Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Activity in Gold Bullion, USD$ and Ounces in Thousands

The following table summarizes activity in gold bullion for the years ended December 31, 2012, 2011 and 2010 (all balances in 000’s):


December 31, 2012	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		5,498.8		$	6,572,102		$	8,418,739		$	—
Gold contributed		1,951.2			3,303,091			3,303,091			—
Gold distributed		(435.3	)		(541,586	)		(697,017	)		155,431
Gold sold		(14.8	)		(18,552	)		(24,815	)		6,263
Adjustment for realized gain		—			—			161,694			—
Adjustment for unrealized gain on gold bullion		—			—			486,091			—

Ending balance		6,999.9		$	9,315,055		$	11,647,783		$	161,694


December 31, 2011	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		3,783.0		$	3,568,036		$	5,317,017		$	—
Gold contributed		2,333.9			3,660,287			3,660,287			—
Gold distributed		(606.8	)		(644,033	)		(915,939	)		271,906
Gold sold		(11.3	)		(12,188	)		(17,758	)		5,570
Adjustment for realized gain		—			—			277,476			—
Adjustment for unrealized gain on gold bullion		—			—			97,656			—

Ending balance		5,498.8		$	6,572,102		$	8,418,739		$	277,476


December 31, 2010	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		2,550.4		$	1,914,867		$	2,793,239		$	—
Gold contributed		1,359.3			1,748,964			1,748,964			—
Gold distributed		(117.6	)		(88,442	)		(128,153	)		39,711
Gold sold		(9.1	)		(7,353	)		(11,051	)		3,698
Adjustment for realized gain		—			—			43,409			—
Adjustment for unrealized gain on gold bullion		—			—			870,609			—

Ending balance		3,783.0		$	3,568,036		$	5,317,017		$	43,409

Activity in Redeemable Capital Shares, USD$ and Shares in Thousands

Activity in redeemable capital Shares for the years ended December 31, 2012, 2011 and 2010 was as follows (all balances in 000’s):


	Years ended December 31,
	2012						2011						2010
	Shares			Amount			Shares			Amount			Shares			Amount
Beginning balance		563,850		$	8,416,801			386,950		$	5,315,950			260,000		$	2,792,233
Shares issued		200,400			3,303,091			239,050			3,660,287			138,950			1,748,964
Shares redeemed		(44,700	)		(697,017	)		(62,150	)		(915,939	)		(12,000	)		(128,153	)
Redemption value adjustment		—			622,423			—			356,503			—			902,906

Ending balance		719,550		$	11,645,298			563,850		$	8,416,801			386,950		$	5,315,950

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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