VanEck Merk Gold Trust (OUNZ) 10-Q 11 Sep 15 2015 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	3 Months Ended
	Apr. 30, 2015	Jul. 31, 2015
Document Information [Line Items]
Entity Registrant Name	Merk Gold Trust
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Public Float		$ 0
Amendment Flag	false
Entity Central Index Key	1,546,652
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jul. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1
Merk Gold Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,762,437
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Statement of Assets and Liabili

Statement of Assets and Liabilities (Unaudited) - USD ($)	3 Months Ended	9 Months Ended
	Jul. 31, 2015	Jan. 31, 2015
Assets
Investments in gold bullion (cost: $ 72,467,926 and $ 65,938,882, respectively)	$ 62,987,484	$ 64,750,586
Receivable from capital shares sold		20,597
Total Assets	62,987,484	64,771,183
Liabilities
Sponsor's fee payable	4	20,600
Total Liabilities	4	20,600
Net Assets	62,987,480	64,750,583	[1]
Net Assets Consist of:
Paid-in-capital	72,962,117	66,087,586
Accumulated net investment loss	(277,420)	(154,685)
Accumulated net realized gain (loss)	(216,775)	5,978
Unrealized appreciation (depreciation) on investment in gold bullion	(9,480,442)	(1,188,296)
	$ 62,987,480	$ 64,750,583	[1]
Shares issued and outstanding (no par value; unlimited shares authorized) (in Shares)	5,762,437	5,152,630
Net asset value per share (in Dollars per share)	$ 10.93	$ 12.57
[1]	Commencement of operations.

Statement of Assets and Liabil3

Statement of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($)	Jul. 31, 2015	Jan. 31, 2015
Cost of gold bullion	$ 72,467,926	$ 65,938,882

Statement of Operations (Unaudi

Statement of Operations (Unaudited) - USD ($)	3 Months Ended			6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	[1]	Jul. 31, 2015
Expenses
Sponsor’s fees	$ 61,286	$ 37,406		$ 122,735
Total expenses	61,286	37,406		122,735
Net investment loss	(61,286)	(37,406)		(122,735)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from gold bullion distributed for redemptions	(1,179)	636		(222,753)
Net change in unrealized appreciation (depreciation) on investments in gold bullion	(4,378,839)	(186,587)		(8,292,146)
Net realized and unrealized gain (loss) from operations	(4,380,018)	(185,951)		(8,514,899)
Net Decrease in Net Assets resulting from operations	$ (4,441,304)	$ (223,357)		$ (8,637,634)
[1]	Commencement of operations.

Statement of Changes in Net Ass

Statement of Changes in Net Assets (Unaudited) - USD ($)		6 Months Ended	9 Months Ended
		Jul. 31, 2015	Jan. 31, 2015
Net Assets - beginning of period	[1]	$ 64,750,583	$ 1,306,250
Creations		10,491,166	65,559,010	[1]
Redemptions		(3,616,635)	(777,674)	[1]
Net Investment loss		(122,735)	(154,685)	[1]
Net realized gain (loss) from gold bullion distributed for redemptions		(222,753)	5,978	[1]
Net change in unrealized appreciation (depreciation) on investments in gold bullion		(8,292,146)	(1,188,296)	[1]
Net Assets - end of period		$ 62,987,480	$ 64,750,583	[1]
[1]	Commencement of operations.

Financial Highlights (Unaudited

Financial Highlights (Unaudited)	6 Months Ended
	Jul. 31, 2015
Disclosure Text Block Supplement [Abstract]
Additional Financial Information Disclosure [Text Block]	Per Share Performance (for a share outstanding throughout each period) Three Months (unaudited) Six Months (unaudited) For the Period May 6, 2014* to July 31, 2014 (unaudited) Net asset value per share, beginning of period $ 11.76 $ 12.57 $ 13.06 Net investment loss (a) (0.01) (0.02) (0.01) Net realized and unrealized gain (loss) on investments in gold bullion (0.82) (1.62) (0.21) Net change in net assets resulting from operations (0.83) (1.64) (0.22) Net asset value per share, end of period $ 10.93 $ 10.93 $ 12.84 Total return, at net asset value (b) (7.06)% (13.05)% (1.68)% Ratio to average net assets (c) Net investment loss (0.40)% (0.40)% (0.40)% Net expenses 0.40% 0.40% 0.40% (a) Calculated using average shares outstanding (b) Not annualized (c) Annualized * Commencement of Operations See notes to unaudited financial statements.

Schedule of Investments (Unaudi

Schedule of Investments (Unaudited)	6 Months Ended
	Jul. 31, 2015
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Text Block]	Merk Gold Trust July 31, 2015 (Unaudited) Fine Ounces Cost Fair Value % of Net Assets Gold Bullion 57,345 $72,467,926 $62,987,484 100.00% Total Investments $72,467,926 $62,987,484 100.00% Liabilities in excess of other assets (4) 0.00% (a) Net Assets $62,987,480 100.00% January 31, 2015 Fine Ounces Cost Fair Value % of Net Assets Gold Bullion 51,379 $65,938,882 $64,750,586 100.00% Total Investments $65,938,882 $64,750,586 100.00% Liabilities in excess of other assets (3) 0.00% (a) Net Assets $64,750,583 100.00% (a) Amount is less than 0.005% See notes to unaudited financial statements.

1. ORGANIZATION

1. ORGANIZATION	6 Months Ended
	Jul. 31, 2015
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]	1. ORGANIZATION The Merk Gold Trust (the “Trust”) is an investment trust formed on May 6, 2014 under New York law pursuant to a depository trust agreement. After consideration of Financial Accounting Standards Topic 946, Merk Investments LLC (the “Sponsor”) has concluded the Trust meets the fundamental characteristics of an investment company. In addition, while the Trust does not currently possess all of the typical characteristics of an investment company, it believes its activities are consistent with those of an investment company and will therefore apply the guidance in Financial Accounting Standards Topic 946, including disclosure of the financial support contractually required to be provided by an investment company to any of its investees. Virtu Financial, also known as the Lead Market Maker, was the Initial Purchaser and contributed 1,000 ounces of Gold in exchange for 100,000 shares on May 6, 2014. At contribution, the value of the gold deposited with the Trust was based on the price of an ounce of Gold of $1,306.25. The Initial Purchaser is not affiliated with the Sponsor or the Trustee. The Trust’s primary objective is to provide investors with an opportunity to invest in gold through the shares and be able to take delivery of physical gold bullion and gold coins (physical gold) in exchange for their shares. The Trust’s secondary objective is for the shares to reflect the performance of the price of gold less the expenses of the Trust’s operations. The Trust is not actively managed. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the fiscal year end January 31, 2015.

2. SIGNIFICANT ACCOUNTING POLIC

2. SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for the Form 10-Q and the rules and regulations of the United States Securities and Exchange Commission. In the opinion of the Trust’s management, all adjustments (which consists of normal recurring adjustments) necessary to present fairly the financial position and the results of operations, as presented, have been made. The following is a summary of significant accounting policies followed by the Trust. 2.1. Valuation of Gold FASB Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments. Various inputs are used in determining the fair value of the Trust’s assets or liabilities. These inputs are categorized into three broad levels. Level 1 includes unadjusted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market based inputs (including prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include management’s own assumptions in determining the fair value of investments. The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and gold receivable; representing gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account and, from time to time, cash, which is used to pay expenses. The following table summarizes the inputs used as of July 31, 2015 Level 1 Level 2 Level 3 Investment in Gold $ 62,987,484 $ - $ - Total $ 62,987,484 $ - $ - The following table summarizes the inputs used as of January 31, 2015 Level 1 Level 2 Level 3 Investment in Gold $ 64,750,586 $ - $ - Total $ 64,750,586 $ - $ - London Gold Delivery Bars are held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at the London, United Kingdom vaulting premises. All gold is valued based on its Fine Ounce content, calculated by multiplying the weight of gold by its purity; the same methodology is applied independent of the type of gold held by the Trust; similarly, the value of up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated by multiplying the number of Fine Ounces with the price of gold determined by the Trustee as follows. The Trustee values the gold held by the Trust on the basis of the price of a Fine Ounce as set by the afternoon session of the twice daily fix of the price of a Fine Ounce which starts at 3:00 PM London, England time and is performed by the five members of the London gold fix and is therefore classified as Level 1. There were no transfers between levels during the period. On March 20, 2015, the LBMA Gold Price, which is determined twice daily by the ICE Benchmark Administration as an independent third-party administrator, replaced the London Gold Fix. As a result, the Sponsor now uses the LBMA Gold Price to determine the net asset value of the Trust. All other valuation mechanics remain unchanged. On each business day, as soon as practicable after 4:00pm (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 result is the net asset value of the Trust. The Trustee computes the net asset value per share by dividing the net assets of the Trust by the number of the shares outstanding on the date the computation is made. 2.2. Expenses The Trustee issues shares to pay the Sponsor’s fee; the Sponsor pays the Trust’s ordinary expenses. The net asset value of the Trust is used to compute the Sponsor’s fee, and the Trustee subtracts from the net asset value of the Trust the amount of accrued Sponsor’s fee. To the extent the Trust issues additional shares to pay the Sponsor’s fee or sells gold to cover expenses or liabilities, the amount of gold represented by each share will decrease. New deposits of gold, received in exchange for new shares issued by the Trust, would not reverse this trend. 2.3. Creations & Redemptions of Shares Shares are issued and redeemed by the Trust in blocks of 50,000 shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market participants (“Authorized Participants”). Investors that are not Authorized Participants may also take delivery of physical gold in exchange for their shares (“Delivery Applicants”). Authorized Participants The Trust issues and redeems Baskets only to Authorized Participants. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined Fine Ounces represented by 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. Orders to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the gold required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day. Authorized Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of shares. Delivery Applicants In exchange for its shares and payment of a processing fee, a Delivery Applicant will be entitled to one or more bars or coins of physical gold having approximately the total Fine Ounces represented by the shares on the day on which the Delivery Applicant’s broker-dealer submits his or her shares to the Trust in exchange for physical gold (“Share Submission Day”). As it is unlikely that the total Fine Ounces of physical gold will exactly correspond to the Fine Ounces represented by a specific number of shares, a Delivery Applicant Changes in the shares for the period ending July 31, 2015 Shares Amount Shares, beginning of period at January 31, 2015 5,152,630 $ 66,087,586 Shares issued 910,511 10,491,166 Shares redeemed (300,704 ) (3,616,635 ) Shares, end of period at July 31, 2015 5,762,437 $ 72,962,117 Changes in the shares for the period ending January 31, 2015 Shares Amount Shares, beginning of period at May 6, 2014 100,000 $ 1,306,250 Shares issued 5,112,551 65,559,010 Shares redeemed (59,921 ) (777,674 ) Shares, end of period at January 31, 2015 5,152,630 $ 66,087,586 2.4. Income Taxes The Trust is treated as a “grantor trust” for US federal tax purposes. As a result, the Trust itself is not subject to US federal income tax. Instead, the Trust's income and expenses “flow through” to the shareholders and the Trustee reports the Trust's income, gains, losses and deductions 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 July 31, 2015 2.5. Revenue Recognition Policy A gain or loss is recognized based on the difference between the selling price and the average cost method of the gold sold on a trade date basis.

3. INVESTMENT IN GOLD

3. INVESTMENT IN GOLD	6 Months Ended
	Jul. 31, 2015
Investment Holdings [Abstract]
Investment Holdings [Text Block]	3. INVESTMENT IN GOLD The following represents the changes in ounces of gold and the respective fair value at July 31, 2015 Ounces Fair Value Beginning balance as of January 31, 2015 51,379 $ 64,750,586 Gold bullion contributed 8,962 10,368,432 Gold bullion distributed (2,996 ) (3,616,635 ) Change in unrealized depreciation — (8,292,146 ) Realized gain from gold distributed from in-kind — (222,753 ) Ending balance as of July 31, 2015 57,345 $ 62,987,484 The following represents the changes in ounces of gold and the respective fair value at January 31, 2015 Ounces Fair Value Beginning balance as of May 6, 2014 1,000 $ 1,306,250 Gold bullion contributed 50,978 65,404,328 Gold bullion distributed (599 ) (777,674 ) Change in unrealized depreciation — (1,188,296 ) Realized gain from gold distributed from in-kind — 5,978 Ending balance as of January 31, 2015 51,379 $ 64,750,586

4. RELATED PARTIES - SPONSOR, T

4. RELATED PARTIES - SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES	6 Months Ended
	Jul. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	4. RELATED PARTIES - SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES Fees paid are to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor's fee is payable at an annualized rate of 0.40% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business Day’s Net Asset Value and paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee and out-of-pocket expenses; the Custodian’s fee; the marketing support fees and expenses; expenses reimbursable under the Custody Agreement; the precious metals dealer’s fees and expenses reimbursable under its agreement with the Sponsor; exchange listing fees; Securities and Exchange Commission registration fees; printing and mailing costs; maintenance expenses for the Trust’s website; audit fees; and up to $100,000 per annum in legal expenses. Affiliates of the Trustee, as well as affiliates of the Custodian may from time to time act as Authorized Participants to purchase or sell gold or shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

5. SHAREHOLDER OWNERSHIP

5. SHAREHOLDER OWNERSHIP	6 Months Ended
	Jul. 31, 2015
Disclosure Text Block Supplement [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	5. SHAREHOLDER OWNERSHIP Merk Hard Currency Fund owned a market value of $26,509,118 which equates to 42.17% ownership in the Trust at July 31, 2015

6. CONCENTRATION OF RISK

6. CONCENTRATION OF RISK	6 Months Ended
	Jul. 31, 2015
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	6. CONCENTRATION OF RISK The Trust’s sole business activity is the investment in Gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the shares to decline proportionately. Each of these events could have a material adverse effect on the Trust’s financial position and results of operations.

7. INDEMNIFICATION

7. INDEMNIFICATION	6 Months Ended
	Jul. 31, 2015
Policy Text Block [Abstract]
Guarantees, Indemnifications and Warranties Policies [Policy Text Block]	7. INDEMNIFICATION Under the Trust’s organizational documents, each of the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees, affiliates) is indemnified 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. However, based on industry experience, management believes the risk of loss is remote.

8. SUBSEQUENT EVENTS

8. SUBSEQUENT EVENTS	3 Months Ended
	Apr. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	8. SUBSEQUENT EVENTS Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jul. 31, 2015
Accounting Policies [Abstract]
Valuation Of Gold [Policy Text Block]	Valuation of Gold FASB Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments. Various inputs are used in determining the fair value of the Trust’s assets or liabilities. These inputs are categorized into three broad levels. Level 1 includes unadjusted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market based inputs (including prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include management’s own assumptions in determining the fair value of investments. The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and gold receivable; representing gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account and, from time to time, cash, which is used to pay expenses. The following table summarizes the inputs used as of July 31, 2015 Level 1 Level 2 Level 3 Investment in Gold $ 62,987,484 $ - $ - Total $ 62,987,484 $ - $ - The following table summarizes the inputs used as of January 31, 2015 Level 1 Level 2 Level 3 Investment in Gold $ 64,750,586 $ - $ - Total $ 64,750,586 $ - $ - London Gold Delivery Bars are held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at the London, United Kingdom vaulting premises. All gold is valued based on its Fine Ounce content, calculated by multiplying the weight of gold by its purity; the same methodology is applied independent of the type of gold held by the Trust; similarly, the value of up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated by multiplying the number of Fine Ounces with the price of gold determined by the Trustee as follows. The Trustee values the gold held by the Trust on the basis of the price of a Fine Ounce as set by the afternoon session of the twice daily fix of the price of a Fine Ounce which starts at 3:00 PM London, England time and is performed by the five members of the London gold fix and is therefore classified as Level 1. There were no transfers between levels during the period. On March 20, 2015, the LBMA Gold Price, which is determined twice daily by the ICE Benchmark Administration as an independent third-party administrator, replaced the London Gold Fix. As a result, the Sponsor now uses the LBMA Gold Price to determine the net asset value of the Trust. All other valuation mechanics remain unchanged. On each business day, as soon as practicable after 4:00pm (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 result is the net asset value of the Trust. The Trustee computes the net asset value per share by dividing the net assets of the Trust by the number of the shares outstanding on the date the computation is made.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Expenses The Trustee issues shares to pay the Sponsor’s fee; the Sponsor pays the Trust’s ordinary expenses. The net asset value of the Trust is used to compute the Sponsor’s fee, and the Trustee subtracts from the net asset value of the Trust the amount of accrued Sponsor’s fee. To the extent the Trust issues additional shares to pay the Sponsor’s fee or sells gold to cover expenses or liabilities, the amount of gold represented by each share will decrease. New deposits of gold, received in exchange for new shares issued by the Trust, would not reverse this trend.
Stockholders' Equity, Policy [Policy Text Block]	Creations & Redemptions of Shares Shares are issued and redeemed by the Trust in blocks of 50,000 shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market participants (“Authorized Participants”). Investors that are not Authorized Participants may also take delivery of physical gold in exchange for their shares (“Delivery Applicants”). Authorized Participants The Trust issues and redeems Baskets only to Authorized Participants. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined Fine Ounces represented by 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. Orders to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the gold required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day. Authorized Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of shares. Delivery Applicants In exchange for its shares and payment of a processing fee, a Delivery Applicant will be entitled to one or more bars or coins of physical gold having approximately the total Fine Ounces represented by the shares on the day on which the Delivery Applicant’s broker-dealer submits his or her shares to the Trust in exchange for physical gold (“Share Submission Day”). As it is unlikely that the total Fine Ounces of physical gold will exactly correspond to the Fine Ounces represented by a specific number of shares, a Delivery Applicant Changes in the shares for the period ending July 31, 2015 Shares Amount Shares, beginning of period at January 31, 2015 5,152,630 $ 66,087,586 Shares issued 910,511 10,491,166 Shares redeemed (300,704 ) (3,616,635 ) Shares, end of period at July 31, 2015 5,762,437 $ 72,962,117 Changes in the shares for the period ending January 31, 2015 Shares Amount Shares, beginning of period at May 6, 2014 100,000 $ 1,306,250 Shares issued 5,112,551 65,559,010 Shares redeemed (59,921 ) (777,674 ) Shares, end of period at January 31, 2015 5,152,630 $ 66,087,586
Income Tax, Policy [Policy Text Block]	Income Taxes The Trust is treated as a “grantor trust” for US federal tax purposes. As a result, the Trust itself is not subject to US federal income tax. Instead, the Trust's income and expenses “flow through” to the shareholders and the Trustee reports the Trust's income, gains, losses and deductions 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 July 31, 2015
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Policy A gain or loss is recognized based on the difference between the selling price and the average cost method of the gold sold on a trade date basis.

Financial Highlights (Unaudit17

Financial Highlights (Unaudited) (Tables)	6 Months Ended
	Jul. 31, 2015
Disclosure Text Block Supplement [Abstract]
Financial Highlights [Table Text Block]	Per Share Performance (for a share outstanding throughout each period) Three Months (unaudited) Six Months (unaudited) For the Period May 6, 2014* to July 31, 2014 (unaudited) Net asset value per share, beginning of period $ 11.76 $ 12.57 $ 13.06 Net investment loss (a) (0.01) (0.02) (0.01) Net realized and unrealized gain (loss) on investments in gold bullion (0.82) (1.62) (0.21) Net change in net assets resulting from operations (0.83) (1.64) (0.22) Net asset value per share, end of period $ 10.93 $ 10.93 $ 12.84 Total return, at net asset value (b) (7.06)% (13.05)% (1.68)% Ratio to average net assets (c) Net investment loss (0.40)% (0.40)% (0.40)% Net expenses 0.40% 0.40% 0.40% (a) Calculated using average shares outstanding (b) Not annualized (c) Annualized * Commencement of Operations See notes to unaudited financial statements.

Schedule of Investments (Unau18

Schedule of Investments (Unaudited) (Tables)	6 Months Ended
	Jul. 31, 2015
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Table Text Block]	Fine Ounces Cost Fair Value % of Net Assets Gold Bullion 57,345 $72,467,926 $62,987,484 100.00% Total Investments $72,467,926 $62,987,484 100.00% Liabilities in excess of other assets (4) 0.00% (a) Net Assets $62,987,480 100.00% Fine Ounces Cost Fair Value % of Net Assets Gold Bullion 51,379 $65,938,882 $64,750,586 100.00% Total Investments $65,938,882 $64,750,586 100.00% Liabilities in excess of other assets (3) 0.00% (a) Net Assets $64,750,583 100.00% (a) Amount is less than 0.005% See notes to unaudited financial statements.

2. SIGNIFICANT ACCOUNTING POL19

2. SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jul. 31, 2015
Accounting Policies [Abstract]
Schedule of Cost Method Investments [Table Text Block]	The following table summarizes the inputs used as of July 31, 2015 in determining the Trust’s investments at fair value for purposes of ASC 820: Level 1 Level 2 Level 3 Investment in Gold $ 62,987,484 $ - $ - Total $ 62,987,484 $ - $ - Level 1 Level 2 Level 3 Investment in Gold $ 64,750,586 $ - $ - Total $ 64,750,586 $ - $ -
Schedule of Capital Units [Table Text Block]	Changes in the shares for the period ending July 31, 2015 are as follows: Shares Amount Shares, beginning of period at January 31, 2015 5,152,630 $ 66,087,586 Shares issued 910,511 10,491,166 Shares redeemed (300,704 ) (3,616,635 ) Shares, end of period at July 31, 2015 5,762,437 $ 72,962,117 Shares Amount Shares, beginning of period at May 6, 2014 100,000 $ 1,306,250 Shares issued 5,112,551 65,559,010 Shares redeemed (59,921 ) (777,674 ) Shares, end of period at January 31, 2015 5,152,630 $ 66,087,586

3. INVESTMENT IN GOLD (Tables)

3. INVESTMENT IN GOLD (Tables)	6 Months Ended
	Jul. 31, 2015
Investment Holdings [Abstract]
Activity in Gold Bullion [Table Text Block]	The following represents the changes in ounces of gold and the respective fair value at July 31, 2015: Ounces Fair Value Beginning balance as of January 31, 2015 51,379 $ 64,750,586 Gold bullion contributed 8,962 10,368,432 Gold bullion distributed (2,996 ) (3,616,635 ) Change in unrealized depreciation — (8,292,146 ) Realized gain from gold distributed from in-kind — (222,753 ) Ending balance as of July 31, 2015 57,345 $ 62,987,484 Ounces Fair Value Beginning balance as of May 6, 2014 1,000 $ 1,306,250 Gold bullion contributed 50,978 65,404,328 Gold bullion distributed (599 ) (777,674 ) Change in unrealized depreciation — (1,188,296 ) Realized gain from gold distributed from in-kind — 5,978 Ending balance as of January 31, 2015 51,379 $ 64,750,586

Financial Highlights (Unaudit21

Financial Highlights (Unaudited) (Details) - Financial Highlights (Unaudited) - $ / shares		3 Months Ended			6 Months Ended
		Jul. 31, 2015	Jul. 31, 2014	[1]	Jul. 31, 2015
Financial Highlights (Unaudited) [Abstract]
Net asset value per share, beginning of period		$ 11.76	$ 13.06		$ 12.57
Net investment loss (a)	[2]	(0.01)	(0.01)		(0.02)
Net realized and unrealized gain (loss) on investments in gold bullion		(0.82)	(0.21)		(1.62)
Net change in net assets resulting from operations		(0.83)	(0.22)		(1.64)
Net asset value per share, end of period		$ 10.93	$ 12.84		$ 10.93
Total return, at net asset value (b)	[3]	(7.06%)	(1.68%)		(13.05%)
Ratio to average net assets (c)
Net investment loss	[4]	(0.40%)	(0.40%)		(0.40%)
Net expenses	[4]	0.40%	0.40%		0.40%
[1]	Commencement of operations.
[2]	Calculated using average shares outstanding
[3]	Not annualized
[4]	Annualized

Schedule of Investments (Unau22

Schedule of Investments (Unaudited) (Details) - Schedules of Investment (Unaudited)		Jul. 31, 2015USD ($)oz	Jan. 31, 2015USD ($)oz	May. 06, 2014oz	May. 05, 2014USD ($)
Schedule of Investments [Line Items]
Fine Ounces (in Ounces) | oz				1,000
Cost		$ 72,467,926	$ 65,938,882
Fair Value		$ 62,987,484	$ 64,750,586		$ 1,306,250
Gold Bullion [Member]
Schedule of Investments [Line Items]
Fine Ounces (in Ounces) | oz		57,345	51,379
Cost		$ 72,467,926	$ 65,938,882
Fair Value		$ 62,987,484	$ 64,750,586
% of Net Assets		100.00%	100.00%
Total Investments [Member]
Schedule of Investments [Line Items]
Cost		$ 72,467,926	$ 65,938,882
Fair Value		$ 62,987,484	$ 64,750,586
% of Net Assets		100.00%	100.00%
Liabilities in excess of other assets [Member]
Schedule of Investments [Line Items]
Fair Value		$ (4)	$ (3)
% of Net Assets	[1]	0.00%	0.00%
Net Assets [Member]
Schedule of Investments [Line Items]
Fair Value		$ 62,987,480	$ 64,750,583
% of Net Assets		100.00%	100.00%
[1]	Amount is less than 0.005%

1. ORGANIZATION (Details)

1. ORGANIZATION (Details) - May. 06, 2014	$ / ozsharesoz
Disclosure Text Block [Abstract]
Gold | oz	1,000
Common Stock, Shares, Issued	100,000
Gold, Value | $ / oz	1,306.25

2. SIGNIFICANT ACCOUNTING POL24

2. SIGNIFICANT ACCOUNTING POLICIES (Details) - Jul. 31, 2015	USD ($)sharesoz
Accounting Policies [Abstract]
Gold, Maximum Unallocated Held | oz	430
Shares Prescribed Aggregation	50,000
Transaction Fee | $	$ 500

2. SIGNIFICANT ACCOUNTING POL25

2. SIGNIFICANT ACCOUNTING POLICIES (Details) - Summary of Inputs Used in Determining the Trust's Investments - USD ($)	Jul. 31, 2015	Jan. 31, 2015	May. 05, 2014
Schedule of Cost-method Investments [Line Items]
Investment in Gold	$ 62,987,484	$ 64,750,586	$ 1,306,250
Fair Value, Inputs, Level 1 [Member]
Schedule of Cost-method Investments [Line Items]
Investment in Gold	62,987,484	64,750,586
Total	$ 62,987,484	$ 64,750,586

2. SIGNIFICANT ACCOUNTING POL26

2. SIGNIFICANT ACCOUNTING POLICIES (Details) - Changes in Shares - USD ($)	6 Months Ended	9 Months Ended
	Jul. 31, 2015	Jan. 31, 2015
Changes in Shares [Abstract]
Shares, beginning of period	5,152,630	100,000
Amount, beginning of period	$ 66,087,586	$ 1,306,250
Shares, end of period	5,762,437	5,152,630
Amount, end of period	$ 72,962,117	$ 66,087,586
Shares issued	910,511	5,112,551
Amount issued	$ 10,491,166	$ 65,559,010
Shares redeemed	(300,704)	(59,921)
Amount redeemed	$ (3,616,635)	$ (777,674)

3. INVESTMENT IN GOLD (Details)

3. INVESTMENT IN GOLD (Details) - Activity in Gold Bullion	6 Months Ended	9 Months Ended
	Jul. 31, 2015USD ($)oz	Jan. 31, 2015USD ($)oz
Activity in Gold Bullion [Abstract]
Beginning balance, Ounces (in Ounces) | oz	51,379	1,000
Beginning balance, Fair Value	$ 64,750,586	$ 1,306,250
Gold bullion contributed, Ounces (in Ounces) | oz	8,962	50,978
Gold bullion contributed, Fair Value	$ 10,368,432	$ 65,404,328
Gold bullion distributed, Ounces (in Ounces) | oz	(2,996)	(599)
Gold bullion distributed, Fair Value	$ (3,616,635)	$ (777,674)
Change in unrealized depreciation	(8,292,146)	(1,188,296)
Realized gain from gold distributed from in-kind	$ (222,753)	$ 5,978
Ending balance, Ounces (in Ounces) | oz	57,345	51,379
Ending balance, Fair Value	$ 62,987,484	$ 64,750,586

4. RELATED PARTIES - SPONSOR,28

4. RELATED PARTIES - SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES (Details) - 6 months ended Jul. 31, 2015 - USD ($)	Total
4. RELATED PARTIES - SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES (Details) [Line Items]
Trust Management Fee, Percentage Fee	0.40%
Legal [Member]
4. RELATED PARTIES - SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES (Details) [Line Items]
Administrative Fees Expense	$ 100,000

5. SHAREHOLDER OWNERSHIP (Detai

5. SHAREHOLDER OWNERSHIP (Details) - Jul. 31, 2015 - USD ($)	Total
Disclosure Text Block Supplement [Abstract]
Equity Method Investment, Quoted Market Value	$ 26,509,118
Equity Method Investment, Ownership Percentage	42.17%