☒ | 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 |
New York | 81-6124035 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
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 | ☐ |
Page | ||||||
1 | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
Item 2. | 12 | |||||
Item 3. | 15 | |||||
Item 4. | 15 | |||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | 16 | |||||
Item 6. | 16 | |||||
SIGNATURES | 18 |
Item | 1. | |||||
(Amounts in 000’s of US$ except for share and per share data) | Jun-30, 2021 | Sep-30, 2020 | ||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Investments in Gold, at fair value (cost $51,842,845 and $60,743,750 at June 30, 2021 and September 30, 2020, respectively) | $ | 59,282,091 | $ | 76,978,000 | ||||
Total Assets | $ | 59,282,091 | $ | 76,978,000 | ||||
LIABILITIES | ||||||||
Accounts payable to Sponsor | $ | 20,250 | $ | 25,449 | ||||
Total Liabilities | $ | 20,250 | $ | 25,449 | ||||
Net Assets | $ | 59,261,841 | $ | 76,952,551 | ||||
Shares issued and outstanding (1) | 359,100,000 | 434,400,000 | ||||||
Net asset value per Share | $ | 165.03 | $ | 177.15 |
(1) | Authorized share capital is unlimited and the par value of the Shares is $0.00. |
(Amounts in 000’s of US$ except for share data) | Jun-30, 2020 | Sep-30, 2019 | ||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Investment in Gold, at fair value (cost $54,307,578 and $39,069,054 at June 30, 2020 and September 30, 2019, respectively) | $ | 67,015,836 | $ | 44,169,240 | ||||
Total Assets | $ | 67,015,836 | $ | 44,169,240 | ||||
LIABILITIES | ||||||||
Accounts payable to Sponsor | $ | 20,900 | $ | 14,241 | ||||
Gold payable | — | 195,999 | ||||||
Total Liabilities | 20,900 | 210,240 | ||||||
Net Assets | $ | 66,994,936 | $ | 43,959,000 | ||||
Shares issued and outstanding (1) | 403,200,000 | 314,000,000 | ||||||
Net asset value per Share | $ | 166.16 | $ | 140.00 |
Ounces of gold | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in Gold | 37,902.7 | $ | 54,307,578 | $ | 67,015,836 | 100.03 | % | |||||||||
Total Investment | $ | 54,307,578 | $ | 67,015,836 | 100.03 | % | ||||||||||
Liabilities in excess ofother assets | (20,900 | ) | (0.03 | )% | ||||||||||||
Net Assets | $ | 66,994,936 | 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 | % | ||||||||||||
Ounces of gold | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in Gold | 33,622.8 | $ | 51,842,845 | $ | 59,282,091 | 100.03 | % | |||||||||
Total Investment | $ | 51,842,845 | $ | 59,282,091 | 100.03 | % | ||||||||||
Liabilities in excess of other assets | (20,250 | ) | (0.03 | )% | ||||||||||||
Net Assets | $ | 59,261,841 | 100.00 | % | ||||||||||||
September 30, 2020 | ||||||||||||||||
Ounces of gold | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in Gold | 40,796.0 | $ | 60,743,750 | $ | 76,978,000 | 100.03 | % | |||||||||
Total Investment | $ | 60,743,750 | $ | 76,978,000 | 100.03 | % | ||||||||||
Liabilities in excess of other assets | (25,449 | ) | (0.03 | )% | ||||||||||||
Net Assets | $ | 76,952,551 | 100.00 | % | ||||||||||||
(Amounts in 000’s of US$, except per share data) | Three Months Ended Jun-30, 2020 | Three Months Ended Jun-30, 2019 | Nine Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
EXPENSES | ||||||||||||||||
Sponsor fees | $ | 59,373 | $ | 31,689 | $ | 149,119 | $ | 94,602 | ||||||||
Total expenses | 59,373 | 31,689 | 149,119 | 94,602 | ||||||||||||
Net investment loss | (59,373 | ) | (31,689 | ) | (149,119 | ) | (94,602 | ) | ||||||||
Net realized and change in unrealized gain/(loss) on investment in gold | ||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 9,602 | 930 | 20,644 | 1,199 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 234,654 | 98,484 | 1,175,009 | 181,451 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 5,106,297 | 2,677,530 | 7,608,072 | 5,284,329 | ||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold | 5,350,553 | 2,776,944 | 8,803,725 | 5,466,979 | ||||||||||||
Net income/(loss) | $ | 5,291,180 | $ | 2,745,255 | $ | 8,654,606 | $ | 5,372,377 | ||||||||
Net income/(loss) per share | $ | 14.23 | $ | 10.68 | $ | 26.13 | $ | 20.56 | ||||||||
Weighted average number of shares (in 000’s) | 371,913 | 257,056 | 331,253 | 261,302 | ||||||||||||
(Amounts in 000’s of US$, except per share data) | Three��Months Ended Jun-30, 2021 | Three Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2021 | Nine Months Ended Jun-30, 2020 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
EXPENSES | ||||||||||||||||
Sponsor fees | $ | 60,114 | $ | 59,373 | $ | 198,614 | $ | 149,119 | ||||||||
Total expenses | 60,114 | 59,373 | 198,614 | 149,119 | ||||||||||||
Net investment loss | (60,114 | ) | (59,373 | ) | (198,614 | ) | (149,119 | ) | ||||||||
Net realized and change in unrealized gain/(loss) on investment in gold | ||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 9,137 | 9,602 | 34,803 | 20,644 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 495,949 | 234,654 | 3,876,646 | 1,175,009 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 1,814,442 | 5,106,297 | (8,795,004 | ) | 7,608,072 | |||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold | 2,319,528 | 5,350,553 | (4,883,555 | ) | 8,803,725 | |||||||||||
Net income/(loss) | $ | 2,259,414 | $ | 5,291,180 | $ | (5,082,169 | ) | $ | 8,654,606 | |||||||
Net income/(loss) per share | $ | 6.37 | $ | 14.23 | $ | (13.16 | ) | $ | 26.13 | |||||||
Weighted average number of shares (in 000’s) | 354,837 | 371,913 | 386,304 | 331,253 |
(Amounts in 000’s of US$) | Three Months Ended Jun-30, 2020 | Three Months Ended Jun-30, 2019 | Nine Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
INCREASE/DECREASE IN CASH FROM OPERATIONS: | ||||||||||||||||
Proceeds received from sales of gold | $ | 54,778 | $ | 31,644 | $ | 142,460 | $ | 92,974 | ||||||||
Expenses paid | (54,778 | ) | (31,644 | ) | (142,460 | ) | (92,974 | ) | ||||||||
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 | $ | 13,215,343 | $ | 3,563,070 | $ | 22,971,965 | $ | 9,590,263 | ||||||||
Value of gold distributed for redemption of shares—net of gold payable | $ | 1,396,321 | $ | 2,828,224 | $ | 8,786,634 | $ | 7,152,902 | ||||||||
(Amounts in 000’s of US$) | Three Months Ended Jun-30, 2020 | Three Months Ended Jun-30, 2019 | Nine Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||||||||||
Net income/(loss) | $ | 5,291,180 | $ | 2,745,255 | $ | 8,654,606 | $ | 5,372,377 | ||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | ||||||||||||||||
Proceeds from sales of gold to pay expenses | 54,778 | 31,644 | 142,460 | 92,974 | ||||||||||||
Net realized (gain)/loss from investment in gold sold to pay expenses | (9,602 | ) | (930 | ) | (20,644 | ) | (1,199 | ) | ||||||||
Net realized (gain)/loss from gold distributed for the redemption of shares | (234,654 | ) | (98,484 | ) | (1,175,009 | ) | (181,451 | ) | ||||||||
Net change in unrealized (appreciation)/depreciation on investment in gold | (5,106,297 | ) | (2,677,530 | ) | (7,608,072 | ) | (5,284,329 | ) | ||||||||
Increase/(Decrease) in accounts payable to Sponsor | 4,595 | 45 | 6,659 | 1,628 | ||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | — | $ | — | ||||||||
(Amounts in 000’s of US$) | Three Months Ended Jun-30, 2021 | Three Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2021 | Nine Months Ended Jun-30, 2020 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
INCREASE/DECREASE IN CASH FROM OPERATIONS: | ||||||||||||||||
Cash proceeds received from sales of gold | $ | 59,683 | $ | 54,778 | $ | 203,813 | $ | 142,460 | ||||||||
Cash expenses paid | (59,683 | ) | (54,778 | ) | (203,813 | ) | (142,460 | ) | ||||||||
Increase/(Decrease) 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 change in gold receivable | $ | 3,861,032 | $ | 13,215,343 | $ | 10,574,498 | $ | 22,971,965 | ||||||||
Value of gold distributed for redemption of shares-net of change in gold payable | $ | 3,246,310 | $ | 1,396,321 | $ | 23,183,039 | $ | 8,786,634 | ||||||||
(Amounts in 000’s of US$) | Three Months Ended Jun-30, 2021 | Three Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2021 | Nine Months Ended Jun-30, 2020 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||||||||||
Net income/(loss) | $ | 2,259,414 | $ | 5,291,180 | $ | (5,082,169 | ) | $ | 8,654,606 | |||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||||||||||||||
Proceeds from sales of gold to pay expenses | 59,683 | 54,778 | 203,813 | 142,460 | ||||||||||||
Net realized (gain)/loss from investment in gold sold to pay expenses | (9,137 | ) | (9,602 | ) | (34,803 | ) | (20,644 | ) | ||||||||
Net realized (gain)/loss from gold distributed for the redemption of shares | (495,949 | ) | (234,654 | ) | (3,876,646 | ) | (1,175,009 | ) | ||||||||
Net change in unrealized (appreciation)/depreciation on investment in gold | (1,814,442 | ) | (5,106,297 | ) | 8,795,004 | (7,608,072 | ) | |||||||||
Increase/(Decrease) in accounts payable to Sponsor | 431 | 4,595 | (5,199 | ) | 6,659 | |||||||||||
Net cash provided by operating activities | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
(Amounts in 000’s of US$) | Three Months Ended Jun-30, 2020 | Three Months Ended Jun-30, 2019 | Nine Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2019 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Net Assets - Opening Balance | $ | 50,005,813 | $ | 32,652,157 | $ | 43,959,000 | $ | 28,322,519 | ||||||||
Creations | 13,033,724 | 3,563,070 | 22,971,965 | 9,590,263 | ||||||||||||
Redemptions | (1,335,781 | ) | (3,001,048 | ) | (8,590,635 | ) | (7,325,725 | ) | ||||||||
Net investment loss | (59,373 | ) | (31,689 | ) | (149,119 | ) | (94,602 | ) | ||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 9,602 | 930 | 20,644 | 1,199 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 234,654 | 98,484 | 1,175,009 | 181,451 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 5,106,297 | 2,677,530 | 7,608,072 | 5,284,329 | ||||||||||||
Net Assets - Closing Balance | $ | 66,994,936 | $ | 35,959,434 | $ | 66,994,936 | $ | 35,959,434 | ||||||||
(Amounts in 000’s of US$) | Three Months Ended Jun-30, 2021 | Three Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2021 | Nine Months Ended Jun-30, 2020 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Net Assets - Opening Balance | $ | 56,387,705 | $ | 50,005,813 | $ | 76,952,551 | $ | 43,959,000 | ||||||||
Creations | 3,861,032 | 13,033,724 | 10,574,498 | 22,971,965 | ||||||||||||
Redemptions | (3,246,310 | ) | (1,335,781 | ) | (23,183,039 | ) | (8,590,635 | ) | ||||||||
Net investment loss | (60,114 | ) | (59,373 | ) | (198,614 | ) | (149,119 | ) | ||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses | 9,137 | 9,602 | 34,803 | 20,644 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares | 495,949 | 234,654 | 3,876,646 | 1,175,009 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold | 1,814,442 | 5,106,297 | (8,795,004 | ) | 7,608,072 | |||||||||||
Net Assets - Closing Balance | $ | 59,261,841 | $ | 66,994,936 | $ | 59,261,841 | $ | 66,994,936 | ||||||||
1. | Organization |
2. | Significant Accounting Policies |
2.1. | Basis of Accounting |
2.2. | Fair Value Measurement |
(Amounts in 000’s of US$) June 30, 2020 | Level 1 | Level 2 | Level 3 | |||||||||
Investment in Gold | $ | 67,015,836 | $ | — | $ | — | ||||||
Total | $ | 67,015,836 | $ | — | $ | — | ||||||
(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 | $ | — | $ | — | ||||||
(Amounts in 000’s of US$) June 30, 2021 | Level 1 | Level 2 | Level 3 | |||||||||
Investment in Gold | $ | 59,282,091 | $ | 0 | $ | 0 | ||||||
Total | $ | 59,282,091 | $ | 0 | $ | 0 | ||||||
(Amounts in 000’s of US$) September 30, 2020 | Level 1 | Level 2 | Level 3 | |||||||||
Investment in Gold | $ | 76,978,000 | $ | 0 | $ | 0 | ||||||
Total | $ | 76,978,000 | $ | 0 | $ | 0 | ||||||
2.3. | Custody of Gold |
2.4. | Gold Receivable |
Jun-30, | Sep-30, | |||||||
(Amounts in 000’s of US$) | 2020 | 2019 | ||||||
Gold receivable | $ | — | $ | — |
(Amounts in 000’s of US$) | Jun-30, 2021 | Sep-30, 2020 | ||||||
Gold receivable | $ | 0 | $ | 0 |
2.5. | Gold Payable |
(Amounts in 000’s of US$) | Jun-30, 2020 | Sep-30, 2019 | ||||||
Gold payable | $ | — | $ | 195,999 |
(Amounts in 000’s of US$) | Jun-30, 2021 | Sep-30, 2020 | ||||||
Gold payable | $ | 0 | $ | 0 |
(All amounts are in 000’s) | Nine Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2019 | ||||||
Activity in Number of Shares Created and Redeemed: | ||||||||
Creations | 147,900 | 78,500 | ||||||
Redemptions | (58,700 | ) | (60,100 | ) | ||||
Net Change in Number of Shares Created and Redeemed | 89,200 | 18,400 | ||||||
(Amounts are in 000’s) | Nine Months Ended Jun-30, 2021 | Nine Months Ended Jun-30, 2020 | ||||||
Activity in Number of Shares Created and Redeemed: | ||||||||
Creations | 60,800 | 147,900 | ||||||
Redemptions | (136,100 | ) | (58,700 | ) | ||||
Net Change in Number of Shares Created and Redeemed | (75,300 | ) | 89,200 | |||||
(Amounts in 000’s of US$) | Nine Months Ended Jun-30, 2021 | Nine Months Ended Jun-30, 2020 | ||||||
Activity in Value of Shares Created and Redeemed: | ||||||||
Creations | $ | 10,574,498 | $ | 22,971,965 | ||||
Redemptions | (23,183,039 | ) | (8,590,635 | ) | ||||
Net change in Value of Shares Created and Redeemed | $ | (12,608,541 | ) | $ | 14,381,330 | |||
(Amounts in 000’s of US$) | Nine Months Ended Jun-30, 2020 | Nine Months Ended Jun-30, 2019 | ||||||
Activity in Value of Shares Created and Redeemed: | ||||||||
Creations | $ | 22,971,965 | $ | 9,590,263 | ||||
Redemptions | (8,590,635 | ) | (7,325,725 | ) | ||||
Net Change in Value of Shares Created and Redeemed | $ | 14,381,330 | $ | 2,264,538 | ||||
2.7. | Income and Expense (Amounts in 000’s of US$) |
2.8. | Income Taxes |
3. |
Related Parties – Sponsor and Trustee |
4. | Concentration of Risk |
5. | Indemnification |
6. | Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30,
11
This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report. The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to future events and financial results. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” as well as similar words and phrases signify forward-looking statements. SPDR ® Gold Trust’s forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements.Trust Overview SPDR ® Gold Trust (the “Trust”) is an investment trust that was formed on November 12, 2004 (the “Date of Inception”). The Trust issues baskets of Shares (“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.Gold is held by HSBC Bank plc (the “Custodian”) on behalf of the Trust. As of the date of this quarterly report, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the movement in the price of the Shares and NAV of the Shares against the corresponding gold price (per 1/10 of an oz. of gold) since the day the Shares first began trading on the Share price & NAV v. gold price – November 18, 2004 to June 30, 2021 The divergence of the price of the Shares and NAV of the Shares from the gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception. 12 Critical Accounting Policy Valuation of Gold, Definition of NAV The Trustee values the gold held by the Trust and determines the NAV of the Trust as of the LBMA Gold Price PM on each day that 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 PM is announced on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. In the event the Trustee and the Sponsor determine that 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. Once the value of the gold has been determined, the Trustee subtracts all estimated accrued fees, expenses and other liabilities of the Trust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the NAV of the Trust. The Trustee determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on NYSE Arca. Inspectorate International Limited (“Inspectorate”) conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodian. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th . On October 7, 2020, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian. The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently on www.spdrgoldshares.com . The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.Results of Operations In the three months ended June 30, At June 30, At September 30, 2020, the amount of gold owned by the Trust and held by Cash Resources and Liquidity At June 30, Analysis of Movements in the Price of Gold As movements in the price of gold are expected to directly affect the price of the Trust’s Shares, investors should understand what the recent movements in the price of gold have been. Investors, however, should also be aware 13 that past movements in the gold price are not indicators of future movements. This section identifies recent trends in the movements of the gold price. The following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in US dollars per ounce over the period from July 1, Daily Gold Price – July 1, 2016 – June 30, 2021 LBMA Gold Price PM USD The average, high, low and end-of-period
14
The Trust Indenture does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust does not invest in any derivative financial instruments or long-term debt instruments.
Disclosure Controls and Procedures The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and to the Audit Committee of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure. Internal There has been no change in the internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting. PART II - OTHER INFORMATION:
None.
You should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, The risks described in our Annual Report on Form 10-K are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
15
None.
Not Applicable.
None.
The exhibits listed on the accompanying Exhibit Index, and such Exhibit Index, are filed or incorporated by reference as a part of this report. EXHIBIT INDEX Pursuant to Item 601 of Regulation S-K
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the
Date: August 5, 2021
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