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Item 1. Financial Statements

2023-06-06 compared with 2022-12-08 · 334 added, 284 removed, 96 unchanged (87% of the section changed)

Financial Statements (Unaudited)

Merk Gold Trust

of Assets and Liabilities

VanEck Merk Gold Trust

Statements of Assets and Liabilities

Investments in gold bullion (cost $ 607,824,450 and $ 572,123,322 , respectively)

1 unchanged sentence

$ 656,592,807

Sponsor’s fee

Capital shares receivable

$ 712,154,680

$ 660,323,516

Gold Bullion purchased payable

Sponsor’s fee payable

Other payables

Total liabilities

8 unchanged sentences

$ 656,592,798

$ 586,245,772

Shares issued and outstanding (no par value)

Net asset value per share

to unaudited financial statements.

Merk Gold Trust

of Operations

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Statements of Operations

Three Months Ended

Nine Months Ended

investment loss

( 1,184,211 )

realized and unrealized gain (loss)

realized gain (loss) from gold bullion distributed for redemptions

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

( 40,058,528 )

( 15,451,298 )

( 61,481,257 )

( 25,739,142 )

realized and unrealized gain (loss) from operations

( 40,199,777 )

( 15,439,386 )

( 60,302,851 )

( 24,817,309 )

increase (decrease) in net assets resulting from operations

$ ( 40,580,678 )

$ ( 15,768,959 )

$ ( 61,487,062 )

$ ( 25,719,122 )

to unaudited financial statements.

Merk Gold Trust

of Changes in Net Assets

Sponsor’s fees

Total expenses

Net investment loss

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 realized and unrealized gain (loss) from operations

Net increase (decrease) in net assets resulting from operations

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Statements of Changes in Net Assets

Three Months Ended

Nine Months Ended

assets, beginning of period

$ 623,229,731

$ 502,216,306

$ 586,245,772

$ 442,483,105

( 74,382,448 )

( 98,749,385 )

( 8,525,037 )

investment loss

( 1,184,211 )

realized gain (loss) from gold bullion distributed for redemptions

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

( 40,058,528 )

( 15,451,298 )

( 61,481,257 )

Net assets, beginning of period

$ 656,592,798

assets, end of period

$ 586,245,772

( 3,879,742 )

Net investment loss

Net realized gain from gold bullion distributed for redemptions

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

Net assets, end of period

$ 712,154,665

$ 676,703,604

to unaudited financial statements.

Merk Gold Trust

Share Performance (for a share outstanding throughout each period)

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Financial Highlights

Per Share Performance (for a share outstanding

throughout each period)

Three Months Ended

Nine Months Ended

asset value per share, beginning of period

investment loss (a)

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

change in net assets from operations

asset value per share, end of period

return, at net asset value (b)

to average net assets (c)

investment loss

Calculated using average

shares outstanding

Not annualized

to unaudited financial statements.

Merk Gold Trust

of Investment

31, 2022 (unaudited)

Net asset value per share, beginning of period

Net investment loss (a)

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

Net change in net assets from operations

Net asset value per share, end of period

Total return, at net asset value (b)

Ratio to average net assets (c)

Net investment loss

(a) Calculated using average shares outstanding

(b) Not annualized

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Schedules of Investment

April 30, 2023 (unaudited)

$ 607,824,450

5 unchanged sentences

$ 712,154,665

of Net Assets

January 31, 2023

$ 572,123,322

6 unchanged sentences

(a) Amount is less than 0.005%

to unaudited financial statements.

Merk Gold Trust

to Unaudited 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

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

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

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

The Trust’s secondary objective

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

The Trust is not

actively managed.

fiscal year end of the Trust is January 31st.

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

The VanEck Merk Gold Trust (the “Trust”;

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

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

After consideration of Financial Accounting Standards

Topic 946, Merk Investments LLC (the “Sponsor”) has concluded the Trust meets the fundamental characteristics of an investment

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 “Shares”).

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

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

The Trust is not actively managed.

The fiscal year end of the Trust is January 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 and unaudited financial statements were prepared in accordance with GAAP and with the instructions for the Form

10-Q and the rules and regulations of the United States Securities and Exchange Commission.

In the opinion of the Trust’s management,

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

operations, as presented, have been made.

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

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 and unaudited financial

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

States Securities and Exchange Commission.

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

adjustments) necessary to present fairly the financial position and the results of operations, as presented, have been made.

The following is a summary of significant accounting

policies followed by the Trust.

Valuation of Gold

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

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

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).

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

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

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

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

Merk Gold Trust

to Unaudited Financial Statements

following table summarizes the inputs used as of October 31, 2022 in determining the Trust’s investments at fair value for purposes

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.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

The following table summarizes the inputs used

as of April 30, 2023 in determining the Trust’s investments at fair value for purposes of ASC 820:

Investment in gold

1 unchanged sentence

$ 712,154,680

following table summarizes the inputs used as of January 31, 2022 in determining the Trust’s investments at fair value for purposes

The following table summarizes the inputs used

as of January 31, 2023 in determining the Trust’s investments at fair value for purposes of ASC 820:

Investment in gold

1 unchanged sentence

$ 656,592,807

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”).

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.

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.

issues shares to pay the Sponsor’s fee;

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,” and together

with the LBMA PM Gold Price, the “LBMA Gold Price”).

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

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

Prior to March 20, 2015, the Trustee utilized the

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

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

The Trustee issues shares to pay the Sponsor’s

the Sponsor pays the Trust’s ordinary expenses.

The NAV of the Trust is used to compute

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

To the extent

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

represented by each share will decrease.

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

Merk Gold Trust

to Unaudited Financial Statements

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

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

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”).

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

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.

A transaction fee

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

Multiple Baskets may be created on the same day, provided each

Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that

the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day.

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

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

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

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

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

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

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

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

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

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 nine-month period ended October 31, 2022 are as follows:

Shares, beginning of period at

February 1, 2022

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

such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer

to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated

account in London or have an existing unallocated account meeting the standards described herein.

To become an Authorized Participant,

a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides

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

The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without

the consent of any investor or Authorized Participant.

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

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

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

at the close of a business day.

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.

Changes in the shares for the three-month period

ended April 30, 2023 are as follows:

Shares, beginning of period at February 1, 2023

$ 571,416,810

2 unchanged sentences

( 3,879,742 )

( 98,749,385 )

Shares, end of period at October 31, 2022

Shares, end of period at April 30, 2023

$ 606,918,290

Merk Gold Trust

to Unaudited Financial Statements

in the shares for the year ended January 31, 2022 are as follows:

Shares, beginning of period at

February 1, 2021

Changes in the shares for the year ended January

31, 2023 are as follows:

Shares, beginning of period at February 1, 2022

$ 532,684,047

2 unchanged sentences

( 6,035,537 )

( 98,749,384 )

Shares, end of period at January 31, 2023

$ 571,416,810

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

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

The Trust is treated as a “grantor trust”

federal tax purposes.

1 unchanged sentence

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 October 31, 2022.

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 April 30, 2023.

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

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 October 31, 2022:

The following represents the changes in Ounces

of gold and the respective fair value at April 30, 2023:

Beginning balance as of February 1, 2023

1 unchanged sentence

Gold bullion contributed

old bullion distributed

Gold bullion distributed

( 3,879,746 )

Realized gain (loss) from gold distributed

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

Change in unrealized appreciation (depreciation)

( 61,481,257 )

Ending balance as of October 31, 2022

Ending balance as of April 30, 2023

$ 712,154,680

following represents the changes in Ounces of gold and the respective fair value at January 31, 2022:

The following represents the changes in Ounces

of gold and the respective fair value at January 31, 2023:

Beginning balance as of February 1, 2022

3 unchanged sentences

( 98,749,370 )

Realized gain (loss) from gold distributed

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

Change in unrealized appreciation (depreciation)

( 18,669,013 )

Ending balance as of January 31, 2023

$ 656,592,807

Merk Gold Trust

to Unaudited Financial Statements

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

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;

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.

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 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);

the marketing support

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

expenses reimbursable under the Custody Agreement;

the precious metals dealer’s fees and expenses reimbursable

under its agreement with the Sponsor;

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

exchange listing fees;

Securities and Exchange Commission registration fees;

printing and mailing

maintenance expenses for the Trust’s website;

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

printing and mailing costs;

maintenance expenses for the Trust’s

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.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

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.

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:

(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;

(i) global gold supply and demand, which is influenced by

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

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

(ii) investors’ expectations with respect to the rate

of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(v) investment and trading activities

of hedge funds and commodity funds;

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

and (vi) global or regional political, economic or financial events and situations.

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

In the event that the price

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

Each of these events could

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

Merk Gold Trust

to Unaudited Financial Statements

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.

has not had a significant impact on the Trust.

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

The Sponsor regularly updates available coins and Processing Fees on merkgold.com/fees.

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 Trust.

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.

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.

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.

The pricing index the Sponsor uses in

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

lieu of the LBMA Gold Price.

The change is expected to become effective July 11, 2023 or as soon as practicable thereafter

(“Index Change Date”).

Following the Index Change Date, 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 price 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.

The TWAPs for Time Period 1 and Time Period 2 are then added together to establish the Solactive Index price.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

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 gold.

The Sponsor has given 60 day notice of the Index

Change Date by formally notifying the Trustee and issuing a press release and filing a Current Report on Form 8-K.

Management has evaluated the events and transactions

that have occurred through the date the financial statements were issued and, except as set forth above, 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.

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

What changed 10-Q

Item 1. Financial Statements