What changed in this filing

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Item 2. Management’s Discussion and Analysis

2021-11-05 compared with 2021-05-05 · 17 added, 34 removed, 65 unchanged (44% of the section changed)

48 unchanged sentences

Fee through in-kind transfers of gold to the Sponsor.

At March 31, 2021 the Trust did not have any cash balances.

At September 30, 2020 the Trust did not have any cash balances.

Sheet Arrangements

10 unchanged sentences

of Operations

Quarter Ended March 31, 2021

Trust’s net asset value decreased from $1,111,848,655 on December 31, 2020 to $1,005,554,824 on March 31, 2021, a 9.6% decrease.

The decrease in the Trust’s net asset value was due to a change in the price of gold, which decreased 10.6% from $1,891.10 on December

31, 2020 to $1,691.05 on March 31, 2021.

The impact of the decrease in gold price was slightly reduced by the increase in the number

of shares outstanding from 59,150,000 to 59,850,000, a 1.2% increase which was the net result of 67 creation orders and 53 redemption

orders (50,000 shares per creation and redemption order).

10.64% decrease in the Trust’s net asset value per share, from $18.80 on December 31, 2020 to $16.80 on March 31, 2021 is directly

Quarter Ended September 30, 2021

Trust’s net asset value grew from $1,009,450,266 on June 30, 2021 to $1,041,477,197 on September 30, 2021, a 3.2% increase.

increase in the Trust’s net asset value was due to an increase in the number of shares outstanding from 57,650,000 to 60,200,000

over this period.

The net 2,550,000 shares increase was a result of 57 creations and 6 redemption orders (50,000 shares per creation

and redemption).

The increase occurred despite the change in the price of gold, which decreased 1.15% from $1,763.15 on June 30, 2021

to $1,742.80 on September 30, 2021.

1.20% decrease in the Trust’s net asset value per share, from $17.51 at June 30, 2021 to $17.30 at September 30, 2021 is directly

related to the 1.15% decrease in the price of gold.

1 unchanged sentence

fees, which were $460,992 for the quarter, or 0.044% of the Trust’s average weighted net assets of $1,046,033,930 during the quarter.

The net asset value per share of $19.31 on January 04, 2021 was the highest during the quarter, compared with a low during the quarter

of $16.73 on March 30, 2021.

decrease in net assets resulting from operations for the quarter ended March 31, 2021 was $122,319,797, resulting from an unrealized

loss on investment in gold bullion of $127,177,901, compensated by a gain of $5,326,202 on metal sold to cover the redemption orders

and the Sponsor’s fees but reduced by the Sponsor’s fees of $468,098.

Other than the Sponsor’s fees the Trust had no

expenses during the quarter.

Months Ended March 31, 2021

Trust’s net asset value decreased from $1,041,316,067 on June 30, 2020 to $1,005,554,824 on March 31, 2021, a 3.4%

The decrease in the Trust’s net asset value was mainly due to a change in the price of gold, which decreased 4.36%

from $1,768.10 on June 30, 2020 to $1,691.05 on March 31, 2021.

The impact of the decrease in gold price was slightly reduced

by the increase in the number of shares outstanding from 59,200,000 to 59,850,000 over this period, or 1.1%.

The 650,000 shares

increase was the net result of 316 creations orders and 303 redemption orders (50,000 shares per creation and redemption order).

4.49% decrease in the Trust’s net asset value per share, from $17.59 on June 30, 2020 to $16.80 on March 31, 2021 is directly related

to the 4.36% decrease in the price of gold.

Trust’s net asset value per share decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s

fees, which were $1,543,292 for the period, or 0.131% of the Trust’s average weighted net assets of $1,175,405,550 during the nine-month

The net asset value per share of $20.56 on August 6, 2020 was the highest during the period, compared with a low during the period

of $16.73 on March 30, 2021.

decrease in net assets resulting from operations for the 9 months period ending March 31, 2021 was $58,042,884, resulting from an unrealized

loss on investment in gold bullion of $106,621,429, increased by a gain of $50,121,837 on metal sold to cover the redemption orders and

the Sponsor’s fees but reduced by the Sponsor’s fees of $1,543,292 Other than the Sponsor’s fees the Trust had no expenses

during the quarter.

The net asset value per share of $18.16 on July 28, 2021 was the highest during the quarter, compared with a low during the quarter of

$17.11 on August 09, 2021.

decrease in net assets resulting from operations for the quarter ended September 30, 2021 was $13,264,104, resulting primarily from an

unrealized loss on investment in gold bullion of $13,471,423, reduced by a gain of $668,311 on metal sold to cover redemption

orders and Sponsor’s fees but increased by the Sponsor’s fees of $ 460,992.

Other than the Sponsor’s fees the

Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis