Quarterly Statements of Operations

12 Months Ended

Sep. 30, 2013

4 Quarterly Statements of Operations


(Amounts in 000’s of US$ except for share and per share data)	Three Months Ended												Year to Sep-30, 2013
	Dec-31, 2012			Mar-31, 2013			Jun-30, 2013			Sep-30, 2013			Year to Sep-30, 2013
REVENUES
Proceeds from sales of gold to pay expenses	$	72,917		$	68,293		$	57,281		$	42,633		$	241,124
Cost of gold sold to pay expenses		(50,126	)		(51,442	)		(47,545	)		(39,604	)		(188,717	)

Gain on gold sold to pay expenses		22,791			16,851			9,736			3,029			52,407
Gain on gold distributed for the redemption of shares		590,485			1,996,071			1,837,987			258,302			4,682,845
Unrealized gain/(loss) on investment in gold		—			—			(840,230	)		840,230			—

Total gain on gold		613,276			2,012,922			1,007,493			1,101,561			4,735,252

EXPENSES
Custody fees		12,142			10,950			8,072			6,674			37,838
Trustee fees		504			493			499			504			2,000
Sponsor fees		28,006			25,088			18,158			14,900			86,152
Marketing agent fees		28,006			25,088			18,158			14,900			86,152
Other expenses		6,023			5,282			3,533			2,755			17,593

Total expenses		74,681			66,901			48,420			39,733			229,735


Net gain from operations	$	538,595		$	1,946,021		$	959,073		$	1,061,828		$	4,505,517


Net gain per share	$	1.21		$	4.54		$	2.72		$	3.46		$	11.75


Weighted average number of shares		445,261			429,089			352,742			307,234			383,416

Fiscal Period Ended September 30, 2012


(Amounts in 000’s of US$ except for share and per share data)	Three Months Ended												Year Ended Sep-30, 2012
	Dec-31, 2011			Mar-31, 2012			Jun-30, 2012			Sep-30, 2012			Year Ended Sep-30, 2012
REVENUES
Proceeds from sales of gold to pay expenses	$	70,378		$	65,073		$	70,503		$	65,733		$	271,687
Cost of gold sold to pay expenses		(44,664	)		(43,182	)		(50,000	)		(45,878	)		(183,724	)

Gain on gold sold to pay expenses		25,714			21,891			20,503			19,855			87,963
Gain on gold distributed for the redemption of shares		828,206			308,162			595,760			858,889			2,591,017

Total gain on gold		853,920			330,053			616,263			878,744			2,678,980

EXPENSES
Custody fees		11,244			11,256			10,785			11,183			44,468
Trustee fees		503			497			497			503			2,000
Sponsor fees		25,734			25,813			24,718			25,651			101,916
Marketing agent fees		25,734			25,813			24,718			25,651			101,916
Other expenses		5,408			5,454			5,196			5,415			21,473

Total expenses		68,623			68,833			65,914			68,403			271,773

Net gain from operations	$	785,297		$	261,220		$	550,349		$	810,341		$	2,407,207

Net gain per share	$	1.88		$	0.62		$	1.30		$	1.91		$	5.71

Weighted average number of shares		417,038			422,024			423,501			423,977			421,629

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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