19 unchanged sentences
Valuation of Gold and Computation of Net Asset Value
−Removed: The Trustee determines the Net Asset Value of the Trust on each day that the NYSE Arca is open for regular trading, as promptly as practical after 4:00 p.m.
+Added: The Trustee determines the Net Asset Value of the Trust on each day that the Cboe BZX Exchange (NYSE Arca prior to February 3, 2022) is open for regular trading, as promptly as practical after 4:00 p.m.
New York City time.
5 unchanged sentences
dollars per fine troy ounce (“fine ounce”).
−Removed: If no LBMA Gold Price PM or LBMA Gold Price AM is available for the day, the Trustee values the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM.
+Added: If no LBMA Gold Price PM is available for the required day, the trustee uses the LBMA Gold Price AM.
+Added: If no LBMA Gold Price PM or
+Added: LBMA Gold Price AM is available for the day, the Trustee values the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM.
If the Sponsor determines that such price is inappropriate to use, it must identify an alternate basis for evaluation to be employed by the Trustee.
4 unchanged sentences
Gold bullion distributed
−Removed: Net realized gain (loss) from gold bullion distributed
+Added: Net realized gain (loss) from gold bullion distributed for redemptions
Transfers of gold to pay expenses
3 unchanged sentences
Under the Custody Agreement, the Custodian has agreed to allow the Sponsor, Trustee and their identified representatives, independent public accountants, and bullion auditors access to its premises during normal business hours to examine the gold held for the Trust and such records in accordance with the terms of the Custody Agreement.
−Removed: To date, the Sponsor has not conducted a vault audit at the Custodian’s premises and has no plans to conduct an on-site
−Removed: However, we expect an audit to be conducted by an independent bullion auditor
−Removed: at least annually.
+Added: We expect an audit to be conducted by an independent bullion auditor at least annually.
Review of Financial Results
2 unchanged sentences
At December 31, 2021, the Trust’s NAV per share was at $18.09, compared to $18.83 at December 31, 2020.
−Removed: The increase in NAV per share at year-end
−Removed: was due to a higher price of gold of $1,891.10 at period end which represented an increase of 24.17% from $1,523.00 at December 31, 2019.
+Added: The decrease in NAV per share at year-end
+Added: was primarily due to a lower price of gold of $1,820.10 at period end which represented a decrease of (3.75)% from $1,891.10 at December 31, 2020.
At December 31, 2021, the Custodian held 233,111.9 ounces of gold on behalf of the Trust in its vault, with a market value of $424,287,056 (cost:
$408,696,923) based on the LBMA AM Gold Price at period end.
−Removed: At December 31, 2019, the Prior Custodial Sponsor held 115,729.0 ounces of gold on behalf of the Trust in its vault, with a market value of $176,255,247 (cost:
+Added: At December 31, 2020, the Custodian held 270,112.9 ounces of gold on behalf of the Trust in its vault, with a market value of $510,810,450 (cost:
$430,705,448) based on the LBMA AM Gold Price at period end.
−Removed: The change in net assets from operations for the year-ended December 31, 2020 was $57,798,267, which was due to (i) the Custodial Sponsor Fee of $(657,532) and (ii) a net realized and unrealized gain of $58,455,799 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $28,292, a net realized gain from gold bullion distributed of $5,905,756, and a net change in unrealized appreciation/depreciation on investments in gold bullion of $52,578,335.
−Removed: Other than the Sponsor and Custodial Sponsor Fee, the Trust had no expenses during the year ended December 31, 2020.
−Removed: The change in net assets from operations for the year-ended December 31, 2019 was $22,359,328, which was due to (i) the Custodial Sponsor Fee of $(240,942) and (ii) a net realized and unrealized gain of $22,600,270 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $1,885 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $22,602,155.
−Removed: Other than the Custodial Sponsor Fee, the Trust had no expenses during the year ended December 31, 2019.
+Added: The change in net assets from operations for the year-ended December 31, 2021 was $(17,808,324), which was due to (i) the Sponsor Fee of $(691,756) and (ii) a net realized and unrealized loss of $(17,116,568) from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(64,093), net realized gain from gold bullion distributed for redemptions of $47,462,394 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $(64,514,869).
+Added: Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2021.
+Added: The change in net assets from operations for the year-ended December 31, 2020 was $57,798,267, which was due to (i) the Sponsor Fee of $(657,532) and (ii) a net realized and unrealized gain of $58,455,799 from operations,
+Added: which in turn resulted from a net realized loss on gold transferred to pay expenses of $(28,292), a net realized gain from gold bullion distributed of $5,905,756, and a net change in unrealized appreciation/depreciation on investments in gold bullion of $52,578,335.
+Added: Other than the Sponsor and Sponsor Fee, the Trust had no expenses during the year ended December 31, 2020.
Liquidity and Capital Resources
13 unchanged sentences
dollars per ounce over the period from January 1, 2021 to December 31, 2021.
−Removed: Bloomberg, LBMA Gold Price PM USD, January 1, 2020 – December 31, 2020
Daily gold price – January 1, 2021 to December 31, 2021
2 unchanged sentences
gold prices for each quarterly period from January 1, 2021 through December 31, 2021, based on the LBMA PM Gold Price were:
−Removed: October 1, 2020 to
−Removed: December 31, 2020
−Removed: $1,891.10 (2)
−Removed: July 1, 2020 to
−Removed: September 30, 2020
−Removed: April 1, 2020 to
−Removed: June 30, 2020
−Removed: January 1, 2020 to
−Removed: March 31, 2020
+Added: October 1, 2021 to December 31, 2021
+Added: July 1, 2021 to September 30, 2021
+Added: July 29, 2021
+Added: April 1, 2021 to June 30, 2021
+Added: January 1, 2021 to March 31, 2021
The end of period gold price is the LBMA PM Gold Price on the last business day of the period.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.