What changed in this filing

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Item 9A. Controls and Procedures

2021-04-16 compared with 2020-04-10 · 445 added, 500 removed, 146 unchanged (87% of the section changed)

Controls and Procedures

Conclusion Regarding the Effectiveness

of Disclosure Controls and Procedures

The Trust maintains disclosure controls

and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded,

processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information

is accumulated and communicated to the principal executive officer and principal financial officer of the Sponsor, who performs

functions similar to those a principal executive officer and principal financial officer of the Trust would perform if the Trust

had officers, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation

of the principal executive officer and principal financial officer of the Sponsor, the Sponsor conducted an evaluation of the

Trust’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e), as of January 31, 2020.

on this evaluation, the principal executive officer and principal financial officer of the Sponsor concluded that the Trust’s

disclosure controls and procedures were effective as of January 31, 2020.

Management’s Report on Internal

Control over Financial Reporting

The Sponsor’s management is responsible

for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f)

and 15d-15(f).

The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance

with accounting principles generally accepted in the United States.

Internal control over financial reporting includes those policies

and procedures that:

(1) pertain to the maintenance of

records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

(2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted

accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate

Regarding the Effectiveness of Disclosure Controls and Procedures

Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its

Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules

and forms, and that such information is accumulated and communicated to the principal executive officer and principal financial

officer of the Sponsor, who performs functions similar to those a principal executive officer and principal financial officer

of the Trust would perform if the Trust had officers, to allow timely decisions regarding required disclosure.

the supervision and with the participation of the principal executive officer and principal financial officer of the Sponsor,

the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rule

13a-15(e), as of January 31, 2021.

Based on this evaluation, the principal executive officer and principal financial officer of

the Sponsor concluded that the Trust’s disclosure controls and procedures were effective as of January 31, 2021.

Report on Internal Control over Financial Reporting

Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting,

as defined under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting

is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

control over financial reporting includes those policies and procedures that:

to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally

accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate

authorizations;

(3) provide reasonable assurance

regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could

have a material effect on the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness

to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree

of compliance with the policies or procedures may deteriorate.

The Principal Executive Officer of the

Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of January 31, 2020.

this assessment, he used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)

in Internal Control—Integrated Framework (2013).

His assessment included an evaluation of the design of the Trust’s

internal control over financial reporting and testing of the operational effectiveness of its internal control over financial

Based on his assessment and those criteria, the Principal Executive Officer of the Sponsor concluded that the Trust

maintained effective internal control over financial reporting as of January 31, 2020.

BBD, LLP, the independent registered public

accounting firm that audited and reported on the financial statements as of and for the year ended January 31, 2020 included

in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness

of the Trust’s internal control over financial reporting as of January 31, 2020.

April 10, 2020

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets

that could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes

in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Principal Executive Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting

as of January 31, 2021.

In making this assessment, he used the criteria set forth by the Committee of Sponsoring Organizations

of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013).

His assessment included an evaluation

of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its

internal control over financial reporting.

Based on his assessment and those criteria, the Principal Executive Officer of the

Sponsor concluded that the Trust maintained effective internal control over financial reporting as of January 31, 2021.

LLP, the independent registered public accounting firm that audited and reported on the financial statements as of and for the

year ended January 31, 2021 included in this Form 10-K, as stated in their report which is included herein, issued an

attestation report on the effectiveness of the Trust’s internal control over financial reporting as of January 31,

Other Information

Not applicable.

Directors, Executive Officers

and Corporate Governance

The Trust has no directors or executive

The biography of the President and Chief Investment Officer of the Sponsor is set out below:

Axel Merk, President and Chief Investment

Merk is the founder of the

Sponsor and has served as President, Chief Investment Officer and Manager of the Sponsor since its inception in December 2000.

Merk oversees and directs the Sponsor’s business and operations, including its fulfillment of its obligations to the

Merk founded Merk Investments AG in 1994, and served as Chief Investment Officer from 1994 to 2001, during which time

he provided investment advisory services.

In October 2001, Merk Investments AG transferred its advisory functions to the Sponsor,

Merk continues to provide advisory services and, since 2005, manages a family of currency mutual funds.

Directors, Executive Officers and Corporate Governance

Trust has no directors or executive officers.

The biography of the President and Chief Investment Officer of the Sponsor is set

Merk, President and Chief Investment Officer

Merk is the founder of the Sponsor and has served as President, Chief Investment Officer and Manager of the Sponsor since

its inception in December 2000.

Merk oversees and directs the Sponsor’s business and operations, including its fulfillment

of its obligations to the Trust.

Merk founded Merk Investments AG in 1994, and served as Chief Investment Officer from 1994

to 2001, during which time he provided investment advisory services.

In October 2001, Merk Investments AG transferred its advisory

functions to the Sponsor, where Mr.

Merk continues to provide advisory services and, since 2005, manages a family of currency

mutual funds.

Merk earned a B.A.

in Economics (magna cum laude) and a M.

in Computer Science from Brown University in 1991 and 1992, respectively.

in Computer Science from Brown University in

1991 and 1992, respectively.

Merk is 51 years old.

Executive Compensation

The Trust does not have directors or executive

The only ordinary expense paid by the Trust is the Sponsor’s Fee.

Security Ownership of Certain

Beneficial Owners and Management and Related Stockholder Matters Security Ownership of Certain Beneficial Owners

Beneficial Ownership

Amount and Nature of Shares

Trust does not have directors or executive officers.

The only ordinary expense paid by the Trust is the Sponsor’s Fee.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Security Ownership of Certain

Beneficial Owners

Amount and Nature

Beneficially Owned

Name and Address of Beneficial

Name and Address of Beneficial Owners (1)

Merk Investments LLC;

Merk Hard Currency Fund

Beneficial ownership is as of March 20, 2020.

Of the 281,887

shares being reported on, 34,087 shares (the “Sponsor Shares”) are held by Merk Investments LLC (the “Sponsor”)

and the remaining 247,800 shares (the “Fund Shares”) are held by the Merk Hard Currency Fund (the “Fund”).

The Sponsor holds sole voting and sole dispositive power over the Sponsor Shares.

The Fund and the Sponsor, as investment

advisor and manager of the Fund, share voting power over the Fund Shares.

The Sponsor, as investment advisor and manager of

the Fund, holds sole dispositive power over the Fund Shares.

The Sponsor and the Fund disclaim beneficial ownership of the

The Sponsor’s address is 555 Bryant St #455, Palo Alto, California 94301, and the Fund’s address

(1) Beneficial

ownership is as of April 13, 2021.

Of the 104,739 shares being reported on, 43,439 shares (the “Sponsor Shares”) are

held by Merk Investments LLC (the “Sponsor”) and the remaining 61,300 shares (the “Fund Shares”) are held

by the Merk Hard Currency Fund (the “Fund”).

The Sponsor holds sole voting and sole dispositive power over the Sponsor

The Fund and the Sponsor, as investment advisor and manager of the Fund, share voting power over the Fund Shares.

Sponsor, as investment advisor and manager of the Fund, holds sole dispositive power over the Fund Shares.

The Sponsor and the

Fund disclaim beneficial ownership of the Fund Shares.

The Sponsor’s address is 555 Bryant St #455, Palo Alto, California

94301, and the Fund’s address is P.O.

Box 558, Portland, Maine 04112.

Change of Control Arrangements

The Marketing Agreement grants VanEck

the right to elect to replace Merk as the sponsor of the Trust under specific qualifying circumstances, subject to the execution

and consummation of definitive agreements addressing all regulatory requirements applicable to such transaction and satisfaction

of such requirements, and announcement and related reporting at such time.

Specifically, VanEck has a right of first refusal for

the purchase of the sponsorship of the Trust, and all rights attributable thereto, upon the earlier of a commitment for a change

of control of Merk or 15 years from the date of the Marketing Agreement.

Additionally, VanEck may elect to replace Merk as the

sponsor of the Trust upon the earlier of the Third Party Assets equaling $500 million, or VanEck’s compensation under the

fee provisions of the Marketing Agreement reaching in aggregate 10% of the gross proceeds from sale of the Shares.

See “Marketing

Agent Agreement and Name Change”

under Item 7.

Certain Relationships and

Related Transactions, and Director Independence.

Not applicable.

Principal Accounting Fees

and Services.

Fees for services performed by BBD LLP,

as paid by the Sponsor from the Sponsor’s Fee, for the years ending January 31, 2020 and 2019:

of Control Arrangements

Marketing Agreement grants VanEck the right to elect to replace Merk as the sponsor of the Trust under specific qualifying circumstances,

subject to the execution and consummation of definitive agreements addressing all regulatory requirements applicable to such transaction

and satisfaction of such requirements, and announcement and related reporting at such time.

Specifically, VanEck has a right of

first refusal for the purchase of the sponsorship of the Trust, and all rights attributable thereto, upon the earlier of a commitment

for a change of control of Merk or 15 years from the date of the Marketing Agreement.

Additionally, VanEck may elect to replace

Merk as the sponsor of the Trust upon the earlier of the Third Party Assets equaling $500 million, or VanEck’s compensation

under the fee provisions of the Marketing Agreement reaching in aggregate 10% of the gross proceeds from sale of the Shares.

“Marketing Agent Agreement and Name Change” under Item 7.

Certain Relationships and Related Transactions, and Director Independence.

Principal Accounting Fees and Services.

for services performed by BBD LLP, as paid by the Sponsor from the Sponsor’s Fee, for the years ending January 31, 2021

Audit-related fees

Exhibits, Financial Statement

(a)(1) Financial Statements

See Index to Financial Statements on Page

F-1 for a list of the financial statements being filed herein.

(a)(2) Financial Statement Schedules

Schedules have been omitted since they

are either not required, not applicable, or the information has otherwise been included.

(a)(3) Exhibits

of Depositary Trust Agreement between Merk Investments LLC, as sponsor, and The Bank of New York Mellon, as trustee (incorporated

by reference to Exhibit 4.1 filed with Registration Statement No.

Exhibits, Financial Statement Schedules.

Financial Statements

Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein.

Financial Statement Schedules

have been omitted since they are either not required, not applicable, or the information has otherwise been included.

Form of Depositary Trust Agreement between Merk Investments LLC, as sponsor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 filed with Registration Statement No.

333-180868 on April 15, 2014)

Amendment To Depositary Trust Agreement, dated as of October 22, 2015, by and between Merk Investments LLC, as sponsor of

the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1 filed with Current

Report on Form 8-K on October 26, 2015)

Amendment to the Depositary Trust Agreement, dated as of April 28, 2016, by and between Merk Investments LLC, as sponsor of

the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1(c) filed with

Annual Report on Form 10-K/A on April 29, 2016)

of Authorized Participant Agreement (incorporated by reference to Exhibit 4.2 filed with Registration Statement No.

First Amendment To Depositary Trust Agreement, dated as of October 22, 2015, by and between Merk Investments LLC, as sponsor of the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1 filed with Current Report on Form 8-K on October 26, 2015)

Second Amendment to the Depositary Trust Agreement, dated as of April 28, 2016, by and between Merk Investments LLC, as sponsor of the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1(c) filed with Annual Report on Form 10-K/A on April 29, 2016)

Form of Authorized Participant Agreement (incorporated by reference to Exhibit 4.2 filed with Registration Statement No.

333-180868 on March 20, 2014)

Form of Certificate of Shares of the Trust (included as Exhibit A to the Depositary Trust Agreement)

of First Amendment to Authorized Participant Agreement, dated as of August 8, 2017, adopted by Merk Investments LLC, as sponsor

of the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.2 filed with

Quarterly Report on Form 10-Q for the quarter ended July 31, 2017 on September 6, 2017)

Account Agreement between JPMorgan Chase Bank, N.A., as custodian, and The Bank of New York Mellon, solely in its capacity

as trustee of the Merk Gold Trust, dated May 6, 2014 (incorporated by reference to Exhibit 10.1 filed with Registration Statement

Form of First Amendment to Authorized Participant Agreement, dated as of August 8, 2017, adopted by Merk Investments LLC, as sponsor of the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.2 filed with Quarterly Report on Form 10-Q for the quarter ended July 31, 2017 on September 6, 2017)

Allocated Account Agreement between JPMorgan Chase Bank, N.A., as custodian, and The Bank of New York Mellon, solely in its capacity as trustee of the Merk Gold Trust, dated May 6, 2014 (incorporated by reference to Exhibit 10.1 filed with Registration Statement No.

333-180868 on May 7, 2014)

Account Agreement between JPMorgan Chase Bank, N.A., as custodian, and The Bank of New York Mellon, solely in its capacity

as trustee of the Merk Gold Trust, dated May 6, 2014 (incorporated by reference to Exhibit 10.2 filed with Registration Statement

Unallocated Account Agreement between JPMorgan Chase Bank, N.A., as custodian, and The Bank of New York Mellon, solely in its capacity as trustee of the Merk Gold Trust, dated May 6, 2014 (incorporated by reference to Exhibit 10.2 filed with Registration Statement No.

333-180868 on May 7, 2014)

and Shipping Agreement by and between Merk Investments LLC, as sponsor of the Merk Gold Trust, and Coins ‘N Things Inc.,

dated May 2, 2014 (incorporated by reference to Exhibit 10.4 filed with Registration Statement No.

Transaction and Shipping Agreement by and between Merk Investments LLC, as sponsor of the Merk Gold Trust, and Coins ‘N Things Inc., dated May 2, 2014 (incorporated by reference to Exhibit 10.4 filed with Registration Statement No.

333-180868 on May 7, 2014)

Agent Agreement between Merk Investments LLC, as sponsor of the Trust, and Van Eck Securities Corporation, dated October 22,

2015 (incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on October 26, 2015)

Marketing Agent Agreement between Merk Investments LLC, as sponsor of the Trust, and Van Eck Securities Corporation, dated October 22, 2015 (incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on October 26, 2015)

Amendment to Marketing Agent Agreement, dated as of July 24, 2020, by and between Merk Investments LLC and Van Eck Securities Corporation (incorporated by reference to Exhibit 10.4.1 filed with Quarterly Report on Form 10-Q for the quarter ending July 31, 2020 on September 4, 2020)

Consent of BBD, LLP, Independent Registered Public Accounting Firm.

2 unchanged sentences

Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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Form 10-K Summary.

VANECK MERK GOLD

FINANCIAL STATEMENTS

AS OF JANUARY 31, 2020

Report of Independent Registered Public Accounting

Audited Statements of Assets and Liabilities

at January 31, 2020 and 2019

Audited Statements of Operations for the

Years Ended January 31, 2020, 2019 and 2018

Audited Statements of Changes in Net Assets

for the Years Ended January 31, 2020, 2019 and 2018

Financial Highlights for the Years Ended January 31, 2020, 2019, 2018, 2017 and 2016

Audited Schedules of Investment at January

31, 2020 and 2019

MERK GOLD TRUST

STATEMENTS AS OF JANUARY 31, 2020

Report of Independent Registered Public Accounting Firm

Audited Statements of Assets and Liabilities at January 31, 2021 and 2020

Audited Statements of Operations for the Years Ended January 31, 2021, 2020, and 2019

Audited Statements of Changes in Net Assets for the Years Ended January 31, 2021, 2020 and 2019

Audited Financial Highlights for the Years Ended January 31, 2021, 2020, 2019, 2018 and 2017

Audited Schedules of Investment at January 31, 2021 and 2020

Notes to Financial Statements

REPORT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor, Trustee and the Shareholders

of VanEck Merk Gold Trust

Opinions on the Financial Statements

and Internal Control over Financial Reporting

We have audited the accompanying statements

of assets and liabilities of VanEck Merk Gold Trust (the “Trust”), including the schedules of investment, as of January

31, 2020 and 2019, and the related statements of operations and changes in net assets for each of the years in the three-year

period ended January 31, 2020, the financial highlights for each of the years in the five-year period ended January 31, 2020 and

the related notes (collectively referred to as the financial statements).

We also have audited the Trust’s internal control

over financial reporting as of January 31, 2020, based on criteria established in Internal Control-Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements

referred to above present fairly, in all material respects, the financial position of the Trust as of January 31, 2020 and 2019,

and the results of its operations, changes in its net assets and financial highlights for each of the years referred to above

in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Trust maintained,

in all material respects, effective internal control over financial reporting as of January 31, 2020, based on criteria established

in Internal Control-Integrated Framework (2013) issued by COSO.

Basis for Opinion

The Trust’s management is responsible

for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of

the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal

Control over Financial Reporting .

Our responsibility is to express an opinion on the Trust’s financial statements and

an opinion on the Trust’s internal control over financial reporting based on our audits.

We are a public accounting firm

registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with

respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audits in accordance

with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about

whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal

control over financial reporting was maintained in all material respects.

Our audits of the financial statements

included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error

or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial

reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness

of internal control based on the assessed risk.

Our audits also included performing such other procedures as we considered necessary

in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal

Control over Financial Reporting

A company’s internal control over

financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and

the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s

internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records

that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance

with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely

detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

the Sponsor, Trustee and the Shareholders of VanEck Merk Gold Trust

on the Financial Statements and Internal Control over Financial Reporting

have audited the accompanying statements of assets and liabilities of VanEck Merk Gold Trust (the “Trust”), including

the schedules of investment, as of January 31, 2021 and 2020, and the related statements of operations and changes in net assets

for each of the years in the three-year period ended January 31, 2021, the financial highlights for each of the years in the five-year

period ended January 31, 2021 and the related notes (collectively referred to as the financial statements).

We also have audited

the Trust’s internal control over financial reporting as of January 31, 2021, based on criteria established in Internal

Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the

Trust as of January 31, 2021 and 2020, and the results of its operations, changes in its net assets and financial highlights for

each of the years referred to above in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of

January 31, 2021, based on criteria established in Internal Control-Integrated Framework (2013) issued by COSO.

Trust’s management is responsible for these financial statements, for maintaining effective internal control over financial

reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying

Management’s Report on Internal Control over Financial Reporting .

Our responsibility is to express an opinion on

the Trust’s financial statements and an opinion on the Trust’s internal control over financial reporting based on

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)

and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable

rules and regulations of the Securities and Exchange Commission and the PCAOB.

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits

to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error

or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial

statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining,

on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating

the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of

the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness

to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree

of compliance with the policies or procedures may deteriorate.

Philadelphia, Pennsylvania

April 9, 2020

We have served as the Trust’s auditor since 2014.

VanEck Merk Gold

Statements of Assets and Liabilities

Investments in gold bullion (cost $159,340,051

and $145,342,210, respectively)

Our audit of internal control over financial reporting included obtaining an understanding of internal

control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and

operating effectiveness of internal control based on the assessed risk.

Our audits also included performing such other procedures

as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

and Limitations of Internal Control over Financial Reporting

company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures

that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit

preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures

of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s

assets that could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes

in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Philadelphia,

have served as the Trust’s auditor since 2014.

Merk Gold Trust

of Assets and Liabilities

Investments in gold bullion (cost $ 371,338,269 and $ 159,340,051 , respectively)

$ 442,483,116

$ 198,479,752

Sponsor’s fee payable

Capital shares receivable

Gold Bullion sold receivable

Capital shares payable

Gold Bullion purchased payable

Sponsor’s fee payable

Other payables

Total Liabilities

10 unchanged sentences

Net asset value per share

See notes to financial statements.

VanEck Merk Gold

Statements of Operations

For the Year ended January 31,

Sponsor’s fees

notes to financial statements.

Merk Gold Trust

of Operations

Sponsor’s fees

Total expenses

Net investment loss

( 1,013,291 )

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from gold bullion distributed for redemptions

Net change in unrealized appreciation (depreciation)

on investment in gold bullion

Net change in unrealized appreciation (depreciation) on investment in gold bullion

( 2,195,363 )

Net realized and unrealized gain (loss) from operations

Net Increase (Decrease) in Net Assets resulting from

( 2,344,001 )

See notes to financial statements.

VanEck Merk Gold

Statements of Changes in Net Assets

Net Assets—beginning of year

Net Increase (Decrease) in Net Assets resulting from operations

$ ( 2,907,415 )

notes to financial statements.

Merk Gold Trust

of Changes in Net Assets

Net Assets—beginning of year

$ 198,479,743

$ 154,177,917

$ 142,168,245

( 38,837,609 )

( 5,019,764 )

( 4,136,768 )

Net investment loss

( 1,013,291 )

Net realized gain (loss) from gold bullion distributed for redemptions

Net change in unrealized appreciation (depreciation) on investment in

Net Assets—end of year

Net change in unrealized appreciation (depreciation) on investment in gold bullion

( 2,195,363 )

Net Assets—end of year

$ 442,483,105

$ 198,479,743

See notes to financial statements.

VanEck Merk Gold

Financial Highlights

Per Share Performance (for a share outstanding

throughout each year)

For the Year Ended

Net asset value per share, beginning of

$ 154,177,917

notes to financial statements.

Merk Gold Trust

Share Performance (for a share outstanding throughout each year)

Net asset value per share, beginning of year

Net investment loss (a)

Net realized and unrealized gain

(loss) on investment in gold bullion

Net realized and unrealized gain (loss) on investment in gold bullion

Net change in net assets from operations

Net asset value per share, end

Net asset value per share, end of year

Total return, at net asset value

1 unchanged sentence

Net investment loss

Calculated using average shares outstanding.

See notes to financial statements.

VanEck Merk Gold

Schedules of Investment

January 31, 2020

% of Net Assets

(a) Calculated

using average shares outstanding.

notes to financial statements.

Merk Gold Trust

of Investment

$ 371,338,269

5 unchanged sentences

$ 442,483,105

January 31, 2019

% of Net Assets

$ 159,340,051

6 unchanged sentences

is less than 0.005%.

See notes to financial statements.

VanEck Merk Gold

notes to financial statements.

The VanEck Merk Gold Trust (the “Trust”;

known as the Merk Gold Trust prior to October 26, 2015 and then as the Van Eck Merk Gold Trust prior to April 28, 2016) is an

investment trust formed on May 6, 2014 under New York law pursuant to a depositary trust agreement.

After consideration of Financial

Accounting Standards Topic 946, Merk Investments LLC (the “Sponsor”) has concluded the Trust meets the fundamental

characteristics of an investment company.

In addition, while the Trust does not currently possess all of the typical characteristics

of an investment company, it believes its activities are consistent with those of an investment company and will therefore apply

the guidance in Financial Accounting Standards Topic 946, including disclosure of the financial support contractually required

to be provided by an investment company to any of its investees.

The Sponsor is responsible for, among other things, overseeing

the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers,

including the preparation of financial statements.

The Trustee is responsible for the day-to-day administration of the Trust.

Virtu Financial, also known as the Lead

Market Maker, was the Initial Purchaser and contributed 1,000 Ounces of Gold in exchange for 100,000 shares on May 6, 2014.

contribution, the value of the gold deposited with the Trust was based on the price of an Ounce of Gold of $1,306.25.

Purchaser is not affiliated with the Sponsor or the Trustee.

The Trust’s primary objective is

to provide investors with an opportunity to invest in gold through the shares and be able to take delivery of physical gold bullion

and gold coins (physical gold) in exchange for their shares.

The Trust’s secondary objective is for the shares to reflect

the performance of the price of gold less the expenses of the Trust’s operations.

Merk Gold Trust

to Financial Statements

VanEck Merk Gold Trust (the “Trust”;

known as the Merk Gold Trust prior to October 26, 2015 and then as the Van Eck

Merk Gold Trust prior to April 28, 2016) is an investment trust formed on May 6, 2014 under New York law pursuant to a depositary

trust agreement.

After consideration of Financial Accounting Standards Topic 946, Merk Investments LLC (the “Sponsor”)

has concluded the Trust meets the fundamental characteristics of an investment company.

In addition, while the Trust does not

currently possess all of the typical characteristics of an investment company, it believes its activities are consistent with

those of an investment company and will therefore apply the guidance in Financial Accounting Standards Topic 946, including disclosure

of the financial support contractually required to be provided by an investment company to any of its investees.

The Sponsor is

responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and

the Trust’s principal service providers, including the preparation of financial statements.

The Trustee is responsible for

the day-to-day administration of the Trust.

Financial, also known as the Lead Market Maker, was the Initial Purchaser and contributed 1,000 Ounces of Gold in exchange for

100,000 shares on May 6, 2014.

At contribution, the value of the gold deposited with the Trust was based on the price of an Ounce

of Gold of $ 1,306.25 .

The Initial Purchaser is not affiliated with the Sponsor or the Trustee.

Trust’s primary objective is to provide investors with an opportunity to invest in gold through the shares and be able to

take delivery of physical gold bullion and gold coins (physical gold) in exchange for their shares.

The Trust’s secondary

objective is for the shares to reflect the performance of the price of gold less the expenses of the Trust’s operations.

The Trust is not actively managed.

The fiscal year end of the Trust is January

fiscal year end of the Trust is January 31st.

SIGNIFICANT ACCOUNTING POLICIES

In preparing financial statements in conformity

with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates

and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at

the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period.

results could differ from these estimates.

The accompanying audited financial statements

were prepared in accordance with GAAP and with the instructions for the Form 10-K and the rules and regulations of the United

States Securities and Exchange Commission.

In the opinion of the Trust’s management, all adjustments (which consists of

normal recurring adjustments) necessary to present fairly the financial position and the results of operations, as presented,

have been made.

The following is a summary of significant

accounting policies followed by the Trust.

preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”),

management makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent

assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported

during the period.

Actual results could differ from these estimates.

accompanying audited financial statements were prepared in accordance with GAAP and with the instructions for the Form 10-K and

the rules and regulations of the United States Securities and Exchange Commission.

In the opinion of the Trust’s management,

all adjustments (which consists of normal recurring adjustments) necessary to present fairly the financial position and the results

of operations, as presented, have been made.

following is a summary of significant accounting policies followed by the Trust.

Valuation of Gold

Financial Accounting Standards Board Accounting

Standards Codification 820, “Fair Value Measurements and Disclosures”

(“ASC 820”), provides a single definition

of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

Various inputs are used in determining

the fair value of the Trust’s assets or liabilities.

These inputs are categorized into three broad levels.

Level 1 includes

unadjusted prices in active markets for identical assets or liabilities.

Level 2 includes other significant observable market

based inputs (including prices for similar securities, interest rates, prepayment speed, and credit risk).

Level 3 includes unobservable

inputs, which may include management’s own assumptions in determining the fair value of investments.

The Trust does not

hold any derivative instruments, and its assets only consist of allocated gold bullion and gold receivable;

representing gold

covered by contractually binding orders for the creation of shares where the gold has not yet been transferred to the Trust’s

account and, from time to time, cash, which is used to pay expenses.

The following table summarizes the inputs

used as of January 31, 2020 in determining the Trust’s investments at fair value for purposes of ASC 820:

Accounting Standards Board Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC

820”), provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair

value adjustments.

inputs are used in determining the fair value of the Trust’s assets or liabilities.

These inputs are categorized into three

broad levels.

Level 1 includes unadjusted prices in active markets for identical assets or liabilities.

Level 2 includes other

significant observable market based inputs (including prices for similar securities, interest rates, prepayment speed, and credit

Level 3 includes unobservable inputs, which may include management’s own assumptions in determining the fair value

of investments.

The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and

gold receivable;

representing gold covered by contractually binding orders for the creation of shares where the gold has not yet

been transferred to the Trust’s account and, from time to time, cash, which is used to pay expenses.

following table summarizes the inputs used as of January 31, 2021 in determining the Trust’s investments at fair value for

purposes of ASC 820:

Investment in Gold

1 unchanged sentence

$ 442,483,116

The following table summarizes the inputs

used as of January 31, 2019 in determining the Trust’s investments at fair value for purposes of ASC 820:

following table summarizes the inputs used as of January 31, 2020 in determining the Trust’s investments at fair value for

purposes of ASC 820:

Investment in Gold

1 unchanged sentence

$ 198,479,752

London Gold Delivery Bars are held by

JPMorgan Chase Bank, N.A.

(the “Custodian”), on behalf of the Trust, at the London, United Kingdom vaulting premises.

All gold is valued based on its Fine Ounce content, calculated by multiplying the weight of gold by its purity;

the same methodology

is applied independent of the type of gold held by the Trust;

similarly, the value of up to 430 Fine Ounces of unallocated gold

the Trust may hold is calculated by multiplying the number of Fine Ounces with the price of gold determined by the Trustee as

The Trustee determines the net asset value (the “NAV”) of the Trust on each day that NYSE Arca is open for

regular trading, as promptly as practical after 4:00 PM New York time.

The NAV of the Trust is the aggregate value of the Trust’s

assets less its estimated accrued but unpaid liabilities (which include accrued expenses).

The Trustee computes the NAV per Share

by dividing the net assets of the Trust by the number of the shares outstanding on the date the computation is made.

In determining the Trust’s NAV,

the Trustee values the gold held by the Trust based on the afternoon session of the twice daily fix of the price of a Fine Ounce

of gold which starts at 3:00 PM London, England time and is performed in London by the ICE Benchmark Administration as an independent

third-party administrator (the “LBMA PM Gold Price”).

The Trustee also determines the NAV per Share.

If on a day when

the Trust’s NAV is being calculated the LBMA PM Gold Price for that day is not available, the Trustee will value the gold

held by the Trust based on that day’s morning session of the twice daily fix of the price of a Fine Ounce of gold, which

starts at 10:30 AM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party

administrator (the “LBMA AM Gold Price”).

If no fix is available for the day, the Trustee will value the Trust’s

gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price.

Prior to March 20, 2015, the Trustee utilized

the daily fix of the price of a Fine Ounce of gold as performed by the five members of the London gold fix, which has now been

replaced by the ICE Benchmark Administration as an independent third-party administrator.

The Trustee issues shares to pay the Sponsor’s

the Sponsor pays the Trust’s ordinary expenses.

The NAV of the Trust is used to compute the Sponsor’s fee, and

the Trustee subtracts from the NAV of the Trust the amount of accrued Sponsor’s fee.

To the extent the Trust issues additional

shares to pay the Sponsor’s fee or sells gold to cover expenses or liabilities, the amount of gold represented by each share

will decrease.

New deposits of gold, received in exchange for new shares issued by the Trust, would not reverse this trend.

Gold Delivery Bars are held by JPMorgan Chase Bank, N.A.

(the “Custodian”), on behalf of the Trust, at the London,

United Kingdom vaulting premises.

All gold is valued based on its Fine Ounce content, calculated by multiplying the weight of

gold by its purity;

the same methodology is applied independent of the type of gold held by the Trust;

similarly, the value of

up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated by multiplying the number of Fine Ounces with the price

of gold determined by the Trustee as follows.

The Trustee determines the net asset value (the “NAV”) of the Trust

on each day that NYSE Arca is open for regular trading, as promptly as practical after 4:00 PM New York time.

The NAV of the Trust

is the aggregate value of the Trust’s assets less its estimated accrued but unpaid liabilities (which include accrued expenses).

The Trustee computes the NAV per Share by dividing the net assets of the Trust by the number of the shares outstanding on the

date the computation is made.

determining the Trust’s NAV, the Trustee values the gold held by the Trust based on the afternoon session of the twice daily

fix of the price of a Fine Ounce of gold which starts at 3:00 PM London, England time and is performed in London by the ICE Benchmark

Administration as an independent third-party administrator (the “LBMA PM Gold Price”).

The Trustee also determines

the NAV per Share.

If on a day when the Trust’s NAV is being calculated the LBMA PM Gold Price for that day is not available,

the Trustee will value the gold held by the Trust based on that day’s morning session of the twice daily fix of the price

of a Fine Ounce of gold, which starts at 10:30 AM London, England time and is performed in London by the ICE Benchmark Administration

as an independent third-party administrator (the “LBMA AM Gold Price”).

If no fix is available for the day, the Trustee

will value the Trust’s gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price.

Prior to March

20, 2015, the Trustee utilized the daily fix of the price of a Fine Ounce of gold as performed by the five members of the London

gold fix, which has now been replaced by the ICE Benchmark Administration as an independent third-party administrator.

Trustee issues shares to pay the Sponsor’s fee;

the Sponsor pays the Trust’s ordinary expenses.

The NAV of the Trust

is used to compute the Sponsor’s fee, and the Trustee subtracts from the NAV of the Trust the amount of accrued Sponsor’s

To the extent the Trust issues additional shares to pay the Sponsor’s fee or sells gold to cover expenses or liabilities,

the amount of gold represented by each share will decrease.

New deposits of gold, received in exchange for new shares issued by

the Trust, would not reverse this trend.

Creations and Redemptions of Shares

Shares are issued and redeemed by the

Trust in blocks of 50,000 shares called “Baskets”

in exchange for gold from certain registered broker-dealers or other

securities market participants (“Authorized Participants”).

Investors that are not Authorized Participants may also

take delivery of physical gold in exchange for their shares (“Delivery Applicants”).

Authorized Participants

The Trust issues and redeems Baskets only

to Authorized Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust

or the distribution by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which

will be based on the combined Fine Ounces represented by 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.

Orders to create and redeem Baskets may

be placed only by Authorized Participants.

are issued and redeemed by the Trust in blocks of 50,000 shares called “Baskets” in exchange for gold from certain

registered broker-dealers or other securities market participants (“Authorized Participants”).

Investors that are

not Authorized Participants may also take delivery of physical gold in exchange for their shares (“Delivery Applicants”).

Trust issues and redeems Baskets only to Authorized Participants.

The creation and redemption of Baskets will only be made in

exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold represented by the Baskets being

created or redeemed, the amount of which will be based on the combined Fine Ounces represented by 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.

to create and redeem Baskets may be placed only by Authorized Participants.

An Authorized Participant must:

(1) be a registered broker-dealer or other securities

market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required

to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement

with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards

described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor

and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for

the delivery of the gold required for such creations and redemptions.

The Authorized Participant Agreement and the related procedures

attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant.

(1) be a registered

broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion

from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant

in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated

account meeting the standards described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant

Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and

redemption of Baskets and for the delivery of the gold required for such creations and redemptions.

The Authorized Participant

Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any

investor or Authorized Participant.

A transaction fee of $ 500 will be assessed on all creation and redemption transactions.

Multiple Baskets may be created on the

same day, provided each Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust

Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business

Authorized Participants who make deposits

with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind

from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect

any sale or resale of shares.

Delivery Applicants

In exchange for its shares and payment

of a processing fee, a Delivery Applicant will be entitled to one or more bars or coins of physical gold having approximately

the total Fine Ounces represented by the shares on the day on which the Delivery Applicant’s broker-dealer submits his or

her shares to the Trust in exchange for physical gold.

As it is unlikely that the total Fine Ounces of physical gold will exactly

correspond to the Fine Ounces represented by a specific number of shares, a Delivery Applicant will likely receive some cash representing

the net sale proceeds of any excess Fine Ounces (the “Cash Proceeds”).

To minimize the Cash Proceeds of any exchange,

the delivery application requires that the number of shares submitted closely correspond in Fine Ounces to the Fine Ounces of

physical gold that is held or that is to be acquired by the Trust for which the delivery is sought.

Share submissions are processed

in the order approved.

Changes in the shares for the year ending

January 31, 2020 are as follows:

Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is

able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces

of gold at the close of a business day.

Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation

or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the

Sponsor or the Trust to effect any sale or resale of shares.

exchange for its shares and payment of a processing fee, a Delivery Applicant will be entitled to one or more bars or coins of

physical gold having approximately the total Fine Ounces represented by the shares on the day on which the Delivery Applicant’s

broker-dealer submits his or her shares to the Trust in exchange for physical gold.

As it is unlikely that the total Fine Ounces

of physical gold will exactly correspond to the Fine Ounces represented by a specific number of shares, a Delivery Applicant will

likely receive some cash representing the net sale proceeds of any excess Fine Ounces (the “Cash Proceeds”).

the Cash Proceeds of any exchange, the delivery application requires that the number of shares submitted closely correspond in

Fine Ounces to the Fine Ounces of physical gold that is held or that is to be acquired by the Trust for which the delivery is

Share submissions are processed in the order approved.

in the shares for the year ending January 31, 2021 are as follows:

Shares, beginning of year at February 1, 2020

2 unchanged sentences

Shares redeemed

( 2,259,184 )

( 38,837,609 )

Shares, end of year at January 31, 2021

$ 370,737,948

Changes in the shares for the year ending

January 31, 2019 are as follows:

in the shares for the year ending January 31, 2020 are as follows:

Shares, beginning of year at February 1, 2019

2 unchanged sentences

Shares redeemed

( 5,019,764 )

Shares, end of year at January 31, 2020

$ 165,051,803

Changes in the shares for the year ending

January 31, 2018 are as follows:

in the shares for the year ending January 31, 2019 are as follows:

Shares, beginning of year at February 1, 2018

2 unchanged sentences

Shares redeemed

( 4,136,768 )

Shares, end of year at January 31, 2019

$ 150,490,404

The Trust is treated as a “grantor

Trust is treated as a “grantor trust” for U.S.

federal tax purposes.

As a result, the Trust itself is not subject to U.S.

As a result, the Trust itself is not subject

federal income tax.

the Trust’s income and expenses “flow through”

to the shareholders and the Trustee reports the Trust’s

income, gains, losses and deductions 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 January 31, 2020.

Instead, the Trust’s income and expenses “flow through” to the shareholders and

the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service on that basis.

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 January 31, 2020.

Revenue Recognition Policy

A gain or loss is recognized based on

the difference between the selling price and the average cost method of the gold sold on a trade date basis.

gain or loss is recognized based on the difference between the selling price and the average cost method of the gold sold on a

trade date basis.

INVESTMENT IN GOLD

The following represents the changes in

Ounces of gold and the respective fair value at January 31, 2020:

following represents the changes in ounces of gold and the respective fair value at January 31, 2021:

Beginning balance as of February 1, 2020

2 unchanged sentences

Gold bullion distributed

( 38,837,599 )

Realized gain (loss) from gold distributed from in-kind

2 unchanged sentences

$ 442,483,116

The following represents the changes in

ounces of gold and the respective fair value at January 31, 2019:

following represents the changes in Ounces of gold and the respective fair value at January 31, 2020:

Beginning balance as of February 1, 2019

2 unchanged sentences

Gold bullion distributed

( 5,019,758 )

Realized gain (loss) from gold distributed from in-kind

2 unchanged sentences

$ 198,479,752

The following represents the changes in

ounces of gold and the respective fair value at January 31, 2018:

following represents the changes in ounces of gold and the respective fair value at January 31, 2019:

Beginning balance as of February 1, 2018

2 unchanged sentences

Gold bullion distributed

( 4,136,765 )

Realized gain (loss) from gold distributed from in-kind

Change in unrealized appreciation

( 2,195,363 )

Ending balance as of January 31, 2019

$ 154,177,919

RELATED PARTIES—SPONSOR, TRUSTEE,

CUSTODIAN AND MARKETING FEES

Fees paid are to the Sponsor as compensation

for services performed under the Trust Agreement.

The Sponsor’s fee is payable at an annualized rate of 0.40% of the Trust’s

NAV, accrued on a daily basis computed on the prior Business Day’s NAV and paid monthly in arrears.

The Sponsor has agreed to assume the following

administrative and marketing expenses incurred by the Trust:

the Trustee’s monthly fee and out-of-pocket expenses;

the Custodian’s

the marketing support fees and expenses (including the fees and expenses of Foreside Fund Services, LLC);

expenses reimbursable

under the Custody Agreement;

the precious metals dealer’s fees and expenses reimbursable under its agreement with the Sponsor;

RELATED PARTIES—SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES

paid are to the Sponsor as compensation for services performed under the Trust Agreement.

Effective July 24, 2020, the Sponsor’s

fee is payable at an annualized rate of 0.25% of the Trust’s NAV, accrued on a daily basis computed on the prior Business

Day’s NAV and paid monthly in arrears.

Prior to July 24, 2020, the Sponsor’s fee accrued at an annualized rate of

0.40% of the Trust’s NAV.

Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s monthly

fee and out-of-pocket expenses;

the Custodian’s fee;

the marketing support fees and expenses (including the fees and expenses

of Foreside Fund Services, LLC);

expenses reimbursable under the Custody Agreement;

the precious metals dealer’s fees and

expenses reimbursable under its agreement with the Sponsor;

exchange listing fees;

Securities and Exchange Commission registration fees;

Securities and Exchange Commission registration

printing and mailing costs;

maintenance expenses

for the Trust’s website;

and up to $100,000 per annum in legal expenses.

Affiliates of the Trustee, as well as

affiliates of the Custodian may from time to time act as Authorized Participants to purchase or sell gold or shares for their

own account, as agent for their customers and for accounts over which they exercise investment discretion.

On October 22, 2015, the Sponsor, for

the benefit of the Trust, entered into a Marketing Agent Agreement (the “Marketing Agreement”) with Van Eck Securities

Corporation (“VanEck”

or “Marketing Agent”).

Pursuant to the Marketing Agreement, VanEck provides assistance

in the marketing of the shares.

The obligations created by the Marketing Agreement are obligations of the Sponsor of the Trust

and any fees payable under the Marketing Agreement to VanEck are payable from the Sponsor’s fee (as calculated and defined

in the Trust Agreement).

The Trust will not incur additional financial or other performance obligations pursuant to the Marketing

maintenance expenses for the Trust’s website;

and up to $ 100,000 per annum

in legal expenses.

of the Trustee, as well as affiliates of the Custodian may from time to time act as Authorized Participants to purchase or sell

gold or shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

October 22, 2015, the Sponsor, for the benefit of the Trust, entered into a Marketing Agent Agreement (as amended to date, the

“Marketing Agreement”) with Van Eck Securities Corporation (“VanEck” or “Marketing Agent”).

Pursuant to the Marketing Agreement, VanEck provides assistance in the marketing of the shares.

The obligations created by the

Marketing Agreement are obligations of the Sponsor of the Trust and any fees payable under the Marketing Agreement to VanEck are

payable from the Sponsor’s fee (as calculated and defined in the Trust Agreement).

The Trust will not incur additional financial

or other performance obligations pursuant to the Marketing Agreement.

SHAREHOLDER OWNERSHIP

Merk Hard Currency Fund owned a market

value of $3,845,856 (247,800 shares) which equates to 1.94% ownership in the Trust as of January 31, 2020.

Hard Currency Fund owned a market value of $ 1,997,835 ( 111,300 shares) which equates to 0.46 % ownership in the Trust as of January

CONCENTRATION OF RISK

The Trust’s sole business activity

is the investment in gold bullion.

Trust’s sole business activity is the investment in gold bullion.

Several factors could affect the price of gold:

(i) global gold supply and demand, which is

influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions,

central bank purchases and sales, and production and cost levels in major gold-producing countries;

(ii) investors’

with respect to the rate of inflation;

gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers

to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-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.

there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.

In the event that

the price of gold declines, the Sponsor expects the value of an investment in the shares to decline proportionately.

Each of these

events could have a material adverse effect on the Trust’s financial position and results of operations.

(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 gold will maintain its long-term value in terms of purchasing power

in the future.

In the event that the price of gold declines, the Sponsor expects the value of an investment in the shares to decline

proportionately.

Each of these events could have a material adverse effect on the Trust’s financial position and results

of operations.

UNCERTAINTY REGARDING THE EFFECT OF COVID-19

price of the Shares could be adversely affected by the effects of COVID-19

December 2019, a novel strain of coronavirus, COVID-19, was reported to have surfaced in Wuhan, Hubei Province, China.

2020, this coronavirus spread to other countries, including the United States and Europe.

The World Health Organization has classified

the outbreak as a pandemic as it continues to spread.

Efforts to contain the spread of this coronavirus have intensified.

this coronavirus has not had a significant impact on the Trust.

Although we currently expect that any disruptive impact of coronavirus

on the Trust will be temporary, this situation continues to evolve and therefore we cannot predict the extent to which the coronavirus

will directly or indirectly affect the price of the Shares.

There were some signs of increased demand for physical gold in March

2020 and as a result the precious metals dealer increased coin and bar premiums;

the Sponsor has updated available coins and Processing

Fees on merkgold.com/fees as information has become available.

INDEMNIFICATION

Under the Trust’s organizational

documents, each of the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors,

officers, employees, affiliates) is indemnified against any liability, cost or expense it incurs without gross negligence, bad

faith or willful misconduct 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.

However, based on industry experience, management believes

the risk of loss is remote.

the Trust’s organizational documents, each of the Trustee (and its directors, employees and agents) and the Sponsor (and

its members, managers, directors, officers, employees, affiliates) is indemnified against any liability, cost or expense it incurs

without gross negligence, bad faith or willful misconduct 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.

However, based on industry

experience, management believes the risk of loss is remote.

SUBSEQUENT EVENTS

Management has evaluated the events and

transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment

of the financial statements or additional disclosures.

This report is submitted for the general

information of the shareholders.

It is not authorized for distribution to prospective investors unless preceded or accompanied

by an effective prospectus, which includes information regarding the Trust’s risks, objectives, fees and expenses and other

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in its capacities*

thereunto duly authorized.

has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no

items requiring adjustment of the financial statements or additional disclosures.

report is submitted for the general information of the shareholders.

It is not authorized for distribution to prospective investors

unless preceded or accompanied by an effective prospectus, which includes information regarding the Trust’s risks, objectives,

fees and expenses and other information.

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf

by the undersigned in its capacities* thereunto duly authorized.

MERK INVESTMENTS LLC

1 unchanged sentence

April 16, 2021

/s/ Axel Merk

President and Chief Investment Officer

1 unchanged sentence

Principal Financial Officer)

Registrant is a trust and the person is signing in his capacity as an officer of Merk

Investments LLC, the Sponsor of the Registrant.

Registrant is a trust and the person is signing in his capacity as an officer of Merk Investments LLC, the Sponsor of the Registrant.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures