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Gold MiniShares SM
−Removed: Trust (“GLDM”) is operational as of March 31, 2022.
+Added: Trust (“GLDM”) is operational as of June 30, 2022.
GLDM commenced operations on June 26, 2018.
9 unchanged sentences
Share price & NAV v.
−Removed: gold price - June 26, 2018 to March 31, 2022
+Added: gold price - June 26, 2018 to June 30, 2022
Critical Accounting Policy
10 unchanged sentences
The Administrator determines the NAV per Share by dividing the NAV of GLDM by the number of Shares outstanding as of the close of trading on NYSE Arca.
−Removed: Inspectorate conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodian.
+Added: Inspectorate International Limited (“Inspectorate”) conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodian.
A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th
−Removed: On October 4, 2021, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian.
−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 May 14, 2021.
+Added: On October 4, 2021, Inspectorate completed 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 completed most recently on May 25, 2022.
The results can be found on www.spdrgoldshares.com
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Recent Developments
−Removed: 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.
−Removed: 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: 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 Ukraine or other hostilities.
+Added: Geopolitical events and the continuation of the hostilities in 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.
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: On March 7, 2022, the LBMA suspended its accreditation of six Russian precious metals refiners.
+Added: The LBMA stated that existing bars produced by the refiners before their suspension will still be accepted as good delivery.
+Added: Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022.
+Added: Similarly, US regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022 and EU regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.
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.
−Removed: 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.
−Removed: 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: In addition, 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.
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.
These events are unpredictable and may lead to extended periods of price volatility.
−Removed: 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.
+Added: To date, the impact of the conflict in Ukraine, including the regulatory responses to such conflict, have not materially affected the operations of GLDM and have not materially impacted the price of gold or the share price of GLDM.
Results of Operations
−Removed: 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.
+Added: In the three months ended June 30, 2022, 10,700,000 Shares (107 Creation Units) were created in exchange for 212,564.2 ounces of gold, 4,900,000 Shares (49 Creation Units) were redeemed in exchange for 97,333.9 ounces of gold and 689.7 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 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).
+Added: At June 30, 2022, the amount of gold owned by GLDM and held by the Custodian in its vault was 2,803,815.31 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $5,094,532,409 based on the LBMA Gold Price PM on June 30, 2022 (cost — $4,858,939,808).
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).
Cash Resources and Liquidity
−Removed: At March 31, 2022, GLDM did not have any cash balances.
+Added: At June 30, 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.
As a consequence, we expect that GLDM will not record any net cash flow from its operations and that its cash balance will be zero at the end of each reporting period.
−Removed: Analysis of Movements in the Price of Gold
+Added: Movements in the Price of Gold
As movements in the price of gold are expected to directly affect the price of the Shares, it is important to understand the recent movements in the price of gold.
1 unchanged sentence
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 March 31, 2022.
−Removed: Daily Gold Price - June 26, 2018 to March 31, 2022
+Added: dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to June 30, 2022.
+Added: Daily Gold Price - June 26, 2018 to June 30, 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 March 31, 2022, based on the LBMA Gold Price PM, were:
−Removed: Three months to June 30, 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 June 30, 2022, based on the LBMA Gold Price PM, were:
Three months to September 30, 2019
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Three months to March 31, 2022
−Removed: Twelve months ended March 31, 2020
−Removed: Twelve months ended March 31, 2021
−Removed: Twelve months ended March 31, 2022
−Removed: June 26, 2018 to March 31, 2022
+Added: Three months to June 30, 2022
+Added: Twelve months ended June 30, 2020
+Added: Twelve months ended June 30, 2021
+Added: Twelve months ended June 30, 2022
+Added: June 26, 2018 to June 30, 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.