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Accounting Policies, by Policy (Policies)
 6 Months Ended
Jun. 30, 2012
Valuatio Of Bullion [Policy Text Block] 2.1. Valuation of Bullion 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 Platinum and Palladium is held by UBS AG (the "Zurich Sub-Custodian") at its Zurich, Switzerland vaulting premises on a segregated basis. The Trust's Bullion is valued, per individual metal type, for financial statement purposes, at the lower of cost or market. The cost of Bullion is determined according to the average cost method and the market value is based on the "London Fix" (the applicable fix for each metal of the price of an ounce of such metal and is performed in London, England by fixing members of the London Bullion Market Association ("LBMA") or London Platinum and Palladium Market ("LPPM"), as applicable) for each metal held by the Trust used to determine the net asset value (the "NAV") of the Trust. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis using average cost. Once the value of Bullion has been determined, 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. At December 31, 2011, the market value of silver, platinum and palladium was below average cost, therefore losses of $8,996,839, $3,266,375 and $1,189,102, respectively, were realized on the investment in Bullion. The average costs per ounce of silver, platinum and palladium were reduced to $28.18, $1,381.00 and $636.00 respectively. The table below summarizes the unrealized gains or losses on the Trust's Bullion holdings as of June 30, 2012 and December 31, 2011: June 30, 2012 Gold Silver Platinum Palladium Total Investment in Bullion - average cost $ 88,571,183 $ 63,134,696 $ 11,265,082 $ 7,763,035 $ 170,733,996 Unrealized gain / (loss) on investment in Bullion 8,788,759 (2,658,043 ) 331,622 (722,178 ) 5,740,160 Investment in Bullion - market value $ 97,359,942 $ 60,476,653 $ 11,596,704 $ 7,040,857 $ 176,474,156 December 31, 2011 Investment in Bullion-average cost $ 95,031,713 $ 76,742,076 $ 15,338,914 $ 9,528,862 $ 196,641,565 Realized loss on investment in Bullion - (8,996,839 ) (3,266,375 ) (1,189,102 ) (13,452,316 ) Investment in Bullion - lower of cost or market value $ 95,031,713 $ 67,745,237 $ 12,072,539 $ 8,339,760 $ 183,189,249 Unrealized gain on investment in Bullion 8,199,023 - - - 8,199,023 Investment in Bullion - market value $ 103,230,736 $ 67,745,237 $ 12,072,539 $ 8,339,760 $ 191,388,272 The Trust recognizes the diminution in value of the investment in Bullion which arises from market declines on an interim basis. Increases in the value of the investment in Bullion through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value. The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix 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.
Receivable And Payable [Policy Text Block] 2.2. 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 the Bullion is transferred within three business days of the trade date. Bullion receivable or payable at June 30, 2012 and December 31, 2011 is set out below: June 30, 2012 December 31, 2011 Bullion receivable $ - $ - Bullion payable $ 4,302,195 $ 8,694,716
Creations And Redemptions Of Shares [Policy Text Block] 2.3. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust's Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant. 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 three 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 1/1000 th 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 metal 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. For each transaction, this amount is not more than 1/1000 th of an ounce. The Shares of the Trust are classified as "Redeemable Shares" for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When Bullion is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded through the Condensed Statement of Operations. Changes in the Shares for the six months ended June 30, 2012 and for the year ended December 31, 2011 are set out below: Six MonthsEndedJune 30, 2012 YearEndedDecember 31, 2011 Number of redeemable Shares Opening balance 2,100,000 1,900,000 Creations 50,000 1,450,000 Redemptions (150,000 ) (1,250,000 ) Closing balance 2,000,000 2,100,000 Redeemable Shares Opening balance $ 182,586,013 $ 166,379,066 Creations 4,726,778 143,112,185 Redemptions (13,643,436 ) (120,762,519 ) Adjustments to redemption value (1,584,354 ) (6,142,719 ) Closing balance $ 172,085,001 $ 182,586,013 Redemption value per Share at period end $ 86.04 $ 86.95
Revenue Recognition, Policy [Policy Text Block] 2.4. Revenue Recognition Policy 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. 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. Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Fix 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 Fix 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.
Income Tax, Policy [Policy Text Block] 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 reserves for uncertain tax positions are required as of June 30, 2012 and December 31, 2011.
Investment, Policy [Policy Text Block] 2.6. Investment in Bullion Changes in ounces of Bullion and the respective values for the six months ended June 30, 2012 and for the year ended December 31, 2011 are set out below: Six Months Ended June 30, 2012 Gold Silver Platinum Palladium Total Ounces of Bullion: Opening balance 65,564.1 2,404,018.4 8,741.9 13,112.8 2,491,437.2 Creations 1,487.3 54,533.4 198.3 297.5 56,516.5 Redemptions (excluding bullion payable at June 30, 2012 -1,484.8, 54,443.8, 197.9 and 297.0, respectively) (5,952.8 ) (218,270.8 ) (793.7 ) (1,190.6 ) (226,207.9 ) Transfers of Bullion (191.5 ) (7,021.9 ) (25.5 ) (38.3 ) (7,277.2 ) Closing balance 60,907.1 2,233,259.1 8,121.0 12,181.4 2,314,468.6 Investment in Bullion (lower of cost or market): Opening balance $ 95,031,713 $ 67,745,237 $ 12,072,539 $ 8,339,760 $ 183,189,249 Creations 2,452,885 1,743,432 325,217 205,244 4,726,778 Redemptions (excluding bullion payable at June 30, 2012 - $2,159,242, $1,539,137, $274,627, and $189,252, respectively)* (8,635,389 ) (6,155,785 ) (1,097,337 ) (757,583 ) (16,646,094 ) Transfers of Bullion (278,026 ) (198,188 ) (35,337 ) (24,386 ) (535,937 ) Unrealized loss on investment in Bullion - (2,658,043 ) - (722,178 ) (3,380,221 ) Closing balance $ 88,571,183 $ 60,476,653 $ 11,265,082 $ 7,040,857 $ 167,353,775 Year ended December 31, 2011 Gold Silver Platinum Palladium Total Ounces of Bullion: Opening balance 55,461.9 2,033,601.3 7,395.0 11,092.3 2,107,550.5 Creations 44,859.8 1,644,859.4 5,981.2 8,972.0 1,704,672.4 Redemptions (excluding bullion payable at December 31, 2011 - 2,978.6, 109,213.9, 397.1 and 595.7, respectively) (34,336.6 ) (1,259,007.4 ) (4,578.2 ) (6,867.3 ) (1,304,789.5 ) Transfers of Bullion (421.0 ) (15,434.9 ) (56.1 ) (84.2 ) (15,996.2 ) Closing balance 65,564.1 2,404,018.4 8,741.9 13,112.8 2,491,437.2 Investment in Bullion (lower of cost or market): Opening balance $ 76,213,472 $ 54,148,351 $ 12,716,653 $ 7,566,140 $ 150,644,616 Creations 68,061,096 61,734,789 10,720,634 6,974,063 147,490,582 Redemptions (excluding bullion payable at December 31, 2011 - $4,317,263, $3,077,647, $548,453, and $378,873, respectively)* (48,650,097 ) (38,678,514 ) (8,000,519 ) (4,951,043 ) (100,280,173 ) Transfers of Bullion (592,758 ) (462,550 ) (97,854 ) (60,298 ) (1,213,460 ) Realized loss on investment in Bullion - (8,996,839 ) (3,266,375 ) (1,189,102 ) (13,452,316 ) Closing balance $ 95,031,713 $ 67,745,237 $ 12,072,539 $ 8,339,760 $ 183,189,249 *Market value of Bullion payable at December 31, 2011 - $4,689,743, $3,077,647, $548,453 and $378,873, respectively . Market value of Bullion payable at June 30, 2012 - $2,373,501, $1,474,337, $282,711 and $171,646, respectively .
Expenses [Policy Text Block] 2.7. Expenses The Trust will transfer Bullion to the Sponsor to pay the Sponsor's Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the "ANAV) of the Trust, paid monthly in arrears. 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 certain legal expenses. For the three months ended June 30, 2012 and June 30, 2011 the Sponsor's Fee was $278,873 and $359,137, respectively. For the six months ended June 30, 2012 and June 30, 2011 the Sponsor's Fee was $575,661 and $639,485, respectively. At June 30, 2012 and at December 31, 2011, the fees payable to the Sponsor were $86,960 and $107,543, respectively.
Subsequent Events, Policy [Policy Text Block] 2.8. Subsequent Events In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, Subsequent Events , the Trust's management has evaluated the possibility of subsequent events existing in the Trust's financial statements through the filing date. During this period, no material subsequent events were identified.