[E. Pluribus Unum]

It is not meant to generate income. It is meant to be the equivalent of owning gold. You own gold for the appreciation. As the gold held by the fund appreciates, the value of the stock rises.

Your profit comes when you sell the stock at a higher price than you bought it.

I don't want to have to worry about storing and securing thousands of dollars of gold.

[Alberta's Child]

OK, that all makes sense.

If that's the case, then you may very well have $0 in taxable income until you sell your shares -- at which point you'll report a capital gain or loss on your U.S. tax return. You don't owe any taxes on an investment unless one of two things happens: (1) it produces income for you (in the form of a dividend that's paid directly to you or a dividend that is reported and then re-invested automatically in the asset); or (2) you sell the asset and realize a gain on your sale.