What changed in this filing

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Item 1. Financial Statements

2025-08-06 compared with 2025-05-07 · 35 added, 35 removed, 345 unchanged (17% of the section changed)

1 unchanged sentence

Statements of Financial Condition

At March 31, 2025 (unaudited) and September 30, 2024

At June 30, 2025 (unaudited) and September 30, 2024

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

Investments in Gold, at fair value (cost $ 61,461,450 and $ 50,991,703 at March 31, 2025 and September 30, 2024, respectively)

Investments in Gold, at fair value (cost $ 68,087,739 and $ 50,991,703 at June 30, 2025 and September 30, 2024, respectively)

$ 100,919,788 $ 73,727,700

1 unchanged sentence

$ 100,919,788 $ 73,727,700

$ 93,480,906 $ 73,727,700

Accounts payable to Sponsor

12 unchanged sentences

(Amounts in 000 ’ s except for percentages)

March 31, 2025

June 30, 2025

Ounces of gold

20 unchanged sentences

Unaudited Statements of Operations

For the three and six months ended March 31, 2025 and March 31, 2024

For the three and nine months ended June 30, 2025 and June 30, 2024

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

22 unchanged sentences

Unaudited Statements of Cash Flows

For the three and six months ended March 31, 2025 and March 31, 2024

For the three and nine months ended June 30, 2025 and June 30, 2024

(Amounts in 000’s of US$)

33 unchanged sentences

Unaudited Statements of Changes in Net Assets

For the three and six months ended March 31, 2025 and March 31, 2024

For the three and nine months ended June 30, 2025 and June 30, 2024

(Amounts in 000’s of US$)

32 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 March 31, 2025 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2025 and 2024 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, 2025 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at June 30, 2025 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2025 and 2024 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 nine months ended June 30, 2025 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, 2024.

The results of operations for the three and six months ended March 31, 2025 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and nine months ended June 30, 2025 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$)

March 31, 2025

June 30, 2025

Investment in Gold

6 unchanged sentences

$ 73,727,700 $ — $ —

There were no transfers between Level 1 and other Levels for the six months ended March 31, 2025, or for the year ended September 30, 2024.

There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2025, or for the year ended September 30, 2024.

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”).

11 unchanged sentences

Gold receivable

$ 143,639 $ —

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.

1 unchanged sentence

(Amounts in 000’s of US$)

$ 242,297 $ —

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 six months ended March 31, 2025 and 2024 are as follows:

Activity in the number and value of Shares created and redeemed for the nine months ended June 30, 2025 and 2024 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/(loss) on investment in gold for the three and six months ended March 31, 2025 of $ 14,352,151 and $ 13,823,510 , respectively, is made up of a realized gain/(loss) of $ 24,129 and $ 46,435 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 2,484,386 and $ 4,637,254 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 11,843,636 and $ 9,139,821 , respectively, on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2024 of $ 3,976,266 and $ 9,302,781 , respectively, is made up of a realized gain/(loss) of $ 9,826 and $ 17,044 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 993,325 and $ 1,502,685 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 2,973,115 and $ 7,783,052 , respectively, on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2025 of $ 5,154,348 and $ 18,977,858 , respectively, is made up of a realized gain/(loss) of $ 32,750 and $ 79,185 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 4,165,367 and $ 8,802,621 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 956,231 and $ 10,096,052 , respectively, on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2024 of $ 3,082,261 and $ 12,385,042 , respectively, is made up of a realized gain/(loss) of $ 15,794 and $ 32,838 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 977,749 and $ 2,480,434 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 2,088,718 and $ 9,871,770 , respectively, 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 March 31, 2025 or September 30, 2024.

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 March 31, 2025, the 2024, 2023 and 2022 tax years remain open for examination.

As of June 30, 2025, the 2024, 2023 and 2022 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 and six months ended March 31, 2025 and 2024, respectively.

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, 2025 and 2024, 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 and six months ended March 31, 2025 and 2024

For the three and nine months ended June 30, 2025 and 2024

Net Asset Value

27 unchanged sentences

Subsequent Events

There are no known events that have occurred subsequent to March 31, 2025 that require additional disclosure in these financial statements.

There are no known events that have occurred subsequent to June 30, 2025 that require additional disclosure in these financial statements.

New Accounting Pronouncement

In November 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, which introduced new annual and interim disclosure requirements for all public entities and modified some existing disclosures.

14 unchanged sentences

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

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

LLC, 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 March 31, 2025

gold price – November 18, 2004 to June 30, 2025

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.

18 unchanged sentences

Results of Operations

In the three months ended March 31, 2025, an additional 51,900,000 Shares (519 Baskets) were created in exchange for 4,788,091.9 ounces of gold, 30,400,000 Shares (304 Baskets) were redeemed in exchange for 2,804,908.2 ounces of gold, and 54,455.1 ounces of gold were sold to pay expenses.

In the three months ended June 30, 2025, an additional 47,100,000 Shares (471 Baskets) were created in exchange for 4,341,804.7 ounces of gold, 40,100,000 Shares (401 Baskets) were redeemed in exchange for 3,696,680.7 ounces of gold, and 29,284.8 ounces of gold were sold to pay expenses.

For accounting purposes, GLD reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received.

1 unchanged sentence

These creations and redemptions were completed in the normal course of business.

At March 31, 2025, the amount of gold owned by the Trust and held by the Custodians was 29,962,848.0 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $93,337,267,851 based on the LBMA Gold Price PM on March 31, 2025 (cost— $61,461,450,180).

At June 30, 2025, the amount of gold owned by the Trust and held by the Custodians was 30,698,501.3 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $100,919,788,194 based on the LBMA Gold Price PM on June 30, 2025 (cost— $68,087,738,745).

At September 30, 2024, the amount of gold owned by the Trust and held by the Custodians was 28,033,879.111 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $73,727,700,368 based on the LBMA Gold Price PM on September 30, 2024 (cost— $50,991,703,359).

Cash Resources and Liquidity

At March 31, 2025, the Trust did not have any cash balances.

At June 30, 2025, 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 March 31, 2025 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – March 31, 2025

The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to June 30, 2025 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – June 30, 2025

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 March 31, 2025, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:

Three months ended June 30, 2022

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, 2025, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:

Three months ended September 30, 2022

9 unchanged sentences

Three months ended March 31, 2025

Twelve months ended March 31, 2023

Twelve months ended March 31, 2024

Twelve months ended March 31, 2025

November 12, 2004 to March 31, 2025

Three months ended June 30, 2025

Twelve months ended June 30, 2023

Twelve months ended June 30, 2024

June 28, 2024

Twelve months ended June 30, 2025

November 12, 2004 to June 30, 2025

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