Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-34917 | |
Entity Registrant Name | ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST | |
Entity Central Index Key | 0001483386 | |
Entity Tax Identification Number | 27-2780046 | |
Entity Incorporation, State or Country Code | NY | |
Entity Address, Address Line One | 712 Fifth Avenue | |
Entity Address, Address Line Two | 49 th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 844 | |
Local Phone Number | 383-7289 | |
Title of 12(b) Security | Aberdeen Standard Physical Precious Metals Basket Shares ETF | |
Trading Symbol | GLTR | |
Security Exchange Name | NYSEArca | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,150,000 |
Statements of Assets and Liabil
Statements of Assets and Liabilities (Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Total investment in Bullion | $ 751,062,000 | $ 491,706,000 | |
Bullion receivable | 0 | 7,619,507 | |
Total assets | 751,062,000 | 499,326,000 | |
LIABILITIES | |||
Fees payable to Sponsor | 362,557 | 248,496 | |
Total liabilities | 363,000 | 248,000 | |
NET ASSETS | [1] | 750,699,000 | 499,078,000 |
Gold, Ounces | |||
ASSETS | |||
Total investment in Bullion | 424,091,000 | 277,466,000 | |
Palladium Ounces | |||
ASSETS | |||
Total investment in Bullion | 104,961,000 | 69,790,000 | |
Platinum, Ounces | |||
ASSETS | |||
Total investment in Bullion | 26,491,000 | 23,251,000 | |
Silver, Ounces | |||
ASSETS | |||
Total investment in Bullion | $ 195,519,000 | $ 121,199,000 | |
[1] | Authorized share capital is unlimited no 7,950,000 6,550,000 94.43 76.20 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Total investment in bullion, at cost | $ 556,093 | $ 407,094 |
Common stock, shares authorized | Unlimited | Unlimited |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares issued | 7,950,000 | 6,550,000 |
Common stock, shares outstanding | 7,950,000 | 6,550,000 |
Net Asset Value Per Share | $ 94.43 | $ 76.20 |
Gold, Ounces | ||
Total investment in bullion, at cost | $ 316,585 | $ 232,995 |
Palladium Ounces | ||
Total investment in bullion, at cost | 56,570 | 33,834 |
Platinum, Ounces | ||
Total investment in bullion, at cost | 29,924 | 25,022 |
Silver, Ounces | ||
Total investment in bullion, at cost | $ 153,014 | $ 115,243 |
Schedules of Investments (Unaud
Schedules of Investments (Unaudited) $ in Thousands | Sep. 30, 2020USD ($)oz | Dec. 31, 2019USD ($)oz | |
Investment in Bullion (oz) | oz | 8,540,712.3 | 6,960,703.3 | |
Cost | $ 556,093 | $ 407,094 | |
Fair Value | $ 751,062 | $ 491,706 | |
Fair Value, % of Net Assets | 100.05% | 98.52% | |
Less liabilities (Other assets less liabilities) | $ (363) | $ 7,372 | |
Less liabilities (Other assets less liabilities), % of Net Assets | (0.05%) | 1.48% | |
Net Assets | [1] | $ 750,699 | $ 499,078 |
Net assets, % of Net Assets | 100.00% | 100.00% | |
Gold, Ounces | |||
Investment in Bullion (oz) | oz | 224,755.6 | 183,176.5 | |
Cost | $ 316,585 | $ 232,995 | |
Fair Value | $ 424,091 | $ 277,466 | |
Fair Value, % of Net Assets | 56.50% | 55.60% | |
Palladium Ounces | |||
Investment in Bullion (oz) | oz | 44,951.1 | 36,635 | |
Cost | $ 56,570 | $ 33,834 | |
Fair Value | $ 104,961 | $ 69,790 | |
Fair Value, % of Net Assets | 13.98% | 13.98% | |
Platinum, Ounces | |||
Investment in Bullion (oz) | oz | 29,967.4 | 24,423.3 | |
Cost | $ 29,924 | $ 25,022 | |
Fair Value | $ 26,491 | $ 23,251 | |
Fair Value, % of Net Assets | 3.53% | 4.66% | |
Silver, Ounces | |||
Investment in Bullion (oz) | oz | 8,241,038.2 | 6,716,468.5 | |
Cost | $ 153,014 | $ 115,243 | |
Fair Value | $ 195,519 | $ 121,199 | |
Fair Value, % of Net Assets | 26.04% | 24.28% | |
[1] | Authorized share capital is unlimited no 7,950,000 6,550,000 94.43 76.20 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
EXPENSES | ||||
Sponsor’s Fee | $ 1,034,546 | $ 615,425 | $ 2,633,917 | $ 1,702,418 |
Total expenses | 1,035,000 | 615,000 | 2,634,000 | 1,702,000 |
Net investment loss | (1,035,000) | (615,000) | (2,634,000) | (1,702,000) |
REALIZED AND UNREALIZED GAINS / (LOSSES) | ||||
Realized gain on Bullion transferred to pay expenses | 243,000 | 60,000 | 522,000 | 99,000 |
Realized gain on Bullion distributed for the redemption of Shares | 579,000 | 4,680,000 | 1,807,000 | |
Change in unrealized gain and loss on investment in Bullion | 77,619,000 | 29,649,000 | 110,356,000 | 56,431,000 |
Total gain on investment in Bullion | 77,862,000 | 30,288,000 | 115,558,000 | 58,337,000 |
Change in net assets from operations | $ 76,827,000 | $ 29,673,000 | $ 112,924,000 | $ 56,635,000 |
Net increase / (decrease) in net assets per Share | $ 10.50 | $ 5.16 | $ 16.29 | $ 9.99 |
Weighted average number of Shares | 7,319,022 | 5,751,630 | 6,933,942 | 5,669,963 |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Opening balance (in shares) | 6,750,000 | 5,600,000 | 6,550,000 | 5,700,000 |
Opening balance | $ 556,261 | $ 379,615 | $ 499,078 | $ 359,264 |
Net investment loss | (1,035) | (615) | (2,634) | (1,702) |
Realized gain on investment in Bullion | 243 | 639 | 5,202 | 1,906 |
Change in unrealized gain on investment in Bullion | $ 77,619 | $ 29,649 | $ 110,356 | $ 56,431 |
Creations (in shares) | 1,200,000 | 500,000 | 1,950,000 | 800,000 |
Creations | $ 117,611 | $ 36,905 | $ 179,000 | $ 56,164 |
Redemptions (in shares) | (50,000) | (550,000) | (450,000) | |
Redemptions | $ (3,699) | $ (40,303) | $ (29,569) | |
Closing balance (in shares) | 7,950,000 | 6,050,000 | 7,950,000 | 6,050,000 |
Closing balance | $ 750,699 | $ 442,494 | $ 750,699 | $ 442,494 |
Financial Highlights (Unaudited
Financial Highlights (Unaudited) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Per Share Performance (for a Share outstanding throughout the entire period) | |||||
Net asset value per Share at beginning of period | $ 82.41 | $ 67.79 | $ 76.20 | $ 63.03 | |
Income from investment operations: | |||||
Net investment loss | (0.14) | (0.11) | (0.38) | (0.30) | |
Total realized and unrealized gains or losses on investment in Bullion | 12.16 | 5.46 | 18.61 | 10.41 | |
Change in net assets from operations | 12.02 | 5.35 | 18.23 | 10.11 | |
Net asset value per Share at end of period | $ 94.43 | $ 73.14 | $ 94.43 | $ 73.14 | |
Weighted average number of Shares | 7,319,022 | 5,751,630 | 6,933,942 | 5,669,963 | |
Expense ratio | [1] | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment loss ratio | [1] | (0.60%) | (0.60%) | (0.60%) | (0.60%) |
Total return, net asset value | [2] | 14.59% | 7.89% | 23.92% | 16.04% |
[1] | Annualized for periods less than one year. | ||||
[2] | Total return is not annualized. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization The Aberdeen Standard Precious Metals Basket ETF Trust (the “Trust”) is a common law trust formed on October 18, 2010 under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds gold, silver, platinum and palladium in set ratios (together, "Bullion") and issues Aberdeen Standard Physical Precious Metals Basket Shares ETF (“Shares”) in minimum blocks of 50,000 The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, silver, platinum and palladium, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the gold, silver, platinum and palladium markets through an investment in securities. The fiscal year end for the Trust is December 31. The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q. In the opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the nine months ended September 30, 2020 and for all periods presented have been made. These financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the full year. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies 2.2. Valuation of Bullion The Trust follows the provisions of ASC 820, Fair Value Measurement Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated Bullion may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s Bullion in the Trust’s allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At September 30, 2020, approximately 1.13 1.14 99.99 The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of Bullion transferred. The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price. The IBA conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix. Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations. The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. Fair Value Hierarchy ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data. – Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The investment in Bullion is classified as a level 2 asset, as the Trust’s investment in Bullion is calculated using primary market pricing sources supported by observable, verifiable inputs. The categorization of the Trust’s assets is as shown below: (Amounts in 000's of US$) September 30, 2020 December 31, 2019 Level 2 Investment in Bullion $ 751,062 $ 491,706 There were no transfers between levels during the nine months ended September 30, 2020 or the year ended December 31, 2019. 2.3. Bullion Receivable and Payable Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of Bullion is transferred within two business days of the trade date. At September 30, 2020, the Trust had no 7,619,507 no 2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of 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. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes. The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of Bullion. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets. 2.5. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses 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 2.6. Investment in Bullion Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2020 and 2019 are set out below: Three Months Ended September 30, 2020 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 191,121.1 7,007,773.9 25,482.8 38,224.2 7,262,602.0 Creations 33,932.8 1,244,201.6 4,524.4 6,786.6 1,289,445.4 Redemptions — — — — — Transfers of Bullion to pay expenses (298.3 ) (10,937.3 ) (39.8 ) (59.7 ) (11,335.1 ) Closing balance 224,755.6 8,241,038.2 29,967.4 44,951.1 8,540,712.3 Investment in Bullion Opening balance $ 337,921 $ 125,054 $ 20,743 $ 72,817 $ 556,535 Creations 66,062 32,618 4,190 14,741 117,611 Redemptions — — — — — Realized gain / (loss) on Bullion distributed for the redemption of Shares — — — — — Transfers of Bullion to pay expenses (550 ) (243 ) (34 ) (119 ) (946 ) Realized gain / (loss) on Bullion transferred to pay expenses 149 50 (6 ) 50 243 Change in unrealized gain / (loss) on investment in Bullion 20,509 38,040 1,598 17,472 77,619 Closing balance $ 424,091 $ 195,519 $ 26,491 $ 104,961 $ 751,062 Three Months Ended September 30, 2019 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 159,518.4 5,849,005.8 21,268.9 31,903.3 6,061,696.4 Creations 14,220.7 521,425.7 1,896.1 2,844.1 540,386.6 Redemptions (1,421.7 ) (52,128.6 ) (189.6 ) (284.3 ) (54,024.2 ) Transfers of Bullion to pay expenses (242.9 ) (8,907.6 ) (32.3 ) (48.5 ) (9,231.3 ) Closing balance 172,074.5 6,309,395.3 22,943.1 34,414.6 6,538,827.5 Investment in Bullion Opening balance $ 224,762 $ 89,022 $ 17,398 $ 48,621 $ 379,803 Creations 21,512 9,307 1,734 4,352 36,905 Redemptions (2,139 ) (930 ) (178 ) (452 ) (3,699 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 351 37 (17 ) 208 579 Transfers of Bullion to pay expenses (345 ) (144 ) (28 ) (70 ) (587 ) Realized gain / (loss) on Bullion transferred to pay expenses 44 (9 ) (6 ) 31 60 Change in unrealized gain / (loss) on investment in Bullion 11,397 11,586 1,746 4,920 29,649 Closing balance $ 255,582 $ 108,869 $ 20,649 $ 57,610 $ 442,710 Nine Months Ended September 30, 2020 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 183,176.5 6,716,468.5 24,423.3 36,635.0 6,960,703.3 Creations 58,037.9 2,128,055.4 7,738.4 11,607.9 2,205,439.6 Redemptions (15,590.6 ) (571,654.6 ) (2,078.7 ) (3,118.1 ) (592,442.0 ) Transfers of Bullion to pay expenses (868.2 ) (31,831.1 ) (115.6 ) (173.7 ) (32,988.6 ) Closing balance 224,755.6 8,241,038.2 29,967.4 44,951.1 8,540,712.3 Investment in Bullion Opening balance $ 277,466 $ 121,199 $ 23,251 $ 69,790 $ 491,706 Creations 105,062 48,165 7,130 26,262 186,619 Redemptions (24,805 ) (8,053 ) (1,498 ) (5,947 ) (40,303 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 4,473 (1,789 ) (612 ) 2,608 4,680 Transfers of Bullion to pay expenses (1,470 ) (576 ) (96 ) (376 ) (2,518 ) Realized gain / (loss) on Bullion transferred to pay expenses 330 24 (22 ) 190 522 Change in unrealized gain / (loss) on investment in Bullion 63,035 36,549 (1,662 ) 12,434 110,356 Closing balance $ 424,091 $ 195,519 $ 26,491 $ 104,961 $ 751,062 Nine Months Ended September 30, 2019 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 162,854.5 5,971,327.0 21,713.7 32,570.6 6,188,465.8 Creations 22,774.9 835,080.8 3,036.7 4,555.0 865,447.4 Redemptions (12,829.1 ) (470,400.0 ) (1,710.5 ) (2,565.8 ) (487,505.4 ) Transfers of Bullion to pay expenses (725.8 ) (26,612.5 ) (96.8 ) (145.2 ) (27,580.3 ) Closing balance 172,074.5 6,309,395.3 22,943.1 34,414.6 6,538,827.5 Investment in Bullion Opening balance $ 208,722 $ 92,347 $ 17,241 $ 41,137 $ 359,447 Creations 32,649 14,074 2,692 6,749 56,164 Redemptions (17,079 ) (7,313 ) (1,412 ) (3,765 ) (29,569 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 1,217 (754 ) (379 ) 1,723 1,807 Transfers of Bullion to pay expenses (970 ) (415 ) (81 ) (203 ) (1,669 ) Realized gain / (loss) on Bullion transferred to pay expenses 73 (41 ) (20 ) 87 99 Change in unrealized gain / (loss) on investment in Bullion 30,970 10,971 2,608 11,882 56,431 Closing balance $ 255,582 $ 108,869 $ 20,649 $ 57,610 $ 442,710 2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor. The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60 The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $ 100,000 For the three months ended September 30, 2020 and 2019, the Sponsor’s Fee was $ 1,034,546 615,425 2,633,917 1,702,418 At September 30, 2020 and at December 31, 2019, the fees payable to the Sponsor were $ 362,557 248,496 With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust's Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of Bullion transferred. 2.8. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | 3. Related Parties The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust. |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 4. Concentration of Risk The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion, which creates a concentration of risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, central bank purchases and sales, and production and cost levels in major Bullion-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 Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations. |
Indemnification
Indemnification | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Indemnification | 5. Indemnification Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | 2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies |
Valuation of Bullion | 2.2. Valuation of Bullion The Trust follows the provisions of ASC 820, Fair Value Measurement Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated Bullion may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s Bullion in the Trust’s allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At September 30, 2020, approximately 1.13 1.14 99.99 The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of Bullion transferred. The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price. The IBA conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix. Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations. The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. Fair Value Hierarchy ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data. – Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The investment in Bullion is classified as a level 2 asset, as the Trust’s investment in Bullion is calculated using primary market pricing sources supported by observable, verifiable inputs. The categorization of the Trust’s assets is as shown below: (Amounts in 000's of US$) September 30, 2020 December 31, 2019 Level 2 Investment in Bullion $ 751,062 $ 491,706 There were no transfers between levels during the nine months ended September 30, 2020 or the year ended December 31, 2019. |
Bullion Receivable and Payable | 2.3. Bullion Receivable and Payable Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of Bullion is transferred within two business days of the trade date. At September 30, 2020, the Trust had no 7,619,507 no |
Creations and Redemptions of Shares | 2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of 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. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes. The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of Bullion. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets. |
Income Taxes | 2.5. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses 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 |
Investment in Bullion | 2.6. Investment in Bullion Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2020 and 2019 are set out below: Three Months Ended September 30, 2020 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 191,121.1 7,007,773.9 25,482.8 38,224.2 7,262,602.0 Creations 33,932.8 1,244,201.6 4,524.4 6,786.6 1,289,445.4 Redemptions — — — — — Transfers of Bullion to pay expenses (298.3 ) (10,937.3 ) (39.8 ) (59.7 ) (11,335.1 ) Closing balance 224,755.6 8,241,038.2 29,967.4 44,951.1 8,540,712.3 Investment in Bullion Opening balance $ 337,921 $ 125,054 $ 20,743 $ 72,817 $ 556,535 Creations 66,062 32,618 4,190 14,741 117,611 Redemptions — — — — — Realized gain / (loss) on Bullion distributed for the redemption of Shares — — — — — Transfers of Bullion to pay expenses (550 ) (243 ) (34 ) (119 ) (946 ) Realized gain / (loss) on Bullion transferred to pay expenses 149 50 (6 ) 50 243 Change in unrealized gain / (loss) on investment in Bullion 20,509 38,040 1,598 17,472 77,619 Closing balance $ 424,091 $ 195,519 $ 26,491 $ 104,961 $ 751,062 Three Months Ended September 30, 2019 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 159,518.4 5,849,005.8 21,268.9 31,903.3 6,061,696.4 Creations 14,220.7 521,425.7 1,896.1 2,844.1 540,386.6 Redemptions (1,421.7 ) (52,128.6 ) (189.6 ) (284.3 ) (54,024.2 ) Transfers of Bullion to pay expenses (242.9 ) (8,907.6 ) (32.3 ) (48.5 ) (9,231.3 ) Closing balance 172,074.5 6,309,395.3 22,943.1 34,414.6 6,538,827.5 Investment in Bullion Opening balance $ 224,762 $ 89,022 $ 17,398 $ 48,621 $ 379,803 Creations 21,512 9,307 1,734 4,352 36,905 Redemptions (2,139 ) (930 ) (178 ) (452 ) (3,699 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 351 37 (17 ) 208 579 Transfers of Bullion to pay expenses (345 ) (144 ) (28 ) (70 ) (587 ) Realized gain / (loss) on Bullion transferred to pay expenses 44 (9 ) (6 ) 31 60 Change in unrealized gain / (loss) on investment in Bullion 11,397 11,586 1,746 4,920 29,649 Closing balance $ 255,582 $ 108,869 $ 20,649 $ 57,610 $ 442,710 Nine Months Ended September 30, 2020 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 183,176.5 6,716,468.5 24,423.3 36,635.0 6,960,703.3 Creations 58,037.9 2,128,055.4 7,738.4 11,607.9 2,205,439.6 Redemptions (15,590.6 ) (571,654.6 ) (2,078.7 ) (3,118.1 ) (592,442.0 ) Transfers of Bullion to pay expenses (868.2 ) (31,831.1 ) (115.6 ) (173.7 ) (32,988.6 ) Closing balance 224,755.6 8,241,038.2 29,967.4 44,951.1 8,540,712.3 Investment in Bullion Opening balance $ 277,466 $ 121,199 $ 23,251 $ 69,790 $ 491,706 Creations 105,062 48,165 7,130 26,262 186,619 Redemptions (24,805 ) (8,053 ) (1,498 ) (5,947 ) (40,303 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 4,473 (1,789 ) (612 ) 2,608 4,680 Transfers of Bullion to pay expenses (1,470 ) (576 ) (96 ) (376 ) (2,518 ) Realized gain / (loss) on Bullion transferred to pay expenses 330 24 (22 ) 190 522 Change in unrealized gain / (loss) on investment in Bullion 63,035 36,549 (1,662 ) 12,434 110,356 Closing balance $ 424,091 $ 195,519 $ 26,491 $ 104,961 $ 751,062 Nine Months Ended September 30, 2019 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 162,854.5 5,971,327.0 21,713.7 32,570.6 6,188,465.8 Creations 22,774.9 835,080.8 3,036.7 4,555.0 865,447.4 Redemptions (12,829.1 ) (470,400.0 ) (1,710.5 ) (2,565.8 ) (487,505.4 ) Transfers of Bullion to pay expenses (725.8 ) (26,612.5 ) (96.8 ) (145.2 ) (27,580.3 ) Closing balance 172,074.5 6,309,395.3 22,943.1 34,414.6 6,538,827.5 Investment in Bullion Opening balance $ 208,722 $ 92,347 $ 17,241 $ 41,137 $ 359,447 Creations 32,649 14,074 2,692 6,749 56,164 Redemptions (17,079 ) (7,313 ) (1,412 ) (3,765 ) (29,569 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 1,217 (754 ) (379 ) 1,723 1,807 Transfers of Bullion to pay expenses (970 ) (415 ) (81 ) (203 ) (1,669 ) Realized gain / (loss) on Bullion transferred to pay expenses 73 (41 ) (20 ) 87 99 Change in unrealized gain / (loss) on investment in Bullion 30,970 10,971 2,608 11,882 56,431 Closing balance $ 255,582 $ 108,869 $ 20,649 $ 57,610 $ 442,710 |
Expenses / Realized Gains / Losses | 2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor. The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60 The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $ 100,000 For the three months ended September 30, 2020 and 2019, the Sponsor’s Fee was $ 1,034,546 615,425 2,633,917 1,702,418 At September 30, 2020 and at December 31, 2019, the fees payable to the Sponsor were $ 362,557 248,496 With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust's Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of Bullion transferred. |
Subsequent Events | 2.8. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
The categorization of the Trust’s assets is as shown below: | The categorization of the Trust’s assets is as shown below: (Amounts in 000's of US$) September 30, 2020 December 31, 2019 Level 2 Investment in Bullion $ 751,062 $ 491,706 |
Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2020 and 2019 are set out below: | Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2020 and 2019 are set out below: Three Months Ended September 30, 2020 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 191,121.1 7,007,773.9 25,482.8 38,224.2 7,262,602.0 Creations 33,932.8 1,244,201.6 4,524.4 6,786.6 1,289,445.4 Redemptions — — — — — Transfers of Bullion to pay expenses (298.3 ) (10,937.3 ) (39.8 ) (59.7 ) (11,335.1 ) Closing balance 224,755.6 8,241,038.2 29,967.4 44,951.1 8,540,712.3 Investment in Bullion Opening balance $ 337,921 $ 125,054 $ 20,743 $ 72,817 $ 556,535 Creations 66,062 32,618 4,190 14,741 117,611 Redemptions — — — — — Realized gain / (loss) on Bullion distributed for the redemption of Shares — — — — — Transfers of Bullion to pay expenses (550 ) (243 ) (34 ) (119 ) (946 ) Realized gain / (loss) on Bullion transferred to pay expenses 149 50 (6 ) 50 243 Change in unrealized gain / (loss) on investment in Bullion 20,509 38,040 1,598 17,472 77,619 Closing balance $ 424,091 $ 195,519 $ 26,491 $ 104,961 $ 751,062 Three Months Ended September 30, 2019 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 159,518.4 5,849,005.8 21,268.9 31,903.3 6,061,696.4 Creations 14,220.7 521,425.7 1,896.1 2,844.1 540,386.6 Redemptions (1,421.7 ) (52,128.6 ) (189.6 ) (284.3 ) (54,024.2 ) Transfers of Bullion to pay expenses (242.9 ) (8,907.6 ) (32.3 ) (48.5 ) (9,231.3 ) Closing balance 172,074.5 6,309,395.3 22,943.1 34,414.6 6,538,827.5 Investment in Bullion Opening balance $ 224,762 $ 89,022 $ 17,398 $ 48,621 $ 379,803 Creations 21,512 9,307 1,734 4,352 36,905 Redemptions (2,139 ) (930 ) (178 ) (452 ) (3,699 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 351 37 (17 ) 208 579 Transfers of Bullion to pay expenses (345 ) (144 ) (28 ) (70 ) (587 ) Realized gain / (loss) on Bullion transferred to pay expenses 44 (9 ) (6 ) 31 60 Change in unrealized gain / (loss) on investment in Bullion 11,397 11,586 1,746 4,920 29,649 Closing balance $ 255,582 $ 108,869 $ 20,649 $ 57,610 $ 442,710 Nine Months Ended September 30, 2020 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 183,176.5 6,716,468.5 24,423.3 36,635.0 6,960,703.3 Creations 58,037.9 2,128,055.4 7,738.4 11,607.9 2,205,439.6 Redemptions (15,590.6 ) (571,654.6 ) (2,078.7 ) (3,118.1 ) (592,442.0 ) Transfers of Bullion to pay expenses (868.2 ) (31,831.1 ) (115.6 ) (173.7 ) (32,988.6 ) Closing balance 224,755.6 8,241,038.2 29,967.4 44,951.1 8,540,712.3 Investment in Bullion Opening balance $ 277,466 $ 121,199 $ 23,251 $ 69,790 $ 491,706 Creations 105,062 48,165 7,130 26,262 186,619 Redemptions (24,805 ) (8,053 ) (1,498 ) (5,947 ) (40,303 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 4,473 (1,789 ) (612 ) 2,608 4,680 Transfers of Bullion to pay expenses (1,470 ) (576 ) (96 ) (376 ) (2,518 ) Realized gain / (loss) on Bullion transferred to pay expenses 330 24 (22 ) 190 522 Change in unrealized gain / (loss) on investment in Bullion 63,035 36,549 (1,662 ) 12,434 110,356 Closing balance $ 424,091 $ 195,519 $ 26,491 $ 104,961 $ 751,062 Nine Months Ended September 30, 2019 (Amounts in 000’s of US$, except for ounces data) Ounces of Bullion Gold Silver Platinum Palladium Total Opening balance 162,854.5 5,971,327.0 21,713.7 32,570.6 6,188,465.8 Creations 22,774.9 835,080.8 3,036.7 4,555.0 865,447.4 Redemptions (12,829.1 ) (470,400.0 ) (1,710.5 ) (2,565.8 ) (487,505.4 ) Transfers of Bullion to pay expenses (725.8 ) (26,612.5 ) (96.8 ) (145.2 ) (27,580.3 ) Closing balance 172,074.5 6,309,395.3 22,943.1 34,414.6 6,538,827.5 Investment in Bullion Opening balance $ 208,722 $ 92,347 $ 17,241 $ 41,137 $ 359,447 Creations 32,649 14,074 2,692 6,749 56,164 Redemptions (17,079 ) (7,313 ) (1,412 ) (3,765 ) (29,569 ) Realized gain / (loss) on Bullion distributed for the redemption of Shares 1,217 (754 ) (379 ) 1,723 1,807 Transfers of Bullion to pay expenses (970 ) (415 ) (81 ) (203 ) (1,669 ) Realized gain / (loss) on Bullion transferred to pay expenses 73 (41 ) (20 ) 87 99 Change in unrealized gain / (loss) on investment in Bullion 30,970 10,971 2,608 11,882 56,431 Closing balance $ 255,582 $ 108,869 $ 20,649 $ 57,610 $ 442,710 |
Organization (Details Narrative
Organization (Details Narrative) | 9 Months Ended |
Sep. 30, 2020shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Minimum block of shares issued redeemed against bullion | 50,000 |
The categorization of the Trust
The categorization of the Trust’s assets is as shown below: (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment in Bullion | $ 751,062 | $ 491,706 |
Changes in ounces of Bullion an
Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2020 and 2019 are set out below: (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)oz | Sep. 30, 2019USD ($)oz | Sep. 30, 2020USD ($)oz | Sep. 30, 2019USD ($)oz | |
Opening balance | oz | 7,262,602 | 6,061,696.4 | 6,960,703.3 | 6,188,465.8 |
Creations | oz | 1,289,445.4 | 540,386.6 | 2,205,439.6 | 865,447.4 |
Redemptions | oz | (54,024.2) | (592,442) | (487,505.4) | |
Transfers of Bullion to pay expenses | oz | (11,335.1) | (9,231.3) | (32,988.6) | (27,580.3) |
Closing balance | oz | 8,540,712.3 | 6,538,827.5 | 8,540,712.3 | 6,538,827.5 |
Opening balance | $ 556,535 | $ 379,803 | $ 491,706 | $ 359,447 |
Creations | 117,611 | 36,905 | 186,619 | 56,164 |
Redemptions | (3,699) | (40,303) | (29,569) | |
Realized gain / (loss) on Bullion distributed for the redemption of Shares | 579 | 4,680 | 1,807 | |
Transfers of Bullion to pay expenses | (946) | (587) | (2,518) | (1,669) |
Realized gain / (loss) on Bullion transferred to pay expenses | 243 | 60 | 522 | 99 |
Change in unrealized gain / (loss) on investment in Bullion | 77,619 | 29,649 | 110,356 | 56,431 |
Closing balance | $ 751,062 | $ 442,710 | $ 751,062 | $ 442,710 |
Gold, Ounces | ||||
Opening balance | oz | 191,121.1 | 159,518.4 | 183,176.5 | 162,854.5 |
Creations | oz | 33,932.8 | 14,220.7 | 58,037.9 | 22,774.9 |
Redemptions | oz | (1,421.7) | (15,590.6) | (12,829.1) | |
Transfers of Bullion to pay expenses | oz | (298.3) | (242.9) | (868.2) | (725.8) |
Closing balance | oz | 224,755.6 | 172,074.5 | 224,755.6 | 172,074.5 |
Opening balance | $ 337,921 | $ 224,762 | $ 277,466 | $ 208,722 |
Creations | 66,062 | 21,512 | 105,062 | 32,649 |
Redemptions | (2,139) | (24,805) | (17,079) | |
Realized gain / (loss) on Bullion distributed for the redemption of Shares | 351 | 4,473 | 1,217 | |
Transfers of Bullion to pay expenses | (550) | (345) | (1,470) | (970) |
Realized gain / (loss) on Bullion transferred to pay expenses | 149 | 44 | 330 | 73 |
Change in unrealized gain / (loss) on investment in Bullion | 20,509 | 11,397 | 63,035 | 30,970 |
Closing balance | $ 424,091 | $ 255,582 | $ 424,091 | $ 255,582 |
Silver, Ounces | ||||
Opening balance | oz | 7,007,773.9 | 5,849,005.8 | 6,716,468.5 | 5,971,327 |
Creations | oz | 1,244,201.6 | 521,425.7 | 2,128,055.4 | 835,080.8 |
Redemptions | oz | (52,128.6) | (571,654.6) | (470,400) | |
Transfers of Bullion to pay expenses | oz | (10,937.3) | (8,907.6) | (31,831.1) | (26,612.5) |
Closing balance | oz | 8,241,038.2 | 6,309,395.3 | 8,241,038.2 | 6,309,395.3 |
Opening balance | $ 125,054 | $ 89,022 | $ 121,199 | $ 92,347 |
Creations | 32,618 | 9,307 | 48,165 | 14,074 |
Redemptions | (930) | (8,053) | (7,313) | |
Realized gain / (loss) on Bullion distributed for the redemption of Shares | 37 | (1,789) | (754) | |
Transfers of Bullion to pay expenses | (243) | (144) | (576) | (415) |
Realized gain / (loss) on Bullion transferred to pay expenses | 50 | (9) | 24 | (41) |
Change in unrealized gain / (loss) on investment in Bullion | 38,040 | 11,586 | 36,549 | 10,971 |
Closing balance | $ 195,519 | $ 108,869 | $ 195,519 | $ 108,869 |
Platinum, Ounces | ||||
Opening balance | oz | 25,482.8 | 21,268.9 | 24,423.3 | 21,713.7 |
Creations | oz | 4,524.4 | 1,896.1 | 7,738.4 | 3,036.7 |
Redemptions | oz | (189.6) | (2,078.7) | (1,710.5) | |
Transfers of Bullion to pay expenses | oz | (39.8) | (32.3) | (115.6) | (96.8) |
Closing balance | oz | 29,967.4 | 22,943.1 | 29,967.4 | 22,943.1 |
Opening balance | $ 20,743 | $ 17,398 | $ 23,251 | $ 17,241 |
Creations | 4,190 | 1,734 | 7,130 | 2,692 |
Redemptions | (178) | (1,498) | (1,412) | |
Realized gain / (loss) on Bullion distributed for the redemption of Shares | (17) | (612) | (379) | |
Transfers of Bullion to pay expenses | (34) | (28) | (96) | (81) |
Realized gain / (loss) on Bullion transferred to pay expenses | (6) | (6) | (22) | (20) |
Change in unrealized gain / (loss) on investment in Bullion | 1,598 | 1,746 | (1,662) | 2,608 |
Closing balance | $ 26,491 | $ 20,649 | $ 26,491 | $ 20,649 |
Palladium Ounces | ||||
Opening balance | oz | 38,224.2 | 31,903.3 | 36,635 | 32,570.6 |
Creations | oz | 6,786.6 | 2,844.1 | 11,607.9 | 4,555 |
Redemptions | oz | (284.3) | (3,118.1) | (2,565.8) | |
Transfers of Bullion to pay expenses | oz | (59.7) | (48.5) | (173.7) | (145.2) |
Closing balance | oz | 44,951.1 | 34,414.6 | 44,951.1 | 34,414.6 |
Opening balance | $ 72,817 | $ 48,621 | $ 69,790 | $ 41,137 |
Creations | 14,741 | 4,352 | 26,262 | 6,749 |
Redemptions | (452) | (5,947) | (3,765) | |
Realized gain / (loss) on Bullion distributed for the redemption of Shares | 208 | 2,608 | 1,723 | |
Transfers of Bullion to pay expenses | (119) | (70) | (376) | (203) |
Realized gain / (loss) on Bullion transferred to pay expenses | 50 | 31 | 190 | 87 |
Change in unrealized gain / (loss) on investment in Bullion | 17,472 | 4,920 | 12,434 | 11,882 |
Closing balance | $ 104,961 | $ 57,610 | $ 104,961 | $ 57,610 |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Bullion receivable | $ 0 | $ 0 | $ 7,619,507 | |||
Bullion payable | 0 | $ 0 | 0 | |||
Basket of shares | 50,000 | |||||
Reserve for uncertain tax positions | $ 0 | $ 0 | 0 | |||
Annualized rate of Sponsor's Fee | [1] | 0.60% | 0.60% | 0.60% | 0.60% | |
Maximum sponsor fee for legal expenses | $ 100,000 | |||||
Sponsor's Fee | $ 1,034,546 | $ 615,425 | 2,633,917 | $ 1,702,418 | ||
Fees payable to Sponsor | 362,557 | 362,557 | $ 248,496 | |||
All other expenses | $ 0 | $ 0 | $ 0 | $ 0 | ||
Platinum, Ounces | ||||||
Percentage of assets held by sub-custodians | 1.13% | 1.13% | ||||
Palladium Ounces | ||||||
Percentage of assets held by sub-custodians | 1.14% | 1.14% | ||||
Silver, Ounces | ||||||
Percentage of assets held by sub-custodians | 99.99% | 99.99% | ||||
[1] | Annualized for periods less than one year. |