Document and Entity Information
Document and Entity Information | 9 Months Ended | |
Jul. 31, 2020shares | Oct. 31, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Vaulted Gold Bullion Trust | |
Entity Central Index Key | 0001593812 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 333-194144 | |
Entity Common Stock, Shares Outstanding | 0 | |
Gold Deposit Receipts Outstanding | 991 | 153,386 |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | false | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false |
Statements of Assets and Liabil
Statements of Assets and Liabilities | Jul. 31, 2020USD ($) | Oct. 31, 2019USD ($) |
ASSETS | ||
Investment in gold (Cost: $1,598,902 and $203,584,099, respectively) (see Notes 2.2, 2.5) | $ 1,947,216 | $ 231,758,577 |
Total assets | 1,947,216 | 231,758,577 |
Paid In Capital | 1,598,902 | 203,584,099 |
Unrealized gain on investment in gold | 348,314 | 28,174,478 |
NET ASSETS | $ 1,947,216 | $ 231,758,577 |
Receipts issued, issuable and outstanding (see Note 2.3) | 991 | 153,386 |
Net Asset Value per Receipt | 1,964.90 | 1,510.95 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parenthetical) - USD ($) | Jul. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Oct. 31, 2018 |
Statement Of Assets And Liabilities Parenthetical | ||||
Cost of gold | $ 1,598,902 | $ 203,584,099 | $ 203,538,552 | $ 203,470,539 |
Schedules of Investments
Schedules of Investments | Jul. 31, 2020USD ($)ozt | Oct. 31, 2019USD ($)ozt | |
Troy Oz | ozt | 991 | 153,386 | |
Cost | $ 1,598,902 | $ 203,584,099 | |
Fair Value | $ 1,947,216 | $ 231,758,577 | |
% of Net Assets | [1] | 100.00% | 100.00% |
Gold [Member] | |||
Troy Oz | ozt | 991 | 153,386 | |
Cost | $ 1,598,902 | $ 203,584,099 | |
Fair Value | $ 1,947,216 | $ 231,758,577 | |
% of Net Assets | [1] | 100.00% | 100.00% |
[1] | Calculated as investment in gold at fair value divided by net assets |
Statements of Operations (Unaud
Statements of Operations (Unaudited) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | ||
Statements Of Operations | |||||
Net realized gain (loss) on redemption of Receipts | $ 37,134,635 | $ (434) | |||
Net change in unrealized gain (loss) on investment in gold | 253,850 | 22,273,916 | (27,826,164) | 32,598,650 | |
Total gain on investment in gold | 253,850 | 22,273,916 | 9,308,471 | 32,598,216 | |
Increase in net assets from operations | $ 253,850 | $ 22,273,916 | $ 9,308,471 | $ 32,598,216 | |
Increase in net assets from operations per Receipt | [1] | 291.45 | 145.25 | 157.35 | 212.60 |
Weighted average number of receipts | 871 | 153,348 | 59,156 | 153,330 | |
[1] | Based on weighted average number of Receipts issued and outstanding over the period |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | |
Receipts | ||||
Opening balance | 576 | 153,346 | 153,386 | 153,304 |
Issuances | 415 | 10 | 724 | 57 |
Redemptions | (153,119) | (5) | ||
Closing balance | 991 | 153,356 | 991 | 153,356 |
Amount | ||||
Opening balance | $ 980,784 | $ 196,635,576 | $ 231,758,577 | $ 186,256,695 |
Net change in unrealized gain (loss) on investment in gold | 253,850 | 22,273,916 | (27,826,164) | 32,598,650 |
Net realized gain (loss) on redemption of Receipts | 37,134,635 | (434) | ||
Issuances | 712,582 | 13,866 | 1,240,156 | 74,726 |
Redemptions | (240,359,988) | (6,279) | ||
Closing balance | $ 1,947,216 | $ 218,923,358 | $ 1,947,216 | $ 218,923,358 |
Organization
Organization | 9 Months Ended |
Jul. 31, 2020 | |
Organization | |
Organization | 1. Organization The Vaulted Gold Bullion Trust (the “Trust”) was initially formed on December 10, 2013. The Trust is governed by the second amended and restated Depositary Trust Agreement, dated May 11, 2017 (the “Depositary Trust Agreement”). Commencement of operations occurred on August 5, 2016. The Bank of New York Mellon is the trustee (the “Trustee”) and BNY Mellon Trust of Delaware is the Delaware trustee (the “Delaware Trustee”). The Bank of Montreal (the “Initial Depositor”) sells Gold Bullion (“Gold”) to the Trust, arranges custodial services through its storage account and provides administrative services from time to time. The Vaulted Gold Bullion Trust is not a registered investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is intended to hold Gold for the benefit of owners of Gold Deposit Receipts (“Receipts”). One Receipt represents the undivided beneficial ownership of one troy ounce of Gold. Investors (through registered broker-dealers, or banks or trust companies that become party to the distribution agreement (“Authorized Participants”)) are able to acquire, hold, transfer and surrender only whole Receipts (i.e., no fractional interests), with a minimum of one Receipt per transaction. The Trustee performs only administrative and ministerial acts. The property of the Trust consists of the Gold and all monies or other property, if any, received by the Trustee. The fiscal year end for the Trust is October 31. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2020 | |
Significant Accounting Policies | |
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 (“GAAP”) 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. Basis of Accounting The Trust is an investment company for financial reporting purposes in accordance with GAAP and is not registered as an investment company under the 1940 Act nor is it required to register under such act. 2.2. Valuation of Gold The Gold is held for the benefit of holders of the Receipts in a custodial account operated by Bank of Montreal at the Royal Canadian Mint (the “Mint”) and is valued, for financial statement purposes, at fair value. Fair value is determined by the London Bullion Market Association (“LBMA”) (PM) Gold Price, which is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction. The Trust follows GAAP guidance for determining fair value and GAAP requires disclosure regarding the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust records its investment in gold at fair value and recognizes changes in fair value of the investment in gold as changes in unrealized gains or losses on investment in gold through the Statement of Operations. Realized gains and losses on the redemption of Receipts, are calculated as the difference between the fair value and cost of gold redeemed. Realized gains and losses are recorded using the specific identification method for cost relief. Valuation Techniques and Significant Inputs A valuation hierarchy exists that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. Observable inputs other than quoted prices in an active market that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments and similar data. – Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. The Trust classifies its investment in gold as Level 1 of the fair value hierarchy. There were no re-allocations or transfers between levels during the period. 2.3. Issuance and Redemption of Receipts The Trust issues Receipts on a continuous basis pursuant to the Depositary Trust Agreement. Authorized capital is unlimited. There were 991 Receipts issued and outstanding on July 31, 2020 (153,386 Receipts issued and outstanding on October 31, 2019). Holders of Receipts will receive no distributions. Subject to certain exceptions, holders of Receipts have the option to redeem their Receipts for physical gold (to be delivered directly to them by the service carrier) subject to payment of a withdrawal and delivery fee to the Initial Depositor, or exchange their Receipts for cash. Changes in the Receipts for the nine months ended July 31, 2020 and July 31, 2019 are set out below: Nine Months Nine Months (Amounts in US$ except for Number of Receipt and per Receipt Number of Receipts Transactions Opening balance 153,386 153,304 Receipts issued 724 57 Receipts redeemed (153,119 ) (5 ) Closing balance 991 153,356 Amount of Receipts (at cost) Opening balance $ 203,584,099 $ 203,470,539 Issuances 1,240,156 74,726 Redemptions (203,225,353 ) (6,713 ) Closing balance $ 1,598,902 $ 203,538,552 Net Asset Value per Receipt at period end $ 1,964.90 $ 1,427.55 2.4. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal income tax. The Trustee 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, 2020 and October 31, 2019. 2.5. Investment in Gold Changes in ounces of the Trust’s investment in gold and the respective values for the three and nine months ended July 31, 2020 and July 31, 2019 are set out below: (Amounts in Three Months Three Months Nine Months Nine Months Ounces of gold Opening 576 153,346 153,386 153,304 Purchases 415 10 724 57 Redemptions - - (153,119 ) (5 ) Closing balance 991 153,356 991 153,356 Investment in Opening $ 980,784 $ 196,635,576 $ 231,758,577 $ 186,256,695 Net change in 253,850 22,273,916 (27,826,164 ) 32,598,650 Net realized - - 37,134,635 (434 ) Purchases 712,582 13,866 1,240,156 74,726 Redemptions - - (240,359,988 ) (6,279 ) Closing balance $ 1,947,216 $ 218,923,358 $ 1,947,216 $ 218,923,358 2.6. Fees and Expenses The expenses of the Trust are borne by the Initial Depositor. The expenses of the Trust are expected to include, but are not limited to, the following: • any expenses or liabilities of the Trust; • any taxes and other governmental charges that may fall on the Trust or its property; and • fees and expenses of the Trustee and any indemnification of the Trustee. Additionally, the Trustee’s and Mint’s fees are paid by the Initial Depositor and are not separate expenses of the Trust. 2.7. Related Party Transactions On May 11, 2017, the Trust entered into the Depositary Trust Agreement with The Bank of New York Mellon, BNY Trust of Delaware, Bank of Montreal and BMO Capital Markets Corp. On July 11, 2018, the Trust entered into the Second Amended and Restated Distribution Agreement with Bank of Montreal and BMO Capital Markets Corp (the “Distribution Agreement”). Bank of Montreal acts as the Initial Depositor of the Trust and holds gold that it transfers to the Trust from time to time in connection with the sale by the Trust of Receipts. Pursuant to the Depositary Trust Agreement and the Distribution Agreement, the offering price for each Receipt consists of the spot price at the time of sale to an investor for one troy ounce of gold, plus: (1) in the case of a Class A Gold Deposit Receipt, a deposit fee of 2.00%, payable to Bank of Montreal, plus plus in the case of a Class F-2 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.50%, payable to Bank of Montreal, and no sales fee; (5) in the case of a Class F-3 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.00%, payable to Bank of Montreal, and no sales fee; and (6) in the case of a Class S Gold Deposit Receipt, which is sold solely to an Institutional Account, neither a deposit fee nor a sales fee Bank of Montreal charges holders of Receipts a withdrawal and delivery fee if physical delivery of the gold is requested (the “Withdrawal and Delivery Fee”). Bank of Montreal additionally reserves the right to charge the holders of Receipts a custody fee, not to exceed 0.50% per annum of the daily average closing price of gold represented by the Receipts, as calculated by the Initial Depositor, acting in good faith (the “Custody Fee”). Bank of Montreal did not charge any Custody Fee during the three or nine months ended July 31, 2020 or for the fiscal year ended October 31, 2019. None of the Deposit Fee, Withdrawal and Delivery Fee or Custody Fee is paid by the Trust to Bank of Montreal. Pursuant to the terms of the Distribution Agreement, BMO Capital Markets Corp., one of Bank of Montreal’s affiliates, acts as the Underwriter of the continuous offerings of Receipts and as the calculation agent responsible for calculating the spot price at which Receipts are offered to the public. Further, Bank of Montreal or its affiliates may acquire Receipts of the Trust on behalf of its private clients. BMO Financial Group (“BMO”) held no Receipts as at July 31, 2020, after redeeming 153,118 Receipts in February 2020. BMO held 153,118 Receipts as at October 31, 2019 with a total market value of $231,353,642 (Cost: $203,243,629). 2.8. New Accounting Pronouncement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework --Changes to the Disclosure Requirements for Fair Value Measurement |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Jul. 31, 2020 | |
Concentration Of Risk | |
Concentration of Risk | 3. Concentration of Risk The Trust’s sole business activity is the investment in gold, and substantially all the Trust’s assets are holdings of gold which creates a concentration of risk associated with fluctuations in the price of gold. Several factors could affect the price of gold, including: (i) global gold supply and demand, which is influenced by factors such 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 value of an investment in the Receipts will decline proportionately. Subject to certain restrictions, Receipts may be redeemed after notice at the option of the holder. Each of these events could have a material effect on the Trust’s financial position and results of operations. |
Indemnification
Indemnification | 9 Months Ended |
Jul. 31, 2020 | |
Indemnification | |
Indemnification | 4. Indemnification Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Initial Depositor (and its members, managers, directors, officers, employees and affiliates) are 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. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Jul. 31, 2020 | |
Financial Highlights | |
Financial Highlights | 5. Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Receipt outstanding for the three and nine months ended July 31, 2020 and July 31, 2019. Net Asset Value Three July 31 Three July 31 Nine July 31 Nine July 31 Net asset value per Receipt, beginning of period $ 1,702.75 $ 1,282.30 $ 1,510.95 $ 1,214.95 Change in unrealized investment in gold $ 262.15 $ 145.25 $ 453.95 $ 212.60 Net Asset Value per Receipt, end of period $ 1,964.90 $ 1,427.55 $ 1,964.90 $ 1,427.55 Total Return* 15.40 % 11.33 % 30.04 % 17.50 % Portfolio Turnover 0.00 % 0.00 % 1.17 % 0.00 % * Not annualized |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jul. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 6. Subsequent Events The Trust evaluated subsequent events through the date the financial statements were issued. The Trust concluded that no subsequent events have occurred that would require recognition or disclosure in the financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2020 | |
Significant Accounting Policies Policy | |
Basis of Accounting | 2.1. Basis of Accounting The Trust is an investment company for financial reporting purposes in accordance with GAAP and is not registered as an investment company under the 1940 Act nor is it required to register under such act. |
Valuation of Gold | 2.2. Valuation of Gold The Gold is held for the benefit of holders of the Receipts in a custodial account operated by Bank of Montreal at the Royal Canadian Mint (the “Mint”) and is valued, for financial statement purposes, at fair value. Fair value is determined by the London Bullion Market Association (“LBMA”) (PM) Gold Price, which is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction. The Trust follows GAAP guidance for determining fair value and GAAP requires disclosure regarding the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust records its investment in gold at fair value and recognizes changes in fair value of the investment in gold as changes in unrealized gains or losses on investment in gold through the Statement of Operations. Realized gains and losses on the redemption of Receipts, are calculated as the difference between the fair value and cost of gold redeemed. Realized gains and losses are recorded using the specific identification method for cost relief. Valuation Techniques and Significant Inputs A valuation hierarchy exists that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. Observable inputs other than quoted prices in an active market that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments and similar data. – Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. The Trust classifies its investment in gold as Level 1 of the fair value hierarchy. There were no re-allocations or transfers between levels during the period. |
Issuance and Redemption of Receipts | 2.3. Issuance and Redemption of Receipts The Trust issues Receipts on a continuous basis pursuant to the Depositary Trust Agreement. Authorized capital is unlimited. There were 991 Receipts issued and outstanding on July 31, 2020 (153,386 Receipts issued and outstanding on October 31, 2019). Holders of Receipts will receive no distributions. Subject to certain exceptions, holders of Receipts have the option to redeem their Receipts for physical gold (to be delivered directly to them by the service carrier) subject to payment of a withdrawal and delivery fee to the Initial Depositor, or exchange their Receipts for cash. Changes in the Receipts for the nine months ended July 31, 2020 and July 31, 2019 are set out below: Nine Months Nine Months (Amounts in US$ except for Number of Receipt and per Receipt Number of Receipts Transactions Opening balance 153,386 153,304 Receipts issued 724 57 Receipts redeemed (153,119 ) (5 ) Closing balance 991 153,356 Amount of Receipts (at cost) Opening balance $ 203,584,099 $ 203,470,539 Issuances 1,240,156 74,726 Redemptions (203,225,353 ) (6,713 ) Closing balance $ 1,598,902 $ 203,538,552 Net Asset Value per Receipt at period end $ 1,964.90 $ 1,427.55 |
Income Taxes | 2.4. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal income tax. The Trustee 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, 2020 and October 31, 2019. |
Investment in Gold | 2.5. Investment in Gold Changes in ounces of the Trust’s investment in gold and the respective values for the three and nine months ended July 31, 2020 and July 31, 2019 are set out below: (Amounts in Three Months Three Months Nine Months Nine Months Ounces of gold Opening 576 153,346 153,386 153,304 Purchases 415 10 724 57 Redemptions - - (153,119 ) (5 ) Closing balance 991 153,356 991 153,356 Investment in Opening $ 980,784 $ 196,635,576 $ 231,758,577 $ 186,256,695 Net change in 253,850 22,273,916 (27,826,164 ) 32,598,650 Net realized - - 37,134,635 (434 ) Purchases 712,582 13,866 1,240,156 74,726 Redemptions - - (240,359,988 ) (6,279 ) Closing balance $ 1,947,216 $ 218,923,358 $ 1,947,216 $ 218,923,358 |
Fees and Expenses | 2.6. Fees and Expenses The expenses of the Trust are borne by the Initial Depositor. The expenses of the Trust are expected to include, but are not limited to, the following: • any expenses or liabilities of the Trust; • any taxes and other governmental charges that may fall on the Trust or its property; and • fees and expenses of the Trustee and any indemnification of the Trustee. Additionally, the Trustee’s and Mint’s fees are paid by the Initial Depositor and are not separate expenses of the Trust. |
Related Party Transactions | 2.7. Related Party Transactions On May 11, 2017, the Trust entered into the Depositary Trust Agreement with The Bank of New York Mellon, BNY Trust of Delaware, Bank of Montreal and BMO Capital Markets Corp. On July 11, 2018, the Trust entered into the Second Amended and Restated Distribution Agreement with Bank of Montreal and BMO Capital Markets Corp (the “Distribution Agreement”). Bank of Montreal acts as the Initial Depositor of the Trust and holds gold that it transfers to the Trust from time to time in connection with the sale by the Trust of Receipts. Pursuant to the Depositary Trust Agreement and the Distribution Agreement, the offering price for each Receipt consists of the spot price at the time of sale to an investor for one troy ounce of gold, plus: (1) in the case of a Class A Gold Deposit Receipt, a deposit fee of 2.00%, payable to Bank of Montreal, plus plus in the case of a Class F-2 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.50%, payable to Bank of Montreal, and no sales fee; (5) in the case of a Class F-3 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.00%, payable to Bank of Montreal, and no sales fee; and (6) in the case of a Class S Gold Deposit Receipt, which is sold solely to an Institutional Account, neither a deposit fee nor a sales fee Bank of Montreal charges holders of Receipts a withdrawal and delivery fee if physical delivery of the gold is requested (the “Withdrawal and Delivery Fee”). Bank of Montreal additionally reserves the right to charge the holders of Receipts a custody fee, not to exceed 0.50% per annum of the daily average closing price of gold represented by the Receipts, as calculated by the Initial Depositor, acting in good faith (the “Custody Fee”). Bank of Montreal did not charge any Custody Fee during the three or nine months ended July 31, 2020 or for the fiscal year ended October 31, 2019. None of the Deposit Fee, Withdrawal and Delivery Fee or Custody Fee is paid by the Trust to Bank of Montreal. Pursuant to the terms of the Distribution Agreement, BMO Capital Markets Corp., one of Bank of Montreal’s affiliates, acts as the Underwriter of the continuous offerings of Receipts and as the calculation agent responsible for calculating the spot price at which Receipts are offered to the public. Further, Bank of Montreal or its affiliates may acquire Receipts of the Trust on behalf of its private clients. BMO Financial Group (“BMO”) held no Receipts as at July 31, 2020, after redeeming 153,118 Receipts in February 2020. BMO held 153,118 Receipts as at October 31, 2019 with a total market value of $231,353,642 (Cost: $203,243,629). |
New Accounting Pronouncement | 2.8. New Accounting Pronouncement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework --Changes to the Disclosure Requirements for Fair Value Measurement |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Significant Accounting Policies Tables | |
Schedule of Changes in Receipts | Subject to certain exceptions, holders of Receipts have the option to redeem their Receipts for physical gold (to be delivered directly to them by the service carrier) subject to payment of a withdrawal and delivery fee to the Initial Depositor, or exchange their Receipts for cash. Changes in the Receipts for the nine months ended July 31, 2020 and July 31, 2019 are set out below: Nine Months Nine Months (Amounts in US$ except for Number of Receipt and per Receipt Number of Receipts Transactions Opening balance 153,386 153,304 Receipts issued 724 57 Receipts redeemed (153,119 ) (5 ) Closing balance 991 153,356 Amount of Receipts (at cost) Opening balance $ 203,584,099 $ 203,470,539 Issuances 1,240,156 74,726 Redemptions (203,225,353 ) (6,713 ) Closing balance $ 1,598,902 $ 203,538,552 Net Asset Value per Receipt at period end $ 1,964.90 $ 1,427.55 |
Schedule of Changes in Gold | Changes in ounces of the Trust’s investment in gold and the respective values for the three and nine months ended July 31, 2020 and July 31, 2019 are set out below: (Amounts in Three Months Three Months Nine Months Nine Months Ounces of gold Opening 576 153,346 153,386 153,304 Purchases 415 10 724 57 Redemptions - - (153,119 ) (5 ) Closing balance 991 153,356 991 153,356 Investment in Opening $ 980,784 $ 196,635,576 $ 231,758,577 $ 186,256,695 Net change in 253,850 22,273,916 (27,826,164 ) 32,598,650 Net realized - - 37,134,635 (434 ) Purchases 712,582 13,866 1,240,156 74,726 Redemptions - - (240,359,988 ) (6,279 ) Closing balance $ 1,947,216 $ 218,923,358 $ 1,947,216 $ 218,923,358 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Financial Highlights Tables | |
Schedule of Financial Highlights | The Trust is presenting the following financial highlights related to investment performance and operations of a Receipt outstanding for the three and nine months ended July 31, 2020 and July 31, 2019. Net Asset Value Three July 31 Three July 31 Nine July 31 Nine July 31 Net asset value per Receipt, beginning of period $ 1,702.75 $ 1,282.30 $ 1,510.95 $ 1,214.95 Change in unrealized investment in gold $ 262.15 $ 145.25 $ 453.95 $ 212.60 Net Asset Value per Receipt, end of period $ 1,964.90 $ 1,427.55 $ 1,964.90 $ 1,427.55 Total Return* 15.40 % 11.33 % 30.04 % 17.50 % Portfolio Turnover 0.00 % 0.00 % 1.17 % 0.00 % * Not annualized |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Feb. 29, 2020 | Oct. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Oct. 31, 2018USD ($) |
Maximum custody fee | 0.50% | ||||||
Receipts issued and outstanding | 991 | 153,386 | |||||
Investment market value | $ 1,947,216 | $ 980,784 | $ 231,758,577 | $ 218,923,358 | $ 196,635,576 | $ 186,256,695 | |
Investment cost | $ 1,598,902 | $ 203,584,099 | $ 203,538,552 | $ 203,470,539 | |||
BMO Capital Markets Corp [Member] | |||||||
Receipts issuable | 153,118 | 153,118 | |||||
Investment market value | $ 231,353,642 | ||||||
Investment cost | $ 203,243,629 | ||||||
Class A Gold Deposit Receipt [Member] | |||||||
Deposit fee | 2.00% | ||||||
Sales fee | 2.00% | ||||||
Class F Gold Deposit Receipt [Member] | |||||||
Deposit fee | 2.00% | ||||||
Sales fee | 0.25% | ||||||
Class F-1 Gold Deposit Receipt [Member] | |||||||
Deposit fee | 2.00% | ||||||
Sales fee | |||||||
Class F-2 Gold Deposit Receipt [Member] | |||||||
Deposit fee | 1.50% | ||||||
Sales fee | |||||||
Class F-3 Gold Deposit Receipt [Member] | |||||||
Deposit fee | 1.00% | ||||||
Sales fee |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Changes in Receipts) (Details) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | |
Number of Receipts Transactions | ||||
Opening balance | 576 | 153,346 | 153,386 | 153,304 |
Receipts issued | 415 | 10 | 724 | 57 |
Receipts redeemed | (153,119) | (5) | ||
Closing balance | 991 | 153,356 | 991 | 153,356 |
Amount of Receipts (at cost) | ||||
Opening balance | $ 203,584,099 | $ 203,470,539 | ||
Issuances | 1,240,156 | 74,726 | ||
Redemptions | (203,225,353) | (6,713) | ||
Closing balance | $ 1,598,902 | $ 203,538,552 | $ 1,598,902 | $ 203,538,552 |
Net Asset Value per Receipt, end of period | 1,964.90 | 1,427.55 | 1,964.90 | 1,427.55 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Changes in Gold) (Details) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020USD ($)ozt | Jul. 31, 2019USD ($)ozt | Jul. 31, 2020USD ($)ozt | Jul. 31, 2019USD ($)ozt | |
Ounces of gold | ||||
Opening balance | ozt | 576 | 153,346 | 153,386 | 153,304 |
Purchases | ozt | 415 | 10 | 724 | 57 |
Redemptions | ozt | (153,119) | (5) | ||
Closing balance | ozt | 991 | 153,356 | 991 | 153,356 |
Investment in gold | ||||
Opening balance | $ 980,784 | $ 196,635,576 | $ 231,758,577 | $ 186,256,695 |
Net change in unrealized gain (loss) on investment in gold | 253,850 | 22,273,916 | (27,826,164) | 32,598,650 |
Net realized gain (loss) on redemption of Receipts | 37,134,635 | (434) | ||
Purchases | 712,582 | 13,866 | 1,240,156 | 74,726 |
Redemptions | (240,359,988) | (6,279) | ||
Closing balance | $ 1,947,216 | $ 218,923,358 | $ 1,947,216 | $ 218,923,358 |
Financial Highlights (Details)
Financial Highlights (Details) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | ||
Net Asset Value | |||||
Net asset value per Receipt, beginning of period | 1,702.75 | 1,282.30 | 1,510.95 | 1,214.95 | |
Change in unrealized investment in gold | 262.15 | 145.25 | 453.95 | 212.60 | |
Net Asset Value per Receipt, end of period | 1,964.90 | 1,427.55 | 1,964.90 | 1,427.55 | |
Total Return | [1] | 15.40% | 11.33% | 30.04% | 17.50% |
Portfolio Turnover | 0.00% | 0.00% | 1.17% | 0.00% | |
[1] | Not annualized |