What changed in this filing

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Item 1. Financial Statements

2024-05-08 compared with 2024-02-08 · 40 added, 33 removed, 326 unchanged (18% of the section changed)

1 unchanged sentence

Statements of Financial Condition

At December 31, 2023 (unaudited) and September 30, 2023

At March 31, 2024 (unaudited) and September 30, 2023

(Amounts in 000’s of US$ except for share and per share data)

Investments in Gold, at fair value (cost $ 48,210,296 and $ 47,094,463 at December 31, 2023 and September 30, 2023, respectively)

Investments in Gold, at fair value (cost $ 45,873,497 and $ 47,094,463 at March 31, 2024 and September 30, 2023, respectively)

$ 59,101,247 $ 52,539,161

14 unchanged sentences

(Amounts in 000 ’ s except for percentages)

December 31, 2023

March 31, 2024

Ounces of gold

20 unchanged sentences

Unaudited Statements of Operations

For the three months ended December 31, 2023 and December 31, 2022

For the three and six months ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$, except per share data)

6 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay expenses

9,826 6,534 17,044 9,227

Net realized gain/(loss) from gold distributed for the redemption of shares

13 unchanged sentences

Unaudited Statements of Cash Flows

For the three months ended December 31, 2023 and December 31, 2022

For the three and six months ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$)

7 unchanged sentences

Cash and cash equivalents at end of period

$ — $ — $ — $ —

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:

17 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

( 80 ) 1,270 1,529 2,075

Net cash provided by operating activities

$ 0 $ 0 $ 0 $ 0

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Statements of Changes in Net Assets

For the three months ended December 31, 2023 and December 31, 2022

For the three and six months ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$)

6 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay expenses

9,826 6,534 17,044 9,227

Net realized gain/(loss) from gold distributed for the redemption of shares

23 unchanged sentences

Any losses sustained by the Trust will adversely affect the value of the Shares.

The Statements of Financial Condition and Schedules of Investment at December 31, 2023 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three months ended December 31, 2023 and 2022 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three months ended December 31, 2023 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at March 31, 2024 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2024 and 2023 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and six months ended March 31, 2024 and for all periods presented have been made.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.

The results of operations for the three months ended December 31, 2023 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and six months ended March 31, 2024 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

21 unchanged sentences

(Amounts in 000’s of US$)

December 31, 2023

March 31, 2024

Investment in Gold

6 unchanged sentences

$ 52,539,161 $ — $ —

There were no transfers between Level 1 and other Levels for the three months ended December 31, 2023, or for the year ended September 30, 2023.

There were no transfers between Level 1 and other Levels for the six months ended March 31, 2024, or for the year ended September 30, 2023.

The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process as well as the overall administration and governance for the London Bullion Market Association (“LBMA”).

14 unchanged sentences

(Amounts in 000’s of US$)

$ 172,607 $ —

Creations and Redemptions of Shares

3 unchanged sentences

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes.

Activity in the number and value of Shares created and redeemed for the three months ended December 31, 2023 and 2022 are as follows:

Activity in the number and value of Shares created and redeemed for the six months ended March 31, 2024 and 2023 are as follows:

(Amounts are in 000’s)

15 unchanged sentences

A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay expenses on the Statements of Operations.

The Trust’s net realized and change in unrealized gain on investment in gold for the three months ended December 31, 2023 of $ 5,326,515 is made up of a realized gain of $ 7,218 from the sale of gold to pay expenses, a realized gain of $ 509,360 from gold distributed for the redemption of Shares, and a change in unrealized gain of $ 4,809,937 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2022 of $ 4,082,272 is made up of a realized gain of $ 2,693 from the sale of gold to pay expenses, a realized gain of $ 175,718 from gold distributed for the redemption of Shares, and a change in unrealized gain of $ 3,903,862 on investment in gold.

The Trust’s net realized and change in unrealized gain on investment in gold for the six months ended March 31, 2024 of $ 9,302,781 is made up of a realized gain of $ 17,044 from the sale of gold to pay expenses, a realized gain of $ 1,502,685 from gold distributed for the redemption of Shares, and a change in unrealized gain of $ 7,783,052 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2023 of $ 8,960,051 is made up of a realized gain of $ 9,227 from the sale of gold to pay expenses, a realized gain of $ 487,880 from gold distributed for the redemption of Shares, and a change in unrealized gain of $ 8,462,944 on investment in gold.

The Trust is classified as a “grantor trust” for U.S.

3 unchanged sentences

Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2023 or September 30, 2023.

The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

2 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of December 31, 2023, the 2022, 2021 and 2020 tax years remain open for examination.

As of March 31, 2024, the 2023, 2022 and 2021 tax years remain open for examination.

There were no examinations in progress at period end.

25 unchanged sentences

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three months ended December 31, 2023 and 2022, respectively.

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended March 31, 2024 and 2023, respectively.

The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period.

1 unchanged sentence

Financial Highlights (Unaudited)

For the three months ended December 31, 2023 and 2022

For the three and six months ended March 31, 2024 and 2023

Net Asset Value

4 unchanged sentences

Net Realized and Change in Unrealized Gain/(Loss)

14.07 15.56 31.87 28.66

Net Income/(Loss)

13.88 15.39 31.49 28.32

Net Asset Value per Share, end of period

29 unchanged sentences

("JPMorgan" and each of HSBC and JPMorgan, a "Custodian" and together, the “Custodians”) on behalf of the Trust.

As of the date of this quarterly report, Goldman, Sachs & Co., Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P.

As of the date of this quarterly report, Goldman Sachs & Co.

LLC, Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P.

Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.

5 unchanged sentences

Share price & NAV v.

gold price – November 18, 2004 to December 31, 2023

gold price – November 18, 2004 to March 31, 2024

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.

12 unchanged sentences

On October 2, 2023, Inspectorate concluded the annual full count of the Trust’s gold bullion held by HSBC at its London vault and JPMorgan at its London and New York vaults.

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 at JPMorgan's London vault on March 24, 2023, and at HSBC's vault on April 5, 2023.

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 at JPMorgan's London vault on March 19, 2024, JPMorgan's New York vault on April 4, 2024, and at HSBC's London vault on April 2, 2024.

The results can be found on www.spdrgoldshares.com .

1 unchanged sentence

Results of Operations

In the three months ended December 31, 2023, an additional 23,200,000 Shares (232 Baskets) were created in exchange for 2,151,099.2 ounces of gold, 21,000,000 Shares (210 Baskets) were redeemed in exchange for 1,947,265.3 ounces of gold, and 27,816.1 ounces of gold were sold to pay expenses.

At December 31, 2023, the amount of gold owned by the Trust and held by the Custodians was 28,348,007.6 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $58,464,930,852 based on the LBMA Gold Price PM on December 31, 2023 (cost— $48,210,295,911).

In the three months ended March 31, 2024, an additional 13,800,000 Shares (138 Baskets) were created in exchange for 1,278,003.3 ounces of gold, 30,500,000 Shares (305 Baskets) were redeemed in exchange for 2,825,154.9 ounces of gold, and 27,053.0 ounces of gold were sold to pay expenses.

At March 31, 2024, the amount of gold owned by the Trust and held by the Custodians was 26,690,110.8 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $59,101,246,874 based on the LBMA Gold Price PM on March 31, 2024 (cost— $45,873,496,634).

At September 30, 2023, the amount of gold owned by the Trust and held by the Custodians was 28,088,297.6 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $52,539,160,689 based on the LBMA Gold Price PM on September 30, 2023 (cost— $47,094,462,787).

Cash Resources and Liquidity

At December 31, 2023, the Trust did not have any cash balances.

At March 31, 2024, 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.

4 unchanged sentences

The following chart provides historical background on the price of gold.

The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to December 31, 2023 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – December 31, 2023

The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to March 31, 2024 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – March 31, 2024

LBMA Gold Price PM USD

The average, high, low and end-of-period 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, 2023, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:

Three months ended March 31, 2021

The average, high, low and end-of-period 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, 2024, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:

Three months ended June 30, 2021

10 unchanged sentences

Three months ended December 31, 2023

Twelve months ended December 31, 2021

Twelve months ended December 31, 2022

Twelve months ended December 31, 2023

November 12, 2004 ended December 31, 2023

Three months ended March 31, 2024

Twelve months ended March 31, 2022

Twelve months ended March 31, 2023

Twelve months ended March 31, 2024

November 12, 2004 to March 31, 2024

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.

What changed 10-Q

Item 1. Financial Statements