1 unchanged sentence
Statements of Financial Condition
−Removed: At March 31, 2024 (unaudited) and September 30, 2023
+Added: At June 30, 2024 (unaudited) and September 30, 2023
(Amounts in 000’s of US$ except for share and per share data)
−Removed: Investments in Gold, at fair value (cost $ 45,873,497 and $ 47,094,463 at March 31, 2024 and September 30, 2023, respectively)
+Added: Investments in Gold, at fair value (cost $ 46,813,267 and $ 47,094,463 at June 30, 2024 and September 30, 2023, respectively)
$ 62,129,735 $ 52,539,161
14 unchanged sentences
(Amounts in 000 ’ s except for percentages)
−Removed: March 31, 2024
+Added: June 30, 2024
Ounces of gold
20 unchanged sentences
Unaudited Statements of Operations
−Removed: For the three and six months ended March 31, 2024 and March 31, 2023
+Added: For the three and nine months ended June 30, 2024 and June 30, 2023
(Amounts in 000’s of US$, except per share data)
22 unchanged sentences
Unaudited Statements of Cash Flows
−Removed: For the three and six months ended March 31, 2024 and March 31, 2023
+Added: For the three and nine months ended June 30, 2024 and June 30, 2023
(Amounts in 000’s of US$)
33 unchanged sentences
Unaudited Statements of Changes in Net Assets
−Removed: For the three and six months ended March 31, 2024 and March 31, 2023
+Added: For the three and nine months ended June 30, 2024 and June 30, 2023
(Amounts in 000’s of US$)
21 unchanged sentences
World Gold Trust Services, LLC is the sponsor of the Trust (the “Sponsor”).
−Removed: BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of the Trust (the “Trustee”).
+Added: The Bank of New York Mellon is the trustee of the Trust (the “Trustee”).
State Street Global Advisors Funds Distributors, LLC is the marketing agent of the Trust (the “Marketing Agent”).
8 unchanged sentences
Any losses sustained by the Trust will adversely affect the value of the Shares.
−Removed: 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.
−Removed: 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.
+Added: The Statements of Financial Condition and Schedules of Investment at June 30, 2024 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2024 and 2023 have been prepared on behalf of the Trust without audit.
+Added: 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 nine months ended June 30, 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.
−Removed: 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.
+Added: The results of operations for the three and nine months ended June 30, 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$)
−Removed: March 31, 2024
+Added: June 30, 2024
Investment in Gold
6 unchanged sentences
$ 52,539,161 $ — $ —
−Removed: 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.
+Added: There were no transfers between Level 1 and other Levels for the nine months ended June 30, 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”).
8 unchanged sentences
Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account.
−Removed: Generally, ownership of the gold is transferred within two business days of the trade date.
+Added: Generally, ownership of the gold is transferred within one business day of the trade date.
(Amounts in 000’s of US$)
1 unchanged sentence
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account.
−Removed: Generally, ownership of the gold is transferred within two business days of the trade date.
+Added: Generally, ownership of the gold is transferred within one business day of the trade date.
(Amounts in 000’s of US$)
4 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.
−Removed: Activity in the number and value of Shares created and redeemed for the six months ended March 31, 2024 and 2023 are as follows:
+Added: Activity in the number and value of Shares created and redeemed for the nine months ended June 30, 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.
−Removed: 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.
−Removed: 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.
+Added: The Trust’s net realized and change in unrealized gain on investment in gold for the nine months ended June 30, 2024 of $ 12,385,042 is made up of a realized gain of $ 32,838 from the sale of gold to pay expenses, a realized gain of $ 2,480,434 from gold distributed for the redemption of Shares, and a change in unrealized gain of $ 9,871,770 on investment in gold.
+Added: The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2023 of $ 6,936,307 is made up of a realized gain of $ 19,031 from the sale of gold to pay expenses, a realized gain of $ 1,162,868 from gold distributed for the redemption of Shares, and a change in unrealized gain of $ 5,754,408 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.
−Removed: 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 March 31, 2024 or September 30, 2023.
+Added: 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 June 30, 2024 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.
−Removed: As of March 31, 2024, the 2023, 2022 and 2021 tax years remain open for examination.
+Added: As of June 30, 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
−Removed: 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.
+Added: The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30, 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)
−Removed: For the three and six months ended March 31, 2024 and 2023
+Added: For the three and nine months ended June 30, 2024 and 2023
Net Asset Value
47 unchanged sentences
Share price & NAV v.
−Removed: gold price – November 18, 2004 to March 31, 2024
+Added: gold price – November 18, 2004 to June 30, 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.
16 unchanged sentences
Results of Operations
−Removed: 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.
−Removed: 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).
+Added: In the three months ended June 30, 2024, an additional 17,800,000 Shares (178 Baskets) were created in exchange for 1,647,304.7 ounces of gold, 17,900,000 Shares (179 Baskets) were redeemed in exchange for 1,656,500.9 ounces of gold, and 26,088.1 ounces of gold were sold to pay expenses.
+Added: At June 30, 2024, the amount of gold owned by the Trust and held by the Custodians was 26,654,826.5 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $62,129,735,073 based on the LBMA Gold Price PM on June 30, 2024 (cost— $46,813,267,130).
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
−Removed: At March 31, 2024, the Trust did not have any cash balances.
+Added: At June 30, 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.
−Removed: 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.
−Removed: Daily Gold Price – November 12, 2004 – March 31, 2024
+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, 2024 and is based on the LBMA Gold Price PM when available.
+Added: Daily Gold Price – November 12, 2004 – June 30, 2024
LBMA Gold Price PM USD
−Removed: 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:
−Removed: Three months ended June 30, 2021
+Added: 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 June 30, 2024, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:
Three months ended September 30, 2021
10 unchanged sentences
Three months ended March 31, 2024
−Removed: Twelve months ended March 31, 2022
−Removed: Twelve months ended March 31, 2023
−Removed: Twelve months ended March 31, 2024
−Removed: November 12, 2004 to March 31, 2024
+Added: Three months ended June 30, 2024
+Added: Twelve months ended June 30, 2022
+Added: Twelve months ended June 30, 2023
+Added: Twelve months ended June 30, 2024
+Added: November 12, 2004 to June 30, 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.