0001213900-17-009443.txt : 20170906 0001213900-17-009443.hdr.sgml : 20170906 20170906060332 ACCESSION NUMBER: 0001213900-17-009443 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20170731 FILED AS OF DATE: 20170906 DATE AS OF CHANGE: 20170906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VanEck Merk Gold Trust CENTRAL INDEX KEY: 0001546652 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36459 FILM NUMBER: 171070153 BUSINESS ADDRESS: STREET 1: 2 HANSON PLACE CITY: BROOKLYN STATE: NY ZIP: 11217 BUSINESS PHONE: 650-323-4341 X109 MAIL ADDRESS: STREET 1: 2 HANSON PLACE CITY: BROOKLYN STATE: NY ZIP: 11217 FORMER COMPANY: FORMER CONFORMED NAME: Van Eck Merk Gold Trust DATE OF NAME CHANGE: 20151020 FORMER COMPANY: FORMER CONFORMED NAME: Merk Gold Trust DATE OF NAME CHANGE: 20120405 10-Q 1 f10q0717_vaneckmerkgold.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number: 001-36459

VANECK MERK GOLD TRUST

(Exact name of Registrant as specified in its charter)

New York		46-6582016
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

c/o Merk Investments LLC

44 Montgomery St #3730

San Francisco, California 94104

(Address of Principal Executive Offices)

(650) 323-4341

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
(Do not check if a smaller reporting company)		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of September 1, 2017, the issuer had 10,364,066 shares outstanding.

VANECK MERK GOLD TRUST

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION		1

Item 1.	Financial Statements (Unaudited)	1
	Unaudited Statements of Assets and Liabilities at July 31, 2017 and January 31, 2017	1
	Unaudited Statements of Operations for the Three and Six Months ended July 31, 2017 and 2016	2
	Unaudited Statements of Changes in Net Assets for the Six Months ended July 31, 2017 and the Year ended January 31, 2017	3
	Unaudited Financial Highlights for the Three and Six Months ended July 31, 2017 and 2016	4
	Unaudited Schedules of Investment at July 31, 2017 and January 31, 2017	5
	Notes to the Unaudited Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15

PART II—OTHER INFORMATION		16

Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3.	Defaults Upon Senior Securities	16
Item 4.	Mine Safety Disclosures	16
Item 5.	Other Information	17
Item 6.	Exhibits	17

SIGNATURES		18

VANECK MERK GOLD TRUST

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or Quarterly Report, includes statements which relate to future events or future performance. In some cases, you can identify such forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Quarterly Report that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and market conditions (for gold and the shares), the operations of VanEck Merk Gold Trust, or Trust, the plans of Merk Investments LLC, the sponsor of the Trust, or Sponsor, and references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions is subject to a number of risks and uncertainties, including the special considerations referenced in this Quarterly Report, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this Quarterly Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of the shares. Moreover, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of the forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

VanEck Merk Gold Trust

Statements of Assets and Liabilities

	July 31, 2017			January 31, 2017
	(unaudited)
Assets
Investments in gold bullion (cost $126,701,524 and $126,099,244, respectively)	$	129,650,107		$	123,449,687
Total Assets		129,650,107			123,449,687

Liabilities
Sponsor’s fee payable		7			3
Total Liabilities		7			3

Net Assets	$	129,650,100		$	123,449,684

Net Assets Consists of:
Paid-in-capital	$	130,866,653		$	130,038,988
Accumulated net investment loss		(1,217,340	)		(964,477	)
Accumulated net realized loss		(2,947,796	)		(2,975,270	)
Unrealized appreciation (depreciation) on investment in gold bullion		2,948,583			(2,649,557	)
	$	129,650,100		$	123,449,684

Shares issued and outstanding (no par value)		10,360,629			10,290,267
Net asset value per share	$	12.51		$	12.00

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Statements of Operations

	For the three months ended July 31, 2017			For the three months ended July 31, 2016			For the six months ended July 31, 2017			For the six months ended July 31, 2016
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Expenses
Sponsor’s fees	$	128,616		$	139,575		$	252,863		$	236,726
Total expenses		128,616			139,575			252,863			236,726
Net investment loss		(128,616	)		(139,575	)		(252,863	)		(236,726	)

Net Realized and Unrealized Gain
Net realized gain from gold bullion distributed for redemptions		—			—			27,474			1,386
Net change in unrealized appreciation on investment in gold bullion		112,512			7,882,525			5,598,140			21,489,845
Net realized and unrealized gain from operations		112,512			7,882,525			5,625,614			21,491,231

Net Increase (Decrease) in Net Assets resulting from operations	$	(16,104	)	$	7,742,950		$	5,372,751		$	21,254,505

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Statements of Changes in Net Assets

	For the six months ended July 31, 2017			For the Year ended January 31, 2017
	(unaudited)
Net Assets—beginning of period	$	123,449,684		$	83,657,961
Creations		2,692,011			73,773,593
Redemptions		(1,864,346	)		(36,913,293	)
Net investment loss		(252,863	)		(532,642	)
Net realized gain (loss) from gold bullion distributed for redemptions		27,474			(2,758,495	)
Net change in unrealized appreciation on investment in gold bullion		5,598,140			6,222,560
Net Assets—end of period	$	129,650,100		$	123,449,684

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Financial Highlights

Per Share Performance (for a share outstanding throughout each period)

	For the three months ended July 31, 2017			For the three months ended July 31, 2016			For the six months ended July 31, 2017			For the six months ended July 31, 2016
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net asset value per share, beginning of period	$	12.52		$	12.76		$	12.00		$	11.04
Net investment loss^(a)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain on investment in gold bullion		—			0.55			0.53			2.28
Net change in net assets from operations		(0.01	)		0.54			0.51			2.26
Net asset value per share, end of period	$	12.51		$	13.30		$	12.51		$	13.30

Total return, at net asset value^(b)		(0.08	)%		4.23	%		4.25	%		20.47	%

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.

VanEck Merk Gold Trust

Schedules of Investment

July 31, 2017 (unaudited)

	Fine Ounces		Cost		Value			% of Net Assets
Gold Bullion		102,284	$	126,701,524	$	129,650,107			100.00	%
Total Investments			$	126,701,524	$	129,650,107			100.00	%
Liabilities in excess of other assets						(7	)		0.00	%(a)
Net Assets					$	129,650,100			100.00	%

January 31, 2017

	Fine Ounces		Cost		Value			% of Net Assets
Gold Bullion		101,789	$	126,099,244	$	123,449,687			100.00	%
Total Investments			$	126,099,244	$	123,449,687			100.00	%
Liabilities in excess of other assets						(3	)		0.00	%(a)
Net Assets					$	123,449,684			100.00	%

(a)

Amount is less than 0.005%

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

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 fiscal year end of the Trust is January 31st.

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 for interim financial information and with the instructions for the Form 10-Q and the rules and regulations of the United States Securities and Exchange Commission. In the opinion of the Trust’s management, all adjustments (which consists of normal recurring adjustments) necessary to present fairly the financial position and the results of operations, as presented, have been made.

The following is a summary of significant accounting policies followed by the Trust.

2.1. Valuation of Gold

FASB Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

Various inputs are used in determining the fair value of the Trust’s assets or liabilities. These inputs are categorized into three broad levels. Level 1 includes unadjusted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market based inputs (including prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include management’s own assumptions in determining the fair value of investments. The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and gold receivable; representing gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account and, from time to time, cash, which is used to pay expenses.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

(continued)

The following table summarizes the inputs used as of July 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:

	Level 1		Level 2		Level 3
Investment in Gold	$	129,650,107	$	—	$	—
Total	$	129,650,107	$	—	$	—

There were no transfers between levels during the period.

The following table summarizes the inputs used as of January 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:

	Level 1		Level 2		Level 3
Investment in Gold	$	123,449,687	$	—	$	—
Total	$	123,449,687	$	—	$	—

There were no transfers between levels during the period.

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.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

(continued)

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 (“Share Submission Day”). As it is unlikely that the total Fine Ounces of physical gold will exactly correspond to the Fine Ounces represented by a specific number of shares, a Delivery Applicant 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 period ended July 31, 2017 are as follows:

	Shares			Amount
Shares, beginning of period at February 1, 2017		10,290,267		$	130,038,988
Shares issued		220,362			2,692,011
Shares redeemed		(150,000	)		(1,864,346	)
Shares, end of period at July 31, 2017		10,360,629		$	130,866,653

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

(continued)

Changes in the shares for the year ended January 31, 2017 are as follows:

	Shares			Amount
Shares, beginning of period at February 1, 2016		7,576,528		$	93,178,688
Shares issued		5,942,698			73,773,593
Shares redeemed		(3,228,959	)		(36,913,293	)
Shares, end of period at January 31, 2017		10,290,267		$	130,038,988

2.4. Income Taxes

The Trust is treated as a “grantor trust” for US federal tax purposes. As a result, the Trust itself is not subject to US federal income tax. Instead, the Trust’s income and expenses “flow through” to the shareholders and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of July 31, 2017.

2.5. Revenue Recognition Policy

A gain or loss is recognized based on the difference between the selling price and the average cost method of the gold sold on a trade date basis.

3. INVESTMENT IN GOLD

The following represents the changes in ounces of gold and the respective fair value at July 31, 2017:

	Ounces			Fair Value
Beginning balance as of February 1, 2017		101,789		$	123,449,687
Gold bullion contributed		1,978			2,439,151
Gold bullion distributed		(1,483	)		(1,864,345	)
Realized gain from gold distributed from in-kind		—			27,474
Change in unrealized appreciation		—			5,598,140
Ending balance as of July 31, 2017		102,284		$	129,650,107

The following represents the changes in ounces of gold and the respective fair value at January 31, 2017:

	Ounces			Fair Value
Beginning balance as of February 1, 2016		75,245		$	83,657,963
Gold bullion contributed		58,504			73,241,000
Gold bullion distributed		(31,960	)		(36,913,341	)
Realized loss from gold distributed from in-kind		—			(2,758,495	)
Change in unrealized appreciation		—			6,222,560
Ending balance as of January 31, 2017		101,789		$	123,449,687

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; 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.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

(continued)

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.

5. SHAREHOLDER OWNERSHIP

Merk Hard Currency Fund owned a market value of $9,620,534 (767,800 shares) which equates to 7.41% ownership in the Trust as of July 31, 2017.

6. CONCENTRATION OF RISK

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

7. INDEMNIFICATION

Under the Trust’s organizational documents, each of the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees, affiliates) is indemnified against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on industry experience, management believes the risk of loss is remote.

8. SUBSEQUENT EVENTS

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.

* * *

This report is submitted for the general information of the shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Trust’s risks, objectives, fees and expenses and other information.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the unaudited financial statements and notes to the unaudited financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements with respect to the VanEck Merk Gold Trust’s financial conditions, operations, future performance and business. These statements can be identified by the use of the words “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or similar words and phrases. These statements are based upon certain assumptions and analyses Merk Investments LLC, the Sponsor, has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward looking statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

Introduction

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) was formed pursuant to a depositary trust agreement (the “Trust Agreement”) on May 6, 2014 under New York law. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by The Bank of New York Mellon (the “Trustee”) pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under such act. It will not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing shares.

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 those 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. Each share represents a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets consist principally of gold held on the Trust’s behalf in financial institutions for safekeeping. Physical gold that the Trust will hold includes London Bars and, for the limited purposes described herein, other gold bars and coins, without numismatic value, having a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) or, for American Gold Eagle gold coins, with a minimum fineness of 91.67%.

Shares are issued by the Trust only in blocks of 50,000 shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market participants (“Authorized Participants”). See “Creation and Redemption of Shares—Authorized Participants” in the notes to our financial statements for requirements to qualify as an Authorized Participant. Baskets may be redeemed by the Trust in exchange for the amount of gold corresponding to their redemption value. The Trust issues and redeems Baskets on an ongoing basis at net asset value to Authorized Participants who have entered into a contract with the Sponsor and the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “OUNZ”.

Valuation of Gold and Computation of Net Asset Value

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 net asset value of the Trust is the aggregate value of the Trust’s assets less its estimated accrued but unpaid liabilities (which include accrued expenses).

In determining the Trust’s net asset value, 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 net asset value per share. If on a day when the Trust’s net asset value 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.

If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation to be employed by the Trustee. The Sponsor may instruct the Trustee to use a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s gold.

Recent Events

On October 22, 2015, the Sponsor and the Trustee entered into a First Amendment To Depositary Trust Agreement (the “First Trust Amendment”), amending the Trust Agreement, dated as of May 6, 2014, to effectuate a change in the name of the Trust from “Merk Gold Trust” to “Van Eck Merk Gold Trust,” effective as of October 26, 2015. As a result of the name change, all references to “Merk Gold Trust” in the Trust Agreement were amended to read “Van Eck Merk Gold Trust,” and the shares offered by the Trust were known as the “Van Eck Merk Gold Shares” (“Shares”).

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 now 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.

The Sponsor entered into the First Trust Amendment and effectuated the name change of the Trust in satisfaction of a term of the Marketing Agreement. The Marketing Agreement further grants VanEck the right to elect to replace Merk as the sponsor of the Trust under specific qualifying circumstances, subject to the execution and consummation of definitive agreements addressing all regulatory requirements applicable to such transaction and satisfaction of such requirements, and announcement and related reporting at such time. Specifically, VanEck has a right of first refusal for the purchase of the sponsorship of the Trust, and all rights attributable thereto, upon the earlier of a commitment for a change of control of Merk or 15 years from the date of the Marketing Agreement. Additionally, VanEck may elect to replace Merk as the sponsor of the Trust upon the earlier of the average daily net assets of the Trust during a calendar quarter not attributable to Shares held by Merk or its affiliates (“Third Party Assets”) equaling $500 million, or VanEck’s compensation under the fee provisions of the Marketing Agreement reaching in aggregate 10% of the gross proceeds from sale of the Shares (the “Maximum Fee”).

Merk further agreed that if the Third Party Assets equal or exceed $500 million, for such period as Merk remains sponsor of the Trust, VanEck may propose the rate of the Sponsor’s fee to Merk, which Merk shall not unreasonably reject and shall timely adopt if reasonable, provided, VanEck acknowledges that only the formal named sponsor of the Trust shall have the right to set the Sponsor’s fee at any time.

On April 28, 2016, the Sponsor and the Trustee entered into a Second Amendment to Depositary Trust Agreement (the “Second Trust Amendment”), amending the Trust Agreement to effectuate a second change in the name of the Trust from “Van Eck Merk Gold Trust” to “VanEck Merk Gold Trust,” at the request of the Marketing Agent to reflect its rebranding as “VanEck”. As a result of the name change, all references to “Van Eck Merk Gold Trust” in the Trust Agreement were amended to read “VanEck Merk Gold Trust,” and the shares offered by the Trust are now known as the “VanEck Merk Gold Shares”. Except for the name change effected pursuant to the Second Trust Amendment, the Trust Agreement remains in full force and effect on its existing terms.

Change in Settlement Cycle and Amendment to Authorized Participant Agreements

On March 22, 2017, the Securities and Exchange Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities transactions. Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions has been three business days, known as T+3. The amended rule shortens the settlement cycle to two business days, or T+2. This change in the settlement cycle will both affect the creation and redemption procedures for Baskets and trading in the shares. Compliance with the new settlement cycle will go into effect on September 5, 2017.

Due to the fact that the aforementioned creation and redemption procedures are addressed in the Authorized Participant Agreements by among the Authorized Participants, the Trustee and the Sponsor, the Trustee and the Sponsor exercised their rights to amend each such agreement to address the new T+2 settlement cycle and executed First Amendments to each of the Authorized Participant Agreements, effective as of September 5, 2017, and provided timely notice of such amendment to the Authorized Participants. Except for the foregoing amendments, the Authorized Participant Agreements remain in full force and effect on their existing terms. See also Item 5 of Part II of this Form 10-Q.

Results from Operations

The Trust is a trust formed on May 6, 2014 under New York law pursuant to the Trust Agreement. After consideration of Financial Accounting Standards Topic 946, the Sponsor has concluded that for financial statement reporting purposes 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, the Sponsor believes the Trust’s 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.

The Three Months Ended July 31, 2017 Compared to the Three Months Ended July 31, 2016

The Trust’s net asset value, or NAV, grew from $129,537,591 at April 30, 2017 to $129,650,100 at July 31, 2017, a 0.1% increase, compared to a 46% increase from $108,749,690 at April 30, 2016 to $158,773,365 at July 31, 2016. The increase in the Trust’s NAV in the quarter ended July 31, 2017 resulted from an increase in the price of gold as compared to the prior period. The number of outstanding shares rose from 10,350,282 shares at April 30, 2017 to 10,360,629 shares at July 31, 2017 due to the creation of 10,347 shares in the quarter for Sponsor’s fees, as compared to 10,867 shares for such purpose in the quarter ended July 31, 2016. The number of outstanding shares at July 31, 2016 was 11,936,241. The Sponsor’s fees are 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. Due to the daily accrual but monthly payment, the number of Sponsor’s fee shares issued can vary, and in this case decrease, even as the number of shares outstanding increases slightly.

The Trust’s NAV per share decreased approximately 0.1% during the quarter ended July 31, 2017, starting at $12.52 per share and ending at $12.51 per share, compared to an increase of 4.2%, from $12.76 to $13.30 during the quarter ended July 31, 2016. The Trust’s NAV per share fell slightly more than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 10,347 shares in total for the quarter ended July 31, 2017, compared with 10,867 shares paid as Sponsor’s fees in the quarter ended July 31, 2016. The NAV per share of $12.78 on June 6, 2017 was the highest during the quarter, compared with a low of $11.96 on July 11, 2017.

The change in net assets from operations for the quarter ended July 31, 2017 was $(16,104), resulting from the Sponsor’s fees of $(128,616) and a net change in unrealized appreciation on investment in gold bullion of $112,512. In comparison, the change in net assets from operations for the quarter ended July 31, 2016 was $7,742,950 resulting from the Sponsor’s fees of $(139,575) and a net change in unrealized appreciation on investments in gold bullion of $7,882,525.

Other than the Sponsor’s fee, the Trust had no expenses during the quarter ended July 31, 2017 or the quarter ended July 31, 2016.

The Six Months Ended July 31, 2017 Compared to the Six Months Ended July 31, 2016

The Trust’s net asset value, or NAV, grew from $123,449,684 at January 31, 2017 to $129,650,100 at July 31, 2017, a 5% increase, compared to a 90% increase from $83,657,961 at January 31, 2016 to $158,773,365 at July 31, 2016. The increase in the Trust’s NAV in the six months ended July 31, 2017 resulted from an increase in the price per share tied to the increasing price of gold and an increase in the number of outstanding shares, which rose from 10,290,267 shares at January 31, 2017 to 10,360,629 shares at July 31, 2017; the number of outstanding shares at July 31, 2016 was 11,936,241. Additionally, 20,362 shares were created in the six months ended July 31, 2017 for Sponsor’s fees, compared to 18,680 shares for such purpose in the six months ended July 31, 2016. The increase in Sponsor’s fees shares is a result of the increased NAV of the Trust, as Sponsor’s fees are 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 Trust’s NAV per share increased approximately 4% during the six months ended July 31, 2017, starting at $12.00 per share and ending at $12.51 per share, compared to an increase of 21%, from $11.04 to $13.30 during the six months ended July 31, 2016.

The Trust’s NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 20,362 shares in total for the six months ended July 31, 2017, compared to 18,680 shares for such purpose for the six months ended July 31, 2016. The NAV per share of $12.78 on June 6, 2017 was the highest during the six months ended July 31, 2017, compared with a low of $11.85 on March 15, 2017.

The change in net assets from operations for the six months ended July 31, 2017 was $5,372,751, resulting from the Sponsor’s fees of $(252,863), a net realized gain from gold bullion distributed for redemptions of shares of $27,474 and a net change in unrealized appreciation on investment in gold bullion of $5,598,140. In comparison, the change in net assets from operations for the six months ended July 31, 2016 was $21,254,505 resulting from the Sponsor’s fees of $(236,726), a net realized gain from gold bullion distributed for redemptions of shares of $1,386 and a net change in unrealized appreciation on investments in gold bullion of $21,489,845.

Other than the Sponsor’s fees, the Trust had no expenses during the six months ended July 31, 2017 or the six months ended July 31, 2016.

From October 22, 2015, the date of initiation of the Marketing Agent’s efforts on behalf of the Trust, through December 31, 2016, no fees were earned and payable by the Sponsor to the Marketing Agent. For the calendar quarter ended June 30, 2017, the Marketing Agent did not earn a fee. The total fees earned by and paid to the Marketing Agent since January 1, 2017 are $1,266, which represents 0% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement.

Liquidity and Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s fee but will pay the Sponsor’s fee in shares in lieu of cash. At July 31, 2017 and July 31, 2016, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The unaudited financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these unaudited financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 2 to the unaudited financial statements for further discussion of accounting policies.

Effective May 6, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting.

Investment by Certain Retirement Plans

Section 408(m) of the Internal Revenue Code, as amended (the “Code”), provides that the purchase of a “collectible” as an investment for an individual retirement account (an “IRA”) or for an individually directed account maintained under a plan that is tax-qualified under Section 401(a) of the Code (a “Tax-Qualified Account”) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the Tax-Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The Trust has received a private letter ruling from the Internal Revenue Service which provides that the acquisition of shares by the trustee or custodian of an IRA or a Tax-Qualified Account will not constitute the acquisition of a collectible, and thus, a Tax-Qualified Account owning shares will not be treated as having made a distribution to the IRA owner or plan participant under Code section 408(m) solely by virtue of owning such shares. However, in the event any redemption of shares results in the distribution of gold coins or gold bullion to an IRA or a Tax-Qualified Account, such distribution would constitute the acquisition of a collectible and therefore a distribution from the account, except to the extent the those gold coins or gold bullion satisfies section 408(m)(3) of the Code.

Investors who are considering exchanging their shares for gold coins or gold bullion should consult with their tax advisors regarding the tax implications thereof before doing so.

ERISA and Related Considerations

The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or section 4975 of the Code impose certain requirements on employee benefit plans and certain other plans and arrangements, including IRAs and individual retirement annuities, Keogh plans, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or the Code (collectively, “Plans”), and on persons who are fiduciaries with respect to the investment of assets treated as “plan assets” of a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA.

Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under state or other federal law. Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in shares.

In contemplating an investment of a portion of Plan assets in shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the “Risk Factors” discussed below and whether such investment is consistent with its fiduciary responsibilities, including, but not limited to: (a) whether the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (b) whether the investment would constitute a direct or indirect non-exempt prohibited transaction with a party in interest; (c) the Plan’s funding objectives; and (d) whether under the general fiduciary standards of investment prudence and diversification such investment is appropriate for the Plan, taking into account the overall investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s need for sufficient liquidity to pay benefits when due.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of shares to any foreign currency related market risk. The Trust does not invest in any derivative financial instruments or long-term debt instruments.

Item 4. Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the principal executive officer and principal financial officer of the Sponsor, and to the auditor, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the principal executive officer and principal financial officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the principal executive officer and principal financial officer of the Sponsor concluded that, as of July 31, 2017, the Trust’s disclosure controls and procedures were effective.

There have been no changes in the Trust’s or Sponsor’s internal control over financial reporting that occurred during the Trust’s fiscal quarter ended July 31, 2017 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider the factors discussed under the caption “Risk Factors” beginning on page 19 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2017 (the “Annual Report”), filed with the Securities and Exchange Commission on April 14, 2017, which could materially affect our business, financial condition or future results. There have been no material changes in our risk factors from those disclosed in the Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) None.

(b) Not applicable.

(c)

Shares Redeemed Per Month in the Quarter ended July 31, 2017	Total Shares Redeemed		Average Ounces of Gold Per Share
Period
05/01/17 to 05/31/17		0		0.00988058353
06/01/17 to 06/30/17		0		0.009877148278
07/01/17 to 07/31/17		0		0.009873794286
		0

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

A copy of the First Amendment to Authorized Participant Agreement is attached as Exhibit 4.2 to this Form 10-Q, and is incorporated herein by reference. The foregoing description of the First Amendment to Authorized Participant Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.

Item 6. Exhibits

Exhibits No.		Description
4.1(a)		Form of Depositary Trust Agreement between Merk Investments LLC, as sponsor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-180868 on April 15, 2014)
4.1(b)		First Amendment To Depositary Trust Agreement, dated as of October 22, 2015, by and between Merk Investments LLC, as sponsor of the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1 filed with Current Report on Form 8-K on October 26, 2015)
4.1(c)		Second Amendment to the Depositary Trust Agreement, dated as of April 28, 2016, by and between Merk Investments LLC, as sponsor of the Trust, and the Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1(c) filed with Annual Report on Form 10-K/A on April 29, 2016)
4.2		Form of First Amendment to Authorized Participant Agreement, dated as of August 8, 2017, adopted by Merk Investments LLC, as sponsor of the Trust, and The Bank of New York Mellon, as trustee of the Trust
31.1		Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1^#		Certification by Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

^#The information in Exhibit 32 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act (including this report), unless the Company specifically incorporates the foregoing information into those documents by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in its capacities* thereunto duly authorized.

	MERK INVESTMENTS LLC
	Sponsor of the VanEck Merk Gold Trust

Date: September 6, 2017	/s/ Axel Merk
	Axel Merk
	President and Chief Executive Officer
	(Principal Executive Officer and Principal Financial Officer)

* The Registrant is a trust and the person is signing in his capacities as officers of Merk Investments LLC, the Sponsor of the Registrant.

EX-4.2 2 f10q0717ex4-2_vaneckmerk.htm FORM OF FIRST AMENDMENT TO AUTHORIZED PARTICIPANT AGREEMENT

Exhibit 4.2

Execution Copy

AMENDMENT NO. 1
TO
VANECK MERK GOLD TRUST
CREATION AND REDEMPTION PROCEDURES

This amendment (this “Amendment”), dated as of August 8, 2017, is to the Creation and Redemption Procedures (the “Procedures”), adopted by Merk Investments LLC, in its capacity as the sponsor (the “Sponsor”) of the VanEck Merk Gold Trust (the “Trust”), and The Bank of New York Mellon, in its capacity as trustee (the “Trustee”) of the Trust, which are attached as Schedule 1 to the VanEck Merk Gold Trust Authorized Participant Agreements (the “Authorized Participant Agreements”) among the Trustee, the Sponsor and the authorized participants of the Trust set forth on Schedule A hereto (the “Authorized Participants”).

WHEREAS, the Trustee and the Sponsor have previously entered into an Authorized Participant Agreement with each of the Authorized Participants identified on Schedule A hereto and the same are in full force and effect; and

WHEREAS, Section 7 of each Authorized Participant Agreement provides that the Authorized Participant Agreement, including the Procedures which are a part thereof, may be amended by the Trustee and the Sponsor from time to time without the consent of the Authorized Participant or any Registered Owner or Beneficial Owner by following the procedures provided for therein; and

WHEREAS, the Sponsor and the Trustee wish to amend the Procedures to reflect the Securities and Exchange Commission’s adoption of an amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days to two business days, with such change scheduled to go into effect on September 5, 2017.

NOW, THEREFORE, the Trustee and the Sponsor agree as follows:

1. The Procedures are hereby amended by adding the following new Section 1.03:

Section 1.03. Two Day Settlement. For all Orders which are placed and accepted on or after such day (the “Effective Date”) as the settlement cycle for most broker-dealer securities transactions is changed from a three business day settlement cycle to a two business day settlement cycle (such change is currently scheduled to occur on September 5, 2017), all actions to be performed by, and all actions to be performed on, the third Business Day after the applicable Order Date in these Procedures shall, on and after the Effective Date, be performed by, or performed on, the second Business Day after the applicable Order Date. All Orders which are placed and accepted prior to the Effective Date are not subject to this provision.

2. The foregoing amendment shall take effect as of September 5, 2017.

3. Except as modified by this Amendment, the Authorized Participant Agreements shall remain unmodified and in full force and effect.

4. This Amendment shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including, without limitation, matters of validity, construction, effect, performance and remedies.

5. Capitalized terms used but not defined in this Amendment shall have the meanings assigned to such terms in the Authorized Participant Agreements.

6. This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original, but together shall constitute one and the same instrument. Facsimile and PDF signatures shall be acceptable and binding.

[Signature Page Follows]

IN WITNESS WHEREOF, the Trustee and the Sponsor have executed and delivered this Amendment as of the date first above specified.

	MERK INVESTMENTS LLC,
	as sponsor of the VanEck Merk Gold Trust

	By:	/s/ Axel Merk
	Name: Axel Merk
	Title: President


	THE BANK OF NEW YORK MELLON,
	not in its individual capacity,
	but solely as trustee of the
	VanEck Merk Gold Trust

	By:	Phyllis A. Cietek
	Name: Phyllis A. Cietek
	Title: Vice President

[Signature Page to Amendment No. 1 to

VanEck Merk Gold Trust Creation and Redemption Procedures ]

SCHEDULE A

AUTHORIZED PARTICIPANTS

Credit Suisse Securities (USA) LLC

JP Morgan Securities, LLC

Virtu Financial BD LLC

EX-31.1 3 f10q0717ex31-1_vaneckmerk.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) and 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Axel Merk, certify that:

1.	I have reviewed this Report on Form 10-Q of VanEck Merk Gold Trust (the “Trust”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the auditors of Merk Investments LLC, as Sponsor of the Trust, and the audit committee of the board of directors of Merk Investments LLC (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 6, 2017	/s/ Axel Merk**
	Axel Merk*
	President and Chief Investment Officer
	(Principal Executive Officer and Principal Financial Officer)

* The Registrant is a trust and Mr. Merk is signing in his capacities as officers of Merk Investments LLC, the Sponsor of the Registrant.

** The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

EX-32.1 4 f10q0717ex32-1_vaneckmerk.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION

906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of VanEck Merk Gold Trust (the “Trust”) on Form 10-Q for the quarter ended July 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: September 6, 2017	/s/ Axel Merk**
	Axel Merk*
	President and Chief Investment Officer
	(Principal Executive Officer and Principal Financial Officer)

* The Registrant is a trust and Mr. Merk is signing in his capacities as officers of Merk Investments LLC, the Sponsor of the Registrant.

** The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Financial Highlights<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Per Share Performance (for a share outstanding throughout each period)<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the three months ended July 31, 2017</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the three months ended July 31, 2016</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the six months ended July 31, 2017</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the six months ended July 31, 2016</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; font-weight: bold;">Net asset value per share, beginning of period</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12.52</td><td style="width: 17px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">12.76</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">12.00</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">11.04</td><td style="width: 16px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 10pt;">Net investment loss(a)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.01</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.01</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.02</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.02</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Net realized and unrealized gain on investment in gold bullion</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.55</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.53</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2.28</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Net change in net assets from operations</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(0.01</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.54</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.51</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2.26</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt; font-weight: bold;">Net asset value per share, end of period</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.51</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13.30</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.51</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13.30</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Total return, at net asset value(b)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.08</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4.23</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4.25</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">20.47</td><td style="text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Ratio to average net assets(c)</td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 10pt;">Net investment loss</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-left: 10pt;">Net expenses</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="padding: 0pt; width: 48px; text-align: justify;">(a)</td><td style="padding: 0pt; width: 1519px; text-align: justify;">Calculated using average shares outstanding</td></tr><tr style="vertical-align: top;"><td style="padding: 0pt; text-align: justify;">(b)</td><td style="padding: 0pt; text-align: justify;">Not Annualized</td></tr><tr style="vertical-align: top;"><td style="padding: 0pt; text-align: justify;">(c)</td><td style="padding: 0pt; text-align: justify;">Annualized</td></tr></table>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Schedules of Investment<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-weight: bold;">July 31, 2017 (unaudited)</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fine Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">% of Net Assets</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 768px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Gold Bullion</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">102,284</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">126,701,524</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">129,650,107</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="width: 62px; text-align: left; padding-bottom: 1.5pt;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 0pt;">Total Investments</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">126,701,524</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">129,650,107</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">100.00</td><td style="text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Liabilities in excess of other assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(7</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%(a)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Net Assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">129,650,100</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 1.65pt 0pt 35.45pt; text-align: justify; color: #000000; text-transform: none; text-indent: -35.45pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-weight: bold;">January 31, 2017</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fine Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">% of Net Assets</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 768px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Gold Bullion</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">101,789</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">126,099,244</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">123,449,687</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="width: 62px; text-align: left; padding-bottom: 1.5pt;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 0pt;">Total Investments</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">126,099,244</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">123,449,687</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">100.00</td><td style="text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Liabilities in excess of other assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%(a)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Net Assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">123,449,684</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="padding: 0pt; width: 48px; text-align: justify;">(a)</td><td style="padding: 0pt; width: 1519px; text-align: justify;">Amount is less than 0.005%</td></tr></table>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">2. SIGNIFICANT ACCOUNTING POLICIES<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The accompanying audited and unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for the Form 10-Q and the rules and regulations of the United States Securities and Exchange Commission. In the opinion of the Trust’s management, all adjustments (which consists of normal recurring adjustments) necessary to present fairly the financial position and the results of operations, as presented, have been made.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following is a summary of significant accounting policies followed by the Trust.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">2.1. Valuation of Gold<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">FASB Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the inputs used as of July 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Investment in Gold</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">129,650,107</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">129,650,107</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no transfers between levels during the period.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the inputs used as of January 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Investment in Gold</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">123,449,687</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">123,449,687</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no transfers between levels during the period.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">2.2. Expenses<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">2.3. Creations and Redemptions of Shares<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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”).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Authorized Participants<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Delivery Applicants<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In exchange for its shares and payment of a processing fee, a Delivery Applicant will be entitled to one or more bars or coins of physical gold having approximately the total Fine Ounces represented by the shares on the day on which the Delivery Applicant’s broker-dealer submits his or her shares to the Trust in exchange for physical gold (“Share Submission Day”). As it is unlikely that the total Fine Ounces of physical gold will exactly correspond to the Fine Ounces represented by a specific number of shares, a Delivery Applicant 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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Changes in the shares for the period ended July 31, 2017 are as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; padding-left: 0pt; font-weight: bold;">Shares, beginning of period at February 1, 2017</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">10,290,267</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">130,038,988</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 0pt;">Shares issued</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">220,362</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,692,011</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 0pt;">Shares redeemed</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(150,000</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,864,346</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Shares, end of period at July 31, 2017</td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,360,629</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">130,866,653</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Changes in the shares for the year ended January 31, 2017 are as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; padding-left: 0pt; font-weight: bold;">Shares, beginning of period at February 1, 2016</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">7,576,528</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">93,178,688</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 0pt;">Shares issued</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,942,698</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">73,773,593</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 0pt;">Shares redeemed</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3,228,959</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(36,913,293</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Shares, end of period at January 31, 2017</td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,290,267</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">130,038,988</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">2.4. Income Taxes<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Trust is treated as a “grantor trust” for US federal tax purposes. As a result, the Trust itself is not subject to US federal income tax. Instead, the Trust’s income and expenses “flow through” to the shareholders and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service on that basis.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of July 31, 2017.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">2.5. Revenue Recognition Policy<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">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.</div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the three months ended July 31, 2017</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the three months ended July 31, 2016</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the six months ended July 31, 2017</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">For the six months ended July 31, 2016</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td><td style="text-align: center; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; font-weight: bold;">Net asset value per share, beginning of period</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12.52</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12.76</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">12.00</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">11.04</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 10pt;">Net investment loss(a)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.01</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.01</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.02</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.02</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Net realized and unrealized gain on investment in gold bullion</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.55</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.53</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2.28</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Net change in net assets from operations</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(0.01</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.54</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.51</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2.26</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt; font-weight: bold;">Net asset value per share, end of period</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.51</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13.30</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.51</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13.30</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Total return, at net asset value(b)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.08</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4.23</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4.25</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">20.47</td><td style="text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Ratio to average net assets(c)</td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 10pt;">Net investment loss</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.40</td><td style="text-align: left;">)%</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-left: 10pt;">Net expenses</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.40</td><td style="text-align: left;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="padding: 0pt; width: 48px; text-align: justify;">(a)</td><td style="padding: 0pt; width: 1519px; text-align: justify;">Calculated using average shares outstanding</td></tr><tr style="vertical-align: top;"><td style="padding: 0pt; text-align: justify;">(b)</td><td style="padding: 0pt; text-align: justify;">Not Annualized</td></tr><tr style="vertical-align: top;"><td style="padding: 0pt; text-align: justify;">(c)</td><td style="padding: 0pt; text-align: justify;">Annualized</td></tr></table></div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-weight: bold;">July 31, 2017 (unaudited)</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fine Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">% of Net Assets</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 768px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Gold Bullion</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">102,284</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">126,701,524</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">129,650,107</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="width: 62px; text-align: left; padding-bottom: 1.5pt;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 0pt;">Total Investments</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">126,701,524</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">129,650,107</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">100.00</td><td style="text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Liabilities in excess of other assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(7</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%(a)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Net Assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">129,650,100</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 1.65pt 0pt 35.45pt; text-align: justify; color: #000000; text-transform: none; text-indent: -35.45pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-weight: bold;">January 31, 2017</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fine Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">% of Net Assets</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 768px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Gold Bullion</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">101,789</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">126,099,244</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">123,449,687</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="width: 62px; text-align: left; padding-bottom: 1.5pt;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-left: 0pt;">Total Investments</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">126,099,244</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">123,449,687</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">100.00</td><td style="text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Liabilities in excess of other assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%(a)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Net Assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="text-align: right; padding-bottom: 1.5pt;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">123,449,684</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">100.00</td><td style="text-align: left; padding-bottom: 1.5pt;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="padding: 0pt; width: 48px; text-align: justify;">(a)</td><td style="padding: 0pt; width: 1519px; text-align: justify;">Amount is less than 0.005%</td></tr></table></div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Investment in Gold</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">129,650,107</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">129,650,107</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt;">Investment in Gold</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">123,449,687</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">123,449,687</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">—</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; padding-left: 0pt; font-weight: bold;">Shares, beginning of period at February 1, 2017</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">10,290,267</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">130,038,988</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 0pt;">Shares issued</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">220,362</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,692,011</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 0pt;">Shares redeemed</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(150,000</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,864,346</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Shares, end of period at July 31, 2017</td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,360,629</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">130,866,653</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; padding-left: 0pt; font-weight: bold;">Shares, beginning of period at February 1, 2016</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">7,576,528</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">93,178,688</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 0pt;">Shares issued</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,942,698</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">73,773,593</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 0pt;">Shares redeemed</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3,228,959</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(36,913,293</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 0pt; font-weight: bold;">Shares, end of period at January 31, 2017</td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,290,267</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td><td style="padding-bottom: 4pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">130,038,988</td><td style="text-align: left; padding-bottom: 4pt; font-weight: bold;"> </td></tr></table>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-weight: bold;">Beginning balance as of February 1, 2017</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">101,789</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">123,449,687</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Gold bullion contributed</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,978</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,439,151</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Gold bullion distributed</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,483</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,864,345</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Realized gain from gold distributed from in-kind</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">27,474</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Change in unrealized appreciation</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5,598,140</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; font-weight: bold;">Ending balance as of July 31, 2017</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">102,284</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">129,650,107</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Ounces</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fair Value</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-weight: bold;">Beginning balance as of February 1, 2016</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">75,245</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">83,657,963</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Gold bullion contributed</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,504</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">73,241,000</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Gold bullion distributed</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(31,960</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(36,913,341</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Realized loss from gold distributed from in-kind</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(2,758,495</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Change in unrealized appreciation</td><td> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,222,560</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Ending balance as of January 31, 2017</td><td> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">101,789</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">123,449,687</td><td style="text-align: left;"> </td></tr></table> 1000 100000

1306.25

123449687

129650107

83657963

123449687

-3

123449684

123449687

129650107

-7

129650100

129650107

7576528

10290267

10360629

5942698

220362

-3228959

-150000

93178688

130038988

130866653

73773593

2692011

-36913293

-1864346

50000 500 75245 101789 101789 102284 102284 58504 1978 -31960 -1483 73241000 2439151 -36913341 -1864345 -2758495 27474 6222560 5598140 0.0040

100000

9620534

767800

0.0741

-0.01 -0.02 -0.01 -0.02 0.55 2.28 0.53 0.54 2.26 -0.01 0.51 0.0423 0.2047 -0.0008 0.0425 -0.0040 -0.0040 -0.0040 -0.0040 0.0040 0.0040 0.0040 0.0040

1.00

0.00

1.00

1.0000

0.0000

1.0000

Commencement of operations. Calculated using average shares outstanding Not Annualized Annualized Amount is less than 0.005%

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Transaction Fee Transaction fee The amount of expense provided in the period for transaction fee incurred all creation and redemption transactions. Changes In Ounces Of Gold And Fair Value [Abstract] Changes in ounces of gold and fair value Gold Bullion Balance Fine Ounces Beginning balance Ending balance Ounces of gold bullion held by the trust. Gold Bullion Contributed Gold bullion contributed Ounces of gold bullion contributed for the creation of shares Gold Bullion Distributed Gold bullion distributed Ounces of gold bullion distributed for the redemption of shares. Realized Gain From Gold Distributed From In Kind Ounces Realized gain (loss) from gold distributed from in-kind Realized gain from gold distributed from in-kind ounces. Change In Unrealized Appreciation Depreciation Ounces Change in unrealized depreciation Change in unrealized appreciation Change in unrealized appreciation (depreciation) ounces. 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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 31, 2017	Sep. 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	VanEck Merk Gold Trust
Entity Central Index Key	0001546652
Trading Symbol	OUNZ
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Type	10-Q
Document Period End Date	Jul. 31, 2017
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,364,066

XML 12 R2.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities - USD ($)	Jul. 31, 2017	Jan. 31, 2017
Assets
Investments in gold bullion (cost $126,701,524 and $126,099,244, respectively)	$ 129,650,107	$ 123,449,687
Total Assets	129,650,107	123,449,687
Liabilities
Sponsor's fee payable	7	3
Total Liabilities	7	3
Net Assets	129,650,100	123,449,684
Net Assets Consists of:
Paid-in-capital	130,866,653	130,038,988
Accumulated net investment loss	(1,217,340)	(964,477)
Accumulated net realized loss	(2,947,796)	(2,975,270)
Unrealized appreciation (depreciation) on investment in gold bullion	2,948,583	(2,649,557)
Net Assets	$ 129,650,100	$ 123,449,684
Shares issued and outstanding (no par value)	10,360,629	10,290,267
Net asset value per share	$ 12.51	$ 12.00

XML 13 R3.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jul. 31, 2017	Jan. 31, 2017
Statement of Financial Position [Abstract]
Investments in gold bullion cost	$ 126,701,524	$ 126,099,244

XML 14 R4.htm IDEA: XBRL DOCUMENT

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations (Unaudited) - USD ($)	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Expenses
Sponsor's fees	$ 128,616	$ 139,575	$ 252,863	$ 236,726
Total expenses	128,616	139,575	252,863	236,726
Net investment loss	(128,616)	(139,575)	(252,863)	(236,726)
Net Realized and Unrealized Gain
Net realized gain from gold bullion distributed for redemptions			27,474	1,386
Net change in unrealized appreciation on investment in gold bullion	112,512	7,882,525	5,598,140	21,489,845
Net realized and unrealized gain from operations	112,512	7,882,525	5,625,614	21,491,231
Net Increase (Decrease) in Net Assets resulting from operations	$ (16,104)	$ 7,742,950	$ 5,372,751	$ 21,254,505

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Statements of Changes in Net Assets - USD ($)	6 Months Ended	12 Months Ended
Statements of Changes in Net Assets - USD ($)	Jul. 31, 2017	Jan. 31, 2017
Statements of Changes in Net Assets [Abstract]
Net Assets-beginning of period	$ 123,449,684	$ 83,657,961
Creations	2,692,011	73,773,593
Redemptions	(1,864,346)	(36,913,293)
Net investment loss	(252,863)	(532,642)
Net realized gain (loss) from gold bullion distributed for redemptions	27,474	(2,758,495)
Net change in unrealized appreciation on investment in gold bullion	5,598,140	6,222,560
Net Assets-end of period	$ 129,650,100	$ 123,449,684

XML 16 R6.htm IDEA: XBRL DOCUMENT

Financial Highlights

6 Months Ended

Jul. 31, 2017

Financial Highlights [Abstract]

Financial Highlights

Financial Highlights

Per Share Performance (for a share outstanding throughout each period)

	For the three months ended July 31, 2017			For the three months ended July 31, 2016			For the six months ended July 31, 2017			For the six months ended July 31, 2016
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net asset value per share, beginning of period	$	12.52		$	12.76		$	12.00		$	11.04
Net investment loss^(a)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain on investment in gold bullion		—			0.55			0.53			2.28
Net change in net assets from operations		(0.01	)		0.54			0.51			2.26
Net asset value per share, end of period	$	12.51		$	13.30		$	12.51		$	13.30

Total return, at net asset value^(b)		(0.08	)%		4.23	%		4.25	%		20.47	%

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

XML 17 R7.htm IDEA: XBRL DOCUMENT

Schedules of Investment

6 Months Ended

Jul. 31, 2017

Schedules of Investment [Abstract]

Schedules of Investment

Schedules of Investment

July 31, 2017 (unaudited)

	Fine Ounces		Cost		Value			% of Net Assets
Gold Bullion		102,284	$	126,701,524	$	129,650,107			100.00	%
Total Investments			$	126,701,524	$	129,650,107			100.00	%
Liabilities in excess of other assets						(7	)		0.00	%(a)
Net Assets					$	129,650,100			100.00	%

January 31, 2017

	Fine Ounces		Cost		Value			% of Net Assets
Gold Bullion		101,789	$	126,099,244	$	123,449,687			100.00	%
Total Investments			$	126,099,244	$	123,449,687			100.00	%
Liabilities in excess of other assets						(3	)		0.00	%(a)
Net Assets					$	123,449,684			100.00	%

(a)

Amount is less than 0.005%

XML 18 R8.htm IDEA: XBRL DOCUMENT

Organization	6 Months Ended
Organization	Jul. 31, 2017
Organization [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.

XML 19 R9.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

6 Months Ended

Jul. 31, 2017

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Trust.

2.1. Valuation of Gold

The following table summarizes the inputs used as of July 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:

	Level 1		Level 2		Level 3
Investment in Gold	$	129,650,107	$	—	$	—
Total	$	129,650,107	$	—	$	—

There were no transfers between levels during the period.

The following table summarizes the inputs used as of January 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:

	Level 1		Level 2		Level 3
Investment in Gold	$	123,449,687	$	—	$	—
Total	$	123,449,687	$	—	$	—

There were no transfers between levels during the period.

2.2. Expenses

2.3. Creations and Redemptions of Shares

Authorized Participants

Delivery Applicants

Changes in the shares for the period ended July 31, 2017 are as follows:

	Shares			Amount
Shares, beginning of period at February 1, 2017		10,290,267		$	130,038,988
Shares issued		220,362			2,692,011
Shares redeemed		(150,000	)		(1,864,346	)
Shares, end of period at July 31, 2017		10,360,629		$	130,866,653

Changes in the shares for the year ended January 31, 2017 are as follows:

	Shares			Amount
Shares, beginning of period at February 1, 2016		7,576,528		$	93,178,688
Shares issued		5,942,698			73,773,593
Shares redeemed		(3,228,959	)		(36,913,293	)
Shares, end of period at January 31, 2017		10,290,267		$	130,038,988

2.4. Income Taxes

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.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Investment in Gold

6 Months Ended

Jul. 31, 2017

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 July 31, 2017:

	Ounces			Fair Value
Beginning balance as of February 1, 2017		101,789		$	123,449,687
Gold bullion contributed		1,978			2,439,151
Gold bullion distributed		(1,483	)		(1,864,345	)
Realized gain from gold distributed from in-kind		—			27,474
Change in unrealized appreciation		—			5,598,140
Ending balance as of July 31, 2017		102,284		$	129,650,107

The following represents the changes in ounces of gold and the respective fair value at January 31, 2017:

	Ounces			Fair Value
Beginning balance as of February 1, 2016		75,245		$	83,657,963
Gold bullion contributed		58,504			73,241,000
Gold bullion distributed		(31,960	)		(36,913,341	)
Realized loss from gold distributed from in-kind		—			(2,758,495	)
Change in unrealized appreciation		—			6,222,560
Ending balance as of January 31, 2017		101,789		$	123,449,687

XML 21 R11.htm IDEA: XBRL DOCUMENT

Related Parties-Sponsor, Trustee, Custodian and Marketing Fees	6 Months Ended
	Jul. 31, 2017
Related Parties-Sponsor, Trustee, Custodian and Marketing Fees [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; 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.

XML 22 R12.htm IDEA: XBRL DOCUMENT

Shareholder Ownership	6 Months Ended
Shareholder Ownership	Jul. 31, 2017
Shareholder Ownership [Abstract]
SHAREHOLDER OWNERSHIP	5. SHAREHOLDER OWNERSHIP Merk Hard Currency Fund owned a market value of $9,620,534 (767,800 shares) which equates to 7.41% ownership in the Trust as of July 31, 2017.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Concentration of Risk	6 Months Ended
Concentration of Risk	Jul. 31, 2017
Concentration of Risk [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.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Indemnification	6 Months Ended
Indemnification	Jul. 31, 2017
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.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Subsequent Events	6 Months Ended
Subsequent Events	Jul. 31, 2017
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.

XML 26 R16.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

6 Months Ended

Jul. 31, 2017

Significant Accounting Policies [Abstract]

Valuation of Gold

2.1. Valuation of Gold

The following table summarizes the inputs used as of July 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:

	Level 1		Level 2		Level 3
Investment in Gold	$	129,650,107	$	—	$	—
Total	$	129,650,107	$	—	$	—

There were no transfers between levels during the period.

The following table summarizes the inputs used as of January 31, 2017 in determining the Trust’s investments at fair value for purposes of ASC 820:

	Level 1		Level 2		Level 3
Investment in Gold	$	123,449,687	$	—	$	—
Total	$	123,449,687	$	—	$	—

There were no transfers between levels during the period.

Expenses

2.2. Expenses

Creations and Redemptions of Shares

2.3. Creations and Redemptions of Shares

Authorized Participants

Delivery Applicants

Changes in the shares for the period ended July 31, 2017 are as follows:

	Shares			Amount
Shares, beginning of period at February 1, 2017		10,290,267		$	130,038,988
Shares issued		220,362			2,692,011
Shares redeemed		(150,000	)		(1,864,346	)
Shares, end of period at July 31, 2017		10,360,629		$	130,866,653

Changes in the shares for the year ended January 31, 2017 are as follows:

	Shares			Amount
Shares, beginning of period at February 1, 2016		7,576,528		$	93,178,688
Shares issued		5,942,698			73,773,593
Shares redeemed		(3,228,959	)		(36,913,293	)
Shares, end of period at January 31, 2017		10,290,267		$	130,038,988

Income Taxes

2.4. Income Taxes

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.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

XML 27 R17.htm IDEA: XBRL DOCUMENT

Financial Highlights (Tables)

6 Months Ended

Jul. 31, 2017

Financial Highlights [Abstract]

Summary of financial highlights

	For the three months ended July 31, 2017			For the three months ended July 31, 2016			For the six months ended July 31, 2017			For the six months ended July 31, 2016
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net asset value per share, beginning of period	$	12.52		$	12.76		$	12.00		$	11.04
Net investment loss^(a)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain on investment in gold bullion		—			0.55			0.53			2.28
Net change in net assets from operations		(0.01	)		0.54			0.51			2.26
Net asset value per share, end of period	$	12.51		$	13.30		$	12.51		$	13.30

Total return, at net asset value^(b)		(0.08	)%		4.23	%		4.25	%		20.47	%

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

XML 28 R18.htm IDEA: XBRL DOCUMENT

Schedules of Investment (Tables)

6 Months Ended

Jul. 31, 2017

Schedules of Investment [Abstract]

Schedules of Investment

July 31, 2017 (unaudited)

	Fine Ounces		Cost		Value			% of Net Assets
Gold Bullion		102,284	$	126,701,524	$	129,650,107			100.00	%
Total Investments			$	126,701,524	$	129,650,107			100.00	%
Liabilities in excess of other assets						(7	)		0.00	%(a)
Net Assets					$	129,650,100			100.00	%

January 31, 2017

	Fine Ounces		Cost		Value			% of Net Assets
Gold Bullion		101,789	$	126,099,244	$	123,449,687			100.00	%
Total Investments			$	126,099,244	$	123,449,687			100.00	%
Liabilities in excess of other assets						(3	)		0.00	%(a)
Net Assets					$	123,449,684			100.00	%

(a)

Amount is less than 0.005%

XML 29 R19.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

6 Months Ended

Jul. 31, 2017

Significant Accounting Policies [Abstract]

Summary of investments at fair value

	Level 1		Level 2		Level 3
Investment in Gold	$	129,650,107	$	—	$	—
Total	$	129,650,107	$	—	$	—

	Level 1		Level 2		Level 3
Investment in Gold	$	123,449,687	$	—	$	—
Total	$	123,449,687	$	—	$	—

Summary of changes in shares

	Shares			Amount
Shares, beginning of period at February 1, 2017		10,290,267		$	130,038,988
Shares issued		220,362			2,692,011
Shares redeemed		(150,000	)		(1,864,346	)
Shares, end of period at July 31, 2017		10,360,629		$	130,866,653

	Shares			Amount
Shares, beginning of period at February 1, 2016		7,576,528		$	93,178,688
Shares issued		5,942,698			73,773,593
Shares redeemed		(3,228,959	)		(36,913,293	)
Shares, end of period at January 31, 2017		10,290,267		$	130,038,988

XML 30 R20.htm IDEA: XBRL DOCUMENT

Investment in Gold (Tables)

6 Months Ended

Jul. 31, 2017

Investment in Gold [Abstract]

Schedule of changes in ounces of gold and fair value

	Ounces			Fair Value
Beginning balance as of February 1, 2017		101,789		$	123,449,687
Gold bullion contributed		1,978			2,439,151
Gold bullion distributed		(1,483	)		(1,864,345	)
Realized gain from gold distributed from in-kind		—			27,474
Change in unrealized appreciation		—			5,598,140
Ending balance as of July 31, 2017		102,284		$	129,650,107

	Ounces			Fair Value
Beginning balance as of February 1, 2016		75,245		$	83,657,963
Gold bullion contributed		58,504			73,241,000
Gold bullion distributed		(31,960	)		(36,913,341	)
Realized loss from gold distributed from in-kind		—			(2,758,495	)
Change in unrealized appreciation		—			6,222,560
Ending balance as of January 31, 2017		101,789		$	123,449,687

XML 31 R21.htm IDEA: XBRL DOCUMENT

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

XML 32 R22.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details) - USD ($)	Jul. 31, 2017	Jan. 31, 2017	Jan. 31, 2016
Summary of investments at fair value
Total	$ 129,650,107	$ 123,449,687	$ 83,657,963
Level 1 [Member]
Summary of investments at fair value
Investment in Gold	129,650,107	123,449,687
Total	129,650,107	123,449,687
Level 2 [Member]
Summary of investments at fair value
Investment in Gold
Total
Level 3 [Member]
Summary of investments at fair value
Investment in Gold
Total

XML 33 R23.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details 1) - USD ($)	6 Months Ended	12 Months Ended
Significant Accounting Policies (Details 1) - USD ($)	Jul. 31, 2017	Jan. 31, 2017
Significant Accounting Policies [Abstract]
Shares, beginning of year	10,290,267	7,576,528
Shares issued	220,362	5,942,698
Shares redeemed	(150,000)	(3,228,959)
Shares, end of year	10,360,629	10,290,267
Amount, shares, beginning of year	$ 130,038,988	$ 93,178,688
Amount, shares issued	2,692,011	73,773,593
Amount, shares redeemed	(1,864,346)	(36,913,293)
Amount, shares, end of year	$ 130,866,653	$ 130,038,988

XML 34 R24.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details Textual)	6 Months Ended
Significant Accounting Policies (Details Textual)	Jul. 31, 2017 USD ($) shares
Significant Accounting Policies (Textual)
Shares issued and redeemed by trust in blocks \| shares	50,000
Transaction fee \| $	$ 500

XML 35 R25.htm IDEA: XBRL DOCUMENT

Investment in Gold (Details)	6 Months Ended	12 Months Ended
Investment in Gold (Details)	Jul. 31, 2017 USD ($) Ounces	Jan. 31, 2017 USD ($) Ounces
Changes in ounces of gold and fair value
Beginning balance \| Ounces	101,789	75,245
Gold bullion contributed \| Ounces	1,978	58,504
Gold bullion distributed \| Ounces	(1,483)	(31,960)
Realized gain (loss) from gold distributed from in-kind \| Ounces
Change in unrealized appreciation \| Ounces
Ending balance \| Ounces	102,284	101,789
Changes in fair value of gold and fair value
Beginning balance, Fair Value \| $	$ 123,449,687	$ 83,657,963
Gold bullion contributed, Fair Value \| $	2,439,151	73,241,000
Gold bullion distributed, Fair Value \| $	(1,864,345)	(36,913,341)
Realized gain (loss) from gold distributed from in-kind, Fair Value \| $	27,474	(2,758,495)
Change in unrealized appreciation, Fair Value \| $	5,598,140	6,222,560
Ending balance, Fair Value \| $	$ 129,650,107	$ 123,449,687

XML 36 R26.htm IDEA: XBRL DOCUMENT

Related Parties-Sponsor, Trustee, Custodian and Marketing Fees (Details)	6 Months Ended
	Jul. 31, 2017 USD ($)
Related Parties-Sponsor, Trustee, Custodian and Marketing Fees (Textual)
Percentage of sponsor's fee	0.40%
Legal expenses, per annum	$ 100,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

Shareholder Ownership (Details)	Jul. 31, 2017 USD ($) shares
Shareholder Ownership (Textual)
Market value \| $	$ 9,620,534
Market value shares \| shares	767,800
Ownership percentage	7.41%

XML 38 R28.htm IDEA: XBRL DOCUMENT

Financial Highlights (Details) - $ / shares

3 Months Ended

6 Months Ended

Jul. 31, 2017

Jul. 31, 2016

Jul. 31, 2017

Jul. 31, 2016

Financial Highlights [Abstract]

Net asset value per share, beginning of period

$ 12.52

$ 12.76

$ 12.00

$ 11.04

Net investment loss

^[1]

(0.01)

(0.02)

Net realized and unrealized gain on investment in gold bullion

0.55

0.53

2.28

Net change in net assets from operations

(0.01)

0.54

0.51

2.26

Net asset value per share, end of period

$ 12.51

$ 13.30

$ 12.51

$ 13.30

Total return, at net asset value

^[2]

(0.08%)

4.23%

4.25%

20.47%

Ratio to average net assets

Net investment loss

^[3]

(0.40%)

Net expenses

^[3]

0.40%

[1]	Calculated using average shares outstanding
[2]	Not Annualized
[3]	Annualized

XML 39 R29.htm IDEA: XBRL DOCUMENT

Schedules of Investment (Details)

Jul. 31, 2017

USD ($)

Ounces

Jan. 31, 2017

USD ($)

Ounces

Jan. 31, 2016

USD ($)

Ounces

Schedule of Investments [Line Items]

Fine Ounces | Ounces

102,284

101,789

75,245

Cost

$ 126,701,524

$ 126,099,244

Value

$ 129,650,107

$ 123,449,687

$ 83,657,963

Gold Bullion [Member]

Schedule of Investments [Line Items]

Fine Ounces | Ounces

102,284

101,789

Cost

$ 126,701,524

$ 126,099,244

Value

$ 129,650,107

$ 123,449,687

% of Net Assets

100.00%

Total Investments [Member]

Schedule of Investments [Line Items]

Cost

$ 126,701,524

$ 126,099,244

Value

$ 129,650,107

$ 123,449,687

% of Net Assets

100.00%

Liabilities in excess of other assets [Member]

Schedule of Investments [Line Items]

Value

$ (7)

$ (3)

% of Net Assets

^[1]

0.00%

Net Assets [Member]

Schedule of Investments [Line Items]

Value

$ 129,650,100

$ 123,449,684

% of Net Assets

100.00%

[1]	Amount is less than 0.005%

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