, at September 30, 2012 – 339.3 and at September 30, 2011 – 321.2) | (18,348.0 | ) | (5,187.1 | ) | (13,192.2 | ) | |||||||
Sales of gold | (156.0 | ) | (164.0 | ) | (155.0 | ) | |||||||
Closing balance | 29,244.40 | 42,803.60 | 39,928.90 | ||||||||||
Investment in Gold (lower of cost or market): | |||||||||||||
Opening balance | $ | 50,726,261 | $ | 42,736,696 | $ | 37,736,064 | |||||||
Creations (excluding gold receivable at September 30, 2013 – $0, at September 30, 2012 – $0, and at September 30, 2011 – $0) | 7,734,465 | 13,956,415 | 17,776,506 | ||||||||||
Redemptions (excluding gold payable at September 30, 2013 – $ 153,680, September 30, 2012 – $602,591, and at September 30, 2011 – $520,297) | (22,459,232 | ) | (5,783,126 | ) | (12,628,298 | ) | |||||||
Sales of gold | (188,717 | ) | (183,724 | ) | (147,576 | ) | |||||||
Closing balance | $ | 35,812,777 | $ | 50,726,261 | $ | 42,736,696 | |||||||
Quarterly_Statements_of_Operat1
Quarterly Statements of Operations (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Quarterly Statements of Operations | ' | ||||||||||||||||||||
(Amounts in 000’s of US$ except for share and | Three Months Ended | Year to | |||||||||||||||||||
per share data) | Dec-31, 2012 | Mar-31, 2013 | Jun-30, 2013 | Sep-30, 2013 | Sep-30, 2013 | ||||||||||||||||
REVENUES | |||||||||||||||||||||
Proceeds from sales of gold to pay expenses | $ | 72,917 | $ | 68,293 | $ | 57,281 | $ | 42,633 | $ | 241,124 | |||||||||||
Cost of gold sold to pay expenses | (50,126 | ) | (51,442 | ) | (47,545 | ) | (39,604 | ) | (188,717 | ) | |||||||||||
Gain on gold sold to pay expenses | 22,791 | 16,851 | 9,736 | 3,029 | 52,407 | ||||||||||||||||
Gain on gold distributed for the redemption of shares | 590,485 | 1,996,071 | 1,837,987 | 258,302 | 4,682,845 | ||||||||||||||||
Unrealized gain/(loss) on investment in gold | — | — | (840,230 | ) | 840,230 | — | |||||||||||||||
Total gain on gold | 613,276 | 2,012,922 | 1,007,493 | 1,101,561 | 4,735,252 | ||||||||||||||||
EXPENSES | |||||||||||||||||||||
Custody fees | 12,142 | 10,950 | 8,072 | 6,674 | 37,838 | ||||||||||||||||
Trustee fees | 504 | 493 | 499 | 504 | 2,000 | ||||||||||||||||
Sponsor fees | 28,006 | 25,088 | 18,158 | 14,900 | 86,152 | ||||||||||||||||
Marketing agent fees | 28,006 | 25,088 | 18,158 | 14,900 | 86,152 | ||||||||||||||||
Other expenses | 6,023 | 5,282 | 3,533 | 2,755 | 17,593 | ||||||||||||||||
Total expenses | 74,681 | 66,901 | 48,420 | 39,733 | 229,735 | ||||||||||||||||
Net gain from operations | $ | 538,595 | $ | 1,946,021 | $ | 959,073 | $ | 1,061,828 | $ | 4,505,517 | |||||||||||
Net gain per share | $ | 1.21 | $ | 4.54 | $ | 2.72 | $ | 3.46 | $ | 11.75 | |||||||||||
Weighted average number of shares | 445,261 | 429,089 | 352,742 | 307,234 | 383,416 | ||||||||||||||||
Fiscal Period Ended September 30, 2012 | |||||||||||||||||||||
(Amounts in 000’s of US$ except for share and | Three Months Ended | Year Ended | |||||||||||||||||||
per share data) | Dec-31, 2011 | Mar-31, 2012 | Jun-30, 2012 | Sep-30, 2012 | Sep-30, 2012 | ||||||||||||||||
REVENUES | |||||||||||||||||||||
Proceeds from sales of gold to pay expenses | $ | 70,378 | $ | 65,073 | $ | 70,503 | $ | 65,733 | $ | 271,687 | |||||||||||
Cost of gold sold to pay expenses | (44,664 | ) | (43,182 | ) | (50,000 | ) | (45,878 | ) | (183,724 | ) | |||||||||||
Gain on gold sold to pay expenses | 25,714 | 21,891 | 20,503 | 19,855 | 87,963 | ||||||||||||||||
Gain on gold distributed for the redemption of shares | 828,206 | 308,162 | 595,760 | 858,889 | 2,591,017 | ||||||||||||||||
Total gain on gold | 853,920 | 330,053 | 616,263 | 878,744 | 2,678,980 | ||||||||||||||||
EXPENSES | |||||||||||||||||||||
Custody fees | 11,244 | 11,256 | 10,785 | 11,183 | 44,468 | ||||||||||||||||
Trustee fees | 503 | 497 | 497 | 503 | 2,000 | ||||||||||||||||
Sponsor fees | 25,734 | 25,813 | 24,718 | 25,651 | 101,916 | ||||||||||||||||
Marketing agent fees | 25,734 | 25,813 | 24,718 | 25,651 | 101,916 | ||||||||||||||||
Other expenses | 5,408 | 5,454 | 5,196 | 5,415 | 21,473 | ||||||||||||||||
Total expenses | 68,623 | 68,833 | 65,914 | 68,403 | 271,773 | ||||||||||||||||
Net gain from operations | $ | 785,297 | $ | 261,220 | $ | 550,349 | $ | 810,341 | $ | 2,407,207 | |||||||||||
Net gain per share | $ | 1.88 | $ | 0.62 | $ | 1.3 | $ | 1.91 | $ | 5.71 | |||||||||||
Weighted average number of shares | 417,038 | 422,024 | 423,501 | 423,977 | 421,629 | ||||||||||||||||
Related_Parties_Sponsor_Truste1
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Amounts Payable to Related Parties | ' | ||||||||
Amounts Payable to Related Parties | |||||||||
(Amounts in 000’s of US$) | Sept 30, | Sept 30, | |||||||
2013 | 2012 | ||||||||
Payable to custodian | $ | 2,190 | $ | 3,908 | |||||
Payable to trustee | 165 | 164 | |||||||
Payable to sponsor | 4,889 | 8,983 | |||||||
Payable to marketing agent | 4,889 | 8,983 | |||||||
Accounts payable to related parties | $ | 12,133 | $ | 22,038 | |||||
Organization_Additional_Inform
Organization - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Minimum blocks of shares issued redeemed against gold | 100,000 |
Significant_accounting_policie3
Significant accounting policies - Valuation of Gold (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Valuation of Gold | ' | ' | ' | ' | ||
Investment in gold - average cost | $35,812,777 | [1] | $50,726,261 | [1] | $42,736,696 | $37,736,064 |
Unrealized gain on investment in gold | 2,979,854 | 25,292,947 | ' | ' | ||
Investment in gold - market value | $38,792,631 | $76,019,208 | ' | ' | ||
[1] | The market value of Investment in Gold at September 30, 2013 is $38,792,631 and at September 30, 2012 is $76,019,208. |
Significant_accounting_policie4
Significant accounting policies - Gold Receivable (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Gold Receivable | ' | ' | ' |
Gold receivable | $0 | $0 | $0 |
Significant_accounting_policie5
Significant accounting policies - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Maximum number of days within which ownership of the gold is transferred | '3 days |
Minimum block of shares issued redeemed against gold | 100,000 |
Significant_accounting_policie6
Significant accounting policies - Gold Payable (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Gold Payable | ' | ' | ' |
Gold payable | $153,680 | $602,591 | $520,297 |
Significant_accounting_policie7
Significant accounting policies - Creations and Redemptions of Shares (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | ||
Number of Redeemable Shares: | ' | ' | ' | ||
Opening balance | 437,900,000 | 406,800,000 | 429,200,000 | ||
Creations | 51,100,000 | 84,700,000 | 115,600,000 | ||
Redemptions | -187,400,000 | -53,600,000 | -138,000,000 | ||
Closing balance | 301,600,000 | 437,900,000 | 406,800,000 | ||
Redeemable Shares: | ' | ' | ' | ||
Opening balance | $75,389,813 | [1] | $64,137,833 | $54,809,779 | |
Creations | 7,734,465 | 13,956,415 | 17,521,097 | ||
Redemptions | -26,693,165 | -8,456,437 | -20,567,866 | ||
Adjustment to redemption value | -17,807,576 | 5,752,002 | 12,374,823 | ||
Closing balance | $38,623,537 | [1] | $75,389,813 | [1] | $64,137,833 |
Redemption value per redeemable share at period end | $128.06 | $172.16 | $157.66 | ||
[1] | Authorized share capital is unlimited and shares par value is $0.00. Shares issued and outstanding at September 30, 2013 is 301,600,000 and at September 30, 2012 is 437,900,000. |
Investment_in_Gold_Investment_
Investment in Gold - Investment in Gold (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | ||
oz | oz | oz | |||
Ounces of Gold: | ' | ' | ' | ||
Opening balance | 42,803.60 | 39,928.90 | 41,813.10 | ||
Creations (excluding gold receivable at September 30, 2013 - 0, at September 30, 2012 - 0 and at September 30, 2011 - 0) | 4,944.80 | 8,225.80 | 11,463 | ||
Redemptions (excluding gold payable at September 30, 2013 - 115.9, at September 30, 2012 - 339.3 and at September 30, 2011 - 321.2) | -18,348 | -5,187.10 | -13,192.20 | ||
Sales of gold | -156 | -164 | -155 | ||
Closing balance | 29,244.40 | 42,803.60 | 39,928.90 | ||
Investment in Gold (lower of cost or market): | ' | ' | ' | ||
Opening balance | $50,726,261 | [1] | $42,736,696 | $37,736,064 | |
Creations (excluding gold receivable at September 30, 2013 - $0, at September 30, 2012 - $0, and at September 30, 2011 - $0) | 7,734,465 | 13,956,415 | 17,776,506 | ||
Redemptions (excluding gold payable at September 30, 2013 - $ 153,680, September 30, 2012 - $602,591, and at September 30, 2011 - $520,297) | -22,459,232 | -5,783,126 | -12,628,298 | ||
Sales of gold | -188,717 | -183,724 | -147,576 | ||
Closing balance | $35,812,777 | [1] | $50,726,261 | [1] | $42,736,696 |
[1] | The market value of Investment in Gold at September 30, 2013 is $38,792,631 and at September 30, 2012 is $76,019,208. |
Investment_in_Gold_Investment_1
Investment in Gold - Investment in Gold (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | oz | oz | oz |
Investment in Gold [Line Items] | ' | ' | ' |
Gold receivable, Ounces of gold | 0 | 0 | 0 |
Gold payable, Ounces of gold | 115.9 | 339.3 | 321.2 |
Gold receivable | $0 | $0 | $0 |
Gold payable | $153,680 | $602,591 | $520,297 |
Quarterly_Statements_of_Operat2
Quarterly Statements of Operations - Quarterly Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of gold to pay expenses | $42,633 | $57,281 | $68,293 | $72,917 | $65,733 | $70,503 | $65,073 | $70,378 | $241,124 | $271,687 | $230,696 |
Cost of gold sold to pay expenses | -39,604 | -47,545 | -51,442 | -50,126 | -45,878 | -50,000 | -43,182 | -44,664 | -188,717 | -183,724 | -147,576 |
Gain on gold sold to pay expenses | 3,029 | 9,736 | 16,851 | 22,791 | 19,855 | 20,503 | 21,891 | 25,714 | 52,407 | 87,963 | 83,120 |
Gain on gold distributed for the redemption of shares | 258,302 | 1,837,987 | 1,996,071 | 590,485 | 858,889 | 595,760 | 308,162 | 828,206 | 4,682,845 | 2,591,017 | 7,495,893 |
Unrealized gain/(loss) on investment in gold | 840,230 | -840,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gain on gold | 1,101,561 | 1,007,493 | 2,012,922 | 613,276 | 878,744 | 616,263 | 330,053 | 853,920 | 4,735,252 | 2,678,980 | 7,579,013 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Custody fees | 6,674 | 8,072 | 10,950 | 12,142 | 11,183 | 10,785 | 11,256 | 11,244 | 37,838 | 44,468 | 39,054 |
Trustee fees | 504 | 499 | 493 | 504 | 503 | 497 | 497 | 503 | 2,000 | 2,000 | 2,000 |
Sponsor fees | 14,900 | 18,158 | 25,088 | 28,006 | 25,651 | 24,718 | 25,813 | 25,734 | 86,152 | 101,916 | 89,517 |
Marketing agent fees | 14,900 | 18,158 | 25,088 | 28,006 | 25,651 | 24,718 | 25,813 | 25,734 | 86,152 | 101,916 | 89,517 |
Other expenses | 2,755 | 3,533 | 5,282 | 6,023 | 5,415 | 5,196 | 5,454 | 5,408 | 17,593 | 21,473 | 18,644 |
Total expenses | 39,733 | 48,420 | 66,901 | 74,681 | 68,403 | 65,914 | 68,833 | 68,623 | 229,735 | 271,773 | 238,732 |
Net gain from operations | $1,061,828 | $959,073 | $1,946,021 | $538,595 | $810,341 | $550,349 | $261,220 | $785,297 | $4,505,517 | $2,407,207 | $7,340,281 |
Net gain per share | $3.46 | $2.72 | $4.54 | $1.21 | $1.91 | $1.30 | $0.62 | $1.88 | $11.75 | $5.71 | $17.87 |
Weighted average number of shares | 307,234 | 352,742 | 429,089 | 445,261 | 423,977 | 423,501 | 422,024 | 417,038 | 383,416 | 421,629 | 410,730 |
Related_Parties_Sponsor_Truste2
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Trustee minimum fee | $500,000 | ' | ' |
Trustee maximum fee | 2,000,000 | ' | ' |
Sponsor [Member] | ' | ' | ' |
Related party fees payable at annual rate | 0.15% | ' | ' |
Trustee [Member] | ' | ' | ' |
Related party fees payable at annual rate | 0.02% | ' | ' |
Custodian Tier One [Member] | ' | ' | ' |
Related party fees payable at annual rate | 0.10% | ' | ' |
Aggregate weight of gold to determine custodian fee tiers | 4,500,000 | ' | ' |
Custodian Tier Two [Member] | ' | ' | ' |
Related party fees payable at annual rate | 0.06% | ' | ' |
Aggregate weight of gold to determine custodian fee tiers | 4,500,000 | ' | ' |
Marketing Agent [Member] | ' | ' | ' |
Related party fees payable at annual rate | 0.15% | ' | ' |
Sponsor and Marketing Agent [Member] | ' | ' | ' |
Trust expense ratio | 0.40% | ' | ' |
Assets under management required for Trust accrual | 1,200,000,000 | ' | ' |
Accounting rate of ordinary expenses after taking affect of current expenses | 0.40% | ' | ' |
Sponsor and Marketing Agent combined fees at a rate | 0.30% | ' | ' |
Minimum ANAV to unforeseen expenses | 0.70% | ' | ' |
Ordinary expenses accrual rate if gross assets drop discussion | 'If at the end of any month, the estimated ordinary expenses of the Trust exceed an amount equal to 0.40% per year of the daily ANAV of the Trust for such month, the Sponsor and the Marketing Agent will waive the amount of such excess from the fees payable to them from the assets of the Trust for such month in equal shares up to the amount of their fees | ' | ' |
Unforeseen expenses of the Trust discussion | 'If the Trust incurs unforeseen expenses that cause the total ordinary expenses of the Trust to exceed 0.70% per year of the daily ANAV of the Trust, the ordinary expenses will accrue at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees | ' | ' |
Sponsor and Marketing Agent fees reduction | $0 | $0 | $6,865 |
Related_Parties_Sponsor_Truste3
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees - Amounts Payable to Related Parties (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Amounts Payable to Related Parties | ' | ' |
Accounts payable to related parties | $12,133 | $22,038 |
Custodian [Member] | ' | ' |
Amounts Payable to Related Parties | ' | ' |
Accounts payable to related parties | 2,190 | 3,908 |
Trustee [Member] | ' | ' |
Amounts Payable to Related Parties | ' | ' |
Accounts payable to related parties | 165 | 164 |
Sponsor [Member] | ' | ' |
Amounts Payable to Related Parties | ' | ' |
Accounts payable to related parties | 4,889 | 8,983 |
Marketing Agent [Member] | ' | ' |
Amounts Payable to Related Parties | ' | ' |
Accounts payable to related parties | $4,889 | $8,983 |