What changed in this filing

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Item 1. Financial Statements

2021-06-07 compared with 2020-12-08 · 193 added, 216 removed, 169 unchanged (71% of the section changed)

5 unchanged sentences

$ 442,483,116

Capital shares receivable

Gold Bullion sold receivable

Capital shares payable

Gold Bullion purchased payable

Sponsor’s fee payable

Other payables

Total liabilities

15 unchanged sentences

Three Months Ended

Nine Months Ended

Sponsor’s fees

14 unchanged sentences

Three Months Ended

Nine Months Ended

Net assets, beginning of period

1 unchanged sentence

$ 198,479,743

$ 154,177,917

( 5,064,495 )

( 27,858,127 )

( 5,019,765 )

Net investment loss

5 unchanged sentences

$ 253,914,693

$ 416,830,640

$ 174,523,023

notes to unaudited financial statements.

3 unchanged sentences

Three Months Ended

Nine Months Ended

Net asset value per share, beginning of period

6 unchanged sentences

Net investment loss

(a) Calculated using average shares outstanding

(b) Not annualized

Calculated using average

shares outstanding

Not annualized

notes to unaudited financial statements.

2 unchanged sentences

30, 2021 (unaudited)

% of Net Assets

$ 400,020,346

5 unchanged sentences

$ 447,555,111

% of Net Assets

$ 371,338,269

5 unchanged sentences

$ 442,483,105

(a) Amount is less than 0.005%

Amount is less than

notes to unaudited financial statements.

2 unchanged sentences

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.

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 .

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

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.

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.

fiscal year end of the Trust is January 31st.

1 unchanged sentence

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.

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 and unaudited financial statements were prepared in accordance with GAAP and with the instructions for the

Form 10-Q 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.

accompanying audited and unaudited financial statements were prepared in accordance with GAAP and with the instructions for the Form

10-Q 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.

Valuation of Gold

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

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

value adjustments.

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.

These inputs are categorized into three broad

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.

Merk Gold Trust

to Unaudited Financial Statements

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

purposes of ASC 820:

Level 2 includes other significant

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

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

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

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.

VanEck Merk Gold Trust

Notes to Unaudited Financial

following table summarizes the inputs used as of April 30, 2021 in determining the Trust’s investments at fair value for purposes

Investment in gold

1 unchanged sentence

$ 447,555,113

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:

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

Investment in gold

2 unchanged sentences

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 “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.

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.

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.

Merk Gold Trust

to Unaudited Financial Statements

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.

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

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”).

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”).

VanEck Merk Gold Trust

Notes to Unaudited Financial

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.

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.

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

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.

(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 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 nine-month period ended October 31, 2020 are as follows:

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”).

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.

in the shares for the three-month period ended April 30, 2021 are as follows:

Shares, beginning of period at February 1, 2021

2 unchanged sentences

Shares redeemed

( 1,641,524 )

( 27,858,127 )

Shares, end of period at October 31, 2020

Shares, end of period at April 30, 2021

$ 399,638,994

Merk Gold Trust

to Unaudited Financial Statements

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

4 unchanged sentences

( 2,259,184 )

( 38,837,609 )

Shares, end of period at January 31, 2021

$ 370,737,948

VanEck Merk Gold Trust

Notes to Unaudited Financial

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

federal tax purposes.

As a result, the Trust itself is not subject

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

federal income tax.

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.

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 October 31, 2020.

that no reserves for uncertain tax positions are required as of April 30, 2021.

Revenue Recognition Policy

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

INVESTMENT IN GOLD

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

following represents the changes in Ounces of gold and the respective fair value at April 30, 2021:

Beginning balance as of February 1, 2021

2 unchanged sentences

Gold bullion distributed

( 27,858,108 )

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

Change in unrealized appreciation (depreciation)

Ending balance as of October 31, 2020

( 23,610,080 )

Ending balance as of April 30, 2021

$ 447,555,113

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

8 unchanged sentences

$ 442,483,116

Merk Gold Trust

to Unaudited Financial Statements

RELATED PARTIES—SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES

1 unchanged sentence

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.

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

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 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);

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;

the precious metals dealer’s fees and expenses reimbursable

under its agreement with the Sponsor;

exchange listing fees;

Securities and Exchange Commission registration

printing and mailing costs;

Securities and Exchange Commission registration fees;

printing and mailing

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.

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

VanEck Merk Gold Trust

Notes to Unaudited Financial

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 (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

SHAREHOLDER OWNERSHIP

Hard Currency Fund owned a market value of $ 2,982,496 ( 162,800 shares) which equates to 0.72 % ownership in the Trust as of October

Hard Currency Fund owned a market value of $ 1,055,586 ( 61,300 shares) which equates to 0.24 % ownership in the Trust as of April 30, 2021.

CONCENTRATION OF RISK

1 unchanged sentence

Several factors could affect the price of gold:

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;

(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’

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.

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.

Merk Gold Trust

to Unaudited Financial Statements

(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.

UNCERTAINTY REGARDING THE EFFECT OF COVID-19

1 unchanged sentence

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

In January 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.

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.

To date, 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

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

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.

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.

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.

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-Q

Item 1. Financial Statements