16 unchanged sentences
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.
−Removed: of gold) since the day the Shares first began trading on the NYSE:
+Added: of gold) since the day the Shares first began trading on the NYSE and subsequent transfer to NYSE Arca:
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.
1 unchanged sentence
Valuation of Gold, Definition of NAV
−Removed: 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
−Removed: the day or 12:00 PM New York time.
−Removed: 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.
+Added: 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.
+Added: If no LBMA Gold Price PM is announced on a particular evaluation day or
+Added: 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.
4 unchanged sentences
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.
−Removed: Inspectorate International Limited conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodian.
+Added: 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
+Added: On June 5, 2020, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian.
+Added: On October 7, 2020, Inspectorate concluded reconciliation procedures from June 5, 2020 through September 30, 2020.
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 February 24, 2020.
+Added: The results can be found on www.spdrgoldshares.com
The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.
−Removed: Recent Developments
−Removed: The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including the ongoing novel coronavirus pandemic (the “COVID-19
−Removed: Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate.
−Removed: pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures).
−Removed: pandemic has had and will likely continue to have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.
−Removed: Governmental authorities and regulators throughout the world have, in the past, responded to major economic disruptions with a variety of fiscal and monetary policy changes, such as quantitative easing, new monetary programs and lower interest rates.
−Removed: An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market generally, and could specifically increase volatility in the market for gold, which could adversely affect the price of the Shares.
−Removed: The outbreak could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares.
−Removed: The duration of the outbreak and its effects cannot be determined with any reasonable amount of certainty.
−Removed: A prolonged outbreak could result in an increase of the costs of the Trust, affect liquidity in the market for gold as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely and materially affect the value of your Shares.
−Removed: The outbreak could impair information technology and other operational systems upon which the Trust’s service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust.
−Removed: To date, the impact of COVID-19
−Removed: has not materially affected the operations of the Trust.
Results of Operations
−Removed: In the three months ended June 30, 2020, an additional 81,100,000 Shares (811 Baskets) were created in exchange for 7,625,451.5 ounces of gold, 8,300,000 Shares (83 Baskets) were redeemed in exchange for 780,277.5 ounces of gold, and 32,347.9 ounces of gold were sold to pay expenses.
−Removed: At June 30, 2020, the Custodian held 37,902,740.8 ounces of gold on behalf of the Trust, 100% of which is allocated gold in the form of good delivery gold bars with a market value of $67,015,836,086 (cost—$54,307,578,223) and which includes gold held with a subcustodian (Bank of England).
−Removed: The greatest amount of gold held by Bank of England during the quarter ended June 30, 2020 was approximately 2,251,607 ounces or 6.3% of the Trust’s gold on May 21, 2020.
−Removed: At June 30, 2020, Bank of England held approximately 1,283,665 ounces or 3.4% of the Trust’s gold in an allocated account.
−Removed: As at September 30, 2019, the Custodian held 29,737,588 ounces of gold in its vault, 100% of which is allocated gold in the form of good delivery gold bars with a market value of $44,169,239,649 (cost—$39,069,053,854).
−Removed: Subcustodians did not hold any gold on behalf of the Trust.
−Removed: On September 19, 2019, Inspectorate International Limited, or Inspectorate, concluded the annual full count of the Trust’s gold bullion held by the Custodian.
−Removed: On October 1, 2019, Inspectorate concluded reconciliation procedures from June 28, 2019 through September 30, 2019.
−Removed: The results can be found on www.spdrgoldshares.com.
+Added: In the three months ended December 31, 2020, an additional 15,800,000 Shares (158 Baskets) were created in exchange for 1,482,745.4 ounces of gold, 49,000,000 Shares (490 Baskets) were redeemed in exchange for 4,597,859.0 ounces of gold, and 40,595.2 ounces of gold were sold to pay expenses.
+Added: At December 31, 2020, the amount of gold owned by the Trust and held by the Custodian in its vault was 37,612,170 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $71,128,373,762 based on the LBMA Gold Price PM on December 31, 2020 (cost—$56,553,516,920).
+Added: At September 30, 2020, the amount of gold owned by the Trust and held by the Custodian in its vault was 40,796,015 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $76,978,000,158 based on the LBMA Gold Price PM on September 30, 2020 (cost—$60,743,750,288).
Cash Resources and Liquidity
−Removed: At June 30, 2020, the Trust did not have any cash balances.
+Added: At December 31, 2020, the Trust did not have any cash balances.
When selling gold to pay expenses, the Trustee endeavors to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold.
5 unchanged sentences
The following chart provides historical background on the price of gold.
−Removed: The chart illustrates movements in the price of gold in US dollars per ounce over the period from July 1, 2015 to June 30, 2020 and is based on the LBMA Gold Price PM when available.
+Added: The chart illustrates movements in the price of gold in US dollars per ounce over the period from January 1, 2016 to December 31, 2020 and is based on the LBMA Gold Price PM when available.
The average, high, low and end-of-period
−Removed: gold prices for the three and twelve-month periods over the prior three years and for the period from the Date of Inception through June 30, 2020, based on the LBMA Gold Price PM, were:
−Removed: Three months to September 30, 2017
−Removed: July 11, 2017
−Removed: Three months to December 31, 2017
+Added: gold prices for the three and twelve-month periods over the prior three years and for the period from the Date of Inception through December 31, 2020, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
Three months to March 31, 2018
10 unchanged sentences
Three months to June 30, 2020
−Removed: June 29, 2020
−Removed: June 30, 2020
−Removed: Twelve months ended June 30, 2018
−Removed: June 29, 2018
−Removed: Twelve months ended June 30, 2019
−Removed: June 25, 2019
−Removed: June 28, 2019
−Removed: Twelve months ended June 30, 2020
−Removed: June 29, 2020
−Removed: June 30, 2020
−Removed: November 12, 2004 to June 30, 2020
−Removed: June 30, 2020
+Added: Three months to September 30, 2020
+Added: Three months to December 31, 2020
+Added: Twelve months ended December 31, 2018
+Added: Twelve months ended December 31, 2019
+Added: Twelve months ended December 31, 2020
+Added: November 12, 2004 to December 31, 2020
The end of period gold price is the LBMA Gold Price PM on the last business day of the period.
1 unchanged sentence
There was no LBMA Gold Price PM on the last business day of December 2020, 2019 or 2018.
−Removed: The LBMA Gold Price AM on the last business day of December 2019, 2018 or 2017 was $1,523.00, $1,281.65 and $1,296.50, respectively.
+Added: The LBMA Gold Price AM on the last business day of December 2020, 2019 and 2018 was $ 1,891.10, $1,523.00 and $1,281.65, respectively.
The Net Asset Value of the Trust on December 31, 2020, 2019 and 2018 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture.
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.