Gold Trust (the “Trust”) is an investment trust, formed on November 12, 2004 under New York law pursuant to a trust indenture (the “Trust Indenture”).
−Removed: The Trust holds gold and from time to time issues SPDR ®
+Added: holds gold and from time to time issues SPDR ®
Gold Shares (the “Shares”) in Baskets in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets.
142 unchanged sentences
Full Market Makers
+Added: Credit Suisse AG Zurich
+Added: Full Market Makers
Goldman Sachs International
6 unchanged sentences
Full Market Makers
+Added: BNP Paribas SA
Market Makers
5 unchanged sentences
Market Makers
−Removed: The Bank of Nova Scotia
−Removed: Market Makers
Toronto-Dominion Bank
56 unchanged sentences
dollars per ounce over the period from the day the Shares began trading on the NYSE on November 18, 2004 to September 30, 2022, and is based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London PM Fix.
+Added: Daily Gold Price – November 18, 2004 – September 30, 2022
+Added: LBMA Gold Price PM USD
Creation and Redemption of Shares
11 unchanged sentences
An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.
−Removed: Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian to establish an Authorized Participant Unallocated Account in London, or a Participant Unallocated Bullion Account Agreement.
+Added: Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian to establish an Authorized Participant Unallocated Account in London, or a
+Added: Participant Unallocated Bullion Account Agreement.
Authorized Participant Unallocated Accounts may only be used for transactions with the Trust.
1 unchanged sentence
Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold being deposited or withdrawn.
−Removed: The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold equal to the amount of gold standing to
−Removed: the credit of the account holder.
+Added: The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold equal to the amount of gold standing to the credit of the account holder.
Gold held in an unallocated account is not segregated from the Custodian’s assets.
45 unchanged sentences
The redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant’s Authorized Participant Unallocated Account representing the amount of the gold held by the Trust evidenced by the Shares being redeemed plus, or minus, the cash redemption amount.
−Removed: The cash redemption amount is equal to the value of all assets of the Trust other than gold less all estimated accrued expenses and other liabilities, divided by the number of Baskets outstanding and multiplied by the number of Baskets included in the
−Removed: Authorized Participant’s redemption order.
+Added: The cash redemption amount is equal to the value of all assets of the Trust other than gold less all estimated accrued expenses and other liabilities, divided by
+Added: the number of Baskets outstanding and multiplied by the number of Baskets included in the Authorized Participant’s redemption order.
The Sponsor anticipates that in the ordinary course of the Trust’s operations there will be no cash distributions made to Authorized Participants upon redemptions.
87 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: 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: On October 3, 2022, Inspectorate concluded 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 conducted most recently on April 29, 2022.
The Trustee has no right to visit the premises of any subcustodian for the purposes of examining the Trust’s gold or any records maintained by the subcustodian, and no subcustodian is obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such subcustodian.
24 unchanged sentences
The Sponsor and the World Gold Council (the “WGC”) entered into a license agreement, dated as of November 16, 2004, with the Marketing Agent.
−Removed: Under the license agreement, the Sponsor and the WGC granted the Marketing Agent a royalty-free, worldwide, non-exclusive,
+Added: Under the license agreement, the Sponsor and the WGC granted
+Added: the Marketing Agent a royalty-free, worldwide, non-exclusive,
non-transferable:
−Removed: (1) sublicense under the license
−Removed: agreement among the Sponsor, the WGC and BNYM, to BNYM’s patents and patent applications that cover securitized gold products in connection with the Marketing Agent’s performance of its services under the Marketing Agent Agreement;
+Added: (1) sublicense under the license agreement among the Sponsor, the WGC and BNYM, to BNYM’s patents and patent applications that cover securitized gold products in connection with the Marketing Agent’s performance of its services under the Marketing Agent Agreement;
and (2) a license to the Sponsor’s and the WGC’s patents, patent applications and intellectual property and trade name and trademark rights in connection with the Marketing Agent’s performance of its services under the Marketing Agent Agreement and for the purpose of establishing, operating and marketing financial products involving the securitization of gold.
39 unchanged sentences
The subcustodians that the Custodian may utilize are the Bank of England, The Bank of Nova Scotia-ScotiaMocatta, ICBC Standard Bank Plc, JPMorgan Chase Bank and UBS AG.
−Removed: During the year ended September 30, 2021, no gold was held by a subcustodian.
+Added: A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.
In accordance with LBMA practices and customs, the Custodian does not have written custody agreements with the subcustodians it selects.
186 unchanged sentences
Shareholder immediately prior to the redemption.
−Removed: Shareholder’s holding period with respect to the gold received should include the period during which the U.S.
+Added: Shareholder’s holding period with respect to the gold
+Added: received should include the period during which the U.S.
Shareholder held the Shares redeemed.
20 unchanged sentences
However, if an individual U.S.
−Removed: Shareholder is otherwise subject to a rate lower than 28%, the 28% rate does not apply and such lower rate will apply.
+Added: Shareholder is otherwise subject to a rate lower than 28%, if the gain was ordinary income due to being in a lower bracket, the 28% rate does not apply and such lower rate will apply.
For these purposes, a gain recognized by an individual upon the sale of an interest (such as the Shares) in a trust that holds collectibles is treated as gain recognized on the sale of collectibles, to the extent that such gain is attributable to unrealized appreciation in the value of the collectibles held by the trust.
20 unchanged sentences
Shareholders that are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions.
−Removed: An individual
+Added: An individual U.S.
Shareholder may not deduct miscellaneous itemized deductions for tax years beginning after December 31, 2017 and before January 1, 2026.
21 unchanged sentences
Gold Bullion”)—by an individual retirement account, or IRA, or a participant-directed account maintained under any plan that is tax-qualified
−Removed: under Code Section 401(a), is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the plan account is maintained, of an amount equal to the cost to the account of acquiring the collectible.
+Added: under Code Section 401(a), is treated as an immediate taxable distribution from the account to the owner of the IRA, or to the participant for whom the plan account is maintained, of an amount equal to the cost to the account of acquiring the collectible.
The Sponsor has received a private letter ruling from the IRS concluding that a purchase of Shares by an IRA, or by a participant-directed account under a Code Section 401(a) plan (a “plan account”), will not be treated as the acquisition of a collectible by the IRA or plan, and will not result in a taxable distribution to the IRA owner or plan participant under Code Section 408(m).
75 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.