abrdn Precious Metals Basket ETF Trust (GLTR) 10-Q 8 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 06, 2013
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'ETFS Precious Metals Basket Trust	'
Entity Central Index Key	'0001483386	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	2,650,000

Statements_of_Financial_Condit

Statements of Financial Condition (USD $)	Sep. 30, 2013		Dec. 31, 2012
Investment in Bullion	'		'
Gold	$105,613,000	[1]	$96,337,000	[1],[2]
Silver	63,290,000	[1]	68,563,000	[1],[2]
Platinum	14,979,000	[1]	12,213,000	[1],[2]
Palladium	10,455,000	[1]	8,314,000	[1],[2]
Investment in Bullion	194,337,000		185,427,000
Total assets	194,337,000	[1]	185,427,000	[1],[2]
LIABILITIES	'		'
Fees payable to Sponsor	96,291		103,116
Total liabilities	96,000		103,000	[2]
REDEEMABLE SHARES AND SHAREHOLDERS' DEFICIT	'		'
Shares at redemption value to investors	195,346,000		202,243,000	[2]
Shareholders’ deficit	-1,105,000		-16,919,000	[2]
Total liabilities, redeemable Shares & shareholders’ deficit	$194,337,000	[3]	$185,427,000	[2],[3]
[1]	Bullion is valued at the lower of cost or market value. Refer to Note 2.1 for a breakdown of market value per metal.
[2]	Derived from audited Statement of Financial Condition as of December 31, 2012.
[3]	Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at September 30, 2013 were 2,700,000 and at December 31, 2012 were 2,200,000.

Statements_of_Financial_Condit1

Statements of Financial Condition (Parenthetical)	Sep. 30, 2013	Dec. 31, 2012
Statements of Financial Condition [Abstract]	'	'
Common stock, shares authorized	'unlimited	'unlimited	[1]
Common stock, shares issued	2,700,000	2,200,000	[1]
Common stock, shares outstanding	2,700,000	2,200,000	[1]
[1]	Derived from audited Statement of Financial Condition as of December 31, 2012.

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES	'	'	'	'
Value of Bullion transferred to pay expenses	$280,000	$267,000	$899,000	$863,000
Cost of Bullion transferred to pay expenses	-329,000	-254,000	-931,000	-790,000
(Loss) / gain on Bullion transferred to pay expenses	-49,000	13,000	-32,000	73,000
Gain / (loss) on Bullion distributed for the redemption of Shares	0	140,000	-471,000	1,530,000
Unrealized gain / (loss) on Bullion	18,807,000	3,380,000	-32,102,000	0
Total gain / (loss) on Bullion	18,758,000	3,533,000	-32,605,000	1,603,000
EXPENSES	'	'	'	'
Sponsor’s Fee	294,884	281,679	892,074	857,339
Total expenses	295,000	282,000	892,000	857,000
Net gain / (loss) from operations	$18,463,000	$3,251,000	($33,497,000)	$746,000
Net gain / (loss) per Share (in Dollars per share)	$7.03	$1.61	($13.43)	$0.36
Weighted average number of Shares (in Shares)	2,626,630	2,019,022	2,494,139	2,055,839

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
INCREASE IN CASH FROM OPERATIONS:	'	'	'	'	'
Cash proceeds received from transfer of Bullion	$0	$0	$0	$0	'
Cash expenses paid	0	0	0	0	'
Increase in cash resulting from operations	0	0	0	0	'
Cash and cash equivalents at beginning of period	0	0	0	0	0
Cash and cash equivalents at end of period	0	0	0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:	'	'	'	'	'
Value of Bullion received for creation of Shares	11,104	4,620	46,180	9,346	24,100
Value of Bullion distributed for redemption of Shares - at average cost	0	4,162	4,237	20,808	'
RECONCILIATION OF NET GAIN / (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES:	'	'	'	'	'
Net gain / (loss) from operations	18,463	3,251	-33,497	746	'
Adjustments to reconcile net gain / (loss) to net cash provided by operating activities:	'	'	'	'	'
(Increase) / decrease in investment in Bullion	-29,583	-3,584	-8,910	12,252	'
Decrease in Bullion receivable	0	-5,037	0	-5,037	'
Decrease in Bullion payable	0	-4,302	0	-8,695	'
Increase / (decrease) in amounts payable to Sponsor	16	15	-7	-5	'
Increase / (decrease) in redeemable Shares:	'	'	'	'	'
Creations	11,104	9,657	46,180	14,383	'
Redemptions	0	0	-3,766	-13,644	'
Net cash provided by operating activities	0	0	0	0	'
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:	'	'	'	'	'
Value of Bullion transferred to pay expenses	$280	$267	$899	$863	'

Statement_of_Changes_in_Shareh

Statement of Changes in Shareholders' Deficit (USD $)	3 Months Ended		9 Months Ended			12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012	Dec. 31, 2012
Statement of Changes in Shareholders' Deficit [Abstract]	'	'	'		'	'
Shareholders’ deficit - opening balance	'	'	($16,919)	[1]	'	'
Net loss for the period	18,463	3,251	-33,497		746	'
Adjustment of redeembable Shares to redemption value	'	'	49,311		'	-9,201
Shareholders’ deficit - closing balance	($1,105)	'	($1,105)		'	($16,919)	[1]
[1]	Derived from audited Statement of Financial Condition as of December 31, 2012.

Organization

Organization	9 Months Ended
	Sep. 30, 2013
Organization [Abstract]	'
Organization	'
	1. Organization
	The ETFS Precious Metals Basket Trust (the “Trust”) is an investment trust formed on October 18, 2010, under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by ETF Securities USA LLC (the “Sponsor”) and the Bank of New York Mellon (the “Trustee”) at the time of the Trust’s organization. The Trust holds gold, silver, platinum and palladium in set ratios (together, “Bullion”) and issues ETFS Physical PM Basket Shares (“Shares”) (in minimum blocks of 50,000 Shares, also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of ETF Securities Limited, a Jersey, Channel Islands based company. The Trust is governed by the Trust Agreement.
	The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, silver, platinum and palladium, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the gold, silver, platinum and palladium market through an investment in securities. The fiscal year end for the Trust is December 31.
	The accompanying unaudited condensed financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America for interim financial information and with the instructions for the Form 10-Q. In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended September 30, 2013 and for all periods presented have been made.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the operating results for the full year.

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Significant Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	2. Significant Accounting Policies
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.
	2.1. Valuation of Bullion
	Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS AG (the “Zurich Sub-Custodian”) at its Zurich, Switzerland vaulting premises on a segregated basis. The Trust’s Bullion is valued, per individual metal type, for financial statement purposes, at the lower of cost or market. The cost of Bullion is determined according to the average cost method and the market value is based on the “London Fix” (the applicable fix for each metal of the price of an ounce of such metal and is performed in London, England by fixing members of the London Bullion Market Association (“LBMA”) or London Platinum and Palladium Market (“LPPM”), as applicable) for each metal held by the Trust used to determine the net asset value (the “NAV”) of the Trust. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis using average cost.
	Once the value of Bullion has been determined, the NAV is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.
	The table below summarizes the unrealized gains or losses on the Trust’s Bullion holdings as of September 30, 2013 and December 31, 2012:
		30-Sep-13
			Gold		Silver		Platinum		Palladium		Total
	(Amounts in 000's of US$)
	Investment in Bullion - average cost	$	118,214	$	82,536	$	15,234	$	10,455	$	226,439
	Unrealized (loss) / gain on investment in Bullion		-12,601		-19,246		-255		1,105		-30,997
	Investment in Bullion - market value	$	105,613	$	63,290	$	14,979	$	11,560	$	195,442
		31-Dec-12
			Gold		Silver		Platinum		Palladium		Total
	(Amounts in 000's of US$)
	Investment in Bullion - average cost	$	96,337	$	68,563	$	12,213	$	8,314	$	185,427
	Unrealized gain on investment in Bullion		12,101		3,002		1,020		796		16,919
	Investment in Bullion - market value	$	108,438	$	71,565	$	13,233	$	9,110	$	202,346
	The Trust recognizes the diminution in value of the investment in Bullion which arises from market declines on an interim basis. Increases in the value of the investment in Bullion through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value.
	The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.
	2.2. Bullion Receivable and Payable
	Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of the Bullion is transferred within three business days of the trade date.
	There was no Bullion receivable or payable at September 30, 2013 and December 31, 2012 .
	2.3. Creations and Redemptions of Shares
	The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.
	The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.
	The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce per individual metal type. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000th of an ounce per individual metal type.
	Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.
	The Shares of the Trust are classified as “Redeemable Shares” for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When Bullion is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded through the Condensed Statement of Operations.
	Changes in the Shares for the nine months ended September 30, 2013 and for the year ended December 31, 2012 are set out below:
		Nine Months		Year
		Ended		Ended
	(Amounts in 000's of US$, except for Share and per Share data)	30-Sep-13		31-Dec-12
	Number of Redeemable Shares
	Opening balance		2,200,000		2,100,000
	Creations		550,000		250,000
	Redemptions		-50,000		-150,000
	Closing balance		2,700,000		2,200,000
	Redeemable Shares
	Opening balance	$	202,243	$	182,586
	Creations		46,180		24,100
	Redemptions		-3,766		-13,644
	Adjustment to redemption value		-49,311		9,201
	Closing balance	$	195,346	$	202,243
	Redemption value per Share at period end	$	72.35	$	91.93
	2.4. Revenue Recognition Policy
	The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion.
	Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Fix for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Fix for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.
	2.5. Income Taxes
	The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.
	The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2013 and December 31, 2012.
	2.6. Investment in Bullion
	Changes in ounces of Bullion and the respective values for the nine months ended September 30, 2013 and for the year ended December 31, 2012 are set out below:
		Nine months ended September 30, 2013
	(Amounts in 000's of US$, except for ounces data)		Gold		Silver		Platinum		Palladium		Total
	Ounces of Bullion:
	Opening balance		65,167.3		2,389,467.4		8,689.0		13,033.4		2,476,357.1
	Creations		16,252.4		595,920.3		2,167.0		3,250.4		617,590.1
	Redemptions		-1,476.80		-54,149.70		-196.9		-295.3		-56,118.70
	Transfers of Bullion to pay expenses		-325.3		-11,929.40		-43.4		-65		-12,363.10
	Closing balance		79,617.6		2,919,308.6		10,615.7		15,923.5		3,025,465.4
	Investment in Bullion (lower of cost or market):
	Opening balance	$	96,337	$	68,562	$	12,213	$	8,315	$	185,427
Creations		24,569		15,871		3,365		2,375		46,180
Redemptions		-2,207		-1,555		-282		-193		-4,237
Transfers of Bullion to pay expenses		-485		-342		-62		-42		-931
Unrealized loss on investment Bullion		-12,601		-19,246		-255		-		-32,102
Closing balance	$	105,613	$	63,290	$	14,979	$	10,455	$	194,337
	Year ended December 31, 2012
(Amounts in 000's of US$, except for ounces data)		Gold		Silver		Platinum		Palladium		Total
Ounces of Bullion:
Opening balance		65,564.1		2,404,018.4		8,741.9		13,112.8		2,491,437.2
Creations		7,415.9		271,916.7		988.8		1,483.2		281,804.6
Redemptions		-7,437.60		-272,714.50		-991.7		-1,487.60		-282,631.40
Transfers of Bullion to pay expenses		-375.1		-13,753.20		-50		-75		-14,253.30
Closing balance		65,167.3		2,389,467.4		8,689.0		13,033.4		2,476,357.1
Investment in Bullion (lower of cost or market):
Opening balance	$	95,032	$	67,745	$	12,072	$	8,340	$	183,189
Creations		12,647		8,902		1,582		969		24,100
Redemptions		-10,795		-7,695		-1,372		-947		-20,809
Transfers of Bullion to pay expenses		-547		-390		-69		-47		-1,053
Closing balance	$	96,337	$	68,562	$	12,213	$	8,315	$	185,427
2.7. Expenses
The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV) of the Trust, paid monthly in arrears.
The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.
For the three months ended September 30, 2013 and 2012 the Sponsor’s Fee was $294,884 and $281,679, respectively. For the nine months ended September 30, 2013 and 2012 the Sponsor’s Fee was $892,074 and $857,339. At September 30, 2013 and at December 31, 2012, the fees payable to the Sponsor were $96,291 and $103,116, respectively.
2.8. Recent Accounting Pronouncements
In June 2013, the Financial Accounting Standards Board issued ASU 2013-08, Financial Services –Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company's status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Trust is currently evaluating the impact, if any, this pronouncement would have on the financial statements.
2.9. Subsequent Events
In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events existing in the Trust’s financial statements through the filing date. During this period, no material subsequent events were identified.

Related_Parties

Related Parties	9 Months Ended
	Sep. 30, 2013
Related Parties [Abstract]	'
Related Parties	'
	3. Related Parties
	The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants or purchase or sell Bullion or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Concentration_Of_Risk

Concentration Of Risk	9 Months Ended
	Sep. 30, 2013
Concentration Of Risk [Abstract]	'
Concentration Of Risk	'
	4. Concentration of Risk
	The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion which creates a concentration risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as forward selling by Bullion producers, purchases made by Bullion producers to unwind Bullion hedge positions, central bank purchases and sales, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

Indemnification

Indemnification	9 Months Ended
	Sep. 30, 2013
Indemnification [Abstract]	'
Indemnification	'
	5. Indemnification
	Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) is indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Significant_Accounting_Policie1

Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2013
Significant Accounting Policies [Abstract]	'
Valuation Of Bullion	'
	2.1. Valuation of Bullion
	Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS AG (the “Zurich Sub-Custodian”) at its Zurich, Switzerland vaulting premises on a segregated basis. The Trust’s Bullion is valued, per individual metal type, for financial statement purposes, at the lower of cost or market. The cost of Bullion is determined according to the average cost method and the market value is based on the “London Fix” (the applicable fix for each metal of the price of an ounce of such metal and is performed in London, England by fixing members of the London Bullion Market Association (“LBMA”) or London Platinum and Palladium Market (“LPPM”), as applicable) for each metal held by the Trust used to determine the net asset value (the “NAV”) of the Trust. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis using average cost.
	Once the value of Bullion has been determined, the NAV is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.
	The table below summarizes the unrealized gains or losses on the Trust’s Bullion holdings as of September 30, 2013 and December 31, 2012:
		30-Sep-13
			Gold		Silver		Platinum		Palladium		Total
	(Amounts in 000's of US$)
	Investment in Bullion - average cost	$	118,214	$	82,536	$	15,234	$	10,455	$	226,439
	Unrealized (loss) / gain on investment in Bullion		-12,601		-19,246		-255		1,105		-30,997
	Investment in Bullion - market value	$	105,613	$	63,290	$	14,979	$	11,560	$	195,442
		31-Dec-12
			Gold		Silver		Platinum		Palladium		Total
	(Amounts in 000's of US$)
	Investment in Bullion - average cost	$	96,337	$	68,563	$	12,213	$	8,314	$	185,427
	Unrealized gain on investment in Bullion		12,101		3,002		1,020		796		16,919
	Investment in Bullion - market value	$	108,438	$	71,565	$	13,233	$	9,110	$	202,346
	The Trust recognizes the diminution in value of the investment in Bullion which arises from market declines on an interim basis. Increases in the value of the investment in Bullion through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value.
	The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.
Bullion Receivable And Payable	'
	2.2. Bullion Receivable and Payable
	Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of the Bullion is transferred within three business days of the trade date.
	There was no Bullion receivable or payable at September 30, 2013 and December 31, 2012
Creations And Redemptions Of Shares	'
	2.3. Creations and Redemptions of Shares
	The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.
	The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.
	The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce per individual metal type. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000th of an ounce per individual metal type.
	Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.
	The Shares of the Trust are classified as “Redeemable Shares” for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When Bullion is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded through the Condensed Statement of Operations.
	Changes in the Shares for the nine months ended September 30, 2013 and for the year ended December 31, 2012 are set out below:
		Nine Months		Year
		Ended		Ended
	(Amounts in 000's of US$, except for Share and per Share data)	30-Sep-13		31-Dec-12
	Number of Redeemable Shares
	Opening balance		2,200,000		2,100,000
	Creations		550,000		250,000
	Redemptions		-50,000		-150,000
	Closing balance		2,700,000		2,200,000
	Redeemable Shares
	Opening balance	$	202,243	$	182,586
	Creations		46,180		24,100
	Redemptions		-3,766		-13,644
	Adjustment to redemption value		-49,311		9,201
	Closing balance	$	195,346	$	202,243
	Redemption value per Share at period end	$	72.35	$	91.93
Revenue Recognition Policy	'
	2.4. Revenue Recognition Policy
	The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion.
	Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Fix for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Fix for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.
Income Taxes	'
	2.5. Income Taxes
	The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.
	The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2013 and December 31, 2012.
Investment In Bullion	'
	2.6. Investment in Bullion
	Changes in ounces of Bullion and the respective values for the nine months ended September 30, 2013 and for the year ended December 31, 2012 are set out below:
		Nine months ended September 30, 2013
	(Amounts in 000's of US$, except for ounces data)		Gold		Silver		Platinum		Palladium		Total
	Ounces of Bullion:
	Opening balance		65,167.3		2,389,467.4		8,689.0		13,033.4		2,476,357.1
	Creations		16,252.4		595,920.3		2,167.0		3,250.4		617,590.1
	Redemptions		-1,476.80		-54,149.70		-196.9		-295.3		-56,118.70
	Transfers of Bullion to pay expenses		-325.3		-11,929.40		-43.4		-65		-12,363.10
	Closing balance		79,617.6		2,919,308.6		10,615.7		15,923.5		3,025,465.4
	Investment in Bullion (lower of cost or market):
	Opening balance	$	96,337	$	68,562	$	12,213	$	8,315	$	185,427
	Creations		24,569		15,871		3,365		2,375		46,180
	Redemptions		-2,207		-1,555		-282		-193		-4,237
	Transfers of Bullion to pay expenses		-485		-342		-62		-42		-931
	Unrealized loss on investment Bullion		-12,601		-19,246		-255		-		-32,102
	Closing balance	$	105,613	$	63,290	$	14,979	$	10,455	$	194,337
		Year ended December 31, 2012
	(Amounts in 000's of US$, except for ounces data)		Gold		Silver		Platinum		Palladium		Total
	Ounces of Bullion:
	Opening balance		65,564.1		2,404,018.4		8,741.9		13,112.8		2,491,437.2
	Creations		7,415.9		271,916.7		988.8		1,483.2		281,804.6
	Redemptions		-7,437.60		-272,714.50		-991.7		-1,487.60		-282,631.40
	Transfers of Bullion to pay expenses		-375.1		-13,753.20		-50		-75		-14,253.30
	Closing balance		65,167.3		2,389,467.4		8,689.0		13,033.4		2,476,357.1
	Investment in Bullion (lower of cost or market):
	Opening balance	$	95,032	$	67,745	$	12,072	$	8,340	$	183,189
	Creations		12,647		8,902		1,582		969		24,100
	Redemptions		-10,795		-7,695		-1,372		-947		-20,809
	Transfers of Bullion to pay expenses		-547		-390		-69		-47		-1,053
	Closing balance	$	96,337	$	68,562	$	12,213	$	8,315	$	185,427
Expenses	'
	2.7. Expenses
	The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV) of the Trust, paid monthly in arrears.
	The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.
	For the three months ended September 30, 2013 and 2012 the Sponsor’s Fee was $294,884 and $281,679, respectively. For the nine months ended September 30, 2013 and 2012 the Sponsor’s Fee was $892,074 and $857,339. At September 30, 2013 and at December 31, 2012, the fees payable to the Sponsor were $96,291 and $103,116, respectively.
Recent Accounting Pronouncements	'
	2.8. Recent Accounting Pronouncements
	In June 2013, the Financial Accounting Standards Board issued ASU 2013-08, Financial Services –Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company's status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Trust is currently evaluating the impact, if any, this pronouncement would have on the financial statements.
Subsequent Events	'
	2.9. Subsequent Events
	In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events existing in the Trust’s financial statements through the filing date. During this period, no material subsequent events were identified.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Significant Accounting Policies [Abstract]	'
Schedule Of Unrealized Gains Or Losses On The Trust's Bullion Holdings	'
		30-Sep-13
			Gold		Silver		Platinum		Palladium		Total
	(Amounts in 000's of US$)
	Investment in Bullion - average cost	$	118,214	$	82,536	$	15,234	$	10,455	$	226,439
	Unrealized (loss) / gain on investment in Bullion		-12,601		-19,246		-255		1,105		-30,997
	Investment in Bullion - market value	$	105,613	$	63,290	$	14,979	$	11,560	$	195,442
		31-Dec-12
			Gold		Silver		Platinum		Palladium		Total
	(Amounts in 000's of US$)
	Investment in Bullion - average cost	$	96,337	$	68,563	$	12,213	$	8,314	$	185,427
	Unrealized gain on investment in Bullion		12,101		3,002		1,020		796		16,919
	Investment in Bullion - market value	$	108,438	$	71,565	$	13,233	$	9,110	$	202,346
Schedule Of Redeemable Capital Shares	'
		Nine Months		Year
		Ended		Ended
	(Amounts in 000's of US$, except for Share and per Share data)	30-Sep-13		31-Dec-12
	Number of Redeemable Shares
	Opening balance		2,200,000		2,100,000
	Creations		550,000		250,000
	Redemptions		-50,000		-150,000
	Closing balance		2,700,000		2,200,000
	Redeemable Shares
	Opening balance	$	202,243	$	182,586
	Creations		46,180		24,100
	Redemptions		-3,766		-13,644
	Adjustment to redemption value		-49,311		9,201
	Closing balance	$	195,346	$	202,243
	Redemption value per Share at period end	$	72.35	$	91.93
Schedule Of Investment In Bullion	'
		Nine months ended September 30, 2013
	(Amounts in 000's of US$, except for ounces data)		Gold		Silver		Platinum		Palladium		Total
	Ounces of Bullion:
	Opening balance		65,167.3		2,389,467.4		8,689.0		13,033.4		2,476,357.1
	Creations		16,252.4		595,920.3		2,167.0		3,250.4		617,590.1
	Redemptions		-1,476.80		-54,149.70		-196.9		-295.3		-56,118.70
	Transfers of Bullion to pay expenses		-325.3		-11,929.40		-43.4		-65		-12,363.10
	Closing balance		79,617.6		2,919,308.6		10,615.7		15,923.5		3,025,465.4
	Investment in Bullion (lower of cost or market):
	Opening balance	$	96,337	$	68,562	$	12,213	$	8,315	$	185,427
	Creations		24,569		15,871		3,365		2,375		46,180
	Redemptions		-2,207		-1,555		-282		-193		-4,237
	Transfers of Bullion to pay expenses		-485		-342		-62		-42		-931
	Unrealized loss on investment Bullion		-12,601		-19,246		-255		-		-32,102
	Closing balance	$	105,613	$	63,290	$	14,979	$	10,455	$	194,337
		Year ended December 31, 2012
	(Amounts in 000's of US$, except for ounces data)		Gold		Silver		Platinum		Palladium		Total
	Ounces of Bullion:
	Opening balance		65,564.1		2,404,018.4		8,741.9		13,112.8		2,491,437.2
	Creations		7,415.9		271,916.7		988.8		1,483.2		281,804.6
	Redemptions		-7,437.60		-272,714.50		-991.7		-1,487.60		-282,631.40
	Transfers of Bullion to pay expenses		-375.1		-13,753.20		-50		-75		-14,253.30
	Closing balance		65,167.3		2,389,467.4		8,689.0		13,033.4		2,476,357.1
	Investment in Bullion (lower of cost or market):
	Opening balance	$	95,032	$	67,745	$	12,072	$	8,340	$	183,189
	Creations		12,647		8,902		1,582		969		24,100
	Redemptions		-10,795		-7,695		-1,372		-947		-20,809
	Transfers of Bullion to pay expenses		-547		-390		-69		-47		-1,053
	Closing balance	$	96,337	$	68,562	$	12,213	$	8,315	$	185,427

Organization_Details

Organization (Details)	9 Months Ended
	Sep. 30, 2013
Organization [Abstract]	'
Minimum block of shares issued redeemed against bullion	50,000

Significant_Accounting_Policie3

Significant Accounting Policies (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Significant Accounting Policies [Abstract]	'	'	'	'	'
Annualized rate of Sponsors Fee	'	'	0.60%	'	'
Sponsor Fees	$294,884	$281,679	$892,074	$857,339	'
Fees payable to Sponsor	$96,291	'	$96,291	'	$103,116

Significant_Accounting_Policie4

Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Bullion Holdings) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Bullion [Line Items]	'	'
Investment in Bullion - average cost	$226,439	$185,427
Unrealized gain / (loss) on investment in Bullion	-30,997	16,919
Investment in Bullion - market value	195,442	202,346
Gold [Member]	'	'
Bullion [Line Items]	'	'
Investment in Bullion - average cost	118,214	96,337
Unrealized gain / (loss) on investment in Bullion	-12,601	12,101
Investment in Bullion - market value	105,613	108,438
Silver [Member]	'	'
Bullion [Line Items]	'	'
Investment in Bullion - average cost	82,536	68,563
Unrealized gain / (loss) on investment in Bullion	-19,246	3,002
Investment in Bullion - market value	63,290	71,565
Platinum [Member]	'	'
Bullion [Line Items]	'	'
Investment in Bullion - average cost	15,234	12,213
Unrealized gain / (loss) on investment in Bullion	-255	1,020
Investment in Bullion - market value	14,979	13,233
Palladium [Member]	'	'
Bullion [Line Items]	'	'
Investment in Bullion - average cost	10,455	8,314
Unrealized gain / (loss) on investment in Bullion	1,105	796
Investment in Bullion - market value	$11,560	$9,110

Significant_Accounting_Policie5

Significant Accounting Policies (Schedule Of Bullion Receivable And Payable) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Significant Accounting Policies [Abstract]	'	'
Bullion receivable	$0	$0
Bullion payable	$0	$0

Significant_Accounting_Policie6

Significant Accounting Policies (Schedule Of Redeemable Capital Shares) (Details) (USD $)	9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Significant Accounting Policies [Abstract]	'		'
Opening balance (in Shares)	2,200,000	[1]	2,100,000
Creations (in Shares)	550,000		250,000
Redemptions (in Shares)	-50,000		-150,000
Closing balance (in Shares)	2,700,000		2,200,000	[1]
Opening balance	$202,243	[1]	$182,586
Creations	46,180		24,100
Redemptions	-3,766		-13,644
Adjustment to redemption value	-49,311		9,201
Closing balance	$195,346		$202,243	[1]
Redemption value per Share at period end (in Dollars per share)	$72.35		$91.93
[1]	Derived from audited Statement of Financial Condition as of December 31, 2012.

Significant_Accounting_Policie7

Significant Accounting Policies (Schedule Of Investment In Bullion) (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	oz		oz	oz	oz
Bullion [Line Items]	'	'	'	'	'
Opening balance (in Ounces)	'	'	2,476,357.10	2,491,437.20	2,491,437.20
Creations (in Ounces)	'	'	617,590.10	'	281,804.60
Redemptions (in Ounces)	'	'	-56,118.70	'	-282,631.40
Transfers of Bullion to pay expenses (in Ounces)	'	'	-12,363.10	'	-14,253.30
Closing balance (in Ounces)	3,025,465.40	'	3,025,465.40	'	2,476,357.10
Opening balance	'	'	$185,427,000	$183,189,000	$183,189,000
Creations	11,104,000	4,620,000	46,180,000	9,346,000	24,100,000
Redemptions	'	'	-4,237,000	'	-20,809,000
Transfers of Bullion to pay expenses	-329,000	-254,000	-931,000	-790,000	-1,053,000
Unrealized loss on investment in Bullion	18,807,000	3,380,000	-32,102,000	0	'
Closing balance	194,337,000	'	194,337,000	'	185,427,000
Bullion payable at market value	0	'	0	'	0
Bullion receivable at market value	0	'	0	'	0
Gold [Member]	'	'	'	'	'
Bullion [Line Items]	'	'	'	'	'
Opening balance (in Ounces)	'	'	65,167.30	65,564.10	65,564.10
Creations (in Ounces)	'	'	16,252.40	'	7,415.90
Redemptions (in Ounces)	'	'	-1,476.80	'	-7,437.60
Transfers of Bullion to pay expenses (in Ounces)	'	'	-325.3	'	-375.1
Closing balance (in Ounces)	79,617.60	'	79,617.60	'	65,167.30
Opening balance	'	'	96,337,000	95,032,000	95,032,000
Creations	'	'	24,569,000	'	12,647,000
Redemptions	'	'	-2,207,000	'	-10,795,000
Transfers of Bullion to pay expenses	'	'	-485,000	'	-547,000
Unrealized loss on investment in Bullion	'	'	-12,601,000	'	'
Closing balance	105,613,000	'	105,613,000	'	96,337,000
Silver [Member]	'	'	'	'	'
Bullion [Line Items]	'	'	'	'	'
Opening balance (in Ounces)	'	'	2,389,467.40	2,404,018.40	2,404,018.40
Creations (in Ounces)	'	'	595,920.30	'	271,916.70
Redemptions (in Ounces)	'	'	-54,149.70	'	-272,714.50
Transfers of Bullion to pay expenses (in Ounces)	'	'	-11,929.40	'	-13,753.20
Closing balance (in Ounces)	2,919,308.60	'	2,919,308.60	'	2,389,467.40
Opening balance	'	'	68,562,000	67,745,000	67,745,000
Creations	'	'	15,871,000	'	8,902,000
Redemptions	'	'	-1,555,000	'	-7,695,000
Transfers of Bullion to pay expenses	'	'	-342,000	'	-390,000
Unrealized loss on investment in Bullion	'	'	-19,246,000	'	'
Closing balance	63,290,000	'	63,290,000	'	68,562,000
Platinum [Member]	'	'	'	'	'
Bullion [Line Items]	'	'	'	'	'
Opening balance (in Ounces)	'	'	8,689	8,741.90	8,741.90
Creations (in Ounces)	'	'	2,167	'	988.8
Redemptions (in Ounces)	'	'	-196.9	'	-991.7
Transfers of Bullion to pay expenses (in Ounces)	'	'	-43.4	'	-50
Closing balance (in Ounces)	10,615.70	'	10,615.70	'	8,689
Opening balance	'	'	12,213,000	12,072,000	12,072,000
Creations	'	'	3,365,000	'	1,582,000
Redemptions	'	'	-282,000	'	-1,372,000
Transfers of Bullion to pay expenses	'	'	-62,000	'	-69,000
Unrealized loss on investment in Bullion	'	'	-255,000	'	'
Closing balance	14,979,000	'	14,979,000	'	12,213,000
Palladium [Member]	'	'	'	'	'
Bullion [Line Items]	'	'	'	'	'
Opening balance (in Ounces)	'	'	13,033.40	13,112.80	13,112.80
Creations (in Ounces)	'	'	3,250.40	'	1,483.20
Redemptions (in Ounces)	'	'	-295.3	'	-1,487.60
Transfers of Bullion to pay expenses (in Ounces)	'	'	-65	'	-75
Closing balance (in Ounces)	15,923.50	'	15,923.50	'	13,033.40
Opening balance	'	'	8,315,000	8,340,000	8,340,000
Creations	'	'	2,375,000	'	969,000
Redemptions	'	'	-193,000	'	-947,000
Transfers of Bullion to pay expenses	'	'	-42,000	'	-47,000
Unrealized loss on investment in Bullion	'	'	0	'	'
Closing balance	$10,455,000	'	$10,455,000	'	$8,315,000