17 unchanged sentences
of gold) since the day the Shares first began trading on the NYSE and subsequent transfer to NYSE Arca:
+Added: Share price & NAV v.
+Added: gold price – November 18, 2004 to March 31, 2021
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.
2 unchanged sentences
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.
−Removed: If no LBMA Gold Price PM is announced on a particular evaluation day or
−Removed: 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: 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.
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.
6 unchanged sentences
A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th
−Removed: On June 5, 2020, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian.
−Removed: On October 7, 2020, Inspectorate concluded reconciliation procedures from June 5, 2020 through September 30, 2020.
+Added: On October 7, 2020, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian.
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.
2 unchanged sentences
Results of Operations
−Removed: 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.
−Removed: 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: In the three months ended March 31, 2021, an additional 22,600,000 Shares (226 Baskets) were created in exchange for 2,118,994.0 ounces of gold, 67,900,000 Shares (679 Baskets) were redeemed in exchange for 6,364,791.0 ounces of gold, and 38,000.2 ounces of gold were sold to pay expenses.
+Added: At March 31, 2021, the amount of gold owned by the Trust and held by the Custodian in its vault was 33,356,509 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $56,407,523,950 based on the LBMA Gold Price PM on March 31, 2021 (cost—$50,782,719,858).
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 December 31, 2020, the Trust did not have any cash balances.
+Added: At March 31, 2021, 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 January 1, 2016 to December 31, 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 April 1, 2016 to March 31, 2021 and is based on the LBMA Gold Price PM when available.
+Added: Daily Gold Price - April 1, 2016 - March 31, 2021
+Added: LBMA Gold Price PM USD
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 December 31, 2020, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
−Removed: Three months to March 31, 2018
+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 March 31, 2021, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
Three months to June 30, 2018
11 unchanged sentences
Three months to December 31, 2020
−Removed: Twelve months ended December 31, 2018
−Removed: Twelve months ended December 31, 2019
−Removed: Twelve months ended December 31, 2020
−Removed: November 12, 2004 to December 31, 2020
+Added: Three months to March 31, 2021
+Added: Twelve months ended March 31, 2019
+Added: Twelve months ended March 31, 2020
+Added: Twelve months ended March 31, 2021
+Added: November 12, 2004 to March 31, 2021
The end of period gold price is the LBMA Gold Price PM 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.