48 unchanged sentences
Fee through in-kind transfers of gold to the Sponsor.
−Removed: At March 31, 2023 the Trust did not have any cash balances.
+Added: On September 30, 2023 the Trust did not have any cash balances.
Sheet Arrangements
10 unchanged sentences
of Operations
−Removed: Quarter Ended March 31, 2023
−Removed: Trust’s net asset value increased from $886,788,722 on December 31, 2022 to $968,263,931 on March 31, 2023, a 9.2% increase.
−Removed: increase in the Trust’s net asset value was due to a change in the price of gold, which increased 9.2% from $1,812.35 on December
−Removed: 31, 2022 to $1,979.70 on March 31, 2023.
−Removed: The Trust’s number of shares outstanding did not change over the period with a net flat
−Removed: creation and redemption activity and remained at 49,400,000.
−Removed: 9.2% increase in the Trust’s net asset value per share, from $17.95 on December 31, 2022 to $19.60 on March 31, 2023 is related
−Removed: to the increase in the price of gold.
−Removed: Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s
+Added: Quarter Ended September 30, 2023
+Added: Trust’s net asset value decreased from $935,811,456 on June 30, 2023 to $883,519,519 on September 30, 2023, a 5.6% decrease.
+Added: decrease in the Trust’s net asset value was due to a decrease in the number of shares outstanding from 49,450,000 to 47,750,000
+Added: over this period.
+Added: The net 1,700,000 shares decrease was a result of 5 creation orders and 39 redemption orders (50,000 shares per creation
+Added: and redemption).
+Added: The Trust’s net asset value was also negatively impacted by the change in the price of gold, which decreased 2.18%
+Added: from $1,912.25 on June 30, 2023 to $1,870.50 on September 30, 2023.
+Added: 2.22% decrease in the Trust’s net asset value per share, from $18.92 on June 30, 2023 to $18.50 on September 30, 2023 is directly
+Added: related to the 2.18% decrease in the price of gold.
+Added: 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 $409,157 for the quarter, or 0.044% of the Trust’s average weighted net assets of $930,094,066 during the quarter.
−Removed: The net asset value per share of $19.74 on March 25, 2023 was the highest during the quarter, compared with a low during the quarter
−Removed: of $17.93 on February 27, 2023.
−Removed: increase in net assets resulting from operations for the quarter ended March 31, 2023 was $81,284,123, resulting from an unrealized gain
−Removed: on investment in gold bullion of $78,727,853 increased by a gain of $2,958,063 on metal sold to cover the redemption orders and the Sponsor’s
−Removed: fees but reduced by the Sponsor’s fees of $401,793.
−Removed: Other than the Sponsor’s fees the Trust had no expenses during the quarter.
−Removed: Months Ended March 31, 2023
−Removed: Trust’s net asset value decreased from $996,127,089 on June 30, 2022 to $968,263,931 on March 31, 2023 a 2.8% decrease.
−Removed: in the Trust’s net asset value is mainly due to a decrease in the number of shares outstanding from 55,300,000 to 49,400,000 over
−Removed: this period, or 10.7%.
−Removed: The 5,900,000 shares decrease was the net result of 54 creations orders and 172 redemption orders (50,000 shares
−Removed: per creation and redemption order).
−Removed: The reduction in number of shares has been compensated by a 9.0% increase in gold price from $1,817
−Removed: on June 30, 2022 to 1,979.70 on March 31, 2023.
−Removed: 8.8% increase in the Trust’s net asset value per share, from $18.01 on June 30, 2022 to $19.60 on March 31, 2023 is directly related
−Removed: to the 9.0% increase in the price of gold.
−Removed: Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s
−Removed: fees, which were $1,175,718 for the period, or 0.131% of the Trust’s average weighted net assets of $895,437,601 during the nine-month
−Removed: The net asset value per share of $19.74 on March 25, 2023 was the highest during the period, compared with a low during the period
−Removed: of $16.13 on November 04, 2022.
−Removed: net increase in net assets resulting from operations for the 9 months period ending March 31, 2023 was $73,901,067, resulting from an
−Removed: unrealized gain on investment in gold bullion of $61,372,876, increased by a gain of $13,703,909 on metal sold to cover the redemption
−Removed: orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,175,718 Other than the Sponsor’s fees the Trust
−Removed: had no expenses during the quarter.
+Added: The net asset value per share of $19.55 on July 20, 2023, was the highest during the quarter, compared with a low during the quarter
+Added: of $18.50 on September 30, 2023.
+Added: decrease in net assets resulting from operations for the quarter ended September 30, 2023 was $20,388,392, resulting primarily from an
+Added: unrealized loss on investment in gold bullion of $24,285,145, reduced by a gain of $4,305,910 on metal sold to cover redemption orders
+Added: and Sponsor’s fees but increased by the Sponsor’s fees of $409,157.
+Added: Other than the Sponsor’s fees the Trust had no
+Added: 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.