6 unchanged sentences
The Trust is not actively managed.
−Removed: The Trust’s fiscal year-end
−Removed: is December 31.
+Added: The Trust’s fiscal year-end is December 31.
Investing in the Shares does not insulate the investor from risks, including price volatility.
17 unchanged sentences
dollars per fine troy ounce (“fine ounce”).
−Removed: If no LBMA Gold Price PM is available for the required day, the trustee uses the LBMA Gold Price AM.
−Removed: If no LBMA Gold Price PM or
−Removed: 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: 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 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.
The Sponsor may instruct the Trustee to use a different price which is reasonably available to the Trustee at no cost to the Trustee that the Sponsor determines to represent fairly the commercial value of the Trust’s gold.
−Removed: At December 31, 2021, the LBMA Gold Price AM was utilized.
+Added: At December 31, 2021 and December 31, 2022, the LBMA Gold Price AM was utilized.
Beginning balance as of December 31, 2021
12 unchanged sentences
At December 31, 2022, the Trust’s NAV per share was at $17.98, compared to $18.09 at December 31, 2021.
−Removed: The decrease in NAV per share at year-end
−Removed: 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.
+Added: The decrease in NAV per share at year-end was primarily due to a lower price of gold of $1,812.35 at period end which represented a decrease of (0.43)% from $1,820.10 at December 31, 2021.
At December 31, 2022, the Custodian held 241,125.6 ounces of gold on behalf of the Trust in its vault, with a market value of $437,004,008 (cost:
2 unchanged sentences
$408,696,923) based on the LBMA AM Gold Price at period end.
−Removed: 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: The change in net assets from operations for the year-ended December 31, 2022 was $(10,870,549), which was due to (i) the Sponsor Fee of $(965,357) and (ii) a net realized and unrealized loss of $(9,905,192) from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(87,826), a net realized gain from gold bullion distributed for redemptions of $18,471,011 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $(28,288,377).
Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2022.
−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 Sponsor Fee of $(657,532) and (ii) a net realized and unrealized gain of $58,455,799 from operations,
−Removed: 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 Sponsor Fee, the Trust had no expenses during the year ended December 31, 2020.
+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), a 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.
Liquidity and Capital Resources
5 unchanged sentences
At December 31, 2021, the Trust did not have any cash balances.
−Removed: Sheet Arrangement
−Removed: As of December 31, 2021, the Trust did not have any off-balance
−Removed: sheet arrangements.
+Added: Off-Balance Sheet Arrangement
+Added: As of December 31, 2022, the Trust did not have any off-balance sheet arrangements.
Analysis of Movements in the Price of Gold
3 unchanged sentences
dollars per ounce over the period from January 1, 2022 to December 29, 2022.
−Removed: Daily gold price – January 1, 2021 to December 31, 2021
−Removed: LBMA PM Gold Price (in USD)
−Removed: The average, high, low and end-of-period
−Removed: gold prices for each quarterly period from January 1, 2021 through December 31, 2021, based on the LBMA PM Gold Price were:
+Added: The average, high, low and end-of-period gold prices for each quarterly period from January 1, 2022 through December 31, 2022, based on the LBMA PM Gold Price were:
October 1, 2022 to December 31, 2022
July 1, 2022 to September 30, 2022
−Removed: July 29, 2021
April 1, 2022 to June 30, 2022
6 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.