Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Aug. 07, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'GLD | ' |
Entity Registrant Name | 'SPDR GOLD TRUST | ' |
Entity Central Index Key | '0001222333 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 266,400,000 |
Condensed_Statements_of_Financ
Condensed Statements of Financial Condition (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Investment in Gold | $31,104,442 | [1] | $35,812,777 | [1],[2] |
Gold receivable | 240,490 | 0 | ||
Total Assets | 31,344,932 | 35,812,777 | [2] | |
LIABILITIES | ' | ' | ||
Gold payable | 0 | 153,680 | [2] | |
Accounts payable to related parties | 9,941 | 12,133 | [2] | |
Accounts payable | 247 | 2,136 | [2] | |
Accrued expenses | 4,160 | 1,145 | [2] | |
Total Liabilities | 14,348 | 169,094 | [2] | |
Redeemable Shares: | ' | ' | ||
Shares at redemption value to investors | 33,415,479 | [3] | 38,623,537 | [2],[3] |
Shareholders' Deficit | -2,084,895 | -2,979,854 | [2] | |
Total Liabilities, Redeemable Shares & Shareholders' Deficit | $31,344,932 | $35,812,777 | [2] | |
[1] | The market value of Investment in Gold at June 30, 2014 is $33,189,337 and at September 30, 2013 was $38,792,631. | |||
[2] | Derived from audited statement of financial condition as of September 30, 2013. | |||
[3] | Authorized share capital is unlimited and the par value of the Shares is $0.00. Shares issued and outstanding at June 30, 2014 was 264,000,000 and at September 30, 2013 was 301,600,000. |
Condensed_Statements_of_Financ1
Condensed Statements of Financial Condition (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Market value of Investment in Gold | $33,189,337 | $38,792,631 |
Common stock, par value | $0 | $0 |
Common stock, shares issued | 264,000,000 | 301,600,000 |
Common stock, shares outstanding | 264,000,000 | 301,600,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES | ' | ' | ' | ' |
Proceeds from sales of gold to pay expenses | $32,991 | $57,281 | $101,842 | $198,491 |
Cost of gold sold to pay expenses | -31,419 | -47,545 | -97,046 | -149,113 |
Gain on gold sold to pay expenses | 1,572 | 9,736 | 4,796 | 49,378 |
Gain on gold distributed for the redemption of shares | 98,995 | 1,837,987 | 325,475 | 4,424,543 |
Unrealized gain/(loss) on investment in gold | 0 | -840,230 | 0 | -840,230 |
Total gain on gold | 100,567 | 1,007,493 | 330,271 | 3,633,691 |
EXPENSES | ' | ' | ' | ' |
Custody fees | 5,558 | 8,072 | 17,113 | 31,164 |
Trustee fees | 499 | 499 | 1,496 | 1,496 |
Sponsor fees | 12,230 | 18,158 | 37,791 | 71,252 |
Marketing agent fees | 12,230 | 18,158 | 37,791 | 71,252 |
Other expenses | 2,097 | 3,533 | 6,585 | 14,838 |
Total expenses | 32,614 | 48,420 | 100,776 | 190,002 |
Net gain from operations | $67,953 | $959,073 | $229,495 | $3,443,689 |
Net gain per share | $0.26 | $2.72 | $0.84 | $8.42 |
Weighted average number of shares | 263,349 | 352,742 | 271,952 | 409,090 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
INCREASE / DECREASE IN CASH FROM OPERATIONS: | ' | ' | ' | ' |
Cash proceeds received from sales of gold | $32,991 | $57,281 | $101,842 | $198,491 |
Cash expenses paid | -32,991 | -57,281 | -101,842 | -198,491 |
Increase / (Decrease) in cash resulting from operations | 0 | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ' | ' | ' | ' |
Value of gold received for creation of shares - net of gold receivable | 941,382 | 818,837 | 4,166,969 | 6,034,656 |
Value of gold distributed for redemption of shares - net of gold payable | 2,134,752 | 10,533,241 | 8,624,578 | 18,013,836 |
RECONCILIATION OF NET GAIN FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ' | ' | ' | ' |
Net gain from operations | 67,953 | 959,073 | 229,495 | 3,443,689 |
Adjustments to reconcile net gain to net cash provided by operating activities | ' | ' | ' | ' |
(Increase) / Decrease in investment in gold | 1,232,421 | 10,602,180 | 4,708,335 | 13,571,115 |
(Increase) / Decrease in gold receivable | -240,490 | 0 | -240,490 | 0 |
Increase / (Decrease) in gold payable | -161,796 | 0 | -153,680 | -602,591 |
Increase / (Decrease) in liabilities | -378 | -8,862 | -1,066 | -8,489 |
Increase / (Decrease) in redeemable Shares | ' | ' | ' | ' |
Creations | 1,181,872 | 818,837 | 4,407,459 | 6,034,656 |
Redemptions | -2,079,582 | -12,371,228 | -8,950,053 | -22,438,380 |
Increase / (Decrease) in cash resulting from operations | $0 | $0 | $0 | $0 |
Condensed_Statement_of_Changes
Condensed Statement of Changes in Shareholders' Deficit (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | ||
Shareholders' Deficit - Opening balance | ' | ' | ($2,979,854) | [1] | ' | ' | |
Net gain for the period | 67,953 | 959,073 | 229,495 | 3,443,689 | ' | ||
Adjustment of redeemable shares to redemption value | ' | ' | 665,464 | ' | 17,807,576 | ||
Shareholders' Deficit - Closing balance | ($2,084,895) | ' | ($2,084,895) | ' | ($2,979,854) | [1] | |
[1] | Derived from audited statement of financial condition as of September 30, 2013. |
Organization
Organization | 9 Months Ended |
Jun. 30, 2014 | |
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 “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 Shares, 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. | |
The condensed statements of financial condition at June 30, 2014 and September 30, 2013, the condensed statements of operations and of cash flows for the three and nine months ended June 30, 2014 and 2013 and the condensed statement of changes in shareholders’ deficit for the nine months ended June 30, 2014 have been prepared on behalf of the Trust without audit. In the opinion of management of the sponsor of the Trust, World Gold Trust Services, LLC (the “Sponsor”), all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June 30, 2014 and for all periods presented have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. The results of operations for the nine months ended June 30, 2014 are not necessarily indicative of the operating results for the full year. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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 HSBC Bank USA, N.A. (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 price of gold set by the London gold fix (“London Fix”) used to determine the Net Asset Value (“NAV”) 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 or losses on the Trust’s gold holdings as of June 30, 2014 and September 30, 2013: | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Investment in gold - average cost | $ | 31,104,442 | $ | 35,812,777 | |||||
Unrealized gain on investment in gold | 2,084,895 | 2,979,854 | |||||||
Investment in gold - market value | $ | 33,189,337 | $ | 38,792,631 | |||||
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 investment in gold through market price recoveries in later interim periods of the same fiscal year 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 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 business days of the trade date. | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Gold receivable | $ | 240,490 | $ | — | |||||
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 business days of the trade date. | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Gold payable | $ | — | $ | 153,680 | |||||
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 Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. 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 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 in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Redeemable Shares on the Statement of Financial 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 nine months ended June 30, 2014 and for the year ended September 30, 2013, are as follows: | |||||||||
(All amounts are in 000’s) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Number of redeemable shares: | |||||||||
Opening balance | 301,600 | 437,900 | |||||||
Creations | 35,300 | 51,100 | |||||||
Redemptions | (72,900 | ) | (187,400 | ) | |||||
Closing balance | 264,000 | 301,600 | |||||||
(Amounts in 000’s of US$ except per Share) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Redeemable Shares: | |||||||||
Opening balance | $ | 38,623,537 | $ | 75,389,813 | |||||
Creations | 4,407,459 | 7,734,465 | |||||||
Redemptions | (8,950,053 | ) | (26,693,165 | ) | |||||
Adjustment to redemption value | (665,464 | ) | (17,807,576 | ) | |||||
Closing balance | $ | 33,415,479 | 38,623,537 | ||||||
Redemption value per redeemable share at period end | $ | 126.57 | $ | 128.06 | |||||
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 | |||||||||
BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (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 amount 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 Fix at 3:00 PM London time (“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 US federal income tax purposes. As a result, the Trust itself will not be subject to US 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 of the Trust 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 June 30, 2014 or September 30, 2013. |
Investment_in_Gold
Investment in Gold | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Investment in Gold | ' | ||||||||
3. Investment in Gold | |||||||||
The following represents the changes in ounces of gold and the respective values for the nine months ended June 30, 2014 and for the year ended September 30, 2013: | |||||||||
(Ounces of gold are in 000’s and value of gold is in 000’s of US$) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Ounces of Gold: | |||||||||
Opening balance | 29,244.40 | 42,803.60 | |||||||
Creations (excluding gold receivable at June 30, 2014 - 182.9 and at September 30, 2013 - 0) | 3,219.20 | 4,944.80 | |||||||
Redemptions (excluding gold payable at June 30, 2014 - 0 and at September 30, 2013 - 115.9) | (7,145.5 | ) | (18,348.0 | ) | |||||
Sales of gold | (79.1 | ) | (156.0 | ) | |||||
Closing balance | 25,239.00 | 29,244.40 | |||||||
Investment in Gold (lower of cost or market): | |||||||||
Opening balance | $ | 35,812,777 | $ | 50,726,261 | |||||
Creations (excluding gold receivable at June 30, 2014 - $240,490 and at September 30, 2013 - $0) | 4,166,969 | 7,734,465 | |||||||
Redemptions (excluding gold payable at June 30, 2014 - $0 and at September 30, 2013 - $153,680) | (8,778,258 | ) | (22,459,232 | ) | |||||
Sales of gold | (97,046 | ) | (188,717 | ) | |||||
Unrealized loss on investment in Gold | — | — | |||||||
Closing balance | $ | 31,104,442 | $ | 35,812,777 | |||||
Related_Parties_Sponsor_Truste
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees | ' | ||||||||
4. 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 amended, the “Allocated Bullion Account Agreement”) as compensation for its custody services. Under the Allocated Bullion Account Agreement, the Custodian’s fee is computed 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. | |||||||||
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, as amended, between the Sponsor and the Marketing Agent (the “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’s 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 three and nine months ended June 30, 2014, the fees payable to the Sponsor and the Marketing Agent were each reduced by $0. For the three and nine months ended June 30, 2013, the comparable reduction in fees was $0. | |||||||||
Amounts payable to Related Parties | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Payable to Custodian | $ | 1,809 | $ | 2,190 | |||||
Payable to Trustee | 164 | 165 | |||||||
Payable to Sponsor | 3,984 | 4,889 | |||||||
Payable to Marketing Agent | 3,984 | 4,889 | |||||||
Accounts payable to related parties | $ | 9,941 | $ | 12,133 | |||||
Concentration_of_Risk
Concentration of Risk | 9 Months Ended |
Jun. 30, 2014 | |
Concentration of Risk | ' |
5. 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 effect on the Trust’s financial position and results of operations. |
Indemnification
Indemnification | 9 Months Ended |
Jun. 30, 2014 | |
Indemnification | ' |
6. 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. |
Accounting_Pronouncement
Accounting Pronouncement | 9 Months Ended |
Jun. 30, 2014 | |
Accounting Pronouncement | ' |
7. Accounting Pronouncement | |
In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-08, Financial Services – Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (ASU 2013-08). ASU 2013-08 which amends the current criteria for an entity to qualify as an investment company, modifies the measurement criteria for certain interests in other investment companies, and includes new disclosure requirements. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. Early application is prohibited. The Trust will adopt ASU 2013-08 for the quarter ended December 31, 2014. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2014 | |
Subsequent Events | ' |
8. Subsequent Events | |
The Trust Indenture was amended on June 18, 2014, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 19, 2014 and became effective as of August 2, 2014. The amendment clarifies and supplements certain provisions of the Trust Indenture relating to the creation and redemption of shares, the creation and issuance of creation baskets, the definition of record date, the removal of a custodian, the waiver of the Sponsor’s fee and the listing of the Shares on exchanges and securities markets. In connection with the amendment of the Trust Indenture to make conforming changes to the procedures for the creation and issuance of creation baskets, the SPDR® Gold Trust Participant Agreement among the Trustee, the Sponsor and the Authorized Participants was amended on July 18, 2014, filed with the SEC on July 22, 2014 and became effective on August 1, 2014. | |
The Sponsor filed a Definitive Consent Solicitation Statement (the “Consent Solicitation”) with the SEC on June 19, 2014 with respect to a proposal to amend and restate the Trust Indenture of the Trust to (i) implement a unitary fee structure and cap investor ordinary fees at 0.40% of the NAV each year and (ii) permit the Sponsor to compensate its affiliates for providing marketing and other services to the Trust without any additional cost to the Trust. The voting period for the Consent Solicitation has been extended to August 29, 2014. | |
On July 31, 2014, Kevin Feldman resigned as Chief Executive Officer of the Sponsor, with an effective date of August 15, 2014. The Sponsor’s Board of Directors appointed Aram Shishmanian, Executive Director of the Sponsor, to serve as the Acting Chief Executive Officer of the Sponsor effective upon Mr. Feldman’s departure. Mr. Shishmanian has served as the Chief Executive Officer of the World Gold Council, the ultimate parent company of the Sponsor, since January 2009. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Valuation of Gold | ' | ||||||||
2.1. Valuation of Gold | |||||||||
Gold is held by HSBC Bank USA, N.A. (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 price of gold set by the London gold fix (“London Fix”) used to determine the Net Asset Value (“NAV”) 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 or losses on the Trust’s gold holdings as of June 30, 2014 and September 30, 2013: | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Investment in gold - average cost | $ | 31,104,442 | $ | 35,812,777 | |||||
Unrealized gain on investment in gold | 2,084,895 | 2,979,854 | |||||||
Investment in gold - market value | $ | 33,189,337 | $ | 38,792,631 | |||||
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 investment in gold through market price recoveries in later interim periods of the same fiscal year 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 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 business days of the trade date. | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Gold receivable | $ | 240,490 | $ | — | |||||
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 business days of the trade date. | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Gold payable | $ | — | $ | 153,680 | |||||
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 Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. 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 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 in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Redeemable Shares on the Statement of Financial 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 nine months ended June 30, 2014 and for the year ended September 30, 2013, are as follows: | |||||||||
(All amounts are in 000’s) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Number of redeemable shares: | |||||||||
Opening balance | 301,600 | 437,900 | |||||||
Creations | 35,300 | 51,100 | |||||||
Redemptions | (72,900 | ) | (187,400 | ) | |||||
Closing balance | 264,000 | 301,600 | |||||||
(Amounts in 000’s of US$ except per Share) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Redeemable Shares: | |||||||||
Opening balance | $ | 38,623,537 | $ | 75,389,813 | |||||
Creations | 4,407,459 | 7,734,465 | |||||||
Redemptions | (8,950,053 | ) | (26,693,165 | ) | |||||
Adjustment to redemption value | (665,464 | ) | (17,807,576 | ) | |||||
Closing balance | $ | 33,415,479 | 38,623,537 | ||||||
Redemption value per redeemable share at period end | $ | 126.57 | $ | 128.06 | |||||
Revenue Recognition Policy | ' | ||||||||
2.5. Revenue Recognition Policy | |||||||||
BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (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 amount 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 Fix at 3:00 PM London time (“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 US federal income tax purposes. As a result, the Trust itself will not be subject to US 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 of the Trust 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 June 30, 2014 or September 30, 2013. | |||||||||
Accounting Pronouncement | ' | ||||||||
Accounting Pronouncement | |||||||||
In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-08, Financial Services – Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (ASU 2013-08). ASU 2013-08 which amends the current criteria for an entity to qualify as an investment company, modifies the measurement criteria for certain interests in other investment companies, and includes new disclosure requirements. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. Early application is prohibited. The Trust will adopt ASU 2013-08 for the quarter ended December 31, 2014. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Valuation of Gold | ' | ||||||||
The table below summarizes the impact of unrealized gains or losses on the Trust’s gold holdings as of June 30, 2014 and September 30, 2013: | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Investment in gold - average cost | $ | 31,104,442 | $ | 35,812,777 | |||||
Unrealized gain on investment in gold | 2,084,895 | 2,979,854 | |||||||
Investment in gold - market value | $ | 33,189,337 | $ | 38,792,631 | |||||
Gold Receivable | ' | ||||||||
Gold receivable 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 business days of the trade date. | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Gold receivable | $ | 240,490 | $ | — | |||||
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 business days of the trade date. | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Gold payable | $ | — | $ | 153,680 | |||||
Creations and Redemptions of Shares | ' | ||||||||
Changes in the Shares for the nine months ended June 30, 2014 and for the year ended September 30, 2013, are as follows: | |||||||||
(All amounts are in 000’s) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Number of redeemable shares: | |||||||||
Opening balance | 301,600 | 437,900 | |||||||
Creations | 35,300 | 51,100 | |||||||
Redemptions | (72,900 | ) | (187,400 | ) | |||||
Closing balance | 264,000 | 301,600 | |||||||
(Amounts in 000’s of US$ except per Share) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Redeemable Shares: | |||||||||
Opening balance | $ | 38,623,537 | $ | 75,389,813 | |||||
Creations | 4,407,459 | 7,734,465 | |||||||
Redemptions | (8,950,053 | ) | (26,693,165 | ) | |||||
Adjustment to redemption value | (665,464 | ) | (17,807,576 | ) | |||||
Closing balance | $ | 33,415,479 | 38,623,537 | ||||||
Redemption value per redeemable share at period end | $ | 126.57 | $ | 128.06 | |||||
Investment_in_Gold_Tables
Investment in Gold (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Investment in Gold | ' | ||||||||
The following represents the changes in ounces of gold and the respective values for the nine months ended June 30, 2014 and for the year ended September 30, 2013: | |||||||||
(Ounces of gold are in 000’s and value of gold is in 000’s of US$) | Nine Months Ended | Year Ended | |||||||
Jun-30, | Sep-30, | ||||||||
2014 | 2013 | ||||||||
Ounces of Gold: | |||||||||
Opening balance | 29,244.40 | 42,803.60 | |||||||
Creations (excluding gold receivable at June 30, 2014 - 182.9 and at September 30, 2013 - 0) | 3,219.20 | 4,944.80 | |||||||
Redemptions (excluding gold payable at June 30, 2014 - 0 and at September 30, 2013 - 115.9) | (7,145.5 | ) | (18,348.0 | ) | |||||
Sales of gold | (79.1 | ) | (156.0 | ) | |||||
Closing balance | 25,239.00 | 29,244.40 | |||||||
Investment in Gold (lower of cost or market): | |||||||||
Opening balance | $ | 35,812,777 | $ | 50,726,261 | |||||
Creations (excluding gold receivable at June 30, 2014 - $240,490 and at September 30, 2013 - $0) | 4,166,969 | 7,734,465 | |||||||
Redemptions (excluding gold payable at June 30, 2014 - $0 and at September 30, 2013 - $153,680) | (8,778,258 | ) | (22,459,232 | ) | |||||
Sales of gold | (97,046 | ) | (188,717 | ) | |||||
Unrealized loss on investment in Gold | — | — | |||||||
Closing balance | $ | 31,104,442 | $ | 35,812,777 | |||||
Related_Parties_Sponsor_Truste1
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Amounts Payable to Related Parties | ' | ||||||||
Amounts payable to Related Parties | |||||||||
(Amounts in 000’s of US$) | Jun-30, | Sep-30, | |||||||
2014 | 2013 | ||||||||
Payable to Custodian | $ | 1,809 | $ | 2,190 | |||||
Payable to Trustee | 164 | 165 | |||||||
Payable to Sponsor | 3,984 | 4,889 | |||||||
Payable to Marketing Agent | 3,984 | 4,889 | |||||||
Accounts payable to related parties | $ | 9,941 | $ | 12,133 | |||||
Organization_Additional_Inform
Organization - Additional Information (Detail) | 9 Months Ended |
Jun. 30, 2014 | |
Formation date | 'November 12, 2004 |
Minimum denomination of shares issued redeemed against gold | 100,000 |
Significant_Accounting_Policie3
Significant Accounting Policies - Valuation of Gold (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Valuation of Gold | ' | ' |
Investment in gold - average cost | $31,104,442 | $35,812,777 |
Unrealized gain on investment in gold | 2,084,895 | 2,979,854 |
Investment in gold - market value | $33,189,337 | $38,792,631 |
Significant_Accounting_Policie4
Significant Accounting Policies - Gold Receivable (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Gold Receivable | ' | ' |
Gold receivable | $240,490 | $0 |
Significant_Accounting_Policie5
Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Sep. 30, 2013 | |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' |
Maximum number of business days within which ownership of the gold is transferred | '3 days | ' |
Minimum denomination of shares issued redeemed against gold | 100,000 | ' |
Number of dilutive equity instruments authorized or outstanding | 0 | ' |
Liability for uncertain tax positions - current | $0 | $0 |
Significant_Accounting_Policie6
Significant Accounting Policies - Gold Payable (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Gold Payable | ' | ' | |
Gold payable | $0 | $153,680 | [1] |
[1] | Derived from audited statement of financial condition as of September 30, 2013. |
Significant_Accounting_Policie7
Significant Accounting Policies - Creations and Redemptions of Shares (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 | ||
Number of redeemable shares: | ' | ' | ||
Opening balance | 301,600,000 | 437,900,000 | ||
Creations | 35,300,000 | 51,100,000 | ||
Redemptions | -72,900,000 | -187,400,000 | ||
Closing balance | 264,000,000 | 301,600,000 | ||
Redeemable Shares: | ' | ' | ||
Opening balance | $38,623,537 | [1],[2] | $75,389,813 | |
Creations | 4,407,459 | 7,734,465 | ||
Redemptions | -8,950,053 | -26,693,165 | ||
Adjustment to redemption value | -665,464 | -17,807,576 | ||
Closing balance | $33,415,479 | [2] | $38,623,537 | [1],[2] |
Redemption value per redeemable share at period end | $126.57 | $128.06 | ||
[1] | Derived from audited statement of financial condition as of September 30, 2013. | |||
[2] | Authorized share capital is unlimited and the par value of the Shares is $0.00. Shares issued and outstanding at June 30, 2014 was 264,000,000 and at September 30, 2013 was 301,600,000. |
Investment_in_Gold_Investment_
Investment in Gold - Investment in Gold (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |||
oz | oz | oz | oz | |||||
Ounces of Gold: | ' | ' | ' | ' | ' | |||
Opening balance | ' | ' | 29,244,400 | 42,803,600 | 42,803,600 | |||
Creations (excluding gold receivable at June 30, 2014 - 182.9 and at September 30, 2013 - 0) | ' | ' | 3,219,200 | ' | 4,944,800 | |||
Redemptions (excluding gold payable at June 30, 2014 - 0 and at September 30, 2013 - 115.9) | ' | ' | -7,145,500 | ' | -18,348,000 | |||
Sales of gold | ' | ' | -79,100 | ' | -156,000 | |||
Closing balance | 25,239,000 | ' | 25,239,000 | ' | 29,244,400 | |||
Investment in Gold (lower of cost or market): | ' | ' | ' | ' | ' | |||
Opening balance | ' | ' | $35,812,777 | [1],[2] | $50,726,261 | $50,726,261 | ||
Creations (excluding gold receivable at June 30, 2014 - $240,490 and at September 30, 2013 - $0) | ' | ' | 4,166,969 | ' | 7,734,465 | |||
Redemptions (excluding gold payable at June 30, 2014 - $0 and at September 30, 2013 - $153,680) | ' | ' | -8,778,258 | ' | -22,459,232 | |||
Sales of gold | -31,419 | -47,545 | -97,046 | -149,113 | -188,717 | |||
Unrealized loss on investment in Gold | 0 | 840,230 | 0 | 840,230 | 0 | |||
Closing balance | $31,104,442 | [2] | ' | $31,104,442 | [2] | ' | $35,812,777 | [1],[2] |
[1] | Derived from audited statement of financial condition as of September 30, 2013. | |||||||
[2] | The market value of Investment in Gold at June 30, 2014 is $33,189,337 and at September 30, 2013 was $38,792,631. |
Investment_in_Gold_Investment_1
Investment in Gold - Investment in Gold (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | oz | oz | |
Investment in Gold [Line Items] | ' | ' | |
Gold receivable, Ounces of gold | 182,900 | 0 | |
Gold payable, Ounces of gold | 0 | 115,900 | |
Gold receivable | $240,490 | $0 | |
Gold payable | $0 | $153,680 | [1] |
[1] | Derived from audited statement of financial condition as of September 30, 2013. |
Related_Parties_Sponsor_Truste2
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Trustee minimum fee | ' | ' | $500,000 | ' |
Trustee maximum fee | ' | ' | 2,000,000 | ' |
Sponsor [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party fees payable at annual rate | ' | ' | 0.15% | ' |
Trustee [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party fees payable at annual rate | ' | ' | 0.02% | ' |
Custodian Tier One [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
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 Transaction [Line Items] | ' | ' | ' | ' |
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 Transaction [Line Items] | ' | ' | ' | ' |
Related party fees payable at annual rate | ' | ' | 0.15% | ' |
Sponsor and Marketing Agent [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Trust expense ratio | ' | ' | 0.40% | ' |
Assets under management required for Trust accrual | 1,200,000,000 | ' | 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 | $0 | $0 |
Related_Parties_Sponsor_Truste3
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees - Amounts Payable to Related Parties (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Amounts Payable to Related Parties | ' | ' | |
Accounts payable to related parties | $9,941 | $12,133 | [1] |
Custodian [Member] | ' | ' | |
Amounts Payable to Related Parties | ' | ' | |
Accounts payable to related parties | 1,809 | 2,190 | |
Trustee [Member] | ' | ' | |
Amounts Payable to Related Parties | ' | ' | |
Accounts payable to related parties | 164 | 165 | |
Sponsor [Member] | ' | ' | |
Amounts Payable to Related Parties | ' | ' | |
Accounts payable to related parties | 3,984 | 4,889 | |
Marketing Agent [Member] | ' | ' | |
Amounts Payable to Related Parties | ' | ' | |
Accounts payable to related parties | $3,984 | $4,889 | |
[1] | Derived from audited statement of financial condition as of September 30, 2013. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member]) | Aug. 08, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Investor Ordinary fees, percentage of NAV | 0.40% |