Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | iShares Gold Trust | |
Trading Symbol | iau | |
Document Type | 10-K | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 508,100,000 | |
Entity Public Float | $ 6,328,287,000 | |
Amendment Flag | false | |
Entity Central Index Key | 1,278,680 | |
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 | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets | |||
Investment in gold bullion at fair value (a) | [1] | $ 5,210,940 | $ 6,214,710 |
TOTAL ASSETS | 5,210,940 | 6,214,710 | |
Current liabilities | |||
Sponsor’s fees payable | 1,137 | 1,323 | |
Total liabilities | $ 1,137 | $ 1,323 | |
Commitments and contingent liabilities (Note 6) | |||
Shareholders’ equity (b) | [2] | $ 5,209,803 | $ 6,213,387 |
TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT) | $ 5,210,940 | $ 6,214,710 | |
Shares issued and outstanding (c) (in Shares) | [3] | 508,100,000 | 535,400,000 |
Net asset value per Share (d) (in Dollars per share) | [4] | $ 10.25 | $ 11.61 |
[1] | Cost of investment in gold bullion: $5,910,176 and $6,254,868, respectively. | ||
[2] | Represents net asset value. Please refer to Note 2D. | ||
[3] | No par value, unlimited amount authorized. | ||
[4] | Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B. |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment in gold bullion, cost | $ 5,910,176 | $ 6,254,868 |
Shares, par value | ||
Shares issued | 508,100,000 | 535,400,000 |
Income Statements
Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Revenue | |||||||
Proceeds from sales of gold bullion inventory to pay expenses | $ 22,834 | ||||||
Cost of gold bullion inventory sold to pay expenses | (21,261) | ||||||
Gain on sales of gold bullion inventory to pay expenses | 1,573 | ||||||
Gain on gold bullion distributed for the redemption of Shares | 142,694 | ||||||
Total gain on sales and distributions of gold bullion | 144,267 | ||||||
Adjustment to gold bullion inventory | [1] | (750,591) | |||||
Total loss on gold bullion | (606,324) | ||||||
Expenses | |||||||
Sponsor’s fees | $ 15,246 | [2] | $ 16,628 | [2] | 21,742 | ||
Total expenses | 15,246 | [2] | 16,628 | [2] | 21,742 | ||
Net investment loss(b) | [2],[3] | (15,246) | (16,628) | ||||
Net Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) from gold bullion sold to pay expenses | [2] | (611) | 699 | ||||
Net realized gain (loss) from gold bullion distributed for the redemption of Shares | (87,181) | [2] | 13,670 | [2] | 142,694 | ||
Net realized loss | [2] | (87,792) | 14,369 | ||||
Net change in unrealized appreciation/depreciation on investment in gold bullion | [2] | (659,078) | (40,158) | ||||
Net realized and unrealized loss | [2] | (746,870) | (25,789) | ||||
NET LOSS | $ (762,116) | [2] | $ (42,417) | [2] | $ (628,066) | [4] | |
Net loss per Share (in Dollars per share) | $ (1.40) | [2] | $ (0.08) | [2] | $ (1) | ||
Weighted-average Shares outstanding (in Shares) | 543,391,507 | [2] | 542,329,726 | [2] | 627,129,863 | ||
[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 $750,591. | ||||||
[2] | Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Please refer to Note 2B. | ||||||
[3] | Net investment income (loss) is applicable to investment companies. Please refer to Note 2B. | ||||||
[4] | The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement. |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity (Deficit) $ in Thousands | USD ($) | |
Shareholders’ equity (deficit) – beginning of period (a) at Dec. 31, 2012 | $ (2,332,728) | [1] |
Contributions for Shares issued | 928,370 | |
Distributions for Shares redeemed | (3,341,845) | |
Net realized gain (loss) from gold bullion distributed for the redemption of Shares | 142,694 | |
Net loss (b) | (628,066) | [2] |
Adjustment of redeemable capital Shares to redemption value | 2,960,794 | |
Shareholders’ equity (deficit) – end of period (Scenario After Application of ASU 2013-08 [Member]) at Dec. 31, 2013 | 6,271,029 | [1] |
Contributions for Shares issued | Scenario After Application of ASU 2013-08 [Member] | 590,757 | |
Contributions for Shares issued | 590,757 | |
Distributions for Shares redeemed | Scenario After Application of ASU 2013-08 [Member] | (605,982) | |
Distributions for Shares redeemed | (605,982) | |
Net investment loss | Scenario After Application of ASU 2013-08 [Member] | (16,628) | |
Net investment loss | (16,628) | [3],[4] |
Net realized gain (loss) from gold bullion sold to pay expenses | Scenario After Application of ASU 2013-08 [Member] | 699 | |
Net realized gain (loss) from gold bullion sold to pay expenses | 699 | [3] |
Net realized gain (loss) from gold bullion distributed for the redemption of Shares | Scenario After Application of ASU 2013-08 [Member] | 13,670 | |
Net realized gain (loss) from gold bullion distributed for the redemption of Shares | 13,670 | [3] |
Net change in unrealized appreciation/depreciation on investment in gold bullion | Scenario After Application of ASU 2013-08 [Member] | (40,158) | |
Net change in unrealized appreciation/depreciation on investment in gold bullion | (40,158) | [3] |
Net loss (b) | (42,417) | [3] |
Adjustment of redeemable capital Shares to redemption value | (15,225) | |
Shareholders’ equity (deficit) – end of period (Scenario After Application of ASU 2013-08 [Member]) at Dec. 31, 2014 | 6,213,387 | [1],[5] |
Shareholders’ equity (deficit) – end of period at Dec. 31, 2014 | 6,213,387 | [5] |
Contributions for Shares issued | Scenario After Application of ASU 2013-08 [Member] | 830,131 | |
Contributions for Shares issued | 830,131 | |
Distributions for Shares redeemed | Scenario After Application of ASU 2013-08 [Member] | (1,071,599) | |
Distributions for Shares redeemed | (1,071,599) | |
Net investment loss | Scenario After Application of ASU 2013-08 [Member] | (15,246) | |
Net investment loss | (15,246) | [3],[4] |
Net realized gain (loss) from gold bullion sold to pay expenses | Scenario After Application of ASU 2013-08 [Member] | (611) | |
Net realized gain (loss) from gold bullion sold to pay expenses | (611) | [3] |
Net realized gain (loss) from gold bullion distributed for the redemption of Shares | Scenario After Application of ASU 2013-08 [Member] | (87,181) | |
Net realized gain (loss) from gold bullion distributed for the redemption of Shares | (87,181) | [3] |
Net change in unrealized appreciation/depreciation on investment in gold bullion | Scenario After Application of ASU 2013-08 [Member] | (659,078) | |
Net change in unrealized appreciation/depreciation on investment in gold bullion | (659,078) | [3] |
Net loss (b) | (762,116) | [3] |
Adjustment of redeemable capital Shares to redemption value | (241,468) | |
Shareholders’ equity (deficit) – end of period (Scenario After Application of ASU 2013-08 [Member]) at Dec. 31, 2015 | 5,209,803 | [5] |
Shareholders’ equity (deficit) – end of period at Dec. 31, 2015 | $ 5,209,803 | [5] |
[1] | The Trust reclassified redeemable capital shares as of December 31, 2013 into shareholders' equity as part of its transition to investment company accounting effective January 1, 2014. Please refer to Note 2B. | |
[2] | The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement. | |
[3] | Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Please refer to Note 2B. | |
[4] | Net investment income (loss) is applicable to investment companies. Please refer to Note 2B. | |
[5] | Represents net asset value. Please refer to Note 2D. |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Proceeds from sales of gold bullion to pay expenses | $ 15,432 | $ 16,698 | $ 22,834 | ||||
Net realized (gain) loss from gold bullion sold to pay expenses | [1] | 611 | (699) | ||||
Cost of gold bullion inventory sold to pay expenses | 21,261 | ||||||
Net realized (gain) loss from gold bullion distributed for the redemption of Shares | 87,181 | [1] | (13,670) | [1] | (142,694) | ||
Net change in unrealized appreciation/depreciation on investment in gold bullion | [1] | 659,078 | 40,158 | ||||
Adjustment to gold bullion inventory | [2] | 750,591 | |||||
Expenses – Sponsor’s fees paid | (15,432) | (16,698) | (22,834) | ||||
Sponsor’s fees payable | (186) | (70) | (1,092) | ||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||
Increase (decrease) in cash | 0 | 0 | 0 | ||||
Cash, beginning of period | 0 | 0 | 0 | ||||
Cash, end of period | 0 | 0 | 0 | ||||
Supplemental disclosure of non-cash information: | |||||||
Gold bullion contributed for subscription of Shares (a) | [3] | 830,131 | 590,757 | 928,370 | |||
Gold bullion distributed for redemption of Shares (a) | [3] | (1,071,599) | (605,982) | (3,199,151) | |||
RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||||||
Net loss | $ (762,116) | [1] | $ (42,417) | [1] | $ (628,066) | [4] | |
[1] | Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Please refer to Note 2B. | ||||||
[2] | 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 $750,591. | ||||||
[3] | Presented at fair value for the years ended December 31, 2015 and 2014 and at cost for the year ended December 31, 2013. | ||||||
[4] | The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement. |
Schedules of Investments (Unaud
Schedules of Investments (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Text Block] | Schedules of Investments At December 31, 2015 and December 31, 2014 (All balances in 000’s, except percentage data) December 31, 2015 Description Ounces Cost Fair Value Gold bullion 4,905.6 $ 5,910,176 $ 5,210,940 Total Investment – 100.02% 5,210,940 Less Liabilities – (0.02)% (1,137 ) Net Assets – 100.00% $ 5,209,803 December 31, 2014 Description Ounces Cost Fair Value Gold bullion 5,182.2 $ 6,254,868 $ 6,214,710 Total Investment – 100.02% 6,214,710 Less Liabilities – (0.02)% (1,323 ) Net Assets – 100.00% $ 6,213,387 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2015 | |
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 Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in gold bullion. Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“Topic 946”), but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Please refer to Note 2B Investment Company Status. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2 – A. Basis of Accounting The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with 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. B. Investment Company Status In June 2013, the FASB issued Accounting Standards Update 2013-08, Investment Companies – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to Topic 946 that 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 interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust’s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company solely for accounting purposes and not for any other purpose. As a result, effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act. As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning January 1, 2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The Trust will solely utilize investment company financial statement presentations and captions in conjunction with the December 31, 2016 10-K filing since the Trust will have been applying investment company accounting for all relevant periods presented. The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include: ● reporting of gold bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market; ● recognition of the change in unrealized appreciation or depreciation on investment in gold bullion is reported on the Income Statement, which was previously reported as an “Adjustment of redeemable capital Shares to redemption value” on the Statement of Changes in Shareholders’ Equity (Deficit); ● Shares of the Trust are classified as “Shareholders’ equity,” representing the net asset value on the Balance Sheet, which was previously classified as “Redeemable capital Shares.” An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December 31, 2013 into shareholders’ equity as follows (all balances in 000’s): Balance at ASU 2013-08 Balance at Redeemable capital Shares $ 6,271,029 $ (6,271,029 ) $ — Shareholders’ equity $ — $ 6,271,029 $ 6,271,029 ● the addition of a Schedule of Investments and a Financial Highlights note to the financial statements. ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of gold bullion held by the Trust equaled the cost of gold bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders’ equity (deficit). C. Gold Bullion JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust. Beginning January 1, 2014, the gold bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the gold bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the gold bullion held was lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost was recorded by the Trust to reflect fair value. If the fair value of the gold bullion held increased subsequent to the market value reserve being recorded, a “market value recovery” was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of gold bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of “Adjustment to gold bullion inventory.” Fair value of the gold bullion is based on the price of gold determined in an auction hosted by ICE Benchmark Administration (the “IBA”) in the afternoon (London time), on each day that the London gold market is open for business, and announced by the London Bullion Market Association shortly thereafter (such price, the “LBMA Gold Price PM”). If there is no announced LBMA Gold Price PM on a business day, the Trustee is authorized to use the most recently announced price of gold determined in an auction hosted by the IBA in the morning (London time) of the day the valuation takes place (such price, the “LBMA Gold Price AM”). Prior to March 20, 2015, fair value of the gold bullion was based on the price of gold fixed in the afternoon of each working day (London time) by the London Gold Market Fixing Ltd. (such price, the “London PM Fix”). If there was no announced London PM Fix, the Trustee was 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 took place (such price, the “London AM Fix”). Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method. The following table summarizes activity in gold bullion for the years ended December 31, 2015, 2014 and 2013 (all balances in 000’s): December 31, 2015 Ounces Average Fair Realized Beginning balance 5,182.2 $ 6,254,868 $ 6,214,710 $ — Gold bullion contributed 696.6 830,131 830,131 — Gold bullion distributed (959.9 ) (1,158,780 ) (1,071,599 ) (87,181 ) Gold bullion sold to pay expenses (13.3 ) (16,043 ) (15,432 ) (611 ) Net realized loss on gold bullion — — (87,792 ) — Net change in unrealized appreciation/depreciation on investment in gold bullion — — (659,078 ) — Ending balance 4,905.6 $ 5,910,176 $ 5,210,940 $ (87,792 ) December 31, 2014 Ounces Average Fair Realized Beginning balance 5,220.5 $ 6,272,422 $ 6,272,422 $ — Gold bullion contributed 466.0 590,757 590,757 — Gold bullion distributed (491.0 ) (592,312 ) (605,982 ) 13,670 Gold bullion sold to pay expenses (13.3 ) (15,999 ) (16,698 ) 699 Net realized gain on gold bullion — — 14,369 — Net change in unrealized appreciation/depreciation on investment in gold bullion — — (40,158 ) — Ending balance 5,182.2 $ 6,254,868 $ 6,214,710 $ 14,369 December 31, 2013 Ounces Average Fair Realized Beginning balance 6,999.9 $ 9,315,055 $ 11,647,783 $ — Gold bullion contributed 614.6 928,370 928,370 — Gold bullion distributed (2,378.2 ) (3,199,151 ) (3,341,845 ) 142,694 Gold bullion sold to pay expenses (15.8 ) (21,261 ) (22,834 ) 1,573 Adjustment to gold bullion inventory (a) — (750,591 ) — — Adjustment for realized gain on gold bullion — — 144,267 — Adjustment for unrealized loss on gold bullion — — (3,083,319 ) — Ending balance 5,220.5 $ 6,272,422 $ 6,272,422 $ 144,267 (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 $750,591. D. Calculati on of Net Asset Value On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the gold held by the Trust and other assets of the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made. E. Offering of the Shares Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the 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 The per Share amount of gold exchanged for a purchase or redemption represents the per Share amount of gold held by the Trust, after giving effect to its liabilities. The Trustee calculates the gold amount in respect of any liabilities of the Trust daily using the LBMA Gold Price PM. If there is no announced LBMA Gold Price PM on a business day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM. Prior to March 20, 2015, the Trustee used the London PM Fix price to calculate the gold amount in respect of any liabilities. If there was no announced London PM Fix on a business day, the Trustee was authorized to use the most recently announced London AM Fix. When gold bullion is exchanged in settlement of a redemption, it is considered a sale of gold bullion for accounting purposes. As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders’ equity. The Trust reflects Shares issued and Shares redeemed within shareholders’ equity on trade date. Share activity was as follows (all balances in 000’s): Year s Ended December 31 , 2015 2014 Shares Amount Shares Amount Shares issued 72,050 $ 830,131 48,100 $ 590,757 Shares redeemed (99,350 ) (1,071,599 ) (50,700 ) (605,982 ) Net decrease (27,300 ) $ (241,468 ) (2,600 ) $ (15,225 ) Prior to January 1, 2014, Shares of the Trust were classified as “redeemable” for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders’ equity (deficit). Activity in redeemable capital Shares for the year ended December 31, 2013 was as follows (all balances in 000’s): Year ended December 31, 2013 Shares Amount Beginning balance 719,550 $ 11,645,298 Shares issued 63,250 928,370 Shares redeemed (244,800 ) (3,341,845 ) Redemption value adjustment — (2,960,794 ) Ending balance 538,000 $ 6,271,029 F. 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, 2015 and has determined that no provision for income tax is required in the Trust’s financial statements. |
Note 3 - Trust Expenses
Note 3 - Trust Expenses | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 4 – 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, 2015 | |
Indemnification [Abstract] | |
Indemnification [Text Block] | 5 – The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, or expense arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement. The Trust has agreed to indemnify the Custodian for any loss incurred in connection with the custodian agreement, other than losses due to the Custodian’s negligence, fraud or willful default. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 6 – In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. |
Note 7 - Concentration Risk
Note 7 - Concentration Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 7 – 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 of speculators, investors and other market participants towards gold. |
Note 8 - Financial Highlights
Note 8 - Financial Highlights | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights [Text Block] | 8 – Financial Highlights Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Disclosure of financial highlights is required for investment companies. Please refer to Note 2B. The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December 31, 2015 and 2014. 2015 2014 Net asset value per Share, beginning of period $ 11.61 $ 11.66 Net investment loss (a) (0.03 ) (0.03 ) Net realized and unrealized loss (b) (1.33 ) (0.02 ) Net decrease in net assets from operations (1.36 ) (0.05 ) Net asset value per Share, end of period $ 10.25 $ 11.61 Total return, at net asset value (c) (11.71 ) % (0.43 ) % Ratio to average net assets: Net investment loss (0.25 ) % (0.25 ) % Expenses 0.25 % 0.25 % (a) Based on average Shares outstanding during the period. (b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment. (c) Based on the change in net asset value of a Share during the period. |
Note 9 - Investment Valuation
Note 9 - Investment Valuation | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 9 – U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. At December 31, 2015 and December 31, 2014, the value of the gold bullion held by the Trust is categorized as Level 1. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | A. Basis of Accounting The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | B. Investment Company Status In June 2013, the FASB issued Accounting Standards Update 2013-08, Investment Companies – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to Topic 946 that 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 interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust’s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company solely for accounting purposes and not for any other purpose. As a result, effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act. As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning January 1, 2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The Trust will solely utilize investment company financial statement presentations and captions in conjunction with the December 31, 2016 10-K filing since the Trust will have been applying investment company accounting for all relevant periods presented. The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include: ● reporting of gold bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market; ● recognition of the change in unrealized appreciation or depreciation on investment in gold bullion is reported on the Income Statement, which was previously reported as an “Adjustment of redeemable capital Shares to redemption value” on the Statement of Changes in Shareholders’ Equity (Deficit); ● Shares of the Trust are classified as “Shareholders’ equity,” representing the net asset value on the Balance Sheet, which was previously classified as “Redeemable capital Shares.” An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December 31, 2013 into shareholders’ equity as follows (all balances in 000’s): Balance at ASU 2013-08 Balance at Redeemable capital Shares $ 6,271,029 $ (6,271,029 ) $ — Shareholders’ equity $ — $ 6,271,029 $ 6,271,029 ● the addition of a Schedule of Investments and a Financial Highlights note to the financial statements. ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of gold bullion held by the Trust equaled the cost of gold bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders’ equity (deficit). |
Investment, Policy [Policy Text Block] | C. Gold Bullion JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust. Beginning January 1, 2014, the gold bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the gold bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the gold bullion held was lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost was recorded by the Trust to reflect fair value. If the fair value of the gold bullion held increased subsequent to the market value reserve being recorded, a “market value recovery” was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of gold bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of “Adjustment to gold bullion inventory.” Fair value of the gold bullion is based on the price of gold determined in an auction hosted by ICE Benchmark Administration (the “IBA”) in the afternoon (London time), on each day that the London gold market is open for business, and announced by the London Bullion Market Association shortly thereafter (such price, the “LBMA Gold Price PM”). If there is no announced LBMA Gold Price PM on a business day, the Trustee is authorized to use the most recently announced price of gold determined in an auction hosted by the IBA in the morning (London time) of the day the valuation takes place (such price, the “LBMA Gold Price AM”). Prior to March 20, 2015, fair value of the gold bullion was based on the price of gold fixed in the afternoon of each working day (London time) by the London Gold Market Fixing Ltd. (such price, the “London PM Fix”). If there was no announced London PM Fix, the Trustee was 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 took place (such price, the “London AM Fix”). Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method. The following table summarizes activity in gold bullion for the years ended December 31, 2015, 2014 and 2013 (all balances in 000’s): December 31, 2015 Ounces Average Fair Realized Beginning balance 5,182.2 $ 6,254,868 $ 6,214,710 $ — Gold bullion contributed 696.6 830,131 830,131 — Gold bullion distributed (959.9 ) (1,158,780 ) (1,071,599 ) (87,181 ) Gold bullion sold to pay expenses (13.3 ) (16,043 ) (15,432 ) (611 ) Net realized loss on gold bullion — — (87,792 ) — Net change in unrealized appreciation/depreciation on investment in gold bullion — — (659,078 ) — Ending balance 4,905.6 $ 5,910,176 $ 5,210,940 $ (87,792 ) December 31, 2014 Ounces Average Fair Realized Beginning balance 5,220.5 $ 6,272,422 $ 6,272,422 $ — Gold bullion contributed 466.0 590,757 590,757 — Gold bullion distributed (491.0 ) (592,312 ) (605,982 ) 13,670 Gold bullion sold to pay expenses (13.3 ) (15,999 ) (16,698 ) 699 Net realized gain on gold bullion — — 14,369 — Net change in unrealized appreciation/depreciation on investment in gold bullion — — (40,158 ) — Ending balance 5,182.2 $ 6,254,868 $ 6,214,710 $ 14,369 December 31, 2013 Ounces Average Fair Realized Beginning balance 6,999.9 $ 9,315,055 $ 11,647,783 $ — Gold bullion contributed 614.6 928,370 928,370 — Gold bullion distributed (2,378.2 ) (3,199,151 ) (3,341,845 ) 142,694 Gold bullion sold to pay expenses (15.8 ) (21,261 ) (22,834 ) 1,573 Adjustment to gold bullion inventory (a) — (750,591 ) — — Adjustment for realized gain on gold bullion — — 144,267 — Adjustment for unrealized loss on gold bullion — — (3,083,319 ) — Ending balance 5,220.5 $ 6,272,422 $ 6,272,422 $ 144,267 (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 $750,591. |
Calculation of Net Asset Value [Policy Text Block] | D. Calculati on of Net Asset Value On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the gold held by the Trust and other assets of the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made. |
Offering of the Shares [Policy Text Block] | E. Offering of the Shares Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the 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 The per Share amount of gold exchanged for a purchase or redemption represents the per Share amount of gold held by the Trust, after giving effect to its liabilities. The Trustee calculates the gold amount in respect of any liabilities of the Trust daily using the LBMA Gold Price PM. If there is no announced LBMA Gold Price PM on a business day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM. Prior to March 20, 2015, the Trustee used the London PM Fix price to calculate the gold amount in respect of any liabilities. If there was no announced London PM Fix on a business day, the Trustee was authorized to use the most recently announced London AM Fix. When gold bullion is exchanged in settlement of a redemption, it is considered a sale of gold bullion for accounting purposes. As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders’ equity. The Trust reflects Shares issued and Shares redeemed within shareholders’ equity on trade date. Share activity was as follows (all balances in 000’s): Year s Ended December 31 , 2015 2014 Shares Amount Shares Amount Shares issued 72,050 $ 830,131 48,100 $ 590,757 Shares redeemed (99,350 ) (1,071,599 ) (50,700 ) (605,982 ) Net decrease (27,300 ) $ (241,468 ) (2,600 ) $ (15,225 ) Prior to January 1, 2014, Shares of the Trust were classified as “redeemable” for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders’ equity (deficit). Activity in redeemable capital Shares for the year ended December 31, 2013 was as follows (all balances in 000’s): Year ended December 31, 2013 Shares Amount Beginning balance 719,550 $ 11,645,298 Shares issued 63,250 928,370 Shares redeemed (244,800 ) (3,341,845 ) Redemption value adjustment — (2,960,794 ) Ending balance 538,000 $ 6,271,029 |
Income Tax, Policy [Policy Text Block] | F. 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, 2015 and has determined that no provision for income tax is required in the Trust’s financial statements. |
Schedules of Investments (Una18
Schedules of Investments (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Investment [Table Text Block] | (All balances in 000’s, except percentage data) December 31, 2015 Description Ounces Cost Fair Value Gold bullion 4,905.6 $ 5,910,176 $ 5,210,940 Total Investment – 100.02% 5,210,940 Less Liabilities – (0.02)% (1,137 ) Net Assets – 100.00% $ 5,209,803 December 31, 2014 Description Ounces Cost Fair Value Gold bullion 5,182.2 $ 6,254,868 $ 6,214,710 Total Investment – 100.02% 6,214,710 Less Liabilities – (0.02)% (1,323 ) Net Assets – 100.00% $ 6,213,387 |
Note 2 - Significant Accounti19
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Balance at ASU 2013-08 Balance at Redeemable capital Shares $ 6,271,029 $ (6,271,029 ) $ — Shareholders’ equity $ — $ 6,271,029 $ 6,271,029 |
Activity in Gold Buillion [Table Text Block] | December 31, 2015 Ounces Average Fair Realized Beginning balance 5,182.2 $ 6,254,868 $ 6,214,710 $ — Gold bullion contributed 696.6 830,131 830,131 — Gold bullion distributed (959.9 ) (1,158,780 ) (1,071,599 ) (87,181 ) Gold bullion sold to pay expenses (13.3 ) (16,043 ) (15,432 ) (611 ) Net realized loss on gold bullion — — (87,792 ) — Net change in unrealized appreciation/depreciation on investment in gold bullion — — (659,078 ) — Ending balance 4,905.6 $ 5,910,176 $ 5,210,940 $ (87,792 ) December 31, 2014 Ounces Average Fair Realized Beginning balance 5,220.5 $ 6,272,422 $ 6,272,422 $ — Gold bullion contributed 466.0 590,757 590,757 — Gold bullion distributed (491.0 ) (592,312 ) (605,982 ) 13,670 Gold bullion sold to pay expenses (13.3 ) (15,999 ) (16,698 ) 699 Net realized gain on gold bullion — — 14,369 — Net change in unrealized appreciation/depreciation on investment in gold bullion — — (40,158 ) — Ending balance 5,182.2 $ 6,254,868 $ 6,214,710 $ 14,369 December 31, 2013 Ounces Average Fair Realized Beginning balance 6,999.9 $ 9,315,055 $ 11,647,783 $ — Gold bullion contributed 614.6 928,370 928,370 — Gold bullion distributed (2,378.2 ) (3,199,151 ) (3,341,845 ) 142,694 Gold bullion sold to pay expenses (15.8 ) (21,261 ) (22,834 ) 1,573 Adjustment to gold bullion inventory (a) — (750,591 ) — — Adjustment for realized gain on gold bullion — — 144,267 — Adjustment for unrealized loss on gold bullion — — (3,083,319 ) — Ending balance 5,220.5 $ 6,272,422 $ 6,272,422 $ 144,267 |
Schedule of Capital Units [Table Text Block] | Year s Ended December 31 , 2015 2014 Shares Amount Shares Amount Shares issued 72,050 $ 830,131 48,100 $ 590,757 Shares redeemed (99,350 ) (1,071,599 ) (50,700 ) (605,982 ) Net decrease (27,300 ) $ (241,468 ) (2,600 ) $ (15,225 ) |
Temporary Equity [Table Text Block] | Year ended December 31, 2013 Shares Amount Beginning balance 719,550 $ 11,645,298 Shares issued 63,250 928,370 Shares redeemed (244,800 ) (3,341,845 ) Redemption value adjustment — (2,960,794 ) Ending balance 538,000 $ 6,271,029 |
Note 8 - Financial Highlights (
Note 8 - Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights [Table Text Block] | 2015 2014 Net asset value per Share, beginning of period $ 11.61 $ 11.66 Net investment loss (a) (0.03 ) (0.03 ) Net realized and unrealized loss (b) (1.33 ) (0.02 ) Net decrease in net assets from operations (1.36 ) (0.05 ) Net asset value per Share, end of period $ 10.25 $ 11.61 Total return, at net asset value (c) (11.71 ) % (0.43 ) % Ratio to average net assets: Net investment loss (0.25 ) % (0.25 ) % Expenses 0.25 % 0.25 % |
Schedules of Investments (Una21
Schedules of Investments (Unaudited) (Details) - Investments $ in Thousands | Dec. 31, 2015USD ($)oz | Dec. 31, 2014USD ($)oz | Dec. 31, 2013USD ($)oz | Dec. 31, 2012USD ($)oz |
Investments [Abstract] | ||||
Gold bullion (in Ounces) | oz | 4,905,600 | 5,182,200 | 5,220,500 | 6,999,900 |
Gold bullion | $ 5,910,176 | $ 6,254,868 | $ 6,272,422 | $ 9,315,055 |
Gold bullion | 5,210,940 | 6,214,710 | ||
Less Liabilities | (1,137) | (1,323) | ||
Net Assets | $ 5,209,803 | $ 6,213,387 |
Schedules of Investments (Una22
Schedules of Investments (Unaudited) (Details) - Investments (Parentheticals) | Dec. 31, 2015 | Dec. 31, 2014 |
Investments [Abstract] | ||
Total Investment, Percentage of Net Asset Value | 100.02% | 100.02% |
Less Liabilities, Percentage of Net Asset Value | (0.02%) | (0.02%) |
Net Assets, Percentage of Net Asset Value | 100.00% | 100.00% |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | ||
Accounting Policies [Abstract] | |||
Inventory Write-down | [1] | $ 750,591 | |
Shares Prescribed Aggregation | 50,000 | ||
[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 $750,591. |
Note 2 - Significant Accounti24
Note 2 - Significant Accounting Policies (Details) - An Adjustment to Reclassify the Balance of Redeemable Capital Shares - USD ($) $ in Thousands | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Jan. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Note 2 - Significant Accounting Policies (Details) - An Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items] | |||||||||
Redeemable capital Shares | $ 6,271,029 | $ 11,645,298 | |||||||
Redeemable capital Shares | (6,271,029) | ||||||||
Shareholders’ equity | $ 5,209,803 | $ 6,213,387 | $ (2,332,728) | [2] | |||||
Shareholders’ equity | 6,271,029 | ||||||||
Scenario, Previously Reported [Member] | |||||||||
Note 2 - Significant Accounting Policies (Details) - An Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items] | |||||||||
Redeemable capital Shares | 6,271,029 | ||||||||
Scenario After Application of ASU 2013-08 [Member] | |||||||||
Note 2 - Significant Accounting Policies (Details) - An Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items] | |||||||||
Shareholders’ equity | $ 5,209,803 | $ 6,213,387 | [2] | $ 6,271,029 | $ 6,271,029 | [2] | |||
[1] | Represents net asset value. Please refer to Note 2D. | ||||||||
[2] | The Trust reclassified redeemable capital shares as of December 31, 2013 into shareholders' equity as part of its transition to investment company accounting effective January 1, 2014. Please refer to Note 2B. |
Note 2 - Significant Accounti25
Note 2 - Significant Accounting Policies (Details) - Activity in Gold Bullion $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($)oz | Dec. 31, 2014USD ($)oz | Dec. 31, 2013USD ($)oz | ||||
Activity in Gold Bullion [Abstract] | ||||||
Beginning balance (in Ounces) | oz | 5,182,200 | 5,220,500 | 6,999,900 | |||
Beginning balance, average cost | $ 6,254,868 | $ 6,272,422 | $ 9,315,055 | |||
Beginning balance, fair value | $ 6,214,710 | [1] | $ 6,272,422 | $ 11,647,783 | ||
Gold bullion contributed (in Ounces) | oz | 696,600 | 466,000 | 614,600 | |||
Gold bullion contributed, average cost | $ 830,131 | $ 590,757 | $ 928,370 | |||
Gold bullion contributed, fair value | $ 830,131 | $ 590,757 | $ 928,370 | |||
Gold bullion distributed (in Ounces) | oz | (959,900) | (491,000) | (2,378,200) | |||
Gold bullion distributed | $ (1,158,780) | $ (592,312) | $ (3,199,151) | |||
Gold bullion distributed | $ (1,071,599) | $ (605,982) | (3,341,845) | |||
Gold bullion distributed | $ 142,694 | |||||
Gold bullion sold to pay expenses (in Ounces) | oz | (13,300) | (13,300) | (15,800) | |||
Gold bullion sold to pay expenses | $ (16,043) | $ (15,999) | $ (21,261) | |||
Gold bullion sold to pay expenses | $ (15,432) | $ (16,698) | (22,834) | |||
Gold bullion sold to pay expenses | 1,573 | |||||
Adjustment to gold bullion inventory(a) | [2] | (750,591) | ||||
Adjustment for realized gain on gold bullion | 144,267 | |||||
Adjustment for unrealized loss on gold bullion | $ (3,083,319) | |||||
Ending balance (in Ounces) | oz | 4,905,600 | 5,182,200 | 5,220,500 | |||
Ending balance | $ 5,910,176 | $ 6,254,868 | $ 6,272,422 | |||
Ending balance | 5,210,940 | [1] | 6,214,710 | [1] | 6,272,422 | |
Ending balance | 144,267 | |||||
Gold bullion distributed, average cost | (1,158,780) | (592,312) | (3,199,151) | |||
Gold bullion distributed, fair value | (1,071,599) | (605,982) | (3,341,845) | |||
Gold bullion distributed, realized gain (loss) | (87,181) | [3] | 13,670 | [3] | 142,694 | |
Gold bullion sold to pay expenses, average cost | (16,043) | (15,999) | (21,261) | |||
Gold bullion sold to pay expenses, fair value | (15,432) | (16,698) | (22,834) | |||
Gold bullion sold to pay expenses, realized gain (loss) | [3] | (611) | 699 | |||
Net realized gain (loss) | [3] | (87,792) | 14,369 | |||
Net change in unrealized appreciation/depreciation | [3] | (659,078) | (40,158) | |||
Ending balance, average cost | 5,910,176 | 6,254,868 | 6,272,422 | |||
Ending balance, fair value | 5,210,940 | [1] | 6,214,710 | [1] | $ 6,272,422 | |
Ending balance, realized gain (loss) | [3] | $ (87,792) | $ 14,369 | |||
[1] | Cost of investment in gold bullion: $5,910,176 and $6,254,868, respectively. | |||||
[2] | 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 $750,591. | |||||
[3] | Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Please refer to Note 2B. |
Note 2 - Significant Accounti26
Note 2 - Significant Accounting Policies (Details) - Share Activity - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Activity [Abstract] | |||
Shares issued | 72,050 | 48,100 | 63,250 |
Shares issued | $ 830,131 | $ 590,757 | $ 928,370 |
Shares redeemed | (99,350) | (50,700) | (244,800) |
Shares redeemed | $ (1,071,599) | $ (605,982) | $ (3,341,845) |
Net decrease | (27,300) | (2,600) | |
Net decrease | $ (241,468) | $ (15,225) | $ 2,960,794 |
Note 2 - Significant Accounti27
Note 2 - Significant Accounting Policies (Details) - Activity in Redeemable Capital Shares - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Activity in Redeemable Capital Shares [Abstract] | |||||
Beginning balance (in Shares) | 535,400,000 | [1] | 538,000,000 | 719,550,000 | |
Beginning balance | $ 6,271,029 | $ 11,645,298 | |||
Shares issued (in Shares) | 72,050,000 | 48,100,000 | 63,250,000 | ||
Shares issued | $ 830,131 | $ 590,757 | $ 928,370 | ||
Shares redeemed (in Shares) | (99,350,000) | (50,700,000) | (244,800,000) | ||
Shares redeemed | $ (1,071,599) | $ (605,982) | $ (3,341,845) | ||
Redemption value adjustment | $ (2,960,794) | ||||
Ending balance (in Shares) | 508,100,000 | [1] | 535,400,000 | [1] | 538,000,000 |
Ending balance | $ 6,271,029 | ||||
[1] | No par value, unlimited amount authorized. |
Note 3 - Trust Expenses (Detail
Note 3 - Trust Expenses (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 | $ 100,000 |
Note 8 - Financial Highlights29
Note 8 - Financial Highlights (Details) - Financial Highlights - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Financial Highlights [Abstract] | ||||
Net asset value per Share, beginning of period | $ 11.61 | [1] | $ 11.66 | |
Net decrease in net assets from operations | (1.36) | (0.05) | ||
Net asset value per Share, end of period | [1] | $ 10.25 | $ 11.61 | |
Total return, at net asset value(c) | [2] | (11.71%) | (0.43%) | |
Ratio to average net assets: | ||||
Net investment loss | (0.25%) | (0.25%) | ||
Expenses | 0.25% | 0.25% | ||
Net investment loss(a) | [3] | $ (0.03) | $ (0.03) | |
Net realized and unrealized loss(b) | [4] | $ (1.33) | $ (0.02) | |
[1] | Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B. | |||
[2] | Based on the change in net asset value of a Share during the period. | |||
[3] | Based on average Shares outstanding during the period. | |||
[4] | The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investment. |