Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'iShares Gold Trust | ' |
Document Type | '10-K | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | 538,000,000 | ' |
Entity Public Float | ' | $7,103,475,500 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001278680 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Gold bullion inventory (fair value of $6,272,422 and $11,647,783, respectively) | $6,329,194 | $9,315,055 |
Payable for capital Shares redeemed | -56,772 | 0 |
TOTAL ASSETS | 6,272,422 | 9,315,055 |
Current liabilities | ' | ' |
Sponsor’s fees payable | 1,393 | 2,485 |
Total liabilities | 1,393 | 2,485 |
Commitments and contingent liabilities (Note 5) | ' | ' |
Redeemable capital Shares, no par value, unlimited amount authorized (at redemption value) – 538,000,000 issued and outstanding at December 31, 2013 and 719,550,000 issued and outstanding at December 31, 2012 | 6,271,029 | 11,645,298 |
Shareholders’ equity (deficit) | 0 | -2,332,728 |
TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT) | $6,272,422 | $9,315,055 |
Balance_Sheets_Parentheticals
Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Gold bullion inventory, fair value (in Dollars) | $6,272,422 | $11,647,783 |
Redeemable capital Shares, no par value (in Dollars per share) | ' | ' |
Redeemable capital Shares, issued | 538,000,000 | 719,550,000 |
Redeemable capital Shares, outstanding | 538,000,000 | 719,550,000 |
Income_Statements
Income Statements (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revenue | ' | ' | ' | |
Proceeds from sales of gold to pay expenses | $22,834,000 | $24,815,000 | $17,758,000 | |
Cost of gold sold to pay expenses | -21,261,000 | -18,552,000 | -12,188,000 | |
Gain on sales of gold to pay expenses | 1,573,000 | 6,263,000 | 5,570,000 | |
Gain on gold distributed for the redemption of Shares | 142,694,000 | 155,431,000 | 271,906,000 | |
Total gain on sales and distributions of gold | 144,267,000 | 161,694,000 | 277,476,000 | |
Adjustment to gold bullion inventory (Note 2B) | -750,590,665 | [1] | 0 | 0 |
Total gain (loss) on gold | -606,324,000 | 161,694,000 | 277,476,000 | |
Expenses | ' | ' | ' | |
Sponsor’s fees | 21,742,000 | 25,362,000 | 18,629,000 | |
Total expenses | 21,742,000 | 25,362,000 | 18,629,000 | |
NET INCOME (LOSS) | ($628,066,000) | $136,332,000 | $258,847,000 | |
Net income (loss) per Share (in Dollars per share) | ($1) | $0.22 | $0.54 | |
Weighted-average Shares outstanding (in Shares) | 627,129,863 | 624,899,044 | 481,399,041 | |
[1] | At December 31, 2013, the market value of the gold bullion was below the average cost of the Trust's gold bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the gold bullion inventory of $750,590,665. |
Statements_of_Changes_in_Share
Statements of Changes in Shareholders’ Equity (Deficit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shareholders’ equity (deficit) – beginning of period | ($2,332,728) | ($1,846,637) | ($1,748,981) |
Net income (loss) | -628,066 | 136,332 | 258,847 |
Adjustment of redeemable capital Shares to redemption value | 2,960,794 | -622,423 | -356,503 |
Shareholders’ equity (deficit) – end of period | $0 | ($2,332,728) | ($1,846,637) |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | |
Proceeds from sales of gold | $22,834,000 | $24,815,000 | $17,758,000 | |
Expenses – Sponsor’s fees paid | -22,834,000 | -24,815,000 | -17,758,000 | |
Net cash provided by operating activities | 0 | 0 | 0 | |
Supplemental disclosure of non-cash information: | ' | ' | ' | |
Carrying value of gold received for creation of Shares | 928,370,000 | 3,303,091,000 | 3,660,287,000 | |
Carrying value of gold distributed for redemption of Shares, at average cost | -3,199,151,000 | -541,586,000 | -644,033,000 | |
Increase (decrease) in cash | 0 | 0 | 0 | |
Cash, beginning of period | 0 | 0 | 0 | |
Cash, end of period | 0 | 0 | 0 | |
Net income (loss) | -628,066,000 | 136,332,000 | 258,847,000 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | |
Gain on gold distributed for the redemption of Shares | -142,694,000 | -155,431,000 | -271,906,000 | |
Cost of gold sold to pay expenses | 21,261,000 | 18,552,000 | 12,188,000 | |
Adjustment to gold bullion inventory (Note 2B) | 750,590,665 | [1] | 0 | 0 |
Change in operating assets and liabilities: | ' | ' | ' | |
Sponsor’s fees payable | ($1,092,000) | $547,000 | $871,000 | |
[1] | At December 31, 2013, the market value of the gold bullion was below the average cost of the Trust's gold bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the gold bullion inventory of $750,590,665. |
Note_1_Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
1 - Organization | |
The iShares® Gold Trust (the “Trust”) was organized on January 21, 2005 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day to day administration of the Trust. The Trust’s sponsor is iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or “Shares”) representing fractional undivided beneficial interests in its net assets. | |
The objective of the Trust is for the value of its Shares to reflect, at any given time, the price of gold owned by the Trust at that time, less the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in gold bullion. | |
The Trust is not an investment company registered under the Investment Company Act of 1940, as amended. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||||||||||
2 - Summary of Significant Accounting Policies | |||||||||||||||||||||||||
A. | Basis of Accounting | ||||||||||||||||||||||||
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. | |||||||||||||||||||||||||
B. | Gold Bullion | ||||||||||||||||||||||||
JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust. | |||||||||||||||||||||||||
For financial statement purposes, the gold bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the gold bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. Should the market value of the gold bullion held increase subsequent to the market value reserve being recorded, a “market value recovery” may be recorded during an interim period in the same fiscal year that the market value reserve is recorded by the Trust. The market value recovery recorded at an interim period may not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management will make a determination as to whether the reserve is recovered or whether the cost basis of gold should be written down. The market value reserve, market value recovery and inventory write down each are reported as a component of “Adjustment to gold bullion inventory.” Gain or loss on sales of gold bullion is calculated on a trade date basis. Fair value of the gold bullion is based on the price of gold fixed in the afternoon of each working day (London time) by the London Gold Market Fixing Ltd. (“London PM Fix”). If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced price fixed by the London Gold Market Fixing Ltd. in the morning (London time) of the day the valuation takes place (such price, the “London AM Fix”). | |||||||||||||||||||||||||
The following table summarizes activity in gold bullion for the years ended December 31, 2013, 2012 and 2011 (all balances in 000’s): | |||||||||||||||||||||||||
31-Dec-13 | Ounces | Average | Fair | Realized | |||||||||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||||||||||
Beginning balance | 6,999.90 | $ | 9,315,055 | $ | 11,647,783 | $ | — | ||||||||||||||||||
Gold contributed | 614.6 | 928,370 | 928,370 | — | |||||||||||||||||||||
Gold distributed | (2,378.2 | ) | (3,199,151 | ) | (3,341,845 | ) | 142,694 | ||||||||||||||||||
Gold sold | (15.8 | ) | (21,261 | ) | (22,834 | ) | 1,573 | ||||||||||||||||||
Adjustment to gold bullion inventory(a) | — | (750,591 | ) | — | — | ||||||||||||||||||||
Adjustment for realized gain on gold | — | — | 144,267 | — | |||||||||||||||||||||
Adjustment for unrealized loss on gold | — | — | (3,083,319 | ) | — | ||||||||||||||||||||
Ending balance | 5,220.50 | $ | 6,272,422 | $ | 6,272,422 | $ | 144,267 | ||||||||||||||||||
31-Dec-12 | Ounces | Average | Fair | Realized | |||||||||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||||||||||
Beginning balance | 5,498.80 | $ | 6,572,102 | $ | 8,418,739 | $ | — | ||||||||||||||||||
Gold contributed | 1,951.20 | 3,303,091 | 3,303,091 | — | |||||||||||||||||||||
Gold distributed | (435.3 | ) | (541,586 | ) | (697,017 | ) | 155,431 | ||||||||||||||||||
Gold sold | (14.8 | ) | (18,552 | ) | (24,815 | ) | 6,263 | ||||||||||||||||||
Adjustment for realized gain on gold | — | — | 161,694 | — | |||||||||||||||||||||
Adjustment for unrealized gain on gold | — | — | 486,091 | — | |||||||||||||||||||||
Ending balance | 6,999.90 | $ | 9,315,055 | $ | 11,647,783 | $ | 161,694 | ||||||||||||||||||
31-Dec-11 | Ounces | Average | Fair | Realized | |||||||||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||||||||||
Beginning balance | 3,783.00 | $ | 3,568,036 | $ | 5,317,017 | $ | — | ||||||||||||||||||
Gold contributed | 2,333.90 | 3,660,287 | 3,660,287 | — | |||||||||||||||||||||
Gold distributed | (606.8 | ) | (644,033 | ) | (915,939 | ) | 271,906 | ||||||||||||||||||
Gold sold | (11.3 | ) | (12,188 | ) | (17,758 | ) | 5,570 | ||||||||||||||||||
Adjustment for realized gain on gold | — | — | 277,476 | — | |||||||||||||||||||||
Adjustment for unrealized gain on gold | — | — | 97,656 | — | |||||||||||||||||||||
Ending balance | 5,498.80 | $ | 6,572,102 | $ | 8,418,739 | $ | 277,476 | ||||||||||||||||||
(a) At December 31, 2013, the market value of the gold bullion was below the average cost of the Trust’s gold bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the gold bullion inventory of $750,590,665. | |||||||||||||||||||||||||
C. | Redeemable Capital Shares | ||||||||||||||||||||||||
Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable. | |||||||||||||||||||||||||
The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced London AM Fix. | |||||||||||||||||||||||||
When gold is exchanged in settlement of a redemption, it is considered a sale of gold for financial statement purposes. | |||||||||||||||||||||||||
Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflects capital Shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust Shares are reflected at redemption value, which is the net asset value per Share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity. | |||||||||||||||||||||||||
Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the gold bullion held by the Trust. | |||||||||||||||||||||||||
Activity in redeemable capital Shares for the years ended December 31, 2013, 2012 and 2011 was as follows (all balances in 000’s): | |||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||
Beginning balance | 719,550 | $ | 11,645,298 | 563,850 | $ | 8,416,801 | 386,950 | $ | 5,315,950 | ||||||||||||||||
Shares issued | 63,250 | 928,370 | 200,400 | 3,303,091 | 239,050 | 3,660,287 | |||||||||||||||||||
Shares redeemed | (244,800 | ) | (3,341,845 | ) | (44,700 | ) | (697,017 | ) | (62,150 | ) | (915,939 | ) | |||||||||||||
Redemption value adjustment | — | (2,960,794 | ) | — | 622,423 | — | 356,503 | ||||||||||||||||||
Ending balance | 538,000 | $ | 6,271,029 | 719,550 | $ | 11,645,298 | 563,850 | $ | 8,416,801 | ||||||||||||||||
D. | Federal Income Taxes | ||||||||||||||||||||||||
The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are “passed through” to the holders of Shares of the Trust. | |||||||||||||||||||||||||
The Sponsor has reviewed the tax positions as of December 31, 2013 and has determined that no provision for income tax is required in the Trust’s financial statements. | |||||||||||||||||||||||||
E. | Recent Accounting Standard | ||||||||||||||||||||||||
In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for the Trust for fiscal years beginning after December 15, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Trust’s financial statements. |
Note_3_Trust_Expenses
Note 3 - Trust Expenses | 12 Months Ended |
Dec. 31, 2013 | |
Trust Expenses [Abstract] | ' |
Trust Expenses [Text Block] | ' |
3 - Trust Expenses | |
The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.25% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. |
Note_4_Related_Parties
Note 4 - Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
4 - Related Parties | |
The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust. |
Note_5_Indemnification
Note 5 - Indemnification | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
5 - Indemnification | |
Under the Trust’s organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. |
Note_6_Concentration_Risk
Note 6 - Concentration Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
6 - Concentration Risk | |
Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold. Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of gold include large sales by the official sector (governments, central banks, and related institutions), an increase in the hedging activities of gold producers, and changes in the attitude towards gold of speculators, investors and other market participants. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Accounting, Policy [Policy Text Block] | ' | |
A. | Basis of Accounting | |
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. | ||
Inventory, Policy [Policy Text Block] | ' | |
B. | Gold Bullion | |
JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust. | ||
For financial statement purposes, the gold bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the gold bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. Should the market value of the gold bullion held increase subsequent to the market value reserve being recorded, a “market value recovery” may be recorded during an interim period in the same fiscal year that the market value reserve is recorded by the Trust. The market value recovery recorded at an interim period may not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management will make a determination as to whether the reserve is recovered or whether the cost basis of gold should be written down. The market value reserve, market value recovery and inventory write down each are reported as a component of “Adjustment to gold bullion inventory.” Gain or loss on sales of gold bullion is calculated on a trade date basis. Fair value of the gold bullion is based on the price of gold fixed in the afternoon of each working day (London time) by the London Gold Market Fixing Ltd. (“London PM Fix”). If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced price fixed by the London Gold Market Fixing Ltd. in the morning (London time) of the day the valuation takes place (such price, the “London AM Fix”). | ||
Redeemable Capital Shares [Policy Text Block] | ' | |
C. | Redeemable Capital Shares | |
Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable. | ||
The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. If there is no announced London PM Fix on a business day, the Trustee is authorized to use the most recently announced London AM Fix. | ||
When gold is exchanged in settlement of a redemption, it is considered a sale of gold for financial statement purposes. | ||
Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflects capital Shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust Shares are reflected at redemption value, which is the net asset value per Share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity. | ||
Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the gold bullion held by the Trust. | ||
Income Tax, Policy [Policy Text Block] | ' | |
D. | Federal Income Taxes | |
The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are “passed through” to the holders of Shares of the Trust. | ||
The Sponsor has reviewed the tax positions as of December 31, 2013 and has determined that no provision for income tax is required in the Trust’s financial statements. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
E. | Recent Accounting Standard | |
In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for the Trust for fiscal years beginning after December 15, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Trust’s financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Activity in Gold Buillion [Table Text Block] | ' | ||||||||||||||||||||||||
31-Dec-13 | Ounces | Average | Fair | Realized | |||||||||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||||||||||
Beginning balance | 6,999.90 | $ | 9,315,055 | $ | 11,647,783 | $ | — | ||||||||||||||||||
Gold contributed | 614.6 | 928,370 | 928,370 | — | |||||||||||||||||||||
Gold distributed | (2,378.2 | ) | (3,199,151 | ) | (3,341,845 | ) | 142,694 | ||||||||||||||||||
Gold sold | (15.8 | ) | (21,261 | ) | (22,834 | ) | 1,573 | ||||||||||||||||||
Adjustment to gold bullion inventory(a) | — | (750,591 | ) | — | — | ||||||||||||||||||||
Adjustment for realized gain on gold | — | — | 144,267 | — | |||||||||||||||||||||
Adjustment for unrealized loss on gold | — | — | (3,083,319 | ) | — | ||||||||||||||||||||
Ending balance | 5,220.50 | $ | 6,272,422 | $ | 6,272,422 | $ | 144,267 | ||||||||||||||||||
31-Dec-12 | Ounces | Average | Fair | Realized | |||||||||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||||||||||
Beginning balance | 5,498.80 | $ | 6,572,102 | $ | 8,418,739 | $ | — | ||||||||||||||||||
Gold contributed | 1,951.20 | 3,303,091 | 3,303,091 | — | |||||||||||||||||||||
Gold distributed | (435.3 | ) | (541,586 | ) | (697,017 | ) | 155,431 | ||||||||||||||||||
Gold sold | (14.8 | ) | (18,552 | ) | (24,815 | ) | 6,263 | ||||||||||||||||||
Adjustment for realized gain on gold | — | — | 161,694 | — | |||||||||||||||||||||
Adjustment for unrealized gain on gold | — | — | 486,091 | — | |||||||||||||||||||||
Ending balance | 6,999.90 | $ | 9,315,055 | $ | 11,647,783 | $ | 161,694 | ||||||||||||||||||
31-Dec-11 | Ounces | Average | Fair | Realized | |||||||||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||||||||||
Beginning balance | 3,783.00 | $ | 3,568,036 | $ | 5,317,017 | $ | — | ||||||||||||||||||
Gold contributed | 2,333.90 | 3,660,287 | 3,660,287 | — | |||||||||||||||||||||
Gold distributed | (606.8 | ) | (644,033 | ) | (915,939 | ) | 271,906 | ||||||||||||||||||
Gold sold | (11.3 | ) | (12,188 | ) | (17,758 | ) | 5,570 | ||||||||||||||||||
Adjustment for realized gain on gold | — | — | 277,476 | — | |||||||||||||||||||||
Adjustment for unrealized gain on gold | — | — | 97,656 | — | |||||||||||||||||||||
Ending balance | 5,498.80 | $ | 6,572,102 | $ | 8,418,739 | $ | 277,476 | ||||||||||||||||||
Temporary Equity [Table Text Block] | ' | ||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||
Beginning balance | 719,550 | $ | 11,645,298 | 563,850 | $ | 8,416,801 | 386,950 | $ | 5,315,950 | ||||||||||||||||
Shares issued | 63,250 | 928,370 | 200,400 | 3,303,091 | 239,050 | 3,660,287 | |||||||||||||||||||
Shares redeemed | (244,800 | ) | (3,341,845 | ) | (44,700 | ) | (697,017 | ) | (62,150 | ) | (915,939 | ) | |||||||||||||
Redemption value adjustment | — | (2,960,794 | ) | — | 622,423 | — | 356,503 | ||||||||||||||||||
Ending balance | 538,000 | $ | 6,271,029 | 719,550 | $ | 11,645,298 | 563,850 | $ | 8,416,801 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accounting Policies [Abstract] | ' | ' | ' | |
Inventory Write-down (in Dollars) | $750,590,665 | [1] | $0 | $0 |
Redeemable Capital Shares Prescribed Aggregation (in Shares) | 50,000 | ' | ' | |
Period For Share Settlement | '3 days | ' | ' | |
[1] | At December 31, 2013, the market value of the gold bullion was below the average cost of the Trust's gold bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the gold bullion inventory of $750,590,665. |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Activity in Gold Bullion (USD $) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
oz | oz | oz | oz | ||
Activity in Gold Bullion [Abstract] | ' | ' | ' | ' | |
Beginning balance (in Ounces) | 6,999,900 | 6,999,900 | 5,498,800 | 3,783,000 | |
Beginning balance, average cost | $9,315,055,000 | $9,315,055,000 | $6,572,102,000 | $3,568,036,000 | |
Beginning balance, fair value | 11,647,783,000 | 11,647,783,000 | 8,418,739,000 | 5,317,017,000 | |
Gold contributed (in Ounces) | ' | 614,600 | 1,951,200 | 2,333,900 | |
Gold contributed, average cost | ' | 928,370,000 | 3,303,091,000 | 3,660,287,000 | |
Gold contributed, fair value | ' | 928,370,000 | 3,303,091,000 | 3,660,287,000 | |
Gold distributed (in Ounces) | ' | -2,378,200 | -435,300 | -606,800 | |
Gold distributed, average cost | ' | -3,199,151,000 | -541,586,000 | -644,033,000 | |
Gold distributed, fair value | ' | -3,341,845,000 | -697,017,000 | -915,939,000 | |
Gold distributed, realized gain (loss) | ' | 142,694,000 | 155,431,000 | 271,906,000 | |
Gold sold (in Ounces) | ' | -15,800 | -14,800 | -11,300 | |
Gold sold, average cost | ' | -21,261,000 | -18,552,000 | -12,188,000 | |
Gold sold, fair value | ' | -22,834,000 | -24,815,000 | -17,758,000 | |
Gold sold, realized gain (loss) | ' | 1,573,000 | 6,263,000 | 5,570,000 | |
Adjustment to gold bullion inventory(a) | ' | -750,590,665 | [1] | 0 | 0 |
Adjustment for realized gain, fair value | 144,267,000 | 144,267,000 | 161,694,000 | 277,476,000 | |
Adjustment for unrealized gain (loss) on gold, fair value | ' | -3,083,319,000 | 486,091,000 | 97,656,000 | |
Ending balance (in Ounces) | 5,220,500 | ' | 6,999,900 | 5,498,800 | |
Ending balance, average cost | 6,272,422,000 | ' | 9,315,055,000 | 6,572,102,000 | |
Ending balance, fair value | 6,272,422,000 | 6,272,422,000 | 11,647,783,000 | 8,418,739,000 | |
Ending balance, realized gain (loss) | $144,267,000 | $144,267,000 | $161,694,000 | $277,476,000 | |
[1] | At December 31, 2013, the market value of the gold bullion was below the average cost of the Trust's gold bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the gold bullion inventory of $750,590,665. |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Activity in Redeemable Capital Shares (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Activity in Redeemable Capital Shares [Abstract] | ' | ' | ' |
Beginning balance (in Shares) | 719,550,000 | 563,850,000 | 386,950,000 |
Beginning balance | $11,645,298 | $8,416,801 | $5,315,950 |
Shares issued (in Shares) | 63,250,000 | 200,400,000 | 239,050,000 |
Shares issued | 928,370 | 3,303,091 | 3,660,287 |
Shares redeemed (in Shares) | -244,800,000 | -44,700,000 | -62,150,000 |
Shares redeemed | -3,341,845 | -697,017 | -915,939 |
Redemption value adjustment | -2,960,794 | 622,423 | 356,503 |
Ending balance (in Shares) | 538,000,000 | 719,550,000 | 563,850,000 |
Ending balance | $6,271,029 | $11,645,298 | $8,416,801 |
Note_3_Trust_Expenses_Details
Note 3 - Trust Expenses (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Note 3 - Trust Expenses (Details) [Line Items] | ' |
Sponsors Fee Annualized Accrual Rate Based On Daily Net Asset Value | 0.25% |
Maximum [Member] | ' |
Note 3 - Trust Expenses (Details) [Line Items] | ' |
Legal Fees Per Year (in Dollars) | 100,000 |