| Document and Company Information (USD $) | |||
| In Thousands, except Share data | 12 Months Ended
Sep. 30, 2009 | Nov. 24, 2009
| Mar. 31, 2009
|
| Document and Company Information [Abstract] | |||
| Entity Registrant Name | SPDR GOLD TRUST | ||
| Entity Central Index Key | 0001222333 | ||
| Document Type | 10-K | ||
| Document Period End Date | 2009-09-30 | ||
| 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 | $33,217,691 | ||
| Entity Common Stock, Shares Outstanding (actual number) | 368,000,000 |
| Condensed Statements of Condition (USD $) | |||||||||||||||||||
| In Thousands | Sep. 30, 2009
| Sep. 30, 2008
| |||||||||||||||||
| ASSETS | |||||||||||||||||||
| Investment in Gold, at cost | $28,463,669 | [2] | $16,878,554 | [2] | |||||||||||||||
| Gold Receivable | 39,068 | 897,184 | |||||||||||||||||
| Total Assets | 28,502,737 | 17,775,738 | |||||||||||||||||
| LIABILITIES | |||||||||||||||||||
| Accounts payable to related parties | 10,672 | 4,179 | |||||||||||||||||
| Accounts payable | 1,085 | 2,256 | |||||||||||||||||
| Accrued expenses | 400 | 347 | |||||||||||||||||
| Total Liabilities | 12,157 | 6,782 | |||||||||||||||||
| Redeemable Shares: | |||||||||||||||||||
| Shares at redemption value to investors | 35,054,043 | [1] | 21,471,084 | [1] | |||||||||||||||
| Shareholders' Deficit | (6,563,463) | (3,702,128) | |||||||||||||||||
| Total Liabilities, Redeemable Shares & Shareholders' Deficit | $28,502,737 | $17,775,738 | |||||||||||||||||
| [1]Authorized share capital is unlimited and the shares par value is $0.00. Shares issued and outstanding at September 30, 2009 358,900,000 and at September 30, 2008 246,500,000. | |||||||||||||||||||
| [2]The market value of Investment in Gold at September 30, 2009 is $35,027,132 and at September 30, 2008, is $20,580,682. | |||||||||||||||||||
| Condensed Statements of Condition (Footnote Amounts) (USD $) | ||
| In Thousands, except Share data | 12 Months Ended
Sep. 30, 2009 | 12 Months Ended
Sep. 30, 2008 |
| ASSETS | ||
| Market value of investment in Gold | $35,027,132 | $20,580,682 |
| Redeemable Shares: | ||
| Common stock, par value | 0 | 0 |
| Common stock, shares authorized | unlimited | unlimited |
| Common stock, shares issued | 358,900,000 | 246,500,000 |
| Common stock, shares outstanding | 358,900,000 | 246,500,000 |
| Condensed Statements of Operations (USD $) | |||
| In Thousands, except Per Share data | 12 Months Ended
Sep. 30, 2009 | 12 Months Ended
Sep. 30, 2008 | 12 Months Ended
Sep. 30, 2007 |
| REVENUES | |||
| Proceeds from sales of gold | $108,235 | $68,188 | $37,965 |
| Cost of gold sold to pay expenses | (93,494) | (50,202) | (31,057) |
| Gain on gold sold to pay expenses | 14,741 | 17,986 | 6,908 |
| Gain on gold distributed for the redemption of shares | 493,732 | 2,018,149 | 346,202 |
| Total Gain on gold | 508,473 | 2,036,135 | 353,110 |
| EXPENSES | |||
| Custody fees | 18,863 | 12,307 | 7,202 |
| Trustee fees | 2,000 | 2,000 | 1,891 |
| Sponsor fees | 41,946 | 25,472 | 14,476 |
| Marketing agent fees | 41,946 | 25,472 | 14,476 |
| Other expenses | 8,855 | 5,322 | 1,623 |
| Total expenses | 113,610 | 70,573 | 39,668 |
| Net Gain | $394,863 | $1,965,562 | $313,442 |
| Net Gain per share | 1.24 | 9.6 | 2.05 |
| Weighted average number of shares | 319,348 | 204,762 | 152,872 |
| Condensed Statements of Cash Flows (USD $) | |||
| In Thousands | 12 Months Ended
Sep. 30, 2009 | 12 Months Ended
Sep. 30, 2008 | 12 Months Ended
Sep. 30, 2007 |
| INCREASE / DECREASE IN CASH FROM OPERATIONS: | |||
| Cash proceeds received from sales of gold | $108,235 | $68,188 | $37,965 |
| Cash expenses paid | (108,235) | (68,188) | (37,965) |
| Increase/(Decrease) in cash resulting from operations | 0 | 0 | 0 |
| Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
| Cash and cash equivalents at end of period | 0 | 0 | 0 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |||
| Value of gold received for creation of shares | 14,369,479 | 12,903,805 | 6,034,380 |
| Value of gold distributed for redemption of shares - at average cost | 3,588,054 | 5,722,355 | 1,559,060 |
| RECONCILIATION OF NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||
| Net Gain | 394,863 | 1,965,562 | 313,442 |
| Adjustments to reconcile net gain to net cash provided by operating activities | |||
| Increase in gold assets | (11,585,115) | (6,234,065) | (4,444,263) |
| Decrease/(Increase) in gold receivable | 858,116 | (897,184) | 0 |
| Increase in accounts payable | 5,375 | 2,386 | 1,703 |
| Increase/(Decrease) in redeemable shares | |||
| Creations | 14,408,547 | 12,903,805 | 6,034,380 |
| Redemptions | (4,081,786) | (7,740,504) | (1,905,262) |
| Net cash provided by operating activities | $0 | $0 | $0 |
| Condensed Statement of Changes in Shareholders' Deficit (USD $) | |||
| In Thousands | 12 Months Ended
Sep. 30, 2009 | 12 Months Ended
Sep. 30, 2008 | 12 Months Ended
Sep. 30, 2007 |
| Shareholders' Deficit - Opening Balance | ($3,702,128) | ($3,163,495) | ($1,243,956) |
| Net Gain for the period | 394,863 | 1,965,562 | 313,442 |
| Adjustment of Redeemable Shares to redemption value | (3,256,198) | (2,504,195) | (2,232,981) |
| Shareholders' Deficit - Closing Balance | ($6,563,463) | ($3,702,128) | ($3,163,495) |
| Organization | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Organization [Abstract] | |
| Organization | 1Organization The SPDR Gold Trust (the Trust) is an investment trust formed on November12, 2004 (Date of Inception), under New York law pursuant to a trust indenture. The fiscal year end for the Trust is September30th. The Trust holds gold and is expected from time to time to issue shares (Shares) (in minimum denominations of 100,000, also referred to as Baskets) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trusts expenses. |
| Significant accounting policies | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Significant accounting policies [Abstract] | |
| Significant accounting policies | 2Significant accounting policies The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1Valuation of Gold Gold is held by the Custodian on behalf of the Trust and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the London Fix used to determine the Net Asset Value of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of shares, are calculated on a trade date basis using average cost. The table below summarizes the impact of unrealized gains or losses on the Trusts gold holdings as of September30, 2009 and 2008: Sept30, Sept30, (Amounts in 000s of US$) 2009 2008 Investment in goldaverage cost $ 28,463,669 $ 16,878,554 Unrealized gain on investment in gold 6,563,463 3,702,128 Investment in goldmarket value $ 35,027,132 $ 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 in later interim periods of the same fiscal year through market price recoveries are recognized in the later interim period. Increases in value recognized on an interim basis do not exceed the previously recognized diminution in value. 2.2Gold receivable Gold receivable, when recorded, 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 trade date. As of September30, 2009 there was $39,068,311 gold receivable and at September30, 2008 there was $897,184,358 gold receivable. 2.3Creations and Redemptions of Shares The Trust will create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000Shares). The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. As the Shares of the Trust are redeemable at the option of the Authorized Participants only in Baskets, the Trust has classified the Shares as Redeemable Shares on the Statement of Financial Condition. The Trust records the redemption valu |
| Investment in Gold | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Investment In Gold [Abstract] | |
| Investment in Gold | 3Investment in Gold The following represents the changes in ounces of gold and the respective values at September30, 2009, 2008 and 2007: Sept30, Sept30, Sept30, (Ounces of gold are in 000s and value of gold is in 000s of US$) 2009 2008 2007 Ounces of Gold: Opening Balance 23,268.2 18,584.1 12,422.5 Creations (excluding gold receivable at September30, 2009 - 39.2 at September30, 2008 1,014.3 and at September30, 2007 nil) 16,607.2 13,491.8 9,121.7 Redemptions (4,578.9 ) (8,728.6 ) (2,901.7 ) Sales of gold (119.9 ) (79.1 ) (58.4 ) Closing Balance 35,176.6 23,268.2 18,584.1 Investment in Gold (lower of cost or market): Opening Balance $ 16,878,554 $ 10,644,489 $ 6,200,226 Creations (excluding gold receivable at September30, 2009 - $39,068 at September30, 2008 - $897,184 and at September30, 2007 - nil) 15,266,663 12,006,621 6,034,380 Redemptions (3,588,054 ) (5,722,355 ) (1,559,060 ) Sales of gold (93,494 ) (50,201 ) (31,057 ) Closing Balance $ 28,463,669 $ 16,878,554 $ 10,644,489 |
| Quarterly Statements of Operations (Unaudited) | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Quarterly Statements of Operations [Abstract] | |
| Quarterly Statements of Operations | 4Quarterly Statements of Operations (unaudited) (All amounts except Three Months Ended Year to per share are in 000s) Dec-31, 2008 Mar-31, 2009 Jun-30, 2009 Sep-30, 2009 Sep-30, 2009 REVENUES Proceeds from sales of gold $ 18,852 $ 23,869 $ 32,173 $ 33,341 $ 108,235 Cost of gold sold to pay expenses (17,606 ) (20,102 ) (27,786 ) (28,000 ) (93,494 ) Gain on gold sold to pay expenses 1,246 3,767 4,387 5,341 14,741 Gain on gold distributed for the redemption of shares 75,113 1,508 116,608 300,503 493,732 Total Gain on gold 76,359 5,275 120,995 305,844 508,473 EXPENSES Custody fees $ 3,344 $ 4,494 $ 5,448 $ 5,577 $ 18,863 Trustee fees 504 493 499 504 2,000 Sponsor fees 6,933 10,112 12,278 12,623 41,946 Marketing agent fees 6,933 10,112 12,278 12,623 41,946 Other expenses 1,841 2,071 2,551 2,392 8,855 Total expenses 19,555 27,282 33,054 33,719 113,610 Net Gain/(Loss) $ 56,804 $ (22,007 ) $ 87,941 $ 272,125 $ 394,863 Net Gain/(loss) per share $ 0.23 $ (0.07 ) $ 0.24 $ 0.77 $ 1.24 Weighted average number of shares 247,616 309,078 366,115 354,866 319,348 (All amounts except Three Months Ended Year to per share are in 000s) Dec-31, 2007 Mar-31, 2008 Jun-30, 2008 Sep-30, 2008 Sep-30, 2008 REVENUES Proceeds from sales of gold $ 13,945 $ 16,919 $ 17,506 $ 19,818 $ 68,188 Cost of gold sold to pay expenses (10,314 ) (11,389 ) (12,512 ) (15,987 ) ( |
| Related Parties Sponsor, Trustee, Custodian and Marketing Agent Fees | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees [Abstract] | |
| Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees | 5Related 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 Shares. 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 under the Allocated Bullion Account Agreement as compensation for its custody services. Under the Allocated Bullion Account Agreement, the Custodian is entitled to a fee that is accrued daily at an annual rate equal to 0.10% of the average daily aggregate value of the gold held in the Trusts allocated gold account (TrustAllocated Account) and the Trusts unallocated gold account (TrustUnallocated Account), payable in monthly installments in arrears. 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 between the Sponsor and the Marketing Agent (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 agent for their customers and for accounts over which they exercise investment discretion. |
| Concentration of Risk | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Concentration of Risk [Abstract] | |
| Concentration of Risk | 6Concentration of Risk 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 | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Indemnification [Abstract] | |
| Indemnification | 7Indemnification 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 with the Purchaser, 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 Pronouncements | |
| 12 Months Ended
Sep. 30, 2009 USD / shares | |
| Recent Accounting Pronouncements [Abstract] | |
| Recent Accounting Pronouncements | 8. Recent Accounting Pronouncements In September 2006, FASB ASC 820-10 Fair Value Measurements and Disclosures was issued and is effective for fiscal years beginning after November15, 2007. FASB ASC820-10 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. Accordingly, FASB ASC820-10 was effective for the Trusts fiscal year ended September30, 2009 and was adopted as of October1, 2008. The impact to the Trusts financial statements has not been material. In February 2007, FASB ASC825-10 Financial Instruments was issued, 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. FASB ASC825-10 is effective for fiscal years beginning after November15, 2007, with earlier application permitted. FASB ASC825-10 was effective for the Trusts fiscal year ending September30, 2009. The impact to the Trusts financial statements has not been material. In May 2009, FASB ASC 855-10 Subsequent Events was issued, 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. FASB ASC 855-10 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. FASB ASC 855-10 is effective for interim or annual financial periods ending after June15, 2009. Accordingly, the Trust has adopted FASB ASC 855-10 for the year ended September30, 2009. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date, November25, 2009. |
