| (Mark One)                                                                                                                                                                                                                                                                          |                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
| ☒                                                                                                                                                                                                                                                                             | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934     |
| For the fiscal year ended January 31, 2016                                                                                                                                                                                                                                          |
| or                                                                                                                                                                                                                                                                                  |
| ☐                                                                                                                                                                                                                                                                             | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from                      to                      |
| New York(State or Other Jurisdiction of Incorporation or Organization)                                     | 46‐6582016(I.R.S. Employer Identification No.) |
|------------------------------------------------------------------------------------------------------------|------------------------------------------------------|
| c/o Merk Investments LLC555 Bryant St #455, Palo Alto, California (Address of principal executive offices) | 94301 (Zip Code)                                     |
|                      |                                            |
|---------------------------|-------------------------------------------------|
| Title of Each Class  | Name of Each Exchange on Which Registered  |
| VanEck Merk Gold Shares   | NYSE Arca                                       |
| Large accelerated filer ☐ | Accelerated filer ☐ | Non‐accelerated filer ☒(Do not check if a smaller reporting company) | Smaller reporting company ☐ |
|------------------------------------------------|-------------------------------------|--------------------------------------------------------------------------------------------|--------------------------------------------------|

----

| PART I       | 1                                                                                                                       |
|--------------|-------------------------------------------------------------------------------------------------------------------------|
| Item 1  | Business                                                                                                                | 1 |
| Item 1A | Risk Factors                                                                                                            | 22 |
| Item 1B | Unresolved Staff Comments                                                                                               | 34 |
| Item 2  | Properties                                                                                                              | 34 |
| Item 3  | Legal Proceedings                                                                                                       | 34 |
| Item 4  | Mine Safety Disclosures                                                                                                 | 35 |
|         |                                                                                                                    |
| PART II      | 35                                                                                                                      |
| Item 5  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |  35 |
| Item 6  | Selected Financial Data                                                                                                 |  36 |
| Item 7  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                             |  36 |
| Item 7A | Quantitative and Qualitative Disclosures About Market Risk                                                              | 40 |
| Item 8  | Financial Statements and Supplementary Data                                                                             | 40 |
| Item 9  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                                    | 41 |
| Item 9A | Controls and Procedures                                                                                                 | 41 |
| Item 9B | Other Information                                                                                                       | 42 |
|         |                                                                                                                    |
| PART III     | 43                                                                                                                      |
| Item 10 | Directors, Executive Officers and Corporate Governance                                                                  |  43 |
| Item 11 | Executive Compensation                                                                                                  |  43 |
| Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                          |  43 |
| Item 13 | Certain Relationships and Related Transactions, and Director Independence                                               | 44 |
| Item 14 | Principal Accountant Fees and Services                                                                                  | 44 |
|         |                                                                                                                    |
| PART IV      | 44                                                                                                                      |
| Item 15 | Exhibits and Financial Statement Schedules                                                                              |  44 |
|         |                                                                                                                    |   |
| SIGNATURES   | S-1                                                                                                                     |

----

----

| · | A Delivery Applicant wishing to deliver Shares in exchange for physical gold must submit to the Sponsor a delivery application (“Delivery Application”) and payment for (1) the applicable processing fees, and (2) the applicable delivery fees to cover the cost of preparing and transporting physical gold from the Custodian or the precious metals dealer from which they were obtained to the location specified by the Delivery Applicant in the Delivery Application. The number of Shares to be delivered must (i) correspond to at least one Fine Ounce of gold and (ii) have a minimum dollar value in an amount that is specified by the Sponsor from time to time on the Trust’s website. Taking delivery of physical gold is subject to guidelines intended to minimize the amount of cash that will be distributed with physical gold. The Delivery Application is not binding until the Shares are delivered to the Trust. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| · | Upon pre-approval of the Delivery Application by the Sponsor, a Delivery Applicant shall instruct its broker dealer to submit the Delivery Application and transfer the Shares to the Trustee; the submission and transfer by the broker-dealer will be a binding and irrevocable request to take delivery of physical gold in exchange for Shares based on instructions in the Delivery Application (a “Share Submission”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

----

| · | Once the Trustee has received a Delivery Applicant’s Share Submission, a number of Fine Ounces of physical gold not exceeding the Fine Ounces represented by the Shares surrendered will be delivered to the Delivery Applicant based on instructions in the Delivery Application. To the extent a Delivery Application specifies London Bars, physical gold will be delivered by the Custodian; to the extent the Delivery Application specifies physical gold other than London Bars, if available, gold held by the Trust will be exchanged with the help of a precious metals dealer and delivered to the Delivery Applicant. The Delivery Application process is designed to keep the Fine Ounces represented by the Share Submission as close as possible to the Fine Ounces of the gold delivered. Any excess Fine Ounces included in the Share Submission will be sold by the Custodian and the Trustee will deliver proceeds to DTC with instructions to credit the Delivery Applicant’s brokerage account. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Listed and trade on NYSE Arca like other exchange-traded securities under the symbol “OUNZ.”                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                      |
| · | Easily accessible to investors through traditional brokerage accounts.                                                                                         |
|   |                                                                                                                                                      |
| · | Backed by allocated gold held by the Custodian and no more than 430 Fine Ounces of unallocated gold held with the Custodian.                                   |
|   |                                                                                                                                                      |
| · | Different from other financial products that gain exposure to gold in that other financial products may use derivatives to gain exposure to the price of gold. |
|   |                                                                                                                                                      |
| · | Cost efficient because the expenses involved in an investment in physical gold are dispersed among all investors in the Shares.                                |

----

----

----

----

----

----

----

----

| · | However, as the Federal Reserve Bank began to reduce interest rates in response to the subprime mortgage crisis in August 2007, the gold price rallied again. The continued reduction in the Federal Funds rate may have helped drive the price of gold to a fresh high above $1,010 in March 2008.                                                                                                                                                                                                  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| · | As the subprime mortgage problems escalated into a global financial crisis in late 2008 and the Eurozone debt crisis deepened in 2011, the gold price successively reached new record highs. The gold price reached a historically high level of $1,900.23 on September 5, 2011. Market concerns surrounding the implications of monetary policies, political uncertainty, sovereign credit risks and U.S. dollar weakness may have underpinned gold demand as a store of value through this period. |

----

|      | S&P 500 | Spot Gold | Spot Silver |
|-----------|-------------|-----------|-------------|
| 1991-1995 | 10.31%      | 10.57%    | 24.83%      |
| 1996-2000 | 18.42%      | 12.98%    | 22.08%      |
| 2001-2005 | 18.22%      | 14.45%    | 22.86%      |
| 2006-2010 | 24.95%      | 22.28%    | 38.40%      |
| 2011-2015 | 15.46%      | 17.01%    | 30.84%      |

----

----

----

----

----

----

----

----

----

| · | An individual who is treated as a citizen or resident of the United States for federal tax purposes;                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                 |
| · | A corporation or partnership (or other entity treated as such for those purposes) that is created or organized in the United States or under the laws of the United States or any state thereof or the District of Columbia;                                              |
|   |                                                                                                                                                                                                                                                                 |
| · | An estate other than an estate the income of which, from non-U.S. sources that is not effectively connected with the conduct of a trade or business within the United States, is not includible in gross income;                                                          |
|   |                                                                                                                                                                                                                                                                 |
| · | A trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more persons described in any of the three preceding clauses have the authority to control all substantial decisions of the trust; or |
|   |                                                                                                                                                                                                                                                                 |
| · | An eligible trust that has made a valid election under applicable Treasury regulations to continue to be treated as a domestic trust.                                                                                                                                     |

----

----

----

----

----

| · | Global supply and demand, which is influenced by factors including (1) forward selling by gold producers, (2) purchases made by gold producers to unwind gold hedge positions, (3) central bank purchases and sales, (4) production and cost levels in major gold-producing countries and (5) new production projects; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                              |
| · | Investors’ expectations regarding future inflation rates;                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                              |
| · | Currency exchange rate volatility;                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                              |
| · | Interest rate volatility; and                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                              |
| · | Unexpected political, economic global or regional incidents.                                                                                                                                                                                                                                                           |

----

----

----

----

| · | A significant change in the attitude of speculators and investors toward gold. Should the speculative community take a negative view toward gold, it could cause a decline in world gold prices, negatively impacting the price of the Shares.                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                       |
| · | A widening of interest rate differentials between the cost of money and the cost of gold could negatively affect the price of gold which, in turn, could negatively affect the price of the Shares.                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                       |
| · | A combination of rising money interest rates and a continuation of the current low cost of borrowing gold could improve the economics of selling gold forward. This could result in an increase in hedging by gold mining companies and short selling by speculative interests, which would negatively affect the price of gold. Under such circumstances, the price of the Shares would be similarly affected. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                       |

----

----

----

----

----

----

----

----

----

|           | High   | Low    |
|----------------|--------|--------|
| First Quarter  | $12.69 | $11.43 |
| Second Quarter | 12.23  | 10.82  |
| Third Quarter  | 11.82  | 10.79  |
| Fourth Quarter | 11.28  | 10.46  |
|            | High   | Low    |
|-----------------|--------|--------|
| Second Quarter* | $13.37 | $12.43 |
| Third Quarter   | 13.12  | 11.70  |
| Fourth Quarter  | 13.00  | 11.40  |
| Period         | Total Shares Redeemed | Average Ounces ofGold Per Share |
|----------------|-----------------------|---------------------------------|
| First Quarter  | 300,000               | 0.009963682                     |
| Second Quarter | 704                   | 0.009952668                     |
| Third Quarter  | —               |                            |
| Fourth Quarter | —               |                            |

----

|                                                                            |   | January 31, 2016 |       |   | January 31, 2015 |   |
|---------------------------------------------------------------------------------|--------|------------------|------------|--------|------------------|--------|
|                                                                            |   |             |       |   |             |   |
| Net assets                                                                      |   | $                | 83,657,961 |   |             | $      | 64,750,583 |   |
| Net investment loss                                                             |   |             | (277,150   | )      |             |   | (154,685 | ) |
| Net realized gain (loss) from gold bullion                                      |   |             | (222,753   | )      |             |   | 5,978 |   |
| Net change in unrealized appreciation (depreciation) on investment gold bullion |   |             | (7,683,821 | )      |             |   | (1,188,296 | ) |
| Net investment loss per Share                                                   |   |             | (.05       | )      |             |   | (0.04 | ) |
| Net realized and unrealized gain (loss) from gold bullion per Share             |   |             | (1.48      | )      |             |   | (0.45 | ) |

----

----

|                                             |   | Ounces |    |   | Fair Value |   |
|--------------------------------------------------|--------|--------|---------|--------|------------|--------|
|                                             |   |   |    |   |       |   |
| Beginning  balance as of February 1, 2015   |   |   | 51,379  |   |       | $      | 64,750,586 |   |
| Gold bullion contributed                         |   |   | 26,862  |   |       |   | 30,430,586 |   |
| Gold bullion distributed                         |   |   | (2,996  | )      |       |   | (3,616,635 | ) |
| Change in unrealized depreciation                |   |   | — |   |       |   | (7,683,821 | ) |
| Realized gain from gold distributed from in-kind |   |   | — |   |       |   | (222,753 | ) |
| Ending balance as of January 31, 2016            |   |   | 75,245  |   |       | $      | 83,657,963 |   |

----

----

|                                                                   |   | (unaudited)                       |     |                            |   |
|------------------------------------------------------------------------|--------|-----------------------------------|----------|---------------------------------|--------|
|                                                                   |   | Three Months ended April 30, 2015 |     | Three Months endedJuly 31, 2015 |   | Three MonthsendedOctober 31, 2015 |   | Three MonthsendedJanuary 31, 2016 |   | Year endedJanuary 31,2016 |   |
|                                                                   |   |                              |     |                            |   |   |   |   |   |   |   |
| EXPENSES                                                               |   |                              |     |                            |   |   |   |   |   |   |   |
| Sponsor's fees                                                         |   | $                                 | 61,449   |                            | $      | 61,286 |   | $ | 75,153 |   | $ | 79,262 |   | $ | 277,150 |   |
| Total expenses                                                         |   |                              | 61,449   |                            |   | 61,286 |   |   | 75,153 |   |   | 79,262 |   |   | 277,150 |   |
|                                                                   |   |                              |     |                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Investment loss                                                    |   |                              | (61,449  | )                               |   | (61,286 | ) |   | (75,153 | ) |   | (79,262 | ) |   | (277,150 | ) |
|                                                                   |   |                              |     |                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Realized and Unrealized Gain (Loss)                                |   |                              |     |                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gain (loss) from gold bullion distributed for redemptions |   |                              | (221,574 | )                               |   | (1,179 | ) |   | — |   |   | (2,358 | ) |   | (222,753 | ) |

----

| Net change in unrealized appreciation (depreciation) on investment in gold bullion |   |   | (3,913,307 | )      |   | (4,378,839 | )      |   | 2,563,332 |   |   | (1,910,007 | )      |   | (7,683,821 | )      |
|------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|--------|-----------|--------|--------|------------|--------|--------|------------|--------|
| Net realized and unrealized gain (loss) from operations                            |   |   | (4,134,881 | )      |   | (4,380,018 | )      |   | 2,563,332 |   |   | (1,955,007 | )      |   | (7,906,574 | )      |
|                                                                               |   |   |       |   |   |       |   |   |      |   |   |       |   |   |       |   |
| Net Increase (Decrease) in Net Assets resulting from operations                    |   | $      | (4,196,330 | )      | $      | (4,441,304 | )      | $      | 2,488,179 |   | $      | (2,034,269 | )      | $      | (8,183,724 | )      |
|                                                                               |   | (unaudited)                                |     |   |                              |   |
|------------------------------------------------------------------------------------|--------|--------------------------------------------|----------|--------|-----------------------------------|--------|
|                                                                               |   | For the periodMay 6, 2014* toJuly 31, 2014 |     |   | Three MonthsendedOctober 31, 2014 |   |   | Three MonthsendedJanuary 31, 2015 |   |   | For the periodMay 6, 2014* toJanuary 31, 2015 |   |
|                                                                               |   |                                       |     |   |                              |   |   |   |   |   |   |   |
| EXPENSES                                                                           |   |                                       |     |   |                              |   |   |   |   |   |   |   |
| Sponsor's fees                                                                     |   | $                                          | 37,406   |   |                              | $      | 57,544 |   |   | $ | 59,735 |   |   | $ | 154,685 |   |
| Total expenses                                                                     |   |                                       | 37,406   |   |                              |   | 57,544 |   |   |   | 59,735 |   |   |   | 154,685 |   |
|                                                                               |   |                                       |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net Investment loss                                                                |   |                                       | (37,406  | )      |                              |   | (57,544 | ) |   |   | (59,735 | ) |   |   | (154,685 | ) |
|                                                                               |   |                                       |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net Realized and Unrealized Gain (Loss)                                            |   |                                       |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gain from gold bullion distributed for redemptions                    |   |                                       | 636      |   |                              |   | 7,840 |   |   |   | (2,498 | ) |   |   | 5,978 |   |
| Net change in unrealized appreciation (depreciation) on investment in gold bullion |   |                                       | (186,587 | )      |                              |   | (5,739,065 | ) |   |   | 4,737,356 |   |   |   | (1,188,296 | ) |
| Net realized and unrealized gain (loss) from operations                            |   |                                       | (185,951 | )      |                              |   | (5,731,225 | ) |   |   | 4,734,858 |   |   |   | (1,182,318 | ) |
|                                                                               |   |                                       |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net Increase (Decrease) in Net Assets resulting from operations                    |   | $                                          | (223,357 | )      |                              | $      | (5,788,769 | ) |   | $ | 4,675,123 |   |   | $ | (1,337,003 | ) |

----

----

| Name and Address of Beneficial Owners(1) |                                          | Amount and Nature of Shares Beneficially Owned |
|------------------------------------------|-----------------------------------------------|------------------------------------------------|
|                                     | Number                                        | Percentage                                     |
|                                     | Merk Investments LLC; Merk Hard Currency Fund |                                           | 2,329,211 | 30.74% |
| (1) | Beneficial ownership is as of January 31, 2016. Of the 2,329,211 shares being reported on, 349,411 shares (the “Sponsor Shares”) are held by Merk Investments LLC (the “Sponsor”) and the remaining 1,979,800 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. The Fund 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. For additional information regarding the beneficial ownership of Sponsor and the Fund, please see Schedule 13G filed with the SEC on February 12, 2016. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|               |   | 2016   |    |   | 2015   |   |
|--------------------|--------|--------|---------|--------|--------|--------|
|               |   |   |    |   |   |   |
| Audit fees         |   | $      | 45,000  |   |   | $      | 45,000 |   |
| Audit-related fees |   |   | — |   |   |   | — |   |
| Total              |   | $      | 45,000  |   |   | $      | 45,000 |   |
| Exhibit No.  | Exhibit Description                                                                                                                                                                                                                                                                                      |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                                                                                                                                                |
| 4.1(a)       | 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)                                                                   |
|         |                                                                                                                                                                                                                                                                                                |
| 4.1(b)       | 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) |
|         |                                                                                                                                                                                                                                                                                                |
| 4.1(c)       | 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                                                                                                   |
|    |                                                                                                                                                                                                                                                                                                     |
| 4.2          | Form of Authorized Participant Agreement (incorporated by reference to Exhibit 4.2 filed with Registration Statement No. 333-180868 on March 20, 2014)                                                                                                                                                   |

----

| 4.3     | Form of Certificate of Shares of the Trust (included as Exhibit A to the Depositary Trust Agreement)                                                                                                                                                                                                    |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                               |
| 10.1    | 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)   |
|    |                                                                                                                                                                                                                                                                                               |
| 10.2    | 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) |
|    |                                                                                                                                                                                                                                                                                               |
| 10.3    | 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)                                |
|    |                                                                                                                                                                                                                                                                                               |
| 10.4    | 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)                                                       |
|    |                                                                                                                                                                                                                                                                                               |
| 31.1    | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                  |
|    |                                                                                                                                                                                                                                                                                               |
| 32.1    | Certification by Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                   |
|    |                                                                                                                                                                                                                                                                                               |
| 101.INS | XBRL Taxonomy Extension Instance Document*                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                               |
| 101.SCH | XBRL Taxonomy Extension Schema Document*                                                                                                                                                                                                                                                                |
|    |                                                                                                                                                                                                                                                                                               |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document*                                                                                                                                                                                                                                                  |
|    |                                                                                                                                                                                                                                                                                               |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document*                                                                                                                                                                                                                                                   |
|    |                                                                                                                                                                                                                                                                                               |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document*                                                                                                                                                                                                                                                        |
|    |                                                                                                                                                                                                                                                                                               |
| 101.PRE | XBRL Presentation Extension Linkbase Document*                                                                                                                                                                                                                                                          |

----

|                                                                                                                                 |   |   |   | Page |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|------|
| Report of Independent Registered Public Accounting Firm                                                                                   |   |   | F-2    |
|  Audited Statements of Assets and Liabilities at January 31, 2016 and 2015                                                           |   |   | F-3    |
|  Audited Statements of Operations for the Year Ended January 31, 2016 and the Period from May 6, 2014 to January 31, 2015            |   |   | F-4    |
|  Audited Statements of Changes in Net Assets for the Year Ended January 31, 2016 and the Period from May 6, 2014 to January 31, 2015 |   |   | F-5    |
|  Audited Financial Highlights for the Year Ended January 31, 2016 and the Period from May 6, 2014 to January 31, 2015                |   |   | F-6    |
|  Audited Schedules of Investments at January 31, 2016 and 2015                                                                       |   |   | F-7    |
|  Notes to the Financial Statements                                                                                                   |   |   | F-8    |

----

|   | /s/ BBD, LLP                |
|--------|--------------------------------------------------------------------------------------------------------|
|   | BBD, LLP                                                                                               |

----

|                                                                           |   | January 31,2016 |       |   | January 31,2015 |   |
|--------------------------------------------------------------------------------|--------|-----------------|------------|--------|-----------------|--------|
| Assets                                                                         |   |            |       |   |
| Investments in gold bullion (cost $ 92,530,080 and $ 65,938,882, respectively) |   | $               | 83,657,963 |   |            | $      | 64,750,586 |   |
| Receivable from capital shares sold                                            |   |            | —    |   |            |   | 20,597 |   |
| Total Assets                                                                   |   |            | 83,657,963 |   |            |   | 64,771,183 |   |
|                                                                           |   |
| Liabilities                                                                    |   |            |       |   |            |   |   |   |
| Sponsor's fee payable                                                          |   |            | 2          |   |            |   | 20,600 |   |
| Total Liabilities                                                              |   |            | 2          |   |            |   | 20,600 |   |
|  Net Assets                                                               |   | $               | 83,657,961 |   |            | $      | 64,750,583 |   |
|                                                                           |   |
| Net Assets Consists of:                                                        |   |            |       |   |            |   |   |   |
| Paid-in-capital                                                                |   | $               | 93,178,688 |   |            | $      | 66,087,586 |   |
| Accumulated net investment loss                                                |   |            | (431,835   | )      |            |   | (154,685 | ) |
| Accumulated net realized gain (loss)                                           |   |            | (216,775   | )      |            |   | 5,978 |   |
| Unrealized appreciation (depreciation) on investment in gold bullion           |   |            | (8,872,117 | )      |            |   | (1,188,296 | ) |
|                                                                           |   | $               | 83,657,961 |   |            | $      | 64,750,583 |   |
|                                                                           |   |
| Shares issued and outstanding (no par value)                                   |   |            | 7,576,528  |   |            |   | 5,152,630 |   |
| Net asset value per share                                                      |   | $               | 11.04      |   |            | $      | 12.57 |   |
|                                                                           |   |
|                                                                           |   |
| See notes to financial statements.                                             |   |
|                                                                           |   |

----

|                                                                               |   | For the YearendedJanuary 31,2016 |       |   | For the PeriodMay 6, 2014* toJanuary 31,2015 |   |
|------------------------------------------------------------------------------------|--------|----------------------------------|------------|--------|----------------------------------------------|--------|
| Expenses                                                                           |   |                             |       |   |                                         |   |
| Sponsor’s fee                                                                |   | $                                | 277,150    |   |                                         | $      | 154,685 |   |
| Total expenses                                                                     |   |                             | 277,150    |   |                                         |   | 154,685 |   |
|                                                                               |   |                             |       |   |                                         |   |   |   |
| **Net investment loss**                                                            |   |                             | (277,150   | )      |                                         |   | (154,685 | ) |
|                                                                               |   |                             |       |   |                                         |   |   |   |
| Net Realized and Unrealized Gain (Loss)                                            |   |                             |       |   |                                         |   |   |   |
| Net realized gain (loss) from gold bullion distributed for redemptions             |   |                             | (222,753   | )      |                                         |   | 5,978 |   |
| Net change in unrealized appreciation (depreciation) on investment in gold bullion |   |                             | (7,683,821 | )      |                                         |   | (1,188,296 | ) |
| Net realized and unrealized gain (loss) from operations                            |   |                             | (7,906,574 | )      |                                         |   | (1,182,318 | ) |
|                                                                               |   |                             |       |   |                                         |   |   |   |
| Net Decrease in Net Assets resulting from operations                               |   | $                                | (8,183,724 | )      |                                         | $      | (1,337,003 | ) |

----

|                                                                               |   | For the YearendedJanuary 31,2016 |       |   | For the PeriodMay 6, 2014* toJanuary 31, 2015 |   |
|------------------------------------------------------------------------------------|--------|----------------------------------|------------|--------|-----------------------------------------------|--------|
|                                                                               |   |                             |       |   |                                          |   |
| Net Assets - beginning of period                                                   |   | $                                | 64,750,583 |   |                                          | $      | 1,306,250 |   |
| Creations                                                                          |   |                             | 30,707,737 |   |                                          |   | 65,559,010 |   |
| Redemptions                                                                        |   |                             | (3,616,635 | )      |                                          |   | (777,674 | ) |
| Net Investment loss                                                                |   |                             | (277,150   | )      |                                          |   | (154,685 | ) |
| Net realized gain (loss) from gold bullion distributed for redemptions             |   |                             | (222,753   | )      |                                          |   | 5,978 |   |
| Net change in unrealized appreciation (depreciation) on investment in gold bullion |   |                             | (7,683,821 | )      |                                          |   | (1,188,296 | ) |
| Net Assets - end of period                                                         |   | $                                | 83,657,961 |   |                                          | $      | 64,750,583 |   |

----

|                                                                  |   | For the Year endedJanuary 31,2016 |   |   | For the PeriodMay 6, 2014* to January 31,2015 |   |
|-----------------------------------------------------------------------|--------|-----------------------------------|--------|--------|-----------------------------------------------|--------|
|                                                                  |   |                              |   |   |                                          |   |
| Net asset value per share, beginning of period                        |   | $                                 | 12.57  |   |                                          | $      | 13.06 |   |
|                                                                  |   |                              |   |   |                                          |   |   |   |
| Net investment loss (a)                                               |   |                              | (0.05  | )      |                                          |   | (0.04 | ) |
| Net realized and unrealized gain (loss) on investment in gold bullion |   |                              | (1.48  | )      |                                          |   | (0.45 | ) |
| Net change in net assets from operations                              |   |                              | (1.53  | )      |                                          |   | (0.49 | ) |
| Net asset value per Share, end of period                              |   | $                                 | 11.04  |   |                                          | $      | 12.57 |   |
|                                                                  |   |                              |   |   |                                          |   |   |   |
| Total return, at net asset value (b)                                  |   |                              | (12.17 | )%     |                                          |   | (3.75 | )% |
|                                                                  |   |                              |   |   |                                          |   |   |   |
| Ratio to average net assets (c)                                       |   |                              |   |   |                                          |   |   |   |
| Net investment loss                                                   |   |                              | (0.40  | )%     |                                          |   | (0.40 | )% |
|                                                                  |   |                              |   |   |                                          |   |   |   |
| Net expenses                                                          |   |                              | 0.40   | %      |                                          |   | 0.40 | % |

** Commencement of operations.*

----

| January 31, 2016                      |   |        |   |        |   |        |   |            |   |
|---------------------------------------|--------|-------------|--------|-------------|--------|-------------|--------|-----------------|--------|
|                                  |   | Fine Ounces |   | Cost        |   | Value       |   | % of Net Assets |   |
| Gold Bullion                          |   | 75,245      |   | $92,530,080 |   | $83,657,963 |   | 100             | %      |
| Total Investments                     |   |        |   | $92,530,080 |   | $83,657,963 |   | 100             | %      |
| Liabilities in excess of other assets |   |        |   |        |   | (2          | )      | 0.00            | %(a)   |
| Net Assets                            |   |        |   |        |   | $83,657,961 |   | 100.00          | %      |
| January 31, 2015                      |   |        |   |        |   |        |   |            |   |
|---------------------------------------|--------|-------------|--------|-------------|--------|-------------|--------|-----------------|--------|
|                                  |   | Fine Ounces |   | Cost        |   | Value       |   | % of Net Assets |   |
| Gold Bullion                          |   | 51,379      |   | $65,938,882 |   | $64,750,586 |   | 100             | %      |
| Total Investments                     |   |        |   | $65,938,882 |   | $64,750,586 |   | 100             | %      |
| Liabilities in excess of other assets |   |        |   |        |   | (3          | )      | 0.00            | %(a)   |
| Net Assets                            |   |        |   |        |   | $64,750,583 |   | 100.00          | %      |

----

----

|               |   | Level 1 |       |   | Level 2 |   |   | Level 3 |   |
|--------------------|--------|---------|------------|--------|---------|--------|--------|---------|--------|
| Investment in Gold |   | $       | 83,657,963 |   |    | $      | -      |    |   | $ | - |   |
| Total              |   | $       | 83,657,963 |   |    | $      | -      |    |   | $ | - |   |
|               |   | Level 1 |       |   | Level 2 |   |   | Level 3 |   |
|--------------------|--------|---------|------------|--------|---------|--------|--------|---------|--------|
| Investment in Gold |   | $       | 64,750,586 |   |    | $      | -      |    |   | $ | - |   |
| Total              |   | $       | 64,750,586 |   |    | $      | -      |    |   | $ | - |   |

----

----

|                                          |   | Shares    |   |   | Amount |       |
|-----------------------------------------------|--------|-----------|--------|--------|--------|------------|
|                                          |   |      |   |   |   |       |
| Shares, beginning of year at February 1, 2015 |   | 5,152,630 |   |   | $      | 66,087,586 |   |
|                                          |   |      |   |   |   |       |   |
| Shares issued                                 |   | 2,724,602 |   |   |   | 30,707,737 |   |
|                                          |   |      |   |   |   |       |   |
| Shares redeemed                               |   | (300,704  | )      |   |   | (3,616,635 | ) |
|                                          |   |      |   |   |   |       |   |
| Shares, end of year at January 31, 2016       |   | 7,576,528 |   |   | $      | 93,178,688 |   |
|                                       |   | Shares    |   |   | Amount |       |
|--------------------------------------------|--------|-----------|--------|--------|--------|------------|
|                                       |   |      |   |   |   |       |
| Shares, beginning of period at May 6, 2014 |   | 100,000   |   |   | $      | 1,306,250  |   |
|                                       |   |      |   |   |   |       |   |
| Shares issued                              |   | 5,112,551 |   |   |   | 65,559,010 |   |
|                                       |   |      |   |   |   |       |   |
| Shares redeemed                            |   | (59,921   | )      |   |   | (777,674   | ) |
|                                       |   |      |   |   |   |       |   |
| Shares, end of period at January 31, 2015  |   | 5,152,630 |   |   | $      | 66,087,586 |   |
|                                             |   | Ounces |    |   | Fair Value |   |
|--------------------------------------------------|--------|--------|---------|--------|------------|--------|
|                                             |   |   |    |   |       |   |
| Beginning  balance as of February 1, 2015   |   |   | 51,379  |   |       | $      | 64,750,586 |   |
| Gold bullion contributed                         |   |   | 26,862  |   |       |   | 30,430,586 |   |
| Gold bullion distributed                         |   |   | (2,996  | )      |       |   | (3,616,635 | ) |
| Change in unrealized depreciation                |   |   | — |   |       |   | (7,683,821 | )  |
| Realized gain from gold distributed from in-kind |   |   | — |   |       |   | (222,753) |   |
|                                             |   |   |    |   |       |   |   |   |
| Ending balance as of January 31, 2016            |   |   | 75,245  |   |       | $      | 83,657,963  |   |

----

|                                             |   | Ounces |    |   |   | Fair Value |   |
|--------------------------------------------------|--------|--------|---------|--------|--------|------------|--------|
|                                             |   |   |    |   |   |       |   |
| Beginning  balance as of May 6, 2014        |   |   | 1,000   |   |   |       | $      | 1,306,250 |   |
| Gold bullion contributed                         |   |   | 50,978  |   |   |       |   | 65,404,328 |   |
| Gold bullion distributed                         |   |   | (599    | )      |   |       |   | (777,674 | ) |
| Change in unrealized depreciation                |   |   | — |   |   |       |   | (1,188,296 | )  |
| Realized gain from gold distributed from in-kind |   |   | — |   |   |       |   | 5,978 |   |
|                                             |   |   |    |   |   |       |   |   |   |
| Ending balance as of January 31, 2015            |   |   | 51,379  |   |   |       | $      | 64,750,586  |   |

----

----

|                 |          | MERK INVESTMENTS LLC                                          |
|----------------------|---------------|---------------------------------------------------------------|
|                 |          | Sponsor of the VanEck Merk Gold Trust                         |
|                 |          |                                                          |
|                 |          |                                                          |
|                 |          |                                                          |
| Date: April 29, 2016 | /s/ Axel Merk |
|                 |          | Axel Merk                                                     |
|                 |          | President and Chief Investment Officer                        |
|                 |          | (Principal Executive Officer and Principal Financial Officer) |