☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Title of each class | Trading Symbol(s) Name | Name of each exchange on which registered | ||
SPDR ® Gold Trust | GLD | NYSE Arca |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Securities registered pursuant to Section 12(b) of the Act:
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19 |
Item 1. | Financial Statements (Unaudited) |
ASSETS Investment in Gold, at fair value (cost $31,741,651 and $30,017,229 at March 31, 2019 and September 30, 2018, respectively) Total Assets LIABILITIES Accounts payable to Sponsor Total Liabilities Net Assets Shares issued and outstanding(1) Net asset value per Share Authorized share capital is unlimited and the par value of the Shares is $0.00.20192020 (unaudited) and September 30, 20182019(Amounts in 000’s of US$ except for share data) Mar-31, 2019 Sep-30, 2018 (unaudited) $ 32,663,174 $ 28,331,953 $ 32,663,174 $ 28,331,953 $ 11,017 $ 9,434 11,017 9,434 $ 32,652,157 $ 28,322,519 266,900,000 252,100,000 $ 122.34 $ 112.35
respectively) $ $ — $ $ $ $ $ $ $ $ (1)
2020
Ounces of gold | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in Gold | 25,214.7 | $ | 31,741,651 | $ | 32,663,174 | 100.03 | % | |||||||||
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Total Investment | $ | 31,741,651 | $ | 32,663,174 | 100.03 | % | ||||||||||
Liabilities in excess of other assets | (11,017 | ) | (0.03 | )% | ||||||||||||
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Net Assets | $ | 32,652,157 | 100.00 | % | ||||||||||||
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September 30, 2018 | ||||||||||||||||
Investment in Gold | 23,863.5 | $ | 30,017,229 | $ | 28,331,953 | 100.03 | % | |||||||||
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Total Investment | $ | 30,017,229 | $ | 28,331,953 | 100.03 | % | ||||||||||
Liabilities in excess of other assets | (9,434 | ) | (0.03 | )% | ||||||||||||
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Net Assets | $ | 28,322,519 | 100.00 | % | ||||||||||||
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Ounces of gold | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in Gold | 31,014.7 | $ | 42,299,078 | $ | 49,901,039 | 99.79 | % | |||||||||
Total Investment | $ | 42,299,078 | $ | 49,901,039 | 99.79 | % | ||||||||||
Other assets in excess of liabilities | 104,774 | 0.21 | % | |||||||||||||
Net Assets | $ | 50,005,813 | 100.00 | % | ||||||||||||
September 30, 2019 | ||||||||||||||||
Investment in Gold | 29,737.6 | $ | 39,069,054 | $ | 44,169,240 | 100.48 | % | |||||||||
Total Investment | $ | 39,069,054 | $ | 44,169,240 | 100.48 | % | ||||||||||
Liabilities in excess of other assets | (210,240 | ) | (0.48 | )% | ||||||||||||
Net Assets | $ | 43,959,000 | 100.00 | % | ||||||||||||
(Amounts in 000’s of US$, except for per share data) | Three Months Ended Mar-31, 2019 | Three Months Ended Mar-31, 2018 | Six Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2018 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
EXPENSES | ||||||||||||||||
Sponsor fees | $ | 32,745 | $ | 35,233 | $ | 62,913 | $ | 70,221 | ||||||||
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Total expenses | 32,745 | 35,233 | 62,913 | 70,221 | ||||||||||||
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Net investment loss | (32,745 | ) | (35,233 | ) | (62,913 | ) | (70,221 | ) | ||||||||
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Net realized and change in unrealized gain/(loss) on investment in gold | ||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 1,092 | 1,918 | 269 | 2,508 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 120,555 | 148,686 | 82,967 | 187,077 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 255,938 | 591,410 | 2,606,799 | 907,169 | ||||||||||||
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Net realized and change in unrealized gain/(loss) on investment in gold | 377,585 | 742,014 | 2,690,035 | 1,096,754 | ||||||||||||
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Net income/(loss) | $ | 344,840 | $ | 706,781 | $ | 2,627,122 | $ | 1,026,533 | ||||||||
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Net income/(loss) per share | $ | 1.28 | $ | 2.49 | $ | 9.97 | $ | 3.60 | ||||||||
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Weighted average number of shares (in 000’s) | 269,552 | 283,379 | 263,425 | 284,909 | ||||||||||||
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2019
(Amounts in 000’s of US$, except per share data) | Three Months Ended Mar-31, 2020 | Three Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2020 | Six Months Ended Mar-31, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
EXPENSES | ||||||||||||||||
Sponsor fees | $ | 46,472 | $ | 32,745 | $ | 89,746 | $ | 62,913 | ||||||||
Total expenses | 46,472 | 32,745 | 89,746 | 62,913 | ||||||||||||
Net investment loss | (46,472 | ) | (32,745 | ) | (89,746 | ) | (62,913 | ) | ||||||||
Net realized and change in unrealized gain/(loss) on investment in gold | ||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 6,379 | 1,092 | 11,042 | 269 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 660,138 | 120,555 | 940,355 | 82,967 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 1,725,878 | 255,938 | 2,501,775 | 2,606,799 | ||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold | 2,392,395 | 377,585 | 3,453,172 | 2,690,035 | ||||||||||||
Net income/(loss) | $ | 2,345,923 | $ | 344,840 | $ | 3,363,426 | $ | 2,627,122 | ||||||||
Net income/(loss) per share | $ | 7.47 | $ | 1.28 | $ | 10.81 | $ | 9.97 | ||||||||
Weighted average number of shares (in 000’s) | 313,959 | 269,552 | 311,033 | 263,425 | ||||||||||||
(Amounts in 000’s of US$) | Three Months Ended Mar-31, 2019 | Three Months Ended Mar-31, 2018 | Six Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2018 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
INCREASE/DECREASE IN CASH FROM OPERATIONS: | ||||||||||||||||
Proceeds received from sales of gold | $ | 32,218 | $ | 34,694 | $ | 61,330 | $ | 69,784 | ||||||||
Expenses paid | (32,218 | ) | (34,694 | ) | (61,330 | ) | (69,784 | ) | ||||||||
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Increase/(Decrease) in cash resulting from operations | — | — | — | — | ||||||||||||
Cash and cash equivalents at beginning of period | — | — | — | — | ||||||||||||
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Cash and cash equivalents at end of period | $ | — | $ | — | $ | — | $ | — | ||||||||
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SUPPLEMENTAL DISCLOSURE OFNON-CASH FINANCING ACTIVITIES: | ||||||||||||||||
Value of gold received for creation of shares—net of gold receivable | $ | 2,820,652 | $ | 2,908,789 | $ | 6,027,193 | $ | 4,003,820 | ||||||||
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Value of gold distributed for redemption of shares—net of gold payable | $ | 2,959,784 | $ | 2,512,680 | $ | 4,324,677 | $ | 4,686,586 | ||||||||
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(Amounts in 000’s of US$) | Three Months Ended Mar-31, 2019 | Three Months Ended Mar-31, 2018 | Six Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2018 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||||||||||
Net income/(loss) | $ | 344,840 | $ | 706,781 | $ | 2,627,122 | $ | 1,026,533 | ||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | ||||||||||||||||
Proceeds from sales of gold to pay expenses | 32,218 | 34,694 | 61,330 | 69,784 | ||||||||||||
Net realized (gain)/loss from investment in gold sold to pay expenses | (1,092 | ) | (1,918 | ) | (269 | ) | (2,508 | ) | ||||||||
Net realized (gain)/loss from gold distributed for the redemption of shares | (120,555 | ) | (148,686 | ) | (82,967 | ) | (187,077 | ) | ||||||||
Net change in unrealized (appreciation)/depreciation on investment in gold | (255,938 | ) | (591,410 | ) | (2,606,799 | ) | (907,169 | ) | ||||||||
Increase/(Decrease) in accounts payable to Sponsor | 527 | 539 | 1,583 | 437 | ||||||||||||
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Net cash provided by operating activities | $ | — | $ | — | $ | — | $ | — | ||||||||
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2019
(Amounts in 000’s of US$) | Three Months Ended Mar-31, 2020 | Three Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2020 | Six Months Ended Mar-31, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
INCREASE/DECREASE IN CASH FROM OPERATIONS: | ||||||||||||||||
Proceeds received from sales of gold | $ | 44,472 | $ | 32,218 | $ | 87,682 | $ | 61,330 | ||||||||
Expenses paid | (44,472 | ) | (32,218 | ) | (87,682 | ) | (61,330 | ) | ||||||||
Increase/(Decrease) in cash resulting from operations | — | — | — | — | ||||||||||||
Cash and cash equivalents at beginning of period | — | — | — | — | ||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | — | $ | — | ||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||||||||||||||||
Value of gold received for creation of shares—net of gold receivable | $ | 8,374,253 | $ | 2,820,652 | $ | 9,756,622 | $ | 6,027,193 | ||||||||
Value of gold distributed for redemption of shares—net of gold payable | $ | 4,560,046 | $ | 2,959,784 | $ | 7,390,313 | $ | 4,324,677 | ||||||||
(Amounts in 000’s of US$) | Three Months Ended Mar-31, 2020 | Three Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2020 | Six Months Ended Mar-31, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||||||||||
Net income/(loss) | $ | 2,345,923 | $ | 344,840 | $ | 3,363,426 | $ | 2,627,122 | ||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | ||||||||||||||||
Proceeds from sales of gold to pay expenses | 44,472 | 32,218 | 87,682 | 61,330 | ||||||||||||
Net realized (gain)/loss from investment in gold sold to pay expenses | (6,379 | ) | (1,092 | ) | (11,042 | ) | (269 | ) | ||||||||
Net realized (gain)/loss from gold distributed for the redemption of shares | (660,138 | ) | (120,555 | ) | (940,355 | ) | (82,967 | ) | ||||||||
Net change in unrealized (appreciation)/depreciation on investment in gold | (1,725,878 | ) | (255,938 | ) | (2,501,775 | ) | (2,606,799 | ) | ||||||||
Increase/(Decrease) in accounts payable to Sponsor | 2,000 | 527 | 2,064 | 1,583 | ||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | — | $ | — | ||||||||
(Amounts in 000’s of US$) | Three Months Ended Mar-31, 2019 | Three Months Ended Mar-31, 2018 | Six Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2018 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Net Assets - Opening Balance | $ | 32,446,449 | $ | 34,898,382 | $ | 28,322,519 | $ | 35,657,505 | ||||||||
Creations | 2,820,652 | 2,908,789 | 6,027,193 | 4,003,820 | ||||||||||||
Redemptions | (2,959,784 | ) | (2,512,680 | ) | (4,324,677 | ) | (4,686,586 | ) | ||||||||
Net investment loss | (32,745 | ) | (35,233 | ) | (62,913 | ) | (70,221 | ) | ||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 1,092 | 1,918 | 269 | 2,508 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 120,555 | 148,686 | 82,967 | 187,077 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 255,938 | 591,410 | 2,606,799 | 907,169 | ||||||||||||
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Net Assets - Closing Balance | $ | 32,652,157 | $ | 36,001,272 | $ | 32,652,157 | $ | 36,001,272 | ||||||||
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2019
(Amounts in 000’s of US$) | Three Months Ended Mar-31, 2020 | Three Months Ended Mar-31, 2019 | Six Months Ended Mar-31, 2020 | Six Months Ended Mar-31, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Net Assets - Opening Balance | $ | 43,724,604 | $ | 32,446,449 | $ | 43,959,000 | $ | 28,322,519 | ||||||||
Creations | 8,555,872 | 2,820,652 | 9,938,241 | 6,027,193 | ||||||||||||
Redemptions | (4,620,586 | ) | (2,959,784 | ) | (7,254,854 | ) | (4,324,677 | ) | ||||||||
Net investment loss | (46,472 | ) | (32,745 | ) | (89,746 | ) | (62,913 | ) | ||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 6,379 | 1,092 | 11,042 | 269 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 660,138 | 120,555 | 940,355 | 82,967 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 1,725,878 | 255,938 | 2,501,775 | 2,606,799 | ||||||||||||
Net Assets - Closing Balance | $ | 50,005,813 | $ | 32,652,157 | $ | 50,005,813 | $ | 32,652,157 | ||||||||
1. | Organization |
(the “Custodian”).
2. | Significant Accounting Policies |
2.1. | Basis of Accounting |
2.2. | Fair Value Measurement |
(Amounts in 000’s of US$) March 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||
Investment in Gold | $ | 32,663,174 | $ | — | $ | — | ||||||
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Total | $ | 32,663,174 | $ | — | $ | — | ||||||
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(Amounts in 000’s of US$) September 30, 2018 | Level 1 | Level 2 | Level 3 | |||||||||
Investment in Gold | $ | 28,331,953 | $ | — | $ | — | ||||||
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Total | $ | 28,331,953 | $ | — | $ | — | ||||||
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(Amounts in 000’s of US$) March 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||
Investment in Gold | $ | 49,901,039 | $ | — | $ | — | ||||||
Total | $ | 49,901,039 | $ | — | $ | — | ||||||
(Amounts in 000’s of US$) September 30, 2019 | Level 1 | Level 2 | Level 3 | |||||||||
Investment in Gold | $ | 44,169,240 | $ | — | $ | — | ||||||
Total | $ | 44,169,240 | $ | — | $ | — | ||||||
2019.
(“ (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on a
2.3. | Custody of Gold |
2.4. | Gold Receivable |
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Mar-31, | Sep-30, | |||||||
(Amounts in 000’s of US$) | 2020 | 2019 | ||||||
Gold receivable | $ | 181,619 | $ | — |
2.5. | Gold Payable |
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Mar-31, | Sep-30, | |||||||
(Amounts in 000’s of US$) | 2020 | 2019 | ||||||
Gold payable | $ | 60,540 | $ | 195,999 |
2.6. | Creations and Redemptions of Shares |
Six Months Ended Mar-31, | Six Months Ended Mar-31, | |||||||
(All amounts are in 000’s) | 2019 | 2018 | ||||||
Activity in Number of Shares Created and Redeemed: | ||||||||
Creations | 50,500 | 32,200 | ||||||
Redemptions | (35,700 | ) | (37,900 | ) | ||||
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Net Change in Number of Shares Created and Redeemed | 14,800 | (5,700 | ) | |||||
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Six Months EndedMar-31, | Six Months EndedMar-31, | |||||||
(Amounts in 000’s of US$) | 2019 | 2018 | ||||||
Activity in Value of Shares Created and Redeemed: | ||||||||
Creations | $ | 6,027,193 | $ | 4,003,820 | ||||
Redemptions | (4,324,677 | ) | (4,686,586 | ) | ||||
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Net Change in Value of Shares Created and Redeemed | $ | 1,702,516 | $ | (682,766 | ) | |||
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(All amounts are in 000’s) | Six Months Ended Mar-31, 2020 | Six Months Ended Mar-31, 2019 | ||||||
Activity in Number of Shares Created and Redeemed: | ||||||||
Creations | 66,800 | 50,500 | ||||||
Redemptions | (50,400 | ) | (35,700 | ) | ||||
Net Change in Number of Shares Created and Redeemed | 16,400 | 14,800 | ||||||
(Amounts in 000’s of US$) | Six Months Ended Mar-31, 2020 | Six Months Ended Mar-31, 2019 | ||||||
Activity in Value of Shares Created and Redeemed: | ||||||||
Creations | $ | 9,938,241 | $ | 6,027,193 | ||||
Redemptions | (7,254,854 | ) | (4,324,677 | ) | ||||
Net Change in Value of Shares Created and Redeemed | $ | 2,683,387 | $ | 1,702,516 | ||||
2.7. | Income and Expense (Amounts in 000’s of US$) |
The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2018 of $1,096,754 is made up of a realized gain of $2,508 from the sale of gold to pay expenses, a realized gain of $187,077 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $907,169 on investment in gold.
2.8. | Income Taxes |
2.9. | New Accounting Pronouncements |
3. | Related Parties – Sponsor and Trustee |
4. | Concentration of Risk |
5. | Indemnification |
6. | Financial Highlights |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
Mar-31, 2019 | Mar-31, 2018 | Mar-31, 2019 | Mar-31, 2018 | |||||||||||||
Net Asset Value | ||||||||||||||||
Net asset value per Share, beginning of period | $ | 121.16 | $ | 123.05 | $ | 112.35 | $ | 121.91 | ||||||||
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Net investment income/(loss) | (0.12 | ) | (0.12 | ) | (0.24 | ) | (0.25 | ) | ||||||||
Net Realized and Change in Unrealized Gain (Loss) | 1.30 | 2.60 | 10.23 | 3.87 | ||||||||||||
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Net Income/(Loss) | 1.18 | 2.48 | 9.99 | 3.62 | ||||||||||||
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Net asset value per Share, end of period | $ | 122.34 | $ | 125.53 | $ | 122.34 | $ | 125.53 | ||||||||
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Market value per Share, beginning of period | $ | 121.25 | $ | 123.65 | $ | 112.76 | $ | 121.58 | ||||||||
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Market value per Share, end of period | $ | 122.01 | $ | 125.79 | $ | 122.01 | $ | 125.79 | ||||||||
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Ratio to average net assets | ||||||||||||||||
Net investment loss(1) | (0.40 | )% | (0.40 | )% | (0.40 | )% | (0.40 | )% | ||||||||
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Gross expenses(1) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||
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Net expenses(1) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||
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Total Return, at net asset value(2) | 0.97 | % | 2.02 | % | 8.89 | % | 2.97 | % | ||||||||
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Total Return, at market value(2) | 0.63 | % | 1.73 | % | 8.20 | % | 3.46 | % | ||||||||
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Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
Mar-31, 2020 | Mar-31, 2019 | Mar-31, 2020 | Mar-31, 2019 | |||||||||||||
Net Asset Value | ||||||||||||||||
Net asset value per Share, beginning of period | $ | 143.41 | $ | 121.16 | $ | 140.00 | $ | 112.35 | ||||||||
Net investment income/(loss) | (0.15 | ) | (0.12 | ) | (0.29 | ) | (0.24 | ) | ||||||||
Net Realized and Change in Unrealized Gain / (Loss) | 8.09 | 1.30 | 11.64 | 10.23 | ||||||||||||
Net Income/(Loss) | 7.94 | 1.18 | 11.35 | 9.99 | ||||||||||||
Net asset value per Share, end of period | $ | 151.35 | $ | 122.34 | $ | 151.35 | $ | 122.34 | ||||||||
Market value per Share, beginning of period | $ | 142.90 | $ | 121.25 | $ | 138.87 | $ | 112.76 | ||||||||
Market value per Share, end of period | $ | 148.05 | $ | 122.01 | $ | 148.05 | $ | 122.01 | ||||||||
Ratio to average net assets | ||||||||||||||||
Net investment loss (1) | (0.40 | )% | (0.40 | )% | (0.40 | )% | (0.40 | )% | ||||||||
Gross expenses (1) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||
Net expenses (1) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||
Total Return, at net asset value (2) | 5.54 | % | 0.97 | % | 8.11 | % | 8.89 | % | ||||||||
Total Return, at market value (2) | 3.60 | % | 0.63 | % | 6.61 | % | 8.20 | % | ||||||||
(1) | Percentages are annualized. |
(2) | Percentages are not annualized. |
7. | Subsequent Events |
Item 2. |
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(“Date(the “Date of Inception”). The Trust issues baskets of Shares or Baskets,(“Baskets”) in exchange for deposits of gold and distributes gold in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the expenses of the Trust’s operations. The Shares are designed to provide investors with a cost effective and convenient way to invest in gold.Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial BDAmericas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.Share price & NAV v. gold price – November 18, 2004 to March 31, 2019unless there isat the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price PM is announced on sucha particular evaluation day or
At the Valuation Time, the Trustee values the Trust’s gold on the basis of that day’s LBMA Gold Price PM or, if no LBMA Gold Price PM is made on such day or has not been announced by the Valuation Time, the next most recent LBMA Gold Price (AM or PM) determined prior tois used in the Valuation Time will be used,determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as athe basis for valuation.such determination. In the event the Trustee and the Sponsor determine that the LBMA Gold Price PM or last prior LBMA Gold Price (AM or PM)such price is not an appropriate basis for valuation of the Trust’s gold, they will identify an alternative basis for such valuation to be employed by the Trustee. While we believe that the LBMA Gold Price is an appropriate indicator of the value of gold, there are other indicators that are available that could be different than the LBMA Gold Price. The use of such an alternative indicator could result in materially different fair value pricing of the gold in the Trust which could result in different market adjustments or redemption value adjustments of our outstanding redeemable Shares.
At
Daily gold price – April 1, 2014 to March 31, 2019
available.
Period | Average | High | Date | Low | Date | End of period | Last business day(1) | |||||||||||||||||||||
Three months to June 30, 2016 | $ | 1,260.03 | $ | 1,324.55 | Jun 27, 2016 | $ | 1,212.10 | May 31, 2016 | $ | 1,320.75 | Jun 30, 2016 | |||||||||||||||||
Three months to September 30, 2016 | $ | 1,323.40 | $ | 1,366.25 | Jul 06, 2016 | $ | 1,308.35 | Sep 16, 2016 | $ | 1,322.50 | Sep 30, 2016 | |||||||||||||||||
Three months to December 31, 2016 | $ | 1,218.75 | $ | 1,313.30 | Oct 03, 2016 | $ | 1,125.70 | Dec 20, 2016 | $ | 1,159.10 | Dec 30, 2016 | (2) | ||||||||||||||||
Three months to March 31, 2017 | $ | 1,219.47 | $ | 1,257.55 | Mar 27, 2017 | $ | 1,151.00 | Jan 03, 2017 | $ | 1,244.85 | Mar 31, 2017 | |||||||||||||||||
Three months to June 30, 2017 | $ | 1,256.59 | $ | 1,293.50 | Jun 06, 2017 | $ | 1,220.40 | May 09, 2017 | $ | 1,242.25 | Jun 30, 2017 | |||||||||||||||||
Three months to September 30, 2017 | $ | 1,277.91 | $ | 1,346.25 | Sep 08, 2017 | $ | 1,211.05 | Jul 11, 2017 | $ | 1,283.10 | Sep 29, 2017 | |||||||||||||||||
Three months to December 31, 2017 | $ | 1,275.42 | $ | 1,303.30 | Oct 16, 2017 | $ | 1,240.90 | Dec 12, 2017 | $ | 1,296.50 | Dec 29, 2017 | (2) | ||||||||||||||||
Three months to March 31, 2018 | $ | 1,329.29 | $ | 1,354.95 | Jan 25, 2018 | $ | 1,307.75 | Mar 01, 2018 | $ | 1,323.85 | Mar 29, 2018 | |||||||||||||||||
Three months to June 30, 2018 | $ | 1,305.99 | $ | 1,351.45 | Apr 18, 2018 | $ | 1,250.45 | Jun 29, 2018 | $ | 1,250.45 | Jun 29, 2018 | |||||||||||||||||
Three months to September 30, 2018 | $ | 1,213.19 | $ | 1,262.05 | Jul 9, 2018 | $ | 1,178.40 | Aug 17, 2018 | $ | 1,187.25 | Sep 28, 2018 | |||||||||||||||||
Three months to December 31, 2018 | $ | 1,226.28 | $ | 1,279.00 | Dec 28, 2018 | $ | 1,185.55 | Oct 09, 2018 | $ | 1,281.65 | Dec 31, 2018 | (2) | ||||||||||||||||
Three months to March 31, 2019 | $ | 1,303.79 | $ | 1,343.75 | Feb 20, 2019 | $ | 1,279.55 | Jan 21, 2019 | $ | 1,295.40 | Mar 29, 2019 | |||||||||||||||||
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Twelve months ended March 31, 2017 | $ | 1,258.63 | $ | 1,366.25 | Jul 06, 2016 | $ | 1,125.70 | Dec 20, 2016 | $ | 1,244.85 | Mar 31, 2017 | |||||||||||||||||
Twelve months ended March 31, 2018 | $ | 1,285.08 | $ | 1,354.95 | Jan 25, 2018 | $ | 1,211.05 | Jul 11, 2017 | $ | 1,323.85 | Mar 29, 2018 | |||||||||||||||||
Twelve months ended March 31, 2019 | $ | 1,262.09 | $ | 1,351.45 | Apr 18, 2018 | $ | 1,178.40 | Aug 17, 2018 | $ | 1,295.40 | Mar 29, 2019 | |||||||||||||||||
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November 12, 2004 to March 31, 2019 | $ | 1,116.13 | $ | 1,895.00 | Sep 05, 2011 | $ | 411.10 | Feb 08, 2005 | $ | 1,295.40 | Mar 29, 2019 |
Period | Average | High | Date | Low | Date | End of period | Last business day (1) | |||||||||||||||||||||
Three months to June 30, 2017 | $ | 1,256.59 | $ | 1,293.50 | June 6, 2017 | $ | 1,220.40 | May 9, 2017 | $ | 1,242.25 | June 30, 2017 | |||||||||||||||||
Three months to September 30, 2017 | $ | 1,277.91 | $ | 1,346.25 | Sep 8, 2017 | $ | 1,211.05 | July 11, 2017 | $ | 1,283.10 | Sep 29, 2017 | |||||||||||||||||
Three months to December 31, 2017 | $ | 1,275.42 | $ | 1,303.30 | Oct 16, 2017 | $ | 1,240.90 | Dec 12, 2017 | $ | 1,296.50 | Dec 29, 2017 | (2) | ||||||||||||||||
Three months to March 31, 2018 | $ | 1,329.29 | $ | 1,354.95 | Jan 25, 2018 | $ | 1,307.75 | Mar 1, 2018 | $ | 1,323.85 | Mar 29, 2018 | |||||||||||||||||
Three months to June 30, 2018 | $ | 1,305.99 | $ | 1,351.45 | Apr 18, 2018 | $ | 1,250.45 | June 29, 2018 | $ | 1,250.45 | June 29, 2018 | |||||||||||||||||
Three months to September 30, 2018 | $ | 1,213.19 | $ | 1,262.05 | July 9, 2018 | $ | 1,178.40 | Aug 17, 2018 | $ | 1,187.25 | Sep 28, 2018 | |||||||||||||||||
Three months to December 31, 2018 | $ | 1,226.28 | $ | 1,279.00 | Dec 28, 2018 | $ | 1,185.55 | Oct 9, 2018 | $ | 1,281.65 | Dec 31, 2018 | (2) | ||||||||||||||||
Three months to March 31, 2019 | $ | 1,303.79 | $ | 1,343.75 | Feb 20, 2019 | $ | 1,279.55 | Jan 21, 2019 | $ | 1,295.40 | Mar 29, 2019 | |||||||||||||||||
Three months to June 30, 2019 | $ | 1,309.39 | $ | 1,431.40 | Jun 25, 2019 | $ | 1,269.50 | Apr 23, 2019 | $ | 1,409.00 | Jun 28, 2019 | |||||||||||||||||
Three months to September 30, 2019 | $ | 1,472.47 | $ | 1,546.10 | Sep 4, 2019 | $ | 1,388.65 | Jul 5, 2019 | $ | 1,485.30 | Sep 30, 2019 | |||||||||||||||||
Three months to December 31, 2019 | $ | 1,480.96 | $ | 1,517.10 | Oct 3, 2019 | $ | 1,452.05 | Nov 12, 2019 | $ | 1,523.00 | Dec 31, 2019 | (2) | ||||||||||||||||
Three months to March 31, 2020 | $ | 1,582.80 | $ | 1,683.65 | Mar 6, 2020 | $ | 1,474.25 | Mar 19, 2020 | $ | 1,608.95 | Mar 31, 2020 | |||||||||||||||||
Twelve months ended March 31, 2018 | $ | 1,285.08 | $ | 1,354.95 | Jan 25, 2018 | $ | 1,211.05 | Jul 11, 2017 | $ | 1,323.85 | Mar 29, 2018 | |||||||||||||||||
Twelve months ended March 31, 2019 | $ | 1,262.09 | $ | 1,351.45 | Apr 18, 2018 | $ | 1,178.40 | Aug 17, 2018 | $ | 1,295.40 | Mar 29, 2019 | |||||||||||||||||
Twelve months ended March 31, 2020 | $ | 1,463.10 | $ | 1,683.65 | Mar 6, 2020 | $ | 1,269.50 | Apr 23, 2019 | $ | 1,608.95 | Mar 31, 2020 | |||||||||||||||||
November 12, 2004 to March 31, 2020 | $ | 1,138.80 | $ | 1,895.00 | Sep 5, 2011 | $ | 411.10 | Feb 8, 2005 | $ | 1,608.95 | Mar 31, 2020 |
(1) | The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust. |
(2) | There was no LBMA Gold Price PM on the last business day of December 2019, 2018 |
Item 3. |
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Item 4. |
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Item 1. |
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Item 1A. |
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Item 2. |
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a) | None. |
b) | Not applicable. |
c) | As of the date of the formation of the Trust on November 12, 2004, the NAV of the Trust, which represents the value of the gold deposited in the Trust, was $13,081,500, and the NAV per Share was $43.60. Since formation and through March 31, |
Period | Total Number of Shares Redeemed | Average Ounces of Gold Per Share | ||||||
01/01/19 to 01/31/19 | 2,400,000 | .09452 | ||||||
02/01/19 to 02/28/19 | 14,700,000 | .09448 | ||||||
03/01/19 to 03/31/19 | 6,800,000 | .09446 | ||||||
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Total | 23,900,000 | .09448 | ||||||
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Period | Total Number of Shares Redeemed | Average Ounces of Gold Per Share | ||||||
01/01/20 to 01/31/20 | 9,000,000 | .09414 | ||||||
02/01/20 to 02/29/20 | 2,000,000 | .09410 | ||||||
03/01/20 to 03/31/20 | 20,400,000 | .09408 | ||||||
Total | 31,400,000 | .09411 | ||||||
Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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Exhibit No. | Description of Exhibit | |||
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31.1 | ||||
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31.2 | ||||
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32.1 | ||||
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32.2 | ||||
101.INS* | XBRL Instance Document | |||
101.SCH* | XBRL Taxonomy Extension Schema Document | |||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |||
104.1 | Cover Page Interactive Data File—The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
* | Pursuant to Rule 406T of Regulation |
WORLD GOLD TRUST SERVICES, LLC |
Sponsor of the SPDR ® Gold Trust |
(Registrant) |
|
/s/ Joseph R. Cavatoni |
Joseph R. Cavatoni |
Principal Executive Officer |
/s/ Laura S. Melman |
Laura S. Melman |
Chief Financial Officer and Treasurer (Principal Financial Officer) |
* | The Registrant is a trust and the persons are signing in their capacities as officers of World Gold Trust Services, LLC, the Sponsor of the Registrant. |
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