18 unchanged sentences
Share price & NAV v.
−Removed: gold price – November 18, 2004 to March 31, 2022
+Added: gold price – November 18, 2004 to June 30, 2022
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.
11 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 October 5, 2021, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian.
+Added: On October 5, 2021, Inspectorate completed the annual full count of the Trust’s gold bullion held by the Custodian.
+Added: The second count is a random sample count and is conducted at a date which falls within the same financial year and was completed most recently on May 16, 2022.
+Added: The results can be found on www.spdrgoldshares.com
+Added: The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.
Recent Developments
2 unchanged sentences
In late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west.
−Removed: The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares.
−Removed: The conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.
−Removed: On March 6, 2022, the LBMA suspended its accreditation of six Russian precious metals refiners, hence suspending their access to the world’s largest gold market.
+Added: On March 7, 2022, the LBMA suspended its accreditation of six Russian precious metals refiners.
+Added: The LBMA stated that existing bars produced by the refiners before their suspension will still be accepted as good delivery.
+Added: Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022.
+Added: Similarly, US regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022 and EU regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.
+Added: The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold
+Added: and the price of the Shares.
+Added: In addition, the conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.
War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including precious metals prices.
These events are unpredictable and may lead to extended periods of price volatility.
−Removed: To date, the impact of the conflict in Ukraine has not materially affected the operations of the Trust and has not negatively impacted the price of gold and the share price of the Trust.
+Added: To date, the impact of the conflict in Ukraine, including the regulatory responses to such conflict, have not materially affected the operations of the Trust and have not materially impacted the price of gold or the share price of the Trust.
Results of Operations
−Removed: In the three months ended March 31, 2022, an additional 55,600,000 Shares (556 Baskets) were created in exchange for 5,190,804.4 ounces of gold, 15,400,000 Shares (154 Baskets) were redeemed in exchange for 1,437,720.2 ounces of gold, and 30,926.1 ounces of gold were sold to pay expenses.
−Removed: At March 31, 2022, the amount of gold owned by the Trust and held by the Custodian in its vault was 35,090,730 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $68,151,460,785 based on the LBMA Gold Price PM on March 31, 2022 (cost—$56,276,018,405).
+Added: In the three months ended June 30, 2022, an additional 25,900,000 Shares (259 Baskets) were created in exchange for 2,415,876.5 ounces of gold, 39,700,000 Shares (397 Baskets) were redeemed in exchange for 3,702,812.2 ounces of gold, and 35,368.8 ounces of gold were sold to pay expenses.
+Added: At June 30, 2022, the amount of gold owned by the Trust and held by the Custodian in its vault was 33,898,942 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $61,594,419,304 based on the LBMA Gold Price PM on June 30, 2022 (cost—$55,048,557,435).
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 March 31, 2022, the Trust did not have any cash balances.
+Added: At June 30, 2022, 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.
As a consequence, we expect that the Trust will not record any net cash flow from its operations and that its cash balance will be zero at the end of each reporting period.
−Removed: Analysis of Movements in the Price of Gold
+Added: Movements in the Price of Gold
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.
Investors, however, should also be aware that past movements in the gold price are not indicators of future movements.
−Removed: 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 November 4, 2004 to March 31, 2022 and is based on the LBMA Gold Price PM when available.
−Removed: Daily Gold Price – November 4, 2004 – March 31, 2022
+Added: The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to June 30, 2022 and is based on the LBMA Gold Price PM when available.
+Added: Daily Gold Price – November 12, 2004 – June 30, 2022
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 March 31, 2022, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
−Removed: Three months to June 30, 2019
+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 June 30, 2022, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
Three months to September 30, 2019
9 unchanged sentences
Three months to March 31, 2022
−Removed: Twelve months ended March 31, 2020
−Removed: Twelve months ended March 31, 2021
−Removed: Twelve months ended March 31, 2022
−Removed: November 12, 2004 to March 31, 2022
+Added: Three months to June 30, 2022
+Added: Twelve months ended June 30, 2020
+Added: Twelve months ended June 30, 2021
+Added: Twelve months ended June 30, 2022
+Added: November 12, 2004 to June 30, 2022
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.