What changed in this filing

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Item 9A. Controls and Procedures

2022-04-13 compared with 2021-04-16 · 453 added, 401 removed, 190 unchanged (82% of the section changed)

Controls and Procedures

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;

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

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, 2022.

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, 2022.

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:

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

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 authorizations;

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, 2022.

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, 2022.

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,

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, 2022 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, 2022.

April 13, 2022

Other Information

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.

Not applicable.

Disclosure Regarding Foreign Jurisdictions

that Prevent Inspections

Not applicable.

Directors, Executive Officers and

Corporate Governance

The Trust has no directors or executive officers.

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

Axel 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.

Science from Brown University in 1991 and 1992, respectively.

Merk is 52 years old.

Executive Compensation

Trust does not have directors or executive officers.

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

Security Ownership of Certain Beneficial

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

Beneficial Ownership

Amount and Nature

5 unchanged sentences

ownership is as of April 11, 2022.

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.

Of the 58,799 shares being reported on, 37,499 shares (the “Sponsor Shares”) are held

by Merk Investments LLC (the “Sponsor”) and the remaining 21,300 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 Shares.

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 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.

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.

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.

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

Fees for services performed by BBD LLP, as paid

by the Sponsor from the Sponsor’s Fee, for the years ending January 31, 2022 and 2021:

Audit-related fees

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.

(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

Exhibit Description

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.

18 unchanged sentences

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

Taxonomy Extension Instance Document

Taxonomy Extension Schema Document

Taxonomy Extension Calculation Linkbase Document

Taxonomy Extension Definition Linkbase Document

Taxonomy Extension Label Linkbase Document

Presentation Extension Linkbase Document

Inline XBRL Instance Document

Inline XBRL Taxonomy Extension Schema Document.

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

Inline XBRL Taxonomy Extension Definition Linkbase Document.

Inline XBRL Taxonomy Extension Label Linkbase Document.

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Form 10-K Summary.

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

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.

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

VANECK MERK GOLD TRUST

FINANCIAL STATEMENTS AS OF JANUARY 31, 2022

Report of BBD, LLP, an Independent Registered Public Accounting Firm located in Philadelphia, PA (PCAOB # 552 ).

Audited Statements of Assets and Liabilities at January 31, 2022 and 202 1 F-4

Audited Statements of Operations for the Years Ended January 31, 2022, 2021, and 2020 F-5

Audited Statements of Changes in Net Assets for the Years Ended January 31, 2022, 2021, and 2020 F-6

Audited Financial Highlights for the Years Ended January 31, 2022, 2021, 2020, 2019, and 2018 F-7

Audited Schedules of Investment at January 31, 2022 and 2021 F-8

Notes to Financial Statements F-9

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

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, 2022

and 2021, and the related statements of operations and changes in net assets for each of the years in the three-year period ended January

31, 2022, the financial highlights for each of the years in the five-year period ended January 31, 2022, 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, 2022, 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, 2022 and 2021, and the results

of its operations, changes in its net assets and financial highlights for each of the periods 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, 2022, 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.

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;

(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

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.

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.

Critical Audit Matters

Critical audit matters are matters arising from

the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,

subjective, or complex judgments.

We determined that there are no critical audit matters.

We have served as the auditor of the VanEck

Merk Gold Trust since 2014.

Philadelphia, Pennsylvania

April 12, 2022

VanEck Merk Gold Trust

Statements of Assets and Liabilities

Investments in gold bullion (cost $ 533,769,944 and $ 371,338,269 , respectively)

19 unchanged sentences

Net asset value per share

notes to financial statements.

Merk Gold Trust

of Operations

See notes to financial statements.

VanEck Merk Gold Trust

Statements of Operations

Sponsor’s fees

2 unchanged sentences

( 1,271,275 )

( 1,013,291 )

Net Realized and Unrealized Gain (Loss)

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

Net realized gain from gold bullion distributed for redemptions

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

4 unchanged sentences

$ ( 18,183,432 )

notes to financial statements.

Merk Gold Trust

of Changes in Net Assets

See notes to financial statements.

VanEck Merk Gold Trust

Statements of Changes in Net Assets

Net Assets—beginning of year

7 unchanged sentences

( 1,271,275 )

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

( 1,013,291 )

Net realized gain from gold bullion distributed for redemptions

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

4 unchanged sentences

$ 198,479,743

notes to financial statements.

Merk Gold Trust

Share Performance (for a share outstanding throughout each year)

See notes to financial statements.

VanEck Merk Gold Trust

Financial Highlights

Per Share Performance (for a share outstanding

throughout each year)

Net asset value per share, beginning of year

6 unchanged sentences

Net investment loss

(a) Calculated

using average shares outstanding.

notes to financial statements.

Merk Gold Trust

of Investment

Calculated using average shares outstanding.

See notes to financial statements.

VanEck Merk Gold Trust

Schedules of Investment

January 31, 2022

$ 533,769,944

5 unchanged sentences

$ 586,245,772

January 31, 2021

$ 371,338,269

5 unchanged sentences

$ 442,483,105

is less than 0.005%.

Amount is less than 0.005%.

See notes to financial statements.

VanEck Merk Gold Trust

Notes to Financial Statements

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 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

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

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.

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.

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.

The Trust is not actively managed.

fiscal year end of the Trust is January 31st.

The fiscal year end of the Trust is January 31st.

SIGNIFICANT ACCOUNTING POLICIES

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.

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.

Actual results could differ from these

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.

Valuation of Gold

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:

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, 2022 in determining the Trust’s investments at fair value for purposes of ASC 820:

Investment in Gold

1 unchanged sentence

$ 586,245,778

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:

The 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

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;

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 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.

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”).

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

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.

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.

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”).

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.

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.

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.

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

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.

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

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.

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

Changes in the shares for the year ending January

31, 2022 are as follows:

Shares, beginning of year at February 1, 2021

3 unchanged sentences

( 17,297,147 )

( 38,837,609 )

Shares, end of year at January 31, 2022

$ 532,684,047

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

Changes in the shares for the year ending January

31, 2021 are as follows:

Shares, beginning of year at February 1, 2020

3 unchanged sentences

( 2,259,184 )

( 38,837,609 )

Shares, end of year at January 31, 2021

$ 370,737,948

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

Changes in the shares for the year ending January

31, 2020 are as follows:

Shares, beginning of year at February 1, 2019

5 unchanged sentences

$ 165,051,803

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

The Trust is treated as a “grantor trust”

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.

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.

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, 2022.

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.

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.

INVESTMENT IN GOLD

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

The following represents the changes in Ounces

of gold and the respective fair value at January 31, 2022:

Beginning balance as of February 1, 2021

4 unchanged sentences

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

Change in unrealized appreciation

Change in unrealized appreciation (depreciation)

( 18,669,013 )

Ending balance as of January 31, 2022

$ 586,245,778

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

The following represents the changes in Ounces

of gold and the respective fair value at January 31, 2021:

Beginning balance as of February 1, 2020

4 unchanged sentences

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

Change in unrealized appreciation

Change in unrealized appreciation (depreciation)

Ending balance as of January 31, 2021

$ 442,483,116

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

The following represents the changes in ounces

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

Beginning balance as of February 1, 2019

4 unchanged sentences

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

Change in unrealized appreciation

( 2,195,363 )

Change in unrealized appreciation (depreciation)

Ending balance as of January 31, 2020

$ 198,479,752

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

RELATED PARTIES—SPONSOR, TRUSTEE,

CUSTODIAN AND MARKETING FEES

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.

July 24, 2020, the Sponsor’s fee accrued at an annualized rate of 0.40% of the Trust’s NAV.

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;

listing fees;

Securities and Exchange Commission registration fees;

printing and mailing costs;

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.

maintenance expenses for the Trust’s

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 (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

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

Merk Hard Currency Fund owned a market value of

$ 1,072,750 ( 61,300 shares) which equates to 0.18 % ownership in the Trust as of January 31, 2022.

CONCENTRATION OF RISK

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

The Trust’s sole business activity is the

investment in gold bullion.

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;

1 unchanged sentence

(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.

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.

The price of the Shares could be adversely

affected by the effects of COVID-19

COVID-19 has not had a significant impact on the

There have been some signs of increased demand for physical gold as well some supply constraints for certain coins at times during

the pandemic.

As a result, precious metals dealers have increased coin and bar premiums at times.

The Sponsor regularly updates available

coins and Processing Fees on merkgold.com/fees.

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.

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.

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.

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.

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 information.

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.

MERK INVESTMENTS LLC

1 unchanged sentence

April 13, 2022

/s/ Axel Merk

President and Chief Investment Officer

3 unchanged sentences

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