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Significant Accounting Policies | 9 Months Ended
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Sep. 30, 2014
Significant Accounting Policies [Abstract] |
Significant Accounting Policies | 2. Significant Accounting Policies The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 Since the Trust’s inception, the Sponsor determined that the Trust was not an investment company within the scope of Financial Accounting Standards Board (“FASB”) Codification of Accounting Standards, Topic 946, Financial Services—Investment Companies (“Topic 946”). Consequently, the Trust did not prepare its financial statements applying standards applicable to investment companies in accordance with Topic 946, including recording its investment in Bullion at “fair value” as defined in Topic 946. Instead, the Trust recorded its investment in Bullion at the lower of cost or fair value in accordance with ASC 330, Inventory and ASC 270, Interim Reporting. Following the release of FASB Accounting Standards Update ASU 2013-08, Financial Services—Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements, the Sponsor has re-evaluated whether the Trust falls within scope and has concluded that for reporting purposes, the Trust is classified as an investment company effective January 1, 2014. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. As a result of the change in the evaluation of investment company status, the Trust must, from January 1, 2014, present its Bullion assets at “fair value” as defined in Topic 946. The adoption of Topic 946 accounting changed the presentation of the Trust’s financial statements prospectively from January 1, 2014 (the date of the adoption), the most significant aspects of which are as follows:
| 1. | Presentation of prior year information has been conformed to the current year accounting standards in the Condensed Statement of Assets and Liabilities and Condensed Statement of Operations. A Condensed Statement of Changes in Net Assets is required and has been presented for the nine month period ended September 30, 2014.
| 2. | A Schedule of Investments is required as of September 30, 2014. The Schedule has also been included as of December 31, 2013, for comparative presentation.
| 3. | Financial Highlights are required for the three and nine month period s ended September 30, 2014.
| 4. | As the Trust meets the exemption criteria under Topic 946, a cash flow statement is not required for the three and nine month period s ended September 30, 2014. Since the adoption of the new accounting principle is prospective, the prior year statement of cash flows is still presented.
| 5. | Required disclosures under Topic 820, Fair Value Measurements, have been included in the footnotes to the financial statements as of September 30, 2014. December 31, 2013 disclosures have also been included for comparative purposes.
The quantitative effect of the adoption of investment company accounting is presented below:
Quantitative effect of adoption of investment company accounting
|  | Value at |  |  |  | Gain / (loss)
|  | December 31, 2013 |  | Value at |  | as a result of
|  | at lower of cost |  | January 1, 2014 |  | change in
(Amounts in 000's of US$) |  | or market value |  | at fair value |  | accounting principle
Bullion |  |  |  |  |  |  |  |  |
Gold |  | $ | 139,729 |  | $ | 139,729 |  | $ | -
Silver |  | $ | 83,152 |  | $ | 83,152 |  | $ | -
Platinum |  | $ | 21,057 |  | $ | 21,057 |  | $ | -
Palladium |  | $ | 15,984 |  | $ | 16,538 |  | $ | 554
2.2. Valuation of Bullion The Trust follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 may also be held by UBS A.G., or any other firm selected by the Custodian to hold the Trust’s platinum and palladium in the Trust’s allocated account in the firm’s Zurich vault premises on a segregated basis and whose appointment has been approved by the Sponsor, (the “Zurich Sub-Custodian”) at its Zurich, Switzerland vaulting premises on a segregated basis. 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 Fix” for gold of the price of an ounce of gold as performed in London, England by the five fixing members of the London Bullion Market Association (the “LBMA”). For platinum and palladium this is the “London Fix” for platinum or palladium (as applicable) of the price of an ounce of such metal performed in London, England by fixing members of the London Platinum and Palladium Market (“LPPM”),. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis using cost. Prior to August 15, 2014, the Trust utilized the “London Fix” for silver as its benchmark for silver valuation purposes. The London Fix for silver, which London Silver Market Fixing Ltd. discontinued on August 14, 2014, was the price of an ounce of silver as set by three market making members of the LBMA at approximately 12:00 noon, London time, on each London business day and was widely accepted among silver market participants. Effective from August 15, 2014, CME Group, Inc. has been conducting an electronic, over-the-counter silver bullion auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by Thomson Reuters (the “London Silver Price”). As of the date of filing, the London Silver Price is established by the five LBMA-authorized bullion banks and market makers participating in the auction. The “London Metal Price” for silver held by the Trust is the London Silver Price. 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 table below summarizes the unrealized gains or losses on the Trust’s Bullion holdings as of September 30, 2014 and December 31, 2013:
|  | September 30, 2014
(Amounts in 000's of US$) |  | Gold |  |  | Silver |  |  | Platinum |  |  | Palladium |  | Total
Investment in Bullion - cost |  | $ | 88,770 |  | $ | 52,731 |  | $ | 13,344 |  | $ | 10,158 |  | $ | 165,003
Unrealized gain / (loss) on investment in Bullion |  |  | 373 |  |  | (6,759) |  |  | (642) |  |  | 1,200 |  |  | (5,828)
Investment in Bullion - fair value |  | $ | 89,143 |  | $ | 45,972 |  | $ | 12,702 |  | $ | 11,358 |  | $ | 159,175
|  | December 31, 2013
(Amounts in 000's of US$) |  | Gold |  |  | Silver |  |  | Platinum |  |  | Palladium |  | Total
Investment in Bullion - cost |  | $ | 139,729 |  | $ | 83,152 |  | $ | 21,057 |  | $ | 15,984 |  | $ | 259,922
Unrealized gain on investment in Bullion |  |  | - |  |  | - |  |  | - |  |  | 554 |  |  | 554
Investment in Bullion - fair value |  | $ | 139,729 |  | $ | 83,152 |  | $ | 21,057 |  | $ | 16,538 |  | $ | 260,476
Effective January 1, 2014, the Trust records its inv estment in Bullion at fair value and 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. Prior to 2014, the Trust recognized the movements in value of the investment in Bullion arising 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 were recognized in the later interim period. Increases in value recognized on an interim basis were not permitted to exceed the previously recognized diminution in value. Unrealized losses at December 31, 2013 were crystallized as realized losses, and the average cost of gold, silver and platinum was written down to market value. 2.2. Valuation of Bullion (continued) 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 Inputs Generally accepted accounting principles establish 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 company 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 company’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 third party 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, 2014 |  | December 31, 2013
Level 2 |  |  |  |  |  |
Investment in Bullion |  | $ | 159,175 |  | $ | 260,476
There were no re-allocations or transfers between levels during the period.
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 the Bullion is transferred within three business days of the trade date. There was Bullion receivable or payable at September 30, 2014 or December 31, 2013 2.4. Creations and Redemptions of Shares The Trust’s contractual obligation is to create or redeem Baskets with Authorized Participants at set prices on each trading day. These prices are based on an agreed formula published in the prospectus, which is equal to the NAV of the Trust. 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. The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000 th of an ounce per individual metal type. 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. For each transaction, this amount is not more than 1/1000 th of an ounce per individual metal type. 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 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 realized gain or loss in the amount of the difference between the fair value on the trade date and the historical cost is recorded through the Condensed Statement of Operations. Changes in the Shares for the year ended December 31, 2013 are set out below:
|  | Year
|  | Ended
(Amounts in 000's of US$, except for Share and per Share data) |  | December 31, 2013
Number of Redeemable Shares |  |  |
Opening balance |  |  | 2,200,000
Creations |  |  | 2,050,000
Redemptions |  |  | (300,000)
Closing balance |  |  | 3,950,000
Redeemable Shares |  |  |
Opening balance |  | $ | 202,243
Creations |  |  | 149,235
Redemptions |  |  | (20,607)
Adjustment to redemption value |  |  | (70,513)
Closing balance |  | $ | 260,358
Redemption value per Share at period end |  | $ | 65.91
2.5. 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. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2014. 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 cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. 2.6. 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 September 30, 2014 and December 31, 2013. 2.7. Investment in Bullion Changes in ounces of Bullion and the respective values for the nine months ended September 30, 2014 and for the year ended December 31, 2013 are set out below:
(Amounts in 000's of US$, except for ounces data) |  | Nine Months Ended September 30, 2014
Ounces of Bullion |  | Gold |  | Silver |  | Platinum |  | Palladium |  | Total
Opening balance |  |  | 116,295.9 |  |  | 4,264,181.5 |  |  | 15,506.1 |  |  | 23,259.1 |  |  | 4,419,242.6
Creations |  |  | 7,350.5 |  |  | 269,518.3 |  |  | 980.1 |  |  | 1,470.1 |  |  | 279,319.0
Redemptions |  |  | (49,992.3) |  |  | (1,833,052.5) |  |  | (6,665.6) |  |  | (9,998.5) |  |  | (1,899,708.9)
Transfers of Bullion to pay expenses |  |  | (375.7) |  |  | (13,775.1) |  |  | (50.1) |  |  | (75.1) |  |  | (14,276.0)
Closing balance |  |  | 73,278.4 |  |  | 2,686,872.2 |  |  | 9,770.5 |  |  | 14,655.6 |  |  | 2,784,576.7
Investment in Bullion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance |  | $ | 139,729 |  | $ | 83,152 |  | $ | 21,057 |  | $ | 16,538 |  | $ | 260,476
Creations |  |  | 9,629 |  |  | 5,621 |  |  | 1,416 |  |  | 1,110 |  |  | 17,776
Redemptions |  |  | (63,150) |  |  | (35,959) |  |  | (9,409) |  |  | (7,284) |  |  | (115,802)
Realized gain on Bullion distributed for the redemption of Shares |  |  | 3,015 |  |  | 187 |  |  | 348 |  |  | 400 |  |  | 3,950
Transfers of Bullion to pay expenses |  |  | (480) |  |  | (277) |  |  | (72) |  |  | (59) |  |  | (888)
Realized gain on Bullion transferred to pay expenses |  |  | 25 |  |  | 7 |  |  | 4 |  |  | 7 |  |  | 43
Unrealized gain / (loss) on investment in Bullion |  |  | 375 |  |  | (6,759) |  |  | (642) |  |  | 646 |  |  | (6,380)
Closing balance |  | $ | 89,143 |  | $ | 45,972 |  | $ | 12,702 |  | $ | 11,358 |  | $ | 159,175
(Amounts in 000's of US$, except for ounces data) |  | Year Ended December 31, 2013
Ounces of Bullion |  | Gold |  | Silver |  | Platinum |  | Palladium |  | Total
Opening balance |  |  | 65,167.3 |  |  | 2,389,467.4 |  |  | 8,689.0 |  |  | 13,033.4 |  |  | 2,476,357.1
Creations |  |  | 60,409.7 |  |  | 2,215,021.8 |  |  | 8,054.6 |  |  | 12,081.9 |  |  | 2,295,568.0
Redemptions |  |  | (8,837.9) |  |  | (324,057.5) |  |  | (1,178.4) |  |  | (1,767.6) |  |  | (335,841.4)
Transfers of Bullion to pay expenses |  |  | (443.2) |  |  | (16,250.2) |  |  | (59.1) |  |  | (88.6) |  |  | (16,841.1)
Closing balance |  |  | 116,295.9 |  |  | 4,264,181.5 |  |  | 15,506.1 |  |  | 23,259.1 |  |  | 4,419,242.6
Investment in Bullion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance |  | $ | 96,337 |  | $ | 68,562 |  | $ | 12,213 |  | $ | 8,315 |  | $ | 185,427
Creations |  |  | 80,050 |  |  | 48,772 |  |  | 11,510 |  |  | 8,904 |  |  | 149,236
Redemptions |  |  | (11,140) |  |  | (6,589) |  |  | (1,619) |  |  | (1,259) |  |  | (20,607)
Realized (loss)/gain on Bullion distributed for the redemption of Shares |  |  | (1,748) |  |  | (2,280) |  |  | (64) |  |  | 82 |  |  | (4,010)
Transfers of Bullion to pay expenses |  |  | (638) |  |  | (397) |  |  | (88) |  |  | (64) |  |  | (1,187)
Realized gain on Bullion transferred to pay expenses |  |  | (22) |  |  | (67) |  |  | 4 |  |  | 6 |  |  | (79)
Realized loss on investment in Bullion |  |  | (23,110) |  |  | (24,849) |  |  | (899) |  |  | - |  |  | (48,858)
Closing balance |  | $ | 139,729 |  | $ | 83,152 |  | $ | 21,057 |  | $ | 15,984 |  | $ | 259,922
2.8. 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 September 30, 2014 and 2013 the Sponsor’s Fee was $262,117 and $294,884, respectively. For the nine months ended September 30, 2014 and 2013 the Sponsor’s Fee was $850,197 and $892,074, respectively. At September 30, 2014 and at December 31, 2013, the fees payable to the Sponsor were $80,025 and $116,992, respectively. 2.9. Subsequent Events In accordance with the provisions set forth in FASB ASC 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. On October 16, 2014, the London Platinum and Palladium Fixing Company Limited (“LPPFCL”) announced it will discontinue the “London Fix” pricing benchmarks for platinum and palladium after November 30, 2014. The London Fix has been the benchmark price for valuation of platinum and palladium bullion held by the Trust. The LPPFCL has accepted a proposal by the London Metal Exchange (“LME”) to administer replacement platinum and palladium price benchmark mechanisms. Commencing December 1, 2014, the LME will operate platinum and palladium bullion price fixing systems that will replicate electronically the current manual London Fix processes employed by the LPPFCL as well as provide electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. The LME’s electronic price fixing processes, like the current London Fix processes, will establish and publish fixed prices for troy ounces of platinum and palladium twice each London trading day at 9:45 am London time (“LME AM Fix”) and 2:00 pm London time (“LME PM Fix”). In addition to utilizing the same London Fix standards and methods, the LME will also supervise the platinum and palladium electronic price fixing processes through its market operations, compliance, internal audit and third-party complaint handling capabilities in order to support the integrity of the LME AM and PM Fixes. Commencing December 1, 2014, on each trading day the Sponsor will use the LME PM Fix for valuing platinum and palladium bullion received upon purchase of the Trust’s shares, delivered upon redemption of the Trust’s shares and otherwise held by the Trust. The Sponsor also expects to determine that the LME PM Fix will fairly represent the commercial value of platinum and palladium bullion held by the Trust and, effective 60 days after the delivery of notice of such determination to The Depository Trust Company, the registered owner of the shares of the Trust, the “Benchmark Price” (as defined in the Trust’s Trust Agreement) as of any day will be the LME PM Fix for such day. On November 7, 2014, the London Bullion Market Association (“LBMA”) announced it will discontinue the “London Gold Fix” pricing benchmark for gold during the first quarter of 2015. The exact date of the transition to a new gold bullion pricing standard will be announced by the LBMA at a later date. The London Gold Fix has been the benchmark price for valuation of gold bullion held by the Trust. The LBMA has accepted a proposal by the ICE Benchmark Association (“IBA”) to administer a replacement gold price benchmark mechanism. Commencing during the first quarter of 2015, the IBA will operate an electronic, auction-based, tradable and auditable gold bullion market clearing process that will replace the London Gold Fix. The IBA’s electronic price fixing process, like the current London Gold Fix process, will establish and publish fixed prices for troy ounces of gold twice each London trading day at electronic auctions starting at 9:45 am London time and 3:00 pm London time (“IBA PM Gold Fix”). Commencing on a date in the first quarter of 2015 when the IBA PM Gold Fix is declared operative by the LBMA, on each trading day the Sponsor will use the IBA PM Gold Fix for valuing gold bullion received upon purchase of the Trust’s shares, delivered upon redemption of the Trust’s shares and otherwise held by the Trust. The Sponsor also expects to determine that the IBA PM Gold Fix will fairly represent the commercial value of gold bullion held by the Trust and, effective 60 days after the delivery of notice of such determination to The Depository Trust Company, the registered owner of the shares of the Trust, the “Benchmark Price” (as defined in the Trust’s Trust Agreement) as of any day will be the IBA PM Gold Fix for such day. During this period, no other material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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