It's a good question, number5858. How do they value the gold? "Market value". You can see in the annual report for 2013, they valued the gold bullion at $1240.10/oz, and the one-ounce coins at $1270.85/oz.
So while your theory was good and very interesting ("I bet that they don't account for the true premium by year when they price the gold each day. The real liquidation value may be higher than represented in the daily financials.") I don't think that it turns out to be the case. At least in the annual report, the coin premium is accounted for. Probably in the daily share price it is as well.
http://permanentportfoliofunds.com/pdfs ... 140131.pdf
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