SPDR Gold Shares (GLD) 10-Q/A 8 Sep 09 2009 Q3 Quarterly report (amended) Financial data

Document and Company Informatio

Document and Company Information (USD $)
In Thousands, except Share data	9 Months Ended Jun. 30, 2009	Aug. 07, 2009	Mar. 31, 2008
Document and Company Information [Abstract]
Entity Registrant Name	SPDR Gold Trust
Entity Central Index Key	0001222333
Document Type	10-Q
Document Period End Date	2009-06-30
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$18,655,535
Entity Common Stock, Shares Outstanding (actual number)		350,000,000

Condensed Statements of Conditi

Condensed Statements of Condition (Unaudited) (USD $)
In Thousands	Jun. 30, 2009		Sep. 30, 2008
ASSETS
Investment in Gold	$29,048,485	[3]	$16,878,554	[2],[3]
Gold Receivable	0		897,184	[2]
Total Assets	29,048,485		17,775,738	[2]
LIABILITIES
Gold Payable	155,981		0	[2]
Accounts payable to related parties	10,461		4,179	[2]
Accounts payable	235		2,256	[2]
Accrued expenses	1,083		347	[2]
Total Liabilities	167,760		6,782	[2]
Redeemable Shares:
Shares at redemption value to investors	33,655,237	[1]	21,471,084	[1],[2]
Shareholders' Deficit	(4,774,512)		(3,702,128)	[2]
Total Liabilities, Redeemable Shares & Shareholders' Deficit	$29,048,485		$17,775,738	[2]
[1]Authorized share capital is unlimited and the par value per share is $0.00. Shares issued and outstanding at June 30, 2009 are 366,800,000 and at September 30, 2008, 246,500,000.
[2]Derived from audited statement of condition as of September 30, 2008.
[3]The market value of Investment in Gold at June 30, 2009 is $33,822,997 and at September 30, 2008, is $20,580,682.

1_Condensed Statements of Condi

Condensed Statements of Condition (Footnote Amounts) (Unaudited) (USD $)
In Thousands, except Share data	9 Months Ended Jun. 30, 2009	12 Months Ended Sep. 30, 2008
Market value of investment in Gold	$33,822,997	$20,580,682	[1]
Common stock, par value	0	0	[1]
Common stock, shares authorized	unlimited	unlimited	[1]
Common stock, shares issued	366,800,000	246,500,000	[1]
Common stock, shares outstanding	366,800,000	246,500,000	[1]
[1]Derived from audited statement of condition as of September 30, 2008.

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	9 Months Ended Jun. 30, 2009	9 Months Ended Jun. 30, 2008
REVENUES
Proceeds from sales of gold	$32,173	$17,506	$74,894	$48,370
Cost of gold sold to pay expenses	(27,786)	(12,512)	(65,494)	(34,215)
Gain on gold sold to pay expenses	4,387	4,994	9,400	14,155
Gain on gold distributed for the redemption of shares	116,608	616,014	193,228	1,344,234
Total Gain on gold	120,995	621,008	202,628	1,358,389
EXPENSES
Custody fees	5,448	3,070	13,287	9,061
Trustee fees	499	499	1,496	1,502
Sponsor fees	12,278	6,347	29,323	19,175
Marketing agent fees	12,278	6,347	29,323	19,175
Other expenses	2,551	1,247	6,462	2,808
Total expenses	33,054	17,510	79,891	51,721
Net Gain from Operations	$87,941	$603,498	$122,737	$1,306,668
Net Gain per share	0.24	3.04	0.4	6.52
Weighted average number of shares (000's)	366,115	198,523	307,378	200,353

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) (USD $)
In Thousands	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	9 Months Ended Jun. 30, 2009	9 Months Ended Jun. 30, 2008
INCREASE / DECREASE IN CASH FROM OPERATIONS:
Cash proceeds received from sales of gold	$32,173	$17,506	$74,894	$48,370
Cash expenses paid	(32,173)	(17,506)	(74,894)	(48,370)
(Decrease) / Increase in cash resulting from operations	0	0	0	0
Cash and cash equivalents at beginning of period	0	0	0	0
Cash and cash equivalents at end of period	0	0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Value of gold received for creation of shares - net of gold receivable	950,430	2,198,516	13,044,628	6,286,905
Value of gold distributed for redemption of shares net of gold payable	800,275	1,514,411	1,728,508	3,113,621
RECONCILIATION OF NET GAIN/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net Gain from Operations	87,941	603,498	122,737	1,306,668
Adjustments to reconcile net gain to net cash provided by operating activities
Increase in gold assets	(216,553)	(434,231)	(12,169,931)	(2,662,190)
(Increase)/Decrease in gold receivable	72,063	(237,362)	897,184	(476,879)
Increase in gold payable	155,981	0	155,981	0
Increase in liabilities	881	4	4,997	3,351
Increase/(decrease) in redeemable shares
Creations	950,430	2,198,516	13,044,628	6,286,905
Redemptions	(1,050,743)	(2,130,425)	(2,055,596)	(4,457,855)
Net cash provided by operating activities	$0	$0	$0	$0

Condensed Statement of Changes

Condensed Statement of Changes in Shareholders' Deficit (Unaudited) (USD $)
In Thousands	9 Months Ended Jun. 30, 2009
Shareholders' Deficit - Opening Balance	($3,702,128)	[1]
Net Gain for the period	122,737
Adjustment of Redeemable Shares to redemption value	(1,195,121)
Shareholders' Deficit - Closing Balance	($4,774,512)
[1]Derived from audited statement of condition as of September 30, 2008.

Organization

Organization
	9 Months Ended Jun. 30, 2009 USD / shares
Organization [Abstract]
Organization	1. Organization The SPDR Gold Trust (the Trust) is an investment trust formed on November12, 2004, under New York law pursuant to a trust indenture. The fiscal year end for the Trust is September30th. The Trust holds gold and issues shares (Shares) (in minimum blocks of 100,000Shares, also referred to as Baskets) in exchange for deposits of gold and distributes gold in connection with 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 Trusts expenses. The condensed statements of condition at June30, 2009 and September30, 2008, the condensed statements of operations and of cash flows for the three and nine months ended June30, 2009 and 2008 and the condensed statement of changes in shareholders deficit for the nine months ended June30, 2009 have been prepared on behalf of the Trust without audit. In the opinion of management of the sponsor of the Trust, World Gold TrustServices, LLC (the Sponsor), all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June30, 2009 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Trusts Annual Report on Form10-K for the fiscal year ended September30, 2008. The results of operations for the three and nine months ended June30, 2009 are not necessarily indicative of the operating results for the full year.

Significant accounting policies

Significant accounting policies
	9 Months Ended Jun. 30, 2009 USD / shares
Significant accounting policies [Abstract]
Significant accounting policies	2. Significant accounting policies The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. Valuation of Gold Gold is held by HSBC Bank USA, N.A. (the Custodian), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the London Fix used to determine the Net Asset Value (NAV) of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of shares, are calculated on a trade date basis using average cost. The table below summarizes the impact of unrealized gains or losses on the Trusts gold holdings as of June30, 2009 and September30, 2008: Jun-30, Sep-30, (Amounts in 000s of US$) 2009 2008 Investment in gold-average cost $ 29,048,485 $ 16,878,554 Unrealized gain on investment in gold 4,774,512 3,702,128 Investment in gold-market value $ 33,822,997 $ 20,580,682 The Trust recognizes the diminution in value of the investment in gold which arises from market declines on an interim basis. Increases in the value of the same investment in gold through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value. 2.2.Gold receivable Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of shares where the gold has not yet been transferred to the Trusts account. Generally, ownership of the gold is transferred within three days of the trade date. As of June30, 2009 there was $ nil gold receivable and as of September30, 2008 there was $897,184,358 gold receivable. 2.3.Gold payable Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of shares where the gold has not yet been transferred out of the Trusts account. Generally, ownership of the gold is transferred within three days of the trade date. As of June 30, 2009 there was $155,981,204 gold payable and as of September 30, 2008 there was $ nil gold payable. 2.4.Creations and Redemptions of Shares The Trust creates and redeems Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash

Investment in Gold

Investment in Gold
	9 Months Ended Jun. 30, 2009 USD / shares
Investment In Gold Disclosure [Abstract]
Investment in Gold	3. Investment in Gold The following represents the changes in ounces of gold and the respective values for the nine months ended June30, 2009 and for the year ended September30, 2008: Nine Months Ended Year Ended Jun-30, Sep-30, (Ounces of gold are in 000s and value of gold is in 000s of US$) 2009 2008 Ounces of Gold: Opening Balance 23,268.2 18,584.1 Creations (excluding gold receivable at June30, 2009- nil and at September30, 2008- 1,014.3) 15,273.0 13,491.8 Redemptions (excluding gold payable at June30, 2009- 166.9 and at September30, 2008- nil) (2,262.4 ) (8,728.6 ) Sales of gold (85.1 ) (79.1 ) Closing Balance 36,193.7 23,268.2 Investment in Gold (lower of cost or market): Opening Balance $ 16,878,554 $ 10,644,489 Creations (excluding gold receivable at June30, 2009- $ nil, and at September30, 2008- $897,184) 13,941,812 12,006,621 Redemptions (excluding gold payable at June30, 2009- $155,981 and at September30, 2008- $ nil) (1,706,387 ) (5,722,355 ) Sales of gold (65,494 ) (50,201 ) Closing Balance $ 29,048,485 $ 16,878,554

Related Parties Sponsor, Truste

Related Parties Sponsor, Trustee, Custodian and Marketing Agent Fees
	9 Months Ended Jun. 30, 2009 USD / shares
Related Parties Sponsor Trustee Custodian and Marketing Agent Fees [Abstract]
Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees	4. Related Parties- Sponsor, Trustee, Custodian and Marketing Agent Fees Fees are paid to the Sponsor as compensation for services performed under the TrustIndenture and for services performed in connection with maintaining the Trusts website and marketing. The Sponsors fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the adjusted net asset value (ANAV) of the Trust, subject to reduction as described below. The Sponsor will receive reimbursement from the Trust for all of its disbursements and expenses incurred in connection with the Trust. Fees are paid to the Trustee as compensation for services performed under the TrustIndenture. The Trustees fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.02% of the ANAV of the Trust, subject to a minimum fee of $500,000 and a maximum fee of $2million per year. The Trustees fee is subject to modification as determined by the Trustee and the Sponsor in good faith to account for significant changes in the Trusts administration or the Trustees duties. The Trustee will charge the Trust for its expenses and disbursements incurred in connection with the Trust (including the expenses of the Custodian paid by the Trustee), exclusive of fees of agents for services to be performed by the Trustee, and for any extraordinary services performed by the Trustee for the Trust. Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. Fees are paid to the Custodian as compensation for its custody services under the Allocated Bullion Account Agreement, as amended. The Custodians fee is computed at an annual rate equal to 0.10% of the average daily aggregate value of the first 4.5million ounces of gold held in the Trusts allocated gold account (TrustAllocated Account) and the Trusts unallocated gold account (TrustUnallocated Account) and 0.06% of the average daily aggregate value of all gold held in the TrustAllocated Account and the TrustUnallocated Account in excess of 4.5million ounces. The Custodian does not receive a fee under the Unallocated Bullion Account Agreement. The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. Fees are paid to the marketing agent for the Trust, State Street Global Markets, LLC (the Marketing Agent) by the Trustee from the assets of the Trust as compensation for services performed pursuant to the agreement, as amended, between the Sponsor and the Marketing Agent (the Marketing Agent Agreement). The Marketing Agents fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the ANAV of the Trust, subject to reduction as described below. The Marketing Agent and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as

Concentration of Risk

Concentration of Risk
	9 Months Ended Jun. 30, 2009 USD / shares
Concentration of Risk [Abstract]
Concentration of Risk	5. Concentration of Risk In accordance with Statement of Position No.94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trusts sole business activity is the investment in gold. Several factors could affect the price of gold: (i)global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as South Africa, the United States and Australia; (ii)investors expectations with respect to the rate of inflation; (iii)currency exchange rates; (iv)interest rates; (v)investment and trading activities of hedge funds and commodity funds; and (vi)global or regional political, economic or financial events and situations. In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material affect on the Trusts financial position and results of operations.

Indemnification

Indemnification
	9 Months Ended Jun. 30, 2009 USD / shares
Indemnification Disclosure [Abstract]
Indemnification	6. Indemnification The Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries are indemnified from the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of its duties under the TrustIndenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified partys obligations and duties under the TrustIndenture. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any claim or liability under the TrustIndenture. Under the TrustIndenture, the Sponsor may be able to seek indemnification from the Trust for payments it makes in connection with the Sponsors activities under the TrustIndenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the TrustIndenture. The Sponsor will also be indemnified from the Trust and held harmless against any loss, liability or expense arising under the Distribution Agreement it entered into on November16, 2004 with UBS Securities LLC, the underwriter of its initial public offering, the Marketing Agent Agreement or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust. The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trusts assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor.

Recent Accounting Pronouncement

Recent Accounting Pronouncements
	9 Months Ended Jun. 30, 2009 USD / shares
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	7. Recent Accounting Pronouncements In September 2006, Statement of Financial Accounting Standards (SFAS) No.157, Fair Value Measurements, was issued by the FASB and is effective for fiscal years beginning after November15, 2007. SFAS157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. SFAS157 is effective for the Trusts fiscal year ending September30, 2009 and management has determined that SFAS157 will not be applicable to the Trust. In February 2007, SFASNo.159, The Fair Value Option for Financial Assets and Financial Liabilities, was issued by the FASB, which allows companies to elect to measure certain financial assets and liabilities at fair value. The fair value election can be made on an instrument by instrument basis but is irrevocable once made. SFAS159 is effective for fiscal years beginning after November15, 2007, with earlier application permitted. Accordingly, SFAS159 is effective for the Trusts fiscal year ending September30, 2009. The Trust did not elect to make the fair value election, and therefore there is no SFAS159 impact on the Trust. In May 2009, SFAS No.165, Subsequent Events, was issued by the FASB, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued or are available to be issued. SFAS No.165 provides guidance on the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. SFAS No.165 is effective for interim or annual financial periods ending after June15, 2009. Accordingly, the Trust has adopted SFAS No.165 for the period ended June30, 2009. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date, August10, 2009.