16 unchanged sentences
Gold MiniShares SM
−Removed: Trust (“GLDM”) is operational as of December 31, 2021.
+Added: Trust (“GLDM”) is operational as of March 31, 2022.
GLDM commenced operations on June 26, 2018.
9 unchanged sentences
Share price & NAV v.
−Removed: gold price - June 26, 2018 to December 31, 2021
+Added: gold price - June 26, 2018 to March 31, 2022
Critical Accounting Policy
13 unchanged sentences
On October 4, 2021, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian.
−Removed: On October 4, 2021, Inspectorate concluded reconciliation procedures from September 17, 2021 through September 30, 2021.
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 May 14, 2021.
1 unchanged sentence
The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.
+Added: Recent Developments
+Added: GLDM as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events and the continuation of the war in the Ukraine or other hostilities.
+Added: Geopolitical events and the continuation of the hostilities in the Ukraine or other hostilities could disrupt and potentially impact the business activities of the Sponsor and its service providers and have an adverse effect on GLDM.
+Added: 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.
+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 and the price of the Shares.
+Added: 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.
+Added: 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: 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.
+Added: These events are unpredictable and may lead to extended periods of price volatility.
+Added: To date, the impact of the conflict in Ukraine has not materially affected the operations of GLDM and has not negatively impacted the price of gold and the price of the Shares.
Results of Operations
−Removed: In the three months ended December 31, 2021, 3,800,000 Shares (38 Creation Units) were created in exchange for 37,765.4 ounces of gold, 16,200,000 Shares (162 Creation Units) were redeemed in exchange for 161,039.2 ounces of gold and 1,107.9 ounces of gold were sold to pay Sponsor fees.
+Added: In the three months ended March 31, 2022, 19,000,000 Shares (190 Creation Units) were created in exchange for 377,505.1 ounces of gold, 4,050,000 Shares (40.5 Creation Units) were redeemed in exchange for 80,475.5 ounces of gold and 1,006.2 ounces of gold were sold to pay Sponsor fees.
For accounting purposes, GLDM 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 were completed in the normal course of business.
−Removed: At December 31, 2021, the amount of gold owned by GLDM and held by the Custodian in its vault was 2,393,251.2 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $4,355,956,547 based on the LBMA Gold Price AM on December 31, 2021 (cost — $4,032,594,479).
−Removed: Subcustodians did not hold any gold in their vaults on behalf of GLDM.
+Added: At March 31, 2022, the amount of gold owned by GLDM and held by the Custodian in its vault was 2,669,407.2 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $5,184,388,676 based on the LBMA Gold Price PM on March 31, 2022 (cost — $4,585,121,287).
As at September 30, 2021, the amount of gold owned by GLDM and held by the custodian in its vault was 2,517,632.7 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $4,387,730,778 based on the LBMA Gold Price PM on September 30, 2021 (cost — $4,237,695,934).
−Removed: Subcustodians did not hold any gold in their vaults on behalf of GLDM.
Cash Resources and Liquidity
−Removed: At December 31, 2021, GLDM did not have any cash balances.
+Added: At March 31, 2022, GLDM did not have any cash balances.
When selling gold to pay expenses, GLDM endeavors to sell the exact amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold or any gold receivable.
4 unchanged sentences
The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S.
−Removed: dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to December 31, 2021.
−Removed: Daily Gold Price - June 26, 2018 to December 31, 2021
+Added: dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to March 31, 2022.
+Added: Daily Gold Price - June 26, 2018 to March 31, 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 June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through December 31, 2021, based on the LBMA Gold Price PM, were:
−Removed: Three months to March 31, 2019
+Added: gold prices for the three and twelve-month periods over the prior three years and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through March 31, 2022, based on the LBMA Gold Price PM, were:
Three months to June 30, 2019
9 unchanged sentences
Three months to December 31, 2021
−Removed: Twelve months ended December 31, 2019
−Removed: Twelve months ended December 31, 2020
−Removed: Twelve months ended December 31, 2021
−Removed: June 26, 2018 to December 31, 2021
+Added: Three months to March 31, 2022
+Added: Twelve months ended March 31, 2020
+Added: Twelve months ended March 31, 2021
+Added: Twelve months ended March 31, 2022
+Added: June 26, 2018 to March 31, 2022
The end of period gold price is the LBMA Gold Price PM on the last business day of the period.
6 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.