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Item 9A. Controls and Procedures

2023-04-13 compared with 2022-04-13 · 285 added, 205 removed, 438 unchanged (53% of the section changed)

Controls and Procedures

Conclusion Regarding the Effectiveness of

Disclosure Controls and Procedures

Conclusion Regarding the Effectiveness

of Disclosure Controls and Procedures

The Trust maintains disclosure controls and procedures

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

reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated

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

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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.

Internal control over financial reporting includes those policies and procedures

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

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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.

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,

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as of January 31, 2023.

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.

Cohen & Company, Ltd., the independent registered

public accounting firm that audited and reported on the financial statements as of and for the year ended January 31, 2023 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, 2023.

April 13, 2023

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

Axel Merk, President and Chief Investment Officer

Axel Merk, President and Chief Investment

Merk is the founder of the Sponsor

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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.

Merk Investments AG in 1994, and served as Chief Investment Officer from 1994 to 2001, during which time he provided investment advisory

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 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.

Science from Brown University in 1991 and 1992, respectively.

in Economics (magna cum laude) and

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

Merk is 53 years old.

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

Beneficial Ownership

Amount and Nature

Beneficially Owned

Name and Address of Beneficial Owners (1)

Merk Investments LLC;

Merk Hard Currency Fund

(1) Beneficial

ownership is as of April 11, 2022.

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.

Change of Control Arrangements

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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.

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

Securities Authorized for Issuance under

Equity Incentive Plans

Not applicable.

Certain Relationships and Related

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Principal Accounting Fees and Services.

Fees for services performed by BBD LLP, as paid

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

Fees for services performed by Cohen & Company,

Ltd., as paid by the Sponsor from the Sponsor’s Fee, for the year ending January 31, 2023 and fees for services performed by BBD,

LLP, as paid by the Sponsor from the Sponsor’s Fee, for the year ending January 31, 2022:

Audit-related fees

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(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.

Form of Depositary Trust

Agreement between Merk Investments LLC, as sponsor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit

4.1 filed with Registration Statement No.

333-180868 on April 15, 2014)

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

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

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

First Amendment To Depositary

Trust Agreement, dated as of October 22, 2015, by and between Merk Investments LLC, as sponsor of the Trust, and The Bank of New

York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1 filed with Current Report on Form 8-K on October 26,

Second Amendment to the

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

of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1(c) filed with Annual Report on Form 10-K/A

on April 29, 2016)

Form of Authorized Participant

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

333-180868 on March 20, 2014)

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

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

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

Form of Certificate of

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

Form of First Amendment

to Authorized Participant Agreement, dated as of August 8, 2017, adopted by Merk Investments LLC, as sponsor of the Trust, and The

Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.2 filed with Quarterly Report on Form 10-Q

for the quarter ended July 31, 2017 on September 6, 2017)

Description of Securities.

Allocated Account Agreement

between JPMorgan Chase Bank, N.A., as custodian, and The Bank of New York Mellon, solely in its capacity as trustee of the Merk Gold

Trust, dated May 6, 2014 (incorporated by reference to Exhibit 10.1 filed with Registration Statement No.

333-180868 on May 7, 2014)

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

Unallocated Account Agreement

between JPMorgan Chase Bank, N.A., as custodian, and The Bank of New York Mellon, solely in its capacity as trustee of the Merk Gold

Trust, dated May 6, 2014 (incorporated by reference to Exhibit 10.2 filed with Registration Statement No.

333-180868 on May 7, 2014)

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

Transaction and Shipping

Agreement by and between Merk Investments LLC, as sponsor of the Merk Gold Trust, and Coins ‘N Things Inc., dated May 2, 2014

(incorporated by reference to Exhibit 10.4 filed with Registration Statement No.

333-180868 on May 7, 2014)

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

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

Marketing Agent Agreement

between Merk Investments LLC, as sponsor of the Trust, and Van Eck Securities Corporation, dated October 22, 2015 (incorporated by

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

Amendment to Marketing

Agent Agreement, dated as of July 24, 2020, by and between Merk Investments LLC and Van Eck Securities Corporation (incorporated

by reference to Exhibit 10.4.1 filed with Quarterly Report on Form 10-Q for the quarter ending July 31, 2020 on September 4, 2020)

Consent of Cohen & Company, Ltd., Independent Registered Public Accounting Firm.

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

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FINANCIAL STATEMENTS AS OF JANUARY 31, 2023

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

Report of Cohen & Company, Ltd., an Independent Registered Public Accounting Firm located in Philadelphia, PA (PCAOB # 925 ).

Audited Statements of Assets and Liabilities at January 31, 2023 and 202 2 F-3

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 Statements of Operations for the Years Ended January 31, 2023, 2022, and 2021.

Audited Statements of Changes in Net Assets for the Years Ended January 31, 2023, 2022, and 2021.

Audited Financial Highlights for the Years Ended January 31, 2023, 2022, 2021, 2020, and 2019.

Audited Schedules of Investment at January 31, 2023 and 2022 F-7

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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

We have audited the accompanying statement of

assets and liabilities, including the schedule of investment, of VanEck Merk Gold Trust (the “Trust”) as of January 31, 2023,

and the related statements of operations and changes in net assets, and the financial highlights for the year then ended, and the related

notes (collectively referred to as the “financial statements”).

We have also audited the Trust’s internal control over

financial reporting as of January 31, 2023, 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 present fairly, in

all material respects, the financial position of the Trust as of January 31, 2023, and the results of its operations, the changes in

its net assets and the financial highlights for the year then ended, 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, 2023, based on criteria established in Internal Control-Integrated Framework (2013) issued by COSO.

The Trust’s financial statements, financial

highlights, and internal control over financial reporting for the years ended January 31, 2022, and prior, were audited by other auditors

whose report dated April 12, 2022, expressed an unqualified opinion on those financial statements, financial highlights and internal

control over financial reporting.

Basis for Opinions

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 .

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

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.

internal control over financial reporting based on our audit.

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

Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit 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

Those standards require that we plan and perform the audit 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 audit 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

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in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management,

Our audit 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.

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 audit also included performing

such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our

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 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;

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

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

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition

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We determined that there are no critical audit matters.

We have served as the auditor of the VanEck

Merk Gold Trust since 2014.

We have served as the VanEck Merk Gold Trust’s

auditor since 2023.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

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Capital shares receivable

Gold Bullion sold receivable

Capital shares payable

Gold Bullion purchased payable

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( 1,271,275 )

( 1,013,291 )

Net Realized and Unrealized Gain (Loss)

Net realized gain from gold bullion distributed for redemptions

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

Net change in unrealized appreciation

(depreciation) on investment in gold bullion

( 18,669,013 )

Net realized and unrealized gain (loss) from operations

Net realized and unrealized

gain (loss) from operations

( 16,912,157 )

Net Increase (Decrease) in Net Assets resulting from operations

Net Increase (Decrease)

in Net Assets resulting from operations

$ ( 18,183,432 )

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( 1,271,275 )

( 1,013,291 )

Net realized gain from gold bullion distributed for redemptions

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

Net change in unrealized appreciation (depreciation)

on investment in gold bullion

( 18,669,013 )

Net Assets—end of year

Net Assets—end of

$ 656,592,798

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Net investment loss (a)

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

Net realized and unrealized gain (loss)

on investment in gold bullion

Net change in net assets from operations

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Net investment loss

Calculated using average shares outstanding.

(a) Calculated using average shares outstanding.

See notes to financial statements.

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$ 586,245,772

Amount is less than 0.005%.

(a) Amount is less than 0.005% .

See notes to financial statements.

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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.

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.

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

Virtu Financial, also known as the Lead Market

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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 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.

(physical gold) in exchange for their shares (the “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.

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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.

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

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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.

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

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(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;

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

the same methodology is applied independent

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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

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.

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

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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.

no fix is available for the day, the Trustee will value the Trust’s gold based on the most recently announced LBMA AM Gold Price

or LBMA PM Gold Price.

Prior to March 20, 2015, the Trustee utilized the daily fix of the price of a Fine Ounce of gold as performed

by the five members of the London gold fix, which has now been replaced by the ICE Benchmark Administration as an independent third-party

administrator.

The Trustee issues shares to pay the Sponsor’s

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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”).

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.

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

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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.

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.

Authorized Participants who make deposits with

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( 6,035,537 )

( 98,749,384 )

Shares, end of year at January 31, 2023

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( 17,297,147 )

( 38,837,609 )

Shares, end of year at January 31, 2022

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( 2,259,184 )

( 38,837,609 )

Shares, end of year at January 31, 2021

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Change in unrealized appreciation (depreciation)

( 18,669,013 )

Ending balance as of January 31, 2023

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Change in unrealized appreciation (depreciation)

( 18,669,013 )

Ending balance as of January 31, 2022

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CUSTODIAN AND MARKETING FEES

Fees paid are to the Sponsor as compensation for

services performed under the Trust Agreement.

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.

Prior to 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

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

expenses reimbursable under

the Custody Agreement;

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;

exchange listing fees;

Securities and Exchange Commission (the “SEC”) registration fees;

printing and mailing costs;

maintenance expenses for the Trust’s

expenses for the Trust’s website;

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

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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).

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

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

SHAREHOLDER OWNERSHIP

Merk Hard Currency Fund owned a market value of

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

CONCENTRATION OF RISK

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(iv) interest rates;

(v) investment and trading activities of hedge funds and commodity funds;

(v) investment and trading activities of hedge funds and commodity

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.

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

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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.

COVID-19 has not had a significant impact on

There have been some signs of increased demand for physical gold as well as 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.

The Sponsor regularly updates

available coins and Processing Fees on merkgold.com/fees.

INDEMNIFICATION

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SUBSEQUENT EVENTS

The pricing index the Sponsor uses in relation

to the Shares issued by the Trust intends to change to reference the Solactive Gold Spot Index (the “Solactive Index”) in

lieu of the LBMA PM Gold Price.

The date on which such change becomes effective is referred to herein as the “Index Change Date.”

Following the Index Change Date, in determining

the Trust’s NAV, the Trustee will value the gold held by the trust based on the Solactive Index.

Solactive AG (“Solactive”)

will own, calculate, and disseminate the Solactive Index.

The Solactive Index is a U.S.

Dollar denominated index that aims to provide

a price fixing for the gold spot price quoted as U.S.

Dollars per Troy Ounce (“XAU”) and determined for the close of trading

on the New York Stock Exchange (“NYSE”).

The Solactive Index calculates gold bullion fixing prices by taking Time Weighted

Average Prices (“TWAP”) of XAU trading prices provided via ICE Data Services (“IDS”) data feed.

Specifically, the Solactive Index uses a TWAP

calculation to determine an average price that is time-weighted, using tick values of actual transactions (“Trade Ticks”)

for two specified time periods around the scheduled close of trading on the NYSE (generally, 4:00 PM Eastern Time).

The TWAP is derived

for (1) the period ahead of the fixing (“Time Period 1”), which consists of the five minutes before the close of trading,

and (2) the period directly after the fixing (“Time Period 2”), which consists of the six seconds after the close of trading.

The TWAPs for Time Period 1 and Time Period 2 are then aggregated, with 90 % weighting given to Time Period 1 and 10 % weighting given

to Time Period 2, to calculate the Solactive Index.

For any calculation day t , the Solactive

Index ( Index t ), is determined in accordance with the following formula:

The Solactive Index is calculated and published

by Solactive no later than 30 minutes following the close of trading on the NYSE, disseminated to major financial data providers, and

made publicly available via the Trust’s website.

The Solactive Index calculation is based on XAU

market data from IDS, which is a major provider of financial market data.

The data is available through IDS’s data streaming service,

which covers 2,700 spot rates and over 7,500 forwards and non-deliverable forwards, with an average of over 130 million updates per day

IDS compiles data from over 100 sources, including market makers, execution venues, banks and brokers from across the globe,

and every updating Trade Tick of spot streaming data is available via IDS’s Integrated Data Viewer service in a file-based format.

It is unlikely that, on any given trading day

for the Shares, there would be no Trade Ticks recorded for XAU in either Time Period 1 or Time Period 2, such that the Solactive Index

calculation could not be performed on such day.

Trade Ticks representing XAU are the closing prices for specific gold bullion transactions

posted in a 24-hour, global, over-the-counter gold bullion market, which is not subject to trading suspensions, trading halts, or market

However, in the unlikely event that IDS is unable to publish pricing information for XAU, for whatever reason, during either

Time Period 1 or Time Period 2 on a given trading day, the last available Solactive Index calculation will be used in accordance with

Solactive’s published and publicly available disruption policy.

If the Sponsor determines that such price is

inappropriate to use, it shall identify an alternate basis for evaluation to be employed by the Trustee.

The Sponsor may instruct the

Trustee to use a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s

The Trustee’s estimation of accrued but

unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the Trust, and no revision or correction in any

computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The Sponsor and the investors may rely on any

evaluation or determination of any amount made by the Trustee, and except for any determination by the Sponsor as to the price to be

used to evaluate gold, the Sponsor will have no responsibility for the evaluation’s accuracy.

The determinations the Trustee makes

will be made in good faith upon the basis of, and the Trustee will not be liable for any errors contained in, information reasonably

available to it.

The Trustee will not be liable to the Sponsor, Authorized Participants, the investors or any other person for errors

However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad faith or

gross negligence in the performance of its duties.

The Sponsor will give 60 day notice of the Index Change

Date by issuing a press release and filing an 8-K.

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

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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.

Pursuant to the requirements of Section 13 or

15(d) 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

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Principal Financial Officer)

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

The Registrant is a trust

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

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

What changed 10-K

Item 9A. Controls and Procedures