| Significant Accounting Policies (Policies) | 12 Months Ended |
| Sep. 30, 2018 |
| Basis of Accounting | 2.1. Basis of
Accounting The Funds are investment
companies within the scope of Financial Accounting Standards Board
Accounting Standards Codification (“ASC”) 946,
Financial Services—Investment Companies, and therefore apply
the specialized accounting and reporting guidance therein. The
Funds are not registered as investment companies under the
Investment Company Act of 1940, as amended. These financial statements
present the financial condition, results of operations and cash
flows of the Funds and the Trust combined. For the periods
presented, there were no balances or activity for the Trust apart
from those from the Funds, and the footnotes accordingly relate to
the Funds, unless stated otherwise. |
| Basis of Presentation | 2.2. Basis of
Presentation The financial statements
are presented for the Trust, as the SEC registrant, combined with
the Funds and for each of GLDW and GLDM individually. The debts,
liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to each Series shall be enforceable
only against the assets of that Series and not against the assets
of the Trust generally or any other series that the Trust may
establish in the future. |
| Cash and Cash Equivalents | 2.3. Cash and Cash
Equivalents Cash and cash equivalents
include highly liquid investments of sufficient credit quality with
original maturity of three months or less. |
| Solactive GLD Long USD Gold Index-Gold Delivery Agreement | 2.4. Solactive
GLD Long USD Gold Index—Gold
Delivery Agreement
Pursuant to
the terms of the Gold Delivery Agreement, GLDW has entered into a
transaction to deliver gold bullion to, or receive gold bullion
from, Merrill Lynch International, as Gold Delivery Provider, each
Business Day. The amount of gold bullion transferred essentially
will be equivalent to GLDW’s profit or loss as if it had
exchanged the Reference Currencies comprising the Index (“FX
Basket”), in the proportion in which they are reflected in
the Index, for USDs in an amount equal to its holdings of gold
bullion on such day. In general, if there is a currency gain (i.e.,
the value of the USD against the Reference Currencies comprising
the FX Basket increases), GLDW will receive gold bullion. In
general, if there is a currency loss (i.e., the value of the USD
against the Reference Currencies comprising the FX Basket
decreases), it will deliver gold bullion. In this manner, the
amount of gold bullion held will be adjusted to reflect the daily
change in the value of the Reference Currencies comprising the FX
Basket against the USD. The Gold Delivery Agreement requires gold
bullion ounces, calculated pursuant to formulas contained in the
Gold Delivery Agreement, to be delivered to the custody account of
GLDW or the Gold Delivery Provider, as applicable. The fee that
GLDW pays the Gold Delivery Provider for its services under the
Gold Delivery Agreement is accrued daily and reflected in the
calculation of the amount of gold bullion to be delivered pursuant
to the Gold Delivery Agreement. The realized gain/loss from the
Gold Delivery Agreement is disclosed on the Combined Statements of
Operations and the Combined Statements of Changes in Net
Assets.
The Index is
designed to represent the daily performance of a long position in
physical gold, as represented by the LBMA Gold Price AM, and a
short position in the basket of Reference Currencies with
weightings determined by the FX Basket. The Reference Currencies
and their respective weightings in the Index are as follows: Euro
(EUR/USD) (57.6%), Japanese Yen (USD/JPY) (13.6%), British
Pound Sterling (GBP/USD) (11.9%), Canadian Dollar (USD/CAD)
(9.1%), Swedish Krona (USD/SEK) (4.2%), and Swiss Franc (USD/CHF)
(3.6%). |
| Fair Value Measurement | 2.5. Fair Value
Measurement U.S. GAAP defines fair
value as the price the Funds would receive to sell an asset or pay
to transfer a liability in an orderly transaction between market
participants at the measurement date. The Funds’ policy is to
value their investments at fair value. Various inputs are used in
determining the fair value of the Funds’ assets or
liabilities. Inputs may be based on independent market data
(“observable inputs”) or they may be internally
developed (“unobservable inputs”). These inputs are
categorized into a disclosure hierarchy consisting of three broad
levels for financial reporting purposes. The level of a value
determined for an asset or liability within the fair value
hierarchy is based on the lowest level of any input that is
significant to the fair value measurement in its entirety. The
three levels of the fair value hierarchy are:
Level 1 –
Unadjusted quoted prices in active markets for identical assets
or liabilities;
Level 2 –
Inputs other than quoted prices included within Level 1
that are observable for the asset or liability either directly or
indirectly, including quoted prices for similar assets or
liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not considered to
be active, inputs other than quoted prices that are observable for
the asset or liability and inputs that are derived principally from
or corroborated by observable market data by correlation or other
means; and
Level 3 –
Inputs that are unobservable for the asset and liability,
including the Funds’ assumptions (if any) used in determining
the fair value of investments. The following table
summarizes the Funds’ investments at fair value:
(Amounts in 000’s
of US$)
September 30, 2018 Level 1 Level 2 Level 3
Investment in
Gold $ 246,784 $ — $ —
Gold Delivery
Agreement — — —
Total $ 246,784 $ — $ —
(Amounts in 000’s
of US$)
September 30, 2017 Level 1 Level 2 Level 3
Investment in
Gold $ 14,406 $ — $ —
Gold Delivery
Agreement — — —
Total $ 14,406 $ — $ —
There were no transfers
between Level 1 and other Levels for the year ended
September 30, 2018 and fiscal period ended September 30,
2017. The Administrator values
the gold held by the Funds on the basis of the price of an ounce of
gold as determined by ICE Benchmark Administration Limited
(“IBA”), a benchmark administrator, which provides an
independently administered auction process, as well as the overall
administration and governance for the LBMA Gold Price. In
determining the net asset value (“NAV”) of the Funds,
the Administrator values the gold held by the Funds on the basis of
the price of an ounce of gold determined by the IBA auction
process, which is an electronic auction, with the imbalance
calculated and the price adjusted in rounds (30 seconds in
duration). The auction runs twice daily at 10:30 AM and 3:00 PM
London time. The Administrator calculates the NAV of the Funds on
each day the NYSE Arca is open for regular trading. If no gold
price is made on a particular evaluation day, the next most recent
gold price is used in the determination of the NAV of the Funds,
unless the Administrator, in consultation with the Sponsor,
determines that such price is inappropriate to use as the basis for
such determination. |
| Custody of Gold | 2.6. Custody of Gold Gold bullion is held by
HSBC Bank plc on behalf of GLDW, and by ICBC Standard Bank Plc on
behalf of GLDM each individually referred to as the
“Custodian.” |
| Gold Receivable/Payable | 2.7. Gold
Receivable/Payable Gold receivable/payable
represents the quantity of gold covered by contractually binding
orders for the creation/redemption of Shares where the gold has not
yet been transferred into/out of the Series’ account.
Generally, ownership of the gold is transferred within two business
days of the trade date.
(Amounts in 000’s of US$) Sep-30, Sep-30,
Gold receivable $ 8,307 $ —
(Amounts in 000’s of US$) Sep-30, Sep-30,
Gold payable $ — $ — |
| Gold Delivery Agreement Receivable | 2.8 Gold Delivery Agreement
Receivable Gold Delivery Agreement
receivable represents the quantity of gold due to be received under
the Gold Delivery Agreement. The gold is transferred to
GLDW’s allocated gold bullion account at the Custodian two
business days after the valuation date.
(Amounts in 000’s of US$) Sep-30, Sep-30,
Gold Delivery Agreement
receivable $ 276 $ 21 |
| Gold Delivery Agreement Payable | 2.9
Gold Delivery Agreement
Payable Gold Delivery Agreement
payable represents the quantity of gold due to be delivered under
the Gold Delivery Agreement. The gold is transferred from
GLDW’s allocated gold bullion account at the Custodian two
business days after the valuation date.
(Amounts in 000’s of US$) Sep-30, Sep-30,
Gold Delivery Agreement
payable $ 1 $ 50 |
| Creations and Redemptions of Shares | 2.10 Creations and Redemptions of
Shares
The Funds
create and redeem Shares from time to time, but only in one or more
Creation Units (a Creation Unit equals a block of 10,000 GLDW
Shares and a block of 100,000 GLDM Shares). The Funds issue Shares
in Creation Units to certain authorized participants
(“Authorized Participants”) on an ongoing basis. The
creation and redemption of Creation Units is only made in exchange
for the delivery to the Funds or the distribution by the Funds of
the amount of gold and any cash represented by the Creation Units
being created or redeemed, the amount of which will be based on the
net asset value of the number of Shares included in the Creation
Units being created or redeemed determined on the day the order to
create or redeem Creation Units is properly received.
As the Shares
of the Funds are redeemable in Creation Units at the option of the
Authorized Participants, the Funds have classified the Shares as
Net Assets for financial reporting purposes. Changes in the Shares
for the year ended September 30, 2018 and the fiscal period
ended September 30, 2017 are as follows:
(Amounts in 000’s) Year Ended Sep-30, 2018 Fiscal Period Sep-30,
Activity in Number of
Shares Created and Redeemed:
Creations 19,430 220
Redemptions (20 ) (100 )
Net change in Number of
Shares Created and Redeemed 19,410 120
(Amounts in
000’s of US$) Year Ended Sep-30, Fiscal Period Sep-30,
Activity in Value of
Shares Created and Redeemed:
Creations $ 250,862 $ 26,550
Redemptions (2,393 ) (11,840 )
Net change in Value of
Shares Created and Redeemed $ 248,469 $ 14,710 |
| Income and Expense | 2.11. Income and
Expense
(Amounts in
000’s of US$)
The Administrator will,
at the direction of the Sponsor, sell the Funds’ gold as
necessary to pay the Funds’ expenses. When selling gold to
pay expenses, the Administrator will endeavor to sell the smallest
amount of gold needed to pay expenses in order to minimize the
Funds’ holdings of assets other than gold. Unless otherwise
directed by the Sponsor, to meet expenses the Administrator will
give a sell order and sell gold to the Custodian following the sale
order. A gain or loss is recognized based on the difference between
the selling price and the average cost of the gold sold, and such
amounts are reported as net realized gain/(loss) from investment in
gold sold to pay Sponsor fees on the Combined Statements of
Operations.
The Funds’ net
realized and change in unrealized loss on investment in gold and
Gold Delivery Agreement for the year ended September 30, 2018
of $7,360 is made up of a realized gain of $2 from the sale of gold
to pay Sponsor fees, a realized gain of $635 from the Gold Delivery
Agreement, a realized gain of $221 from gold transferred to cover
Gold Delivery Agreement and Gold Delivery Provider fees, a realized
gain of $149 from gold distributed for the redemption of Shares,
and a change in unrealized depreciation of $8,367 on investment in
gold.
The Funds’ net
realized and change in unrealized loss on investment in gold and
Gold Delivery Agreement for the fiscal period ended
September 30, 2017 of $260 is made up of a realized gain of $3
from the sale of gold to pay Sponsor fees, a realized loss of
$1,833 from the Gold Delivery Agreement, a realized gain of $270
from gold transferred to cover Gold Delivery Agreement and Gold
Delivery Provider fees, a realized gain of $486 from gold
distributed for the redemption of Shares, and a change in
unrealized appreciation of $814 on investment in
gold. |
| Income Taxes | 2.12. Income Taxes The Funds are classified as
“grantor trusts” for U.S. federal income tax purposes.
As a result, the Funds are not subject to U.S. federal income tax.
Instead, the Funds’ income and expenses “flow
through” to the Shareholders, and the Administrator will
report the Funds’ proceeds, income, deductions, gains and
losses to the Internal Revenue Service on that basis. The Sponsor has evaluated
whether there are uncertain tax positions that require financial
statement recognition and has determined that no reserves for
uncertain tax positions are required as of September 30, 2018
or 2017. There are no open tax years or examinations in progress at
period end. |
| New Accounting Pronouncements | 2.13. New Accounting
Pronouncements In August 2018, the FASB
issued Accounting Standards Update 2018-13, Fair Value Measurement
(Topic 820): Disclosure Framework—Changes to the Disclosure
Requirements for Fair Value Measurement (“ASU
2018-13”). The update provides guidance that eliminates, adds
and modifies certain disclosure requirements for fair value
measurements. ASU 2018-13 will be effective for annual periods
beginning after December 15, 2019. Management does not currently
expect these changes to have a material impact to future financial
statements. |
| SPDR Long Dollar Gold Trust [Member] | |
| Basis of Accounting | 2.1 Basis of
Accounting GLDW is an investment
company within the scope of Financial Accounting Standards Board
Accounting Standards Codification (“ASC”) 946,
Financial Services—Investment Companies, and therefore
applies the specialized accounting and reporting guidance therein.
It is not registered as an investment company under the Investment
Company Act of 1940, as amended. |
| Basis of Presentation | 2.2 Basis of
Presentation The financial statements
are presented for GLDW individually. The debts, liabilities,
obligations and expenses incurred, contracted for or otherwise
existing with respect to GLDW shall be enforceable only against its
assets and not against the assets of the Trust generally or any
other series that the Trust may establish. |
| Cash and Cash Equivalents | 2.3 Cash and Cash
Equivalents Cash and cash equivalents
include highly liquid investments of sufficient credit quality with
original maturity of three months or less. |
| Solactive GLD Long USD Gold Index-Gold Delivery Agreement | 2.4 Solactive
GLD Long USD Gold Index—Gold
Delivery Agreement
Pursuant to the terms of
the Gold Delivery Agreement, GLDW has entered into a transaction to
deliver gold bullion to, or receive gold bullion from, Merrill
Lynch International, as Gold Delivery Provider, each Business Day.
The amount of gold bullion transferred essentially will be
equivalent to GLDW’s profit or loss as if it had exchanged
the Reference Currencies comprising the Index (“FX
Basket”), in the proportion in which they are reflected in
the Index, for USDs in an amount equal to its holdings of gold
bullion on such day. In general, if there is a currency gain (i.e.,
the value of the USD against the Reference Currencies comprising
the FX Basket increases), GLDW will receive gold bullion. In
general, if there is a currency loss (i.e., the value of the USD
against the Reference Currencies comprising the FX Basket
decreases), it will deliver gold bullion. In this manner, the
amount of gold bullion held will be adjusted to reflect the daily
change in the value of the Reference Currencies comprising the FX
Basket against the USD. The Gold Delivery Agreement requires gold
bullion ounces, calculated pursuant to formulas contained in the
Gold Delivery Agreement, to be delivered to the custody account of
GLDW or the Gold Delivery Provider, as applicable. The fee that
GLDW pays the Gold Delivery Provider for its services under the
Gold Delivery Agreement is accrued daily and reflected in the
calculation of the amount of gold bullion to be delivered pursuant
to the Gold Delivery Agreement. The realized gain/loss from the
Gold Delivery Agreement is disclosed on the Statements of
Operations and the Statements of Changes in Net
Assets.
The Index is designed to
represent the daily performance of a long position in physical
gold, as represented by the LBMA Gold Price AM, and a short
position in the basket of Reference Currencies with weightings
determined by the FX Basket. The Reference Currencies and their
respective weightings in the Index are as follows: Euro (EUR/USD)
(57.6%), Japanese Yen (USD/JPY) (13.6%), British
Pound Sterling (GBP/USD) (11.9%), Canadian Dollar (USD/CAD)
(9.1%), Swedish Krona (USD/SEK) (4.2%), and Swiss Franc (USD/CHF)
(3.6%). |
| Fair Value Measurement | 2.5 Fair Value
Measurement U.S. GAAP defines fair
value as the price a fund would receive to sell an asset or pay to
transfer a liability in an orderly transaction between market
participants at the measurement date. GLDW’s policy is to
value its investments at fair value.
Various inputs are used in
determining the fair value of GLDW’s assets or liabilities.
Inputs may be based on independent market data (“observable
inputs”) or they may be internally developed
(“unobservable inputs”). These inputs are categorized
into a disclosure hierarchy consisting of three broad levels for
financial reporting purposes. The level of a value determined for
an asset or liability within the fair value hierarchy is based on
the lowest level of any input that is significant to the fair value
measurement in its entirety. The three levels of the fair value
hierarchy are as follows:
Level 1 –
Unadjusted quoted prices in active markets for identical assets
or liabilities;
Level 2 –
Inputs other than quoted prices included within Level 1
that are observable for the asset or liability either directly or
indirectly, including quoted prices for similar assets or
liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not considered to
be active, inputs other than quoted prices that are observable for
the asset or liability and inputs that are derived principally from
or corroborated by observable market data by correlation or other
means; and
Level 3 –
Inputs that are unobservable for the asset and liability,
including a fund’s assumptions (if any) used in determining
the fair value of investments. The following table
summarizes GLDW’s investments at fair value:
(Amounts in 000’s
of US$)
September 30, 2018 Level 1 Level 2 Level 3
Investment in
Gold $ 26,042 $ — $ —
Gold Delivery
Agreement — — —
Total $ 26,042 $ — $ —
(Amounts in 000’s
of US$)
September 30, 2017 Level 1 Level 2 Level 3
Investment in
Gold $ 14,406 $ — $ —
Gold Delivery
Agreement — — —
Total $ 14,406 $ — $ —
There were no transfers
between Level 1 and other Levels for the year ended September
30, 2018 and fiscal period ended September 30,
2017. The Administrator values
the gold held by GLDW on the basis of the price of an ounce of gold
as determined by ICE Benchmark Administration Limited
(“IBA”), a benchmark administrator, which provides an
independently administered auction process, as well as the overall
administration and governance for the LBMA Gold Price. In
determining the net asset value (“NAV”) of GLDW, the
Administrator values the gold held on the basis of the price of an
ounce of gold determined by the IBA 10:30 AM auction process
(“LBMA Gold Price AM”), which is an electronic auction,
with the imbalance calculated and the price adjusted in rounds (30
seconds in duration). The auction runs twice daily at 10:30 AM and
3:00 PM London time. The Administrator calculates the NAV of GLDW
on each day the NYSE Arca is open for regular trading, generally as
of 12:00 PM New York time. If no LBMA Gold Price AM is made on a
particular evaluation day or if the LBMA Gold Price PM has not been
announced by 12:00 PM New York time on a particular evaluation day,
the next most recent LBMA Gold Price AM is used in the
determination of the NAV of GLDW, unless the Administrator, in
consultation with the Sponsor, determines that such price is
inappropriate to use as the basis for such
determination. |
| Custody of Gold | 2.6 Custody of Gold Gold bullion is held by
HSBC Bank plc on behalf of GLDW. During the year ended September
30, 2018 and fiscal period ended September 30, 2017, no gold
was held by a subcustodian. |
| Creations and Redemptions of Shares | 2.9 Creations and Redemptions of
Shares GLDW creates and redeems
Shares from time to time, but only in one or more Creation Units (a
Creation Unit equals a block of 10,000 Shares). It issues Shares in
Creation Units to certain authorized participants
(“Authorized Participants”) on an ongoing basis. The
creation and redemption of Creation Units is only made in exchange
for the delivery to or by the distribution from GLDW in the amount
of gold and any cash represented by the Creation Units being
created or redeemed. This amount will be based on the combined net
asset value of the number of Shares included in the Creation Units
being created or redeemed determined on the day the order to create
or redeem Creation Units is properly received.
GLDW commenced trading
shares in January 2017. As the Shares are redeemable in Creation
Units at the option of the Authorized Participants, GLDW has
classified the Shares as Net Assets for financial reporting
purposes. Changes in the Shares for the year ended
September 30, 2018 and the fiscal period ended
September 30, 2017 are as follows:
(Amounts in 000’s) Year Ended Sep-30, 2018 Fiscal Period Sep-30,
Activity in Number of
Shares Created and Redeemed:
Creations 130 220
Redemptions (20 ) (100 )
Net change in Number of
Shares Created and Redeemed 110 120
(Amounts in 000’s of US$) Year Ended Sep-30, Fiscal Period Sep-30,
Activity in Value of
Shares Created and Redeemed:
Creations $ 15,571 $ 26,550
Redemptions (2,393 ) (11,840 )
Net change in Value of
Shares Created and Redeemed $ 13,178 $ 14,710 |
| Income and Expense | 2.10 Income and
Expense
(Amounts
in 000’s of US$)
The Administrator will,
at the direction of the Sponsor, sell GLDW’s gold as
necessary to pay its expenses. When selling gold to pay expenses,
the Administrator will endeavor to sell the smallest amount of gold
needed to pay expenses in order to minimize GLDW’s holdings
of assets other than gold. Unless otherwise directed by the
Sponsor, to meet expenses the Administrator will give a sell order
and sell gold to the Custodian at the next LBMA Gold Price AM
following the sale order. A gain or loss is recognized based on the
difference between the selling price and the average cost of the
gold sold, and such amounts are reported as net realized
gain/(loss) from investment in gold sold to pay Sponsor fees on the
Statements of Operations.
GLDW’s net realized
and change in unrealized loss on investment in gold and Gold
Delivery Agreement for the year ended September 30, 2018 of
$1,144 is made up of a realized gain of $3 from the sale of gold to
pay Sponsor fees, a realized gain of $635 from the Gold Delivery
Agreement, a realized gain of $221 from gold transferred to cover
Gold Delivery Agreement and Gold Delivery Provider fees, a realized
gain of $149 from gold distributed for the redemption of Shares,
and a change in unrealized depreciation of $2,152 on investment in
gold.
GLDW’s net realized
and change in unrealized loss on investment in gold and Gold
Delivery Agreement for the fiscal period ended September 30,
2017 of $260 is made up of a realized gain of $3 from the sale of
gold to pay Sponsor fees, a realized loss of $1,833 from the Gold
Delivery Agreement, a realized gain of $270 on gold transferred to
cover Gold Delivery Agreement and Gold Delivery Provider fees, a
realized gain of $486 from gold distributed for the redemption of
Shares, and a change in unrealized appreciation of $814 on
investment in gold. |
| Income Taxes | 2.11 Income Taxes GLDW is classified as a
“grantor trust” for U.S. federal income tax purposes.
As a result, it is not subject to U.S. federal income tax. Instead,
its income and expenses “flow through” to the
Shareholders, and the Administrator will report GLDW’s
proceeds, income, deductions, gains and losses to the Internal
Revenue Service on that basis. The Sponsor has evaluated
whether there are uncertain tax positions that require financial
statement recognition and has determined that no reserves for
uncertain tax positions are required as of September 30, 2018
or 2017. There are no open tax years or examinations in progress at
year end. |
| New Accounting Pronouncements | 2.12 New Accounting
Pronouncements
In August
2018, the FASB issued Accounting Standards Update 2018-13, Fair
Value Measurement (Topic 820): Disclosure Framework—Changes
to the Disclosure Requirements for Fair Value Measurement
(“ASU 2018-13”). The update provides guidance that
eliminates, adds and modifies certain disclosure requirements for
fair value measurements. ASU 2018-13 will be effective for annual
periods beginning after December 15, 2019. Early adoption is
permitted. Management does not currently expect these changes to
have a material impact to future financial statements. |
| Gold Delivery Agreement Receivable and Gold Receivable | 2.7
Gold Delivery Agreement Receivable and Gold
Receivable Gold Delivery Agreement
receivable represents the quantity of gold due to be received under
the Gold Delivery Agreement. The gold is transferred to
GLDW’s allocated gold bullion account at the Custodian two
business days after the valuation date. Gold receivable represents
the quantity of gold covered by contractually binding orders for
the creation of Shares where the gold has not yet been transferred
to GLDW’s account. Generally, ownership of the gold is
transferred within two business days of the trade date.
(Amounts in 000’s of US$) Sep-30, Sep-30,
Gold Delivery Agreement
receivable $ 276 $ 21
Gold Receivable — — |
| Gold Delivery Agreement Payable and Gold Payable | 2.8
Gold Delivery Agreement Payable and Gold
Payable Gold Delivery Agreement
payable represents the quantity of gold due to be delivered under
the Gold Delivery Agreement. The gold is transferred from
GLDW’s allocated gold bullion account at the Custodian two
business days after the valuation date. Gold payable represents the
quantity of gold covered by contractually binding orders for the
redemption of Shares where the gold has not yet been transferred
out of GLDW’s account. Generally, ownership of the gold is
transferred within two business days of the trade date.
(Amounts in 000’s of US$) Sep-30, Sep-30,
Gold Delivery Agreement
payable $ 1 $ 50
Gold Payable — — |
| SPDR Gold Mini Shares Trust [Member] | |
| Basis of Accounting | 2.1 Basis of
Accounting GLDM is an investment
company within the scope of Financial Accounting Standards Board
Accounting Standards Codification (“ASC”) 946,
Financial Services—Investment Companies, and therefore
applies the specialized accounting and reporting guidance therein.
It is not registered as an investment company under the Investment
Company Act of 1940, as amended. |
| Basis of Presentation | 2.2 Basis of
Presentation The financial statements
are presented for GLDM individually. The debts, liabilities,
obligations and expenses incurred, contracted for or otherwise
existing with respect to GLDM shall be enforceable only against the
assets of GLDM and not against the assets of the Trust generally or
any other series that the Trust may establish. |
| Cash and Cash Equivalents | 2.3 Cash and Cash
Equivalents Cash and cash equivalents
include highly liquid investments of sufficient credit quality with
original maturity of three months or less. |
| Fair Value Measurement | 2.4 Fair Value
Measurement U.S. GAAP defines fair
value as the price a fund would receive to sell an asset or pay to
transfer a liability in an orderly transaction between market
participants at the measurement date. GLDM’s policy is to
value its investments at fair value. Various inputs are used in
determining the fair value of GLDM’s assets or liabilities.
Inputs may be based on independent market data (“observable
inputs”) or they may be internally developed
(“unobservable inputs”). These inputs are categorized
into a disclosure hierarchy consisting of three broad levels for
financial reporting purposes. The level of a value determined for
an asset or liability within the fair value hierarchy is based on
the lowest level of any input that is significant to the fair value
measurement in its entirety. The three levels of the fair value
hierarchy are:
Level 1 –
Unadjusted quoted prices in active markets for identical assets
or liabilities;
Level 2 –
Inputs other than quoted prices included within Level 1
that are observable for the asset or liability either directly or
indirectly, including quoted prices for similar assets or
liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not considered to
be active, inputs other than quoted prices that are observable for
the asset or liability and inputs that are derived principally from
or corroborated by observable market data by correlation or other
means; and
Level 3 –
Inputs that are unobservable for the asset and liability,
including a fund’s assumptions (if any) used in determining
the fair value of investments. The following table
summarizes GLDM’s investment at fair value:
(Amounts in 000’s of US$) Level 1 Level 2 Level 3
September 30,
2018
Investment in
Gold $ 220,742 $ — $ —
Total $ 220,742 $ — $ —
There were no transfers
between Level 1 and other Levels for the fiscal period ended
September 30, 2018. The Administrator values
the gold held by GLDM on the basis of the price of an ounce of gold
as determined by ICE Benchmark Administration Limited
(“IBA”), a benchmark administrator, which provides an
independently administered auction process, as well as the overall
administration and governance for the LBMA Gold Price. In
determining the net asset value (“NAV”) of GLDM, the
Administrator values the gold held on the basis of the price of an
ounce of gold determined by the IBA 3:00 PM auction process
(“LBMA Gold Price PM”), which is an electronic auction,
with the imbalance calculated and the price adjusted in rounds (30
seconds in duration). The auction runs twice daily at 10:30 AM and
3:00 PM London time. The Administrator calculates the NAV of GLDM
on each day the NYSE Arca is open for regular trading, generally as
of 12:00 PM New York time. If no LBMA Gold Price PM is made on a
particular evaluation day or if the LBMA Gold Price PM has not been
announced by 12:00 PM New York time on a particular evaluation day,
the next most recent LBMA Gold Price AM or PM is used in the
determination of the NAV of GLDM, unless the Administrator, in
consultation with the Sponsor, determines that such price is
inappropriate to use as the basis for such
determination. |
| Custody of Gold | 2.5 Custody of Gold Gold bullion is held by
ICBC Standard Bank Plc on behalf of GLDM. During the fiscal period
ended September 30, 2018, no gold was held by a
subcustodian. |
| Creations and Redemptions of Shares | 2.8 Creations and Redemptions of
Shares GLDM creates and redeems
Shares from time to time, but only in one or more Creation Units (a
Creation Unit equals a block of 100,000 Shares). It issues Shares
in Creation Units to certain authorized participants
(“Authorized Participants”) on an ongoing basis. The
creation and redemption of Creation Units is only made in exchange
for the delivery to or by the distribution from GLDM in the amount
of gold and any cash represented by the Creation Units being
created or redeemed. This amount will be based on the combined net
asset value of the number of Shares included in the Creation Units
being created or redeemed determined on the day the order to create
or redeem Creation Units is properly received.
GLDM commenced trading
shares in June 2018. As the Shares are redeemable in Creation Units
at the option of the Authorized Participants, GLDM has classified
the Shares as Net Assets for financial reporting purposes. Changes
in the Shares for the fiscal period ended September 30, 2018
are as follows:
(Amounts are in
000’s) Fiscal Period Sep-30,
Activity in Number of
Shares Created and Redeemed:
Creations 19,300
Redemptions (— )
Net change in Number of
Shares Created and Redeemed 19,300
(Amounts in 000’s
of US$) Fiscal Period Sep-30,
Activity in Value of
Shares Created and Redeemed:
Creations $ 235,291
Redemptions (— )
Net change in Value of
Shares Created and Redeemed $ 235,291 |
| Income and Expense | 2.9 Income and
Expense
(Amounts in
000’s of US$)
The Administrator will,
at the direction of the Sponsor, sell GLDM’s gold as
necessary to pay its expenses. When selling gold to pay expenses,
the Administrator will endeavor to sell the smallest amount of gold
needed to pay expenses in order to minimize GLDM’s holdings
of assets other than gold. Unless otherwise directed by the
Sponsor, to meet expenses the Administrator will give a sell order
and sell gold to the Custodian at the LBMA Gold Price PM following
the sale order. A gain or loss is recognized based on the
difference between the selling price and the average cost of the
gold sold, and such amounts are reported as net realized
gain/(loss) from investment in gold sold to pay Sponsor fees on the
Statement of Operations.
GLDM’s net realized
and change in unrealized loss on investment in gold for the fiscal
period ended September 30, 2018 of $6,216 is made up of a
realized loss of $1 from the sale of gold to pay expenses, a
realized gain of $0 from gold distributed for the redemption of
Shares, and a change in unrealized depreciation of $6,215 on
investment in gold. |
| Income Taxes | 2.10 Income Taxes GLDM is classified as a
“grantor trust” for U.S. federal income tax purposes.
As a result, it is not subject to U.S. federal income tax. Instead,
its income and expenses “flow through” to the
Shareholders, and the Administrator will report GLDM’s
proceeds, income, deductions, gains and losses to the Internal
Revenue Service on that basis. The Sponsor has evaluated
whether there are uncertain tax positions that require financial
statement recognition and has determined that no reserves for
uncertain tax positions are required as of September 30, 2018.
There are no open tax years or examinations in progress at period
end. |
| New Accounting Pronouncements | 2.11 New Accounting
Pronouncements
In August
2018, the FASB issued Accounting Standards Update 2018-13, Fair
Value Measurement (Topic 820): Disclosure Framework—Changes
to the Disclosure Requirements for Fair Value Measurement
(“ASU 2018-13”). The update provides guidance that
eliminates, adds and modifies certain disclosure requirements for
fair value measurements. ASU 2018-13 will be effective for annual
periods beginning after December 15, 2019. Early adoption is
permitted. Management does not currently expect these changes to
have a material impact to future financial statements. |
| Gold Receivable | 2.6 Gold Receivable Gold receivable represents
the quantity of gold covered by contractually binding orders for
the creation of Shares where the gold has not yet been transferred
to GLDM’s account. Generally, ownership of the gold is
transferred within two business days of the trade date.
(Amounts in 000’s of US$) Sep-30,
Gold receivable $ 8,307 |
| Gold Payable | 2.7 Gold Payable Gold payable represents the
quantity of gold covered by contractually binding orders for the
redemption of Shares where the gold has not yet been transferred
out of GLDM’s account. Generally, ownership of the gold is
transferred within two business days of the trade date.
(Amounts in 000’s of US$) Sep-30,
Gold payable $ — |
