Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements
The audited financial statements required by Regulation
S-X, with the report of the Trust’s independent registered public accounting firm, appear on pages F-1 to F-14 of this Report and
are incorporated in this Item 8 by reference to such information.
45
VanEck Merk Gold Trust
Quarterly Statements of Operations
For the year ended January 31, 2024
(unaudited)
Three
Months ended
April 30,
2023
Three
Months ended
July 31,
2023
Three
Months ended
October 31,
2023
Three
Months ended
January 31,
2024
Year ended
January 31,
2024
EXPENSES
Sponsor’s fees
$ 409,800
$ 458,754
$ 451,271
$ 479,055
$ 1,798,880
Total expenses
409,800
458,754
451,271
479,055
1,798,880
Net Investment loss
(409,800 )
(458,754 )
(451,271 )
(479,055 )
(1,798,880 )
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from gold bullion distributed for redemptions
609,442
-
935,883
1,854,150
3,399,475
Net change in unrealized appreciation (depreciation) on investment in gold bullion
19,860,745
(4,488,011 )
3,903,440
17,022,316
36,298,490
Net realized and unrealized gain (loss) from operations
20,470,187
(4,488,011 )
4,839,323
18,876,466
39,697,965
Net Increase (Decrease) in Net Assets resulting from operations
$ 20,060,387
$ (4,946,765 )
$ 4,388,052
$ 18,397,411
$ 37,899,085
VanEck Merk Gold Trust
Quarterly Statements of Operations
For the year ended January 31, 2023
(unaudited)
Three
Months ended
April 30,
2022
Three
Months ended
July 31,
2022
Three
Months ended
October 31,
2022
Three
Months ended
January 31,
2023
Year ended
January 31,
2023
EXPENSES
Sponsor’s fees
$ 396,568
$ 406,742
$ 380,901
$ 373,583
$ 1,557,794
Total expenses
396,568
406,742
380,901
373,583
1,557,794
Net Investment loss
(396,568 )
(406,742 )
(380,901 )
(373,583 )
(1,557,794 )
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from gold bullion distributed for redemptions
54,381
1,265,274
(141,249 )
-
1,178,406
Net change in unrealized appreciation (depreciation) on investment in gold bullion
36,734,729
(58,157,458 )
(40,058,528 )
93,474,908
31,993,651
Net realized and unrealized gain (loss) from operations
36,789,110
(56,892,184 )
(40,199,777 )
93,474,908
33,172,057
Net Increase (Decrease) in Net Assets resulting from operations
$ 36,392,542
$ (57,298,926 )
$ (40,580,678 )
$ 93,101,325
$ 31,614,263
46
Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure
Effective March 6, 2023, BBD LLP (“BBD”)
ceased to serve as the independent registered public accounting firm of VanEck Merk Gold Trust (the “Trust”). Merk Investments,
LLC (“Merk”), as Sponsor of the Trust, approved the replacement of BBD as a result of Cohen & Company, Ltd.’s (“Cohen”)
acquisition of BBD’s investment management group.
The report of BBD on the financial statements
of the Trust as of and for the fiscal years ended January 31, 2022 and 2021 did not contain an adverse opinion or a disclaimer of opinion,
and were not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal years ended January 31,
2023 and 2022, and during the subsequent interim period through March 8, 2023: (i) there were no disagreements between the registrant
and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report
on the financial statements of the Trust for such years or interim period; and (ii) there were no “reportable events,” as
defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The registrant requested that BBD furnish it with
a letter addressed to the U.S. Securities and Exchange Commission stating that it agrees with the above statements. A copy of such letter
is filed as an exhibit to Form 8-K, filed with the Securities and Exchange Commission on March 10, 2023.
Effective March 8, 2023, Merk, as Sponsor of the
Trust, also recommended and approved the appointment of Cohen as the Trust’s independent registered public accounting firm for the
fiscal year ending January 31, 2023.
During the fiscal years ended January 31, 2023
and 2022, and during the subsequent interim period through March 8, 2023, neither the registrant, nor anyone acting on its behalf, consulted
with Cohen on behalf of the Trust regarding the application of accounting principles to a specified transaction (either completed or proposed),
the type of audit opinion that might be rendered on the Trust’s financial statements, or any matter that was either: (i) the subject
of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) “reportable
events,” as defined in Item 304(a)(1)(v) of Regulation S-K.