VanEck Merk Gold Trust (OUNZ) 10-Q 9 Dec 19 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2019	Dec. 03, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	VanEck Merk Gold Trust
Entity Central Index Key	0001546652
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Type	10-Q
Document Period End Date	Oct. 31, 2019
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Filer Category	Accelerated Filer
Entity Ex Transition Period	true
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Common Stock, Shares Outstanding		12,609,648
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NY
Entity File Number	001-36459
Entity Shell Company	false

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($)	Oct. 31, 2019	Jan. 31, 2019
Assets
Investments in gold bullion (cost $144,870,251 and $145,342,210, respectively)	$ 174,523,033	$ 154,177,919
Total assets	174,523,033	154,177,919
Liabilities
Sponsor's fee payable	10	2
Total liabilities	10	2
Net assets	174,523,023	154,177,917
Net assets consists of:
Paid-in-capital	150,396,328	150,490,404
Accumulated earnings	24,126,695	3,687,513
Net Assets	$ 174,523,023	$ 154,177,917
Shares issued and outstanding (no par value)	11,805,476	11,873,295
Net asset value per share	$ 14.78	$ 12.99

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parenthetical) - USD ($)	Oct. 31, 2019	Jan. 31, 2019
Statement of Financial Position [Abstract]
Investments in gold bullion cost	$ 144,870,251	$ 145,342,210

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Expenses
Sponsor's fees	$ 173,817	$ 136,358	$ 474,492	$ 421,618
Total expenses	173,817	136,358	474,492	421,618
Net investment loss	(173,817)	(136,358)	(474,492)	(421,618)
Net realized and unrealized gain (loss)
Net realized gain (loss) from gold bullion distributed for redemptions		(148,638)	96,601	(148,638)
Net change in unrealized appreciation (depreciation) on investment in gold bullion	9,375,531	(574,763)	20,817,073	(14,447,003)
Net realized and unrealized gain (loss) from operations	9,375,531	(723,401)	20,913,674	(14,595,641)
Net increase (decrease) in net assets resulting from operations	$ 9,201,714	$ (859,759)	$ 20,439,182	$ (15,017,259)

Statements of Changes in Net As

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Statement of Cash Flows [Abstract]
Net assets, beginning of period	$ 160,696,297	$ 138,667,415	$ 154,177,917	$ 142,168,245
Creations	4,625,012	136,365	4,925,689	10,793,035
Redemptions		(4,136,768)	(5,019,765)	(4,136,768)
Net investment loss	(173,817)	(136,358)	(474,492)	(421,618)
Net realized gain (loss) from gold bullion distributed for redemptions		(148,638)	96,601	(148,638)
Net change in unrealized appreciation (depreciation) on investment in gold bullion	9,375,531	(574,763)	20,817,073	(14,447,003)
Net assets, end of period	$ 174,523,023	$ 133,807,253	$ 174,523,023	$ 133,807,253

Financial Highlights

Financial Highlights	9 Months Ended
	Oct. 31, 2019
Financial Highlights [Abstract]
Financial Highlights	Financial Highlights Per Share Performance (for a share outstanding throughout each period) For the For the For the For the (unaudited) (unaudited) (unaudited) (unaudited) Net asset value per share, beginning of period $ 13.98 $ 12.01 $ 12.99 $ 13.25 Net investment loss (a) (0.02) (0.01 ) (0.04) (0.03 ) Net realized and unrealized gain (loss) on investment in gold bullion 0.82 (0.07 ) 1.83 (1.29 ) Net change in net assets from operations 0.80 (0.08 ) 1.79 (1.32 ) Net asset value per share, end of period $ 14.78 $ 11.93 $ 14.78 $ 11.93 Total return, at net asset value (b) 5.72 % (0.67 )% 13.78 % (9.96 )% Ratio to average net assets (c) Net investment loss (0.40) % (0.40 )% (0.40) % (0.40 )% Net expenses 0.40 % 0.40 % 0.40 % 0.40 % (a) Calculated using average shares outstanding (b) Not annualized (c) Annualized See notes to unaudited financial statements.

Schedules of Investment

Schedules of Investment	9 Months Ended
	Oct. 31, 2019
Schedule of Investments [Abstract]
Schedules of Investment	October 31, 2019 (unaudited) Fine Cost Value % of Net Assets Gold bullion 115,506 $ 144,870,251 $ 174,523,033 100.00 % Total investments $ 144,870,251 $ 174,523,033 100.00 % Liabilities in excess of other assets (10 ) 0.00 %(a) Net assets $ 174,523,023 100.00 % January 31, 2019 Fine Cost Value % of Net Assets Gold bullion 116,515 $ 145,342,210 $ 154,177,919 100.00 % Total investments $ 145,342,210 $ 154,177,919 100.00 % Liabilities in excess of other assets (2 ) 0.00 %(a) Net assets $ 154,177,917 100.00 % (a) Amount is less than 0.005%

Organization

Organization	9 Months Ended
	Oct. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION The VanEck Merk Gold Trust (the "Trust"; known as the Merk Gold Trust prior to October 26, 2015 and then as the Van Eck Merk Gold Trust prior to April 28, 2016) is an investment trust formed on May 6, 2014 under New York law pursuant to a depositary 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. The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the "Trustee") and the Trust's principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust. 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. The fiscal year end of the Trust is January 31st.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	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 audited and unaudited financial statements were prepared in accordance with GAAP 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 Financial Accounting Standards Board 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 October 31, 2019 in determining the Trust's investments at fair value for purposes of ASC 820: Level 1 Level 2 Level 3 Investment in gold $ 174,523,033 $ — $ — Total $ 174,523,033 $ — $ — The following table summarizes the inputs used as of January 31, 2019 in determining the Trust's investments at fair value for purposes of ASC 820: Level 1 Level 2 Level 3 Investment in gold $ 154,177,919 $ — $ — Total $ 154,177,919 $ — $ — 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 determines the net asset value (the "NAV") of the Trust on each day that NYSE Arca is open for regular trading, as promptly as practical after 4:00 PM New York time. The NAV of the Trust is the aggregate value of the Trust's assets less its estimated accrued but unpaid liabilities (which include accrued expenses). The Trustee computes the NAV per Share by dividing the net assets of the Trust by the number of the shares outstanding on the date the computation is made. In determining the Trust's NAV, the Trustee values the gold held by the Trust based on the afternoon session of the twice daily fix of the price of a Fine Ounce of gold which starts at 3:00 PM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party administrator (the "LBMA PM Gold Price"). The Trustee also determines the NAV per Share. If on a day when the Trust's NAV is being calculated the LBMA PM Gold Price for that day is not available, the Trustee will value the gold held by the Trust based on that day's morning session of the twice daily fix of the price of a Fine Ounce of gold, which starts at 10:30 AM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party administrator (the "LBMA AM Gold Price"). If no fix is available for the day, the Trustee will value the Trust's gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price. Prior to March 20, 2015, the Trustee utilized the daily fix of the price of a Fine Ounce of gold as performed by the five members of the London gold fix, which has now been replaced by the ICE Benchmark Administration as an independent third-party administrator. 2.2. Expenses The Trustee issues shares to pay the Sponsor's fee; the Sponsor pays the Trust's ordinary expenses. The NAV of the Trust is used to compute the Sponsor's fee, and the Trustee subtracts from the NAV 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 and 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. 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 will likely receive some cash representing the net sale proceeds of any excess Fine Ounces (the "Cash Proceeds"). To minimize the Cash Proceeds of any exchange, the delivery application requires that the number of shares submitted closely correspond in Fine Ounces to the Fine Ounces of physical gold that is held or that is to be acquired by the Trust for which the delivery is sought. Share submissions are processed in the order approved. Changes in the shares for the nine-month period ended October 31, 2019 are as follows: Shares Amount Shares, beginning of period at February 1, 2019 11,873,295 $ 150,490,404 Shares issued 334,730 4,925,689 Shares redeemed (402,549 ) (5,019,765 ) Shares, end of period at October 31, 2019 11,805,476 $ 150,396,328 Changes in the shares for the year ended January 31, 2019 are as follows: Shares Amount Shares, beginning of period at February 1, 2018 10,727,887 $ 135,573,317 Shares issued 1,495,408 19,053,855 Shares redeemed (350,000 ) (4,136,768 ) Shares, end of period at January 31, 2019 11,873,295 $ 150,490,404 2.4. Income Taxes The Trust is treated as a "grantor trust" for U.S. federal tax purposes. As a result, the Trust itself is not subject to U.S. 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 October 31, 2019. 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.

Investment in Gold

Investment in Gold	9 Months Ended
	Oct. 31, 2019
Investment in Gold [Abstract]
INVESTMENT IN GOLD	3. INVESTMENT IN GOLD The following represents the changes in Ounces of gold and the respective fair value at October 31, 2019: Ounces Fair Value Beginning balance as of February 1, 2019 116,515 $ 154,177,919 Gold bullion contributed 2,938 4,451,198 Gold bullion distributed (3,947 ) (5,019,758 ) Realized gain (loss) from gold distributed from in-kind — 96,601 Change in unrealized appreciation (depreciation) — 20,817,073 Ending balance as of October 31, 2019 115,506 $ 174,523,033 The following represents the changes in Ounces of gold and the respective fair value at January 31, 2019: Ounces Fair Value Beginning balance as of February 1, 2018 105,697 $ 142,168,257 Gold bullion contributed 14,257 18,490,428 Gold bullion distributed (3,439 ) (4,136,765 ) Realized gain (loss) from gold distributed from in-kind — (148,638 ) Change in unrealized appreciation (depreciation) — (2,195,363 ) Ending balance as of January 31, 2019 116,515 $ 154,177,919

Related Parties-Sponsor, Truste

Related Parties-Sponsor, Trustee, Custodian and Marketing Fees	9 Months Ended
	Oct. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTIES-SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES	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 NAV, accrued on a daily basis computed on the prior Business Day's NAV 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 (including the fees and expenses of Foreside Fund Services, LLC); 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. On October 22, 2015, the Sponsor, for the benefit of the Trust, entered into a Marketing Agent Agreement (the "Marketing Agreement") with Van Eck Securities Corporation ("VanEck" or "Marketing Agent"). Pursuant to the Marketing Agreement, VanEck provides assistance in the marketing of the shares. The obligations created by the Marketing Agreement are obligations of the Sponsor of the Trust and any fees payable under the Marketing Agreement to VanEck are payable from the Sponsor's fee (as calculated and defined in the Trust Agreement). The Trust will not incur additional financial or other performance obligations pursuant to the Marketing Agreement.

Shareholder Ownership

Shareholder Ownership	9 Months Ended
	Oct. 31, 2019
Equity [Abstract]
SHAREHOLDER OWNERSHIP	5. SHAREHOLDER OWNERSHIP Merk Hard Currency Fund owned a market value of $3,663,574 (247,800 shares) which equates to 2.1% ownership in the Trust as of October 31, 2019.

Concentration of Risk

Concentration of Risk	9 Months Ended
	Oct. 31, 2019
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	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.

Indemnification

Indemnification	9 Months Ended
	Oct. 31, 2019
Indemnification [Abstract]
INDEMNIFICATION	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.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Valuation of Gold	2.1. Valuation of Gold Financial Accounting Standards Board 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 October 31, 2019 in determining the Trust's investments at fair value for purposes of ASC 820: Level 1 Level 2 Level 3 Investment in gold $ 174,523,033 $ — $ — Total $ 174,523,033 $ — $ — The following table summarizes the inputs used as of January 31, 2019 in determining the Trust's investments at fair value for purposes of ASC 820: Level 1 Level 2 Level 3 Investment in gold $ 154,177,919 $ — $ — Total $ 154,177,919 $ — $ — 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 determines the net asset value (the "NAV") of the Trust on each day that NYSE Arca is open for regular trading, as promptly as practical after 4:00 PM New York time. The NAV of the Trust is the aggregate value of the Trust's assets less its estimated accrued but unpaid liabilities (which include accrued expenses). The Trustee computes the NAV per Share by dividing the net assets of the Trust by the number of the shares outstanding on the date the computation is made. In determining the Trust's NAV, the Trustee values the gold held by the Trust based on the afternoon session of the twice daily fix of the price of a Fine Ounce of gold which starts at 3:00 PM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party administrator (the "LBMA PM Gold Price"). The Trustee also determines the NAV per Share. If on a day when the Trust's NAV is being calculated the LBMA PM Gold Price for that day is not available, the Trustee will value the gold held by the Trust based on that day's morning session of the twice daily fix of the price of a Fine Ounce of gold, which starts at 10:30 AM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party administrator (the "LBMA AM Gold Price"). If no fix is available for the day, the Trustee will value the Trust's gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price. Prior to March 20, 2015, the Trustee utilized the daily fix of the price of a Fine Ounce of gold as performed by the five members of the London gold fix, which has now been replaced by the ICE Benchmark Administration as an independent third-party administrator.
Expenses	2.2. Expenses The Trustee issues shares to pay the Sponsor's fee; the Sponsor pays the Trust's ordinary expenses. The NAV of the Trust is used to compute the Sponsor's fee, and the Trustee subtracts from the NAV 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.
Creations and Redemptions of Shares	2.3. Creations and 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. 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 will likely receive some cash representing the net sale proceeds of any excess Fine Ounces (the "Cash Proceeds"). To minimize the Cash Proceeds of any exchange, the delivery application requires that the number of shares submitted closely correspond in Fine Ounces to the Fine Ounces of physical gold that is held or that is to be acquired by the Trust for which the delivery is sought. Share submissions are processed in the order approved. Changes in the shares for the nine-month period ended October 31, 2019 are as follows: Shares Amount Shares, beginning of period at February 1, 2019 11,873,295 $ 150,490,404 Shares issued 334,730 4,925,689 Shares redeemed (402,549 ) (5,019,765 ) Shares, end of period at October 31, 2019 11,805,476 $ 150,396,328 Changes in the shares for the year ended January 31, 2019 are as follows: Shares Amount Shares, beginning of period at February 1, 2018 10,727,887 $ 135,573,317 Shares issued 1,495,408 19,053,855 Shares redeemed (350,000 ) (4,136,768 ) Shares, end of period at January 31, 2019 11,873,295 $ 150,490,404
Income Taxes	2.4. Income Taxes The Trust is treated as a "grantor trust" for U.S. federal tax purposes. As a result, the Trust itself is not subject to U.S. 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 October 31, 2019.
Revenue Recognition Policy	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.

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Oct. 31, 2019
Financial Highlights [Abstract]
Schedule of financial highlights	For the For the For the For the (unaudited) (unaudited) (unaudited) (unaudited) Net asset value per share, beginning of period $ 13.98 $ 12.01 $ 12.99 $ 13.25 Net investment loss (a) (0.02) (0.01 ) (0.04) (0.03 ) Net realized and unrealized gain (loss) on investment in gold bullion 0.82 (0.07 ) 1.83 (1.29 ) Net change in net assets from operations 0.80 (0.08 ) 1.79 (1.32 ) Net asset value per share, end of period $ 14.78 $ 11.93 $ 14.78 $ 11.93 Total return, at net asset value (b) 5.72 % (0.67 )% 13.78 % (9.96 )% Ratio to average net assets (c) Net investment loss (0.40) % (0.40 )% (0.40) % (0.40 )% Net expenses 0.40 % 0.40 % 0.40 % 0.40 % (a) Calculated using average shares outstanding (b) Not annualized (c) Annualized

Schedules of Investment (Tables

Schedules of Investment (Tables)	9 Months Ended
	Oct. 31, 2019
Schedule of Investments [Abstract]
Schedule of investment	Fine Cost Value % of Net Assets Gold bullion 115,506 $ 144,870,251 $ 174,523,033 100.00 % Total investments $ 144,870,251 $ 174,523,033 100.00 % Liabilities in excess of other assets (10 ) 0.00 %(a) Net assets $ 174,523,023 100.00 % Fine Cost Value % of Net Assets Gold bullion 116,515 $ 145,342,210 $ 154,177,919 100.00 % Total investments $ 145,342,210 $ 154,177,919 100.00 % Liabilities in excess of other assets (2 ) 0.00 %(a) Net assets $ 154,177,917 100.00 % (a) Amount is less than 0.005%

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Schedule of investments at fair value	The following table summarizes the inputs used as of October 31, 2019 in determining the Trust's investments at fair value for purposes of ASC 820: Level 1 Level 2 Level 3 Investment in gold $ 174,523,033 $ — $ — Total $ 174,523,033 $ — $ — The following table summarizes the inputs used as of January 31, 2019 in determining the Trust's investments at fair value for purposes of ASC 820: Level 1 Level 2 Level 3 Investment in gold $ 154,177,919 $ — $ — Total $ 154,177,919 $ — $ —
Schedule of changes in shares	Changes in the shares for the nine-month period ended October 31, 2019 are as follows: Shares Amount Shares, beginning of period at February 1, 2019 11,873,295 $ 150,490,404 Shares issued 334,730 4,925,689 Shares redeemed (402,549 ) (5,019,765 ) Shares, end of period at October 31, 2019 11,805,476 $ 150,396,328 Changes in the shares for the year ended January 31, 2019 are as follows: Shares Amount Shares, beginning of period at February 1, 2018 10,727,887 $ 135,573,317 Shares issued 1,495,408 19,053,855 Shares redeemed (350,000 ) (4,136,768 ) Shares, end of period at January 31, 2019 11,873,295 $ 150,490,404

Investment in Gold (Tables)

Investment in Gold (Tables)	9 Months Ended
	Oct. 31, 2019
Investment in Gold [Abstract]
Schedule of changes in ounces of gold and fair value	Ounces Fair Value Beginning balance as of February 1, 2019 116,515 $ 154,177,919 Gold bullion contributed 2,938 4,451,198 Gold bullion distributed (3,947 ) (5,019,758 ) Realized gain (loss) from gold distributed from in-kind — 96,601 Change in unrealized appreciation (depreciation) — 20,817,073 Ending balance as of October 31, 2019 115,506 $ 174,523,033 Ounces Fair Value Beginning balance as of February 1, 2018 105,697 $ 142,168,257 Gold bullion contributed 14,257 18,490,428 Gold bullion distributed (3,439 ) (4,136,765 ) Realized gain (loss) from gold distributed from in-kind — (148,638 ) Change in unrealized appreciation (depreciation) — (2,195,363 ) Ending balance as of January 31, 2019 116,515 $ 154,177,919

Financial Highlights (Details)

Financial Highlights (Details) - $ / shares		3 Months Ended		9 Months Ended
		Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Financial Highlights [Abstract]
Net asset value per share, beginning of period		$ 13.98	$ 12.01	$ 12.99	$ 13.25
Net investment loss	[1]	(0.02)	(0.01)	(0.04)	(0.03)
Net realized and unrealized gain (loss) on investment in gold bullion		0.82	(0.07)	1.83	(1.29)
Net change in net assets from operations		0.80	(0.08)	1.79	(1.32)
Net asset value per share, end of period		$ 14.78	$ 11.93	$ 14.78	$ 11.93
Total return, at net asset value	[2]	5.72%	(0.67%)	13.78%	(9.96%)
Ratio to average net assets
Net investment loss	[3]	(0.40%)	(0.40%)	(0.40%)	(0.40%)
Net expenses	[3]	0.40%	0.40%	0.40%	0.40%
[1]	Calculated using average shares outstanding
[2]	Not annualized.
[3]	Annualized.

Schedules of Investment (Detail

Schedules of Investment (Details)		Oct. 31, 2019USD ($)Ounces	Jan. 31, 2019USD ($)Ounces	Jan. 31, 2018USD ($)Ounces
Fine Ounces | Ounces		115,506	116,515	105,697
Cost		$ 144,870,251	$ 145,342,210
Value		$ 174,523,033	$ 154,177,919	$ 142,168,257
Gold bullion [Member]
Fine Ounces | Ounces		115,506	116,515
Cost		$ 144,870,251	$ 145,342,210
Value		$ 174,523,033	$ 154,177,919
% of Net Assets		100.00%	100.00%
Total investments [Member]
Cost		$ 144,870,251	$ 145,342,210
Value		$ 174,523,033	$ 154,177,919
% of Net Assets		100.00%	100.00%
Liabilities in excess of other assets [Member]
Value		$ (10)	$ (2)
% of Net Assets	[1]	0.00%	0.00%
Net Assets [Member]
Value		$ 174,523,023	$ 154,177,917
% of Net Assets		100.00%	100.00%
[1]	Amount is less than 0.005%

Organization (Details)

Organization (Details)	1 Months Ended
	May 06, 2014Ounce$ / sharesshares
Organization (Textual)
Number of gold | Ounce	1,000
Ounces of gold in exchange for shares | shares	100,000
Price of ounce gold | $ / shares	$ 1,306.25

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Oct. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Schedule of Investment [Abstract]
Total	$ 174,523,033	$ 154,177,919	$ 142,168,257
Level 1 [Member]
Schedule of Investment [Abstract]
Investment in gold	174,523,033	154,177,919
Total	174,523,033	154,177,919
Level 2 [Member]
Schedule of Investment [Abstract]
Investment in gold
Total
Level 3 [Member]
Schedule of Investment [Abstract]
Investment in gold
Total

Significant Accounting Polici_5

Significant Accounting Policies (Details 1) - USD ($)	9 Months Ended	12 Months Ended
	Oct. 31, 2019	Jan. 31, 2019
Accounting Policies [Abstract]
Shares, beginning of period	11,873,295	10,727,887
Shares issued	334,730	1,495,408
Shares redeemed	(402,549)	(350,000)
Shares, end of period	11,805,476	11,873,295
Amount, shares, beginning of period	$ 150,490,404	$ 135,573,317
Amount, shares issued	4,925,689	19,053,855
Amount, shares redeemed	(5,019,765)	(4,136,768)
Amount, shares, end of period	$ 150,396,328	$ 150,490,404

Significant Accounting Polici_6

Significant Accounting Policies (Details Textual)	9 Months Ended
	Oct. 31, 2019USD ($)shares
Significant Accounting Policies (Textual)
Shares issued and redeemed by trust in blocks | shares	50,000
Transaction fee | $	$ 500

Investment in Gold (Details)

Investment in Gold (Details)	9 Months Ended	12 Months Ended
	Oct. 31, 2019USD ($)Ounces	Jan. 31, 2019USD ($)Ounces
Investment in Gold [Abstract]
Beginning balance | Ounces	116,515	105,697
Gold bullion contributed | Ounces	2,938	14,257
Gold bullion distributed | Ounces	(3,947)	(3,439)
Realized gain (loss) from gold distributed from in-kind | Ounces
Change in unrealized appreciation (depreciation) | Ounces
Ending balance | Ounces	115,506	116,515
Changes in fair value of gold and fair value
Beginning balance, Fair Value | $	$ 154,177,919	$ 142,168,257
Gold bullion contributed, Fair Value | $	4,451,198	18,490,428
Gold bullion distributed, Fair Value | $	(5,019,758)	(4,136,765)
Realized gain (loss) from gold distributed from in-kind, Fair Value | $	96,601	(148,638)
Change in unrealized appreciation (depreciation), Fair Value | $	20,817,073	(2,195,363)
Ending balance, Fair Value | $	$ 174,523,033	$ 154,177,919

Related Parties-Sponsor, Trus_2

Related Parties-Sponsor, Trustee, Custodian and Marketing Fees (Details)	9 Months Ended
	Oct. 31, 2019USD ($)
Related Parties-Sponsor, Trustee, Custodian and Marketing Fees (Textual)
Percentage of sponsor's fee	0.40%
Legal expenses, per annum	$ 100,000

Shareholder Ownership (Details)

Shareholder Ownership (Details)	Oct. 31, 2019USD ($)shares
Shareholder Ownership (Textual)
Market value | $	$ 3,663,574
Market value shares | shares	247,800
Ownership percentage	2.10%