18 unchanged sentences
Share price & NAV v.
−Removed: gold price – November 18, 2004 to June 30, 2021
+Added: gold price – November 18, 2004 to December 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.
16 unchanged sentences
Results of Operations
−Removed: In the three months ended June 30, 2021, an additional 22,400,000 Shares (224 Baskets) were created in exchange for 2,097,417.2 ounces of gold, 19,200,000 Shares (192 Baskets) were redeemed in exchange for 1,797,996.7 ounces of gold, and 33,100.4 ounces of gold were sold to pay expenses.
−Removed: At June 30, 2021, the amount of gold owned by the Trust and held by the Custodian in its vault was 33,622,829 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $59,282,090,555 based on the LBMA Gold Price PM on June 30, 2021 (cost—$51,842,845,030).
+Added: In the three months ended December 31, 2021, an additional 9,600,000 Shares (96 Baskets) were created in exchange for 897,188.8 ounces of gold, 14,200,000 Shares (142 Baskets) were redeemed in exchange for 1,327,131.5 ounces of gold, and 31,886.1 ounces of gold were sold to pay expenses.
+Added: At December 31, 2021, the amount of gold owned by the Trust and held by the Custodian in its vault was 31,368,572 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $57,093,938,097 based on the LBMA Gold Price AM on December 31, 2021 (cost—$48,753,564,928).
At September 30, 2021, the amount of gold owned by the Trust and held by the Custodian in its vault was 31,830,401 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $55,474,022,504 based on the LBMA Gold Price PM on September 30, 2021 (cost—$49,227,343,846).
Cash Resources and Liquidity
−Removed: At June 30, 2021, the Trust did not have any cash balances.
+Added: At December 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.
2 unchanged sentences
As movements in the price of gold are expected to directly affect the price of the Trust’s Shares, investors should understand what the recent movements in the price of gold have been.
−Removed: Investors, however, should also be aware
−Removed: that past movements in the gold price are not indicators of future movements.
+Added: Investors, however, should also be aware that past movements in the gold price are not indicators of future movements.
This section identifies recent trends in the movements of the gold price.
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, 2016 to June 30, 2021 and is based on the LBMA Gold Price PM when available.
−Removed: Daily Gold Price – July 1, 2016 – June 30, 2021
+Added: The chart illustrates movements in the price of gold in US dollars per ounce over the period from January 1, 2017 to December 31, 2021 and is based on the LBMA Gold Price PM when available.
+Added: Daily Gold Price – January 1, 2017 – December 31, 2021
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 June 30, 2021, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
−Removed: Three months to September 30, 2018
−Removed: Three months to December 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 December 31, 2021, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
Three months to March 31, 2019
8 unchanged sentences
Three months to June 30, 2021
−Removed: Twelve months ended June 30, 2019
−Removed: Twelve months ended June 30, 2020
−Removed: Twelve months ended June 30, 2021
−Removed: November 12, 2004 to June 30, 2021
+Added: Three months to September 30, 2021
+Added: Three months to December 31, 2021
+Added: Twelve months ended December 31, 2019
+Added: Twelve months ended December 31, 2020
+Added: Twelve months ended December 31, 2021
+Added: November 12, 2004 to December 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.