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Name | Symbol | Market | Type |
---|---|---|---|
SPDR Gold Trust | AMEX:GLD | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.52 | -0.71% | 211.612 | 213.225 | 210.71 | 212.89 | 3,727,853 | 15:28:41 |
☒ |
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
New York
|
81-6124035
|
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
Trading Symbol(s) Name
|
Name of each exchange on which registered
|
||
SPDR
®
Gold Trust
|
GLD
|
NYSE Arca
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
|||
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
Page
|
||||||
1 | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
Item 2. | 12 | |||||
Item 3. | 15 | |||||
Item 4. | 15 | |||||
PART II - OTHER INFORMATION | 15 | |||||
Item 1. | 15 | |||||
Item 1A. | 15 | |||||
Item 2. | 15 | |||||
Item 3. | 16 | |||||
Item 4. | 16 | |||||
Item 5. | 16 | |||||
Item 6. | 16 | |||||
SIGNATURES | 18 |
Item 1.
|
Financial Statements (Unaudited)
|
(1)
|
Authorized share capital is unlimited and the par value of the Shares is $0.00.
|
Ounces of
gold |
Cost
|
Fair Value
|
% of
Net Assets |
|||||||||||||
Investment in Gold
|
33,622.8 | $ | 51,842,845 | $ | 59,282,091 | 100.03 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Total Investment
|
$ | 51,842,845 | $ | 59,282,091 | 100.03 | % | ||||||||||
Liabilities in excess of other assets
|
(20,250 | ) | (0.03 | )% | ||||||||||||
|
|
|
|
|||||||||||||
Net Assets
|
$ | 59,261,841 | 100.00 | % | ||||||||||||
|
|
|
|
|||||||||||||
September 30, 2020
|
||||||||||||||||
Ounces of
gold |
Cost
|
Fair Value
|
% of
Net Assets |
|||||||||||||
Investment in Gold
|
40,796.0 | $ | 60,743,750 | $ | 76,978,000 | 100.03 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Total Investment
|
$ | 60,743,750 | $ | 76,978,000 | 100.03 | % | ||||||||||
Liabilities in excess of other assets
|
(25,449 | ) | (0.03 | )% | ||||||||||||
|
|
|
|
|||||||||||||
Net Assets
|
$ | 76,952,551 | 100.00 | % | ||||||||||||
|
|
|
|
(Amounts in 000’s of US$, except per share data)
|
Three Months
Ended
Jun-30,
2021
|
Three Months
Ended
Jun-30,
2020
|
Nine Months
Ended
Jun-30,
2021
|
Nine Months
Ended
Jun-30,
2020
|
||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
EXPENSES
|
||||||||||||||||
Sponsor fees
|
$ | 60,114 | $ | 59,373 | $ | 198,614 | $ | 149,119 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses
|
60,114 | 59,373 | 198,614 | 149,119 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment loss
|
(60,114 | ) | (59,373 | ) | (198,614 | ) | (149,119 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and change in unrealized gain/(loss) on investment in gold
|
||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses
|
9,137 | 9,602 | 34,803 | 20,644 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares
|
495,949 | 234,654 | 3,876,646 | 1,175,009 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold
|
1,814,442 | 5,106,297 | (8,795,004 | ) | 7,608,072 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and change in unrealized gain/(loss) on investment in gold
|
2,319,528 | 5,350,553 | (4,883,555 | ) | 8,803,725 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income/(loss)
|
$ | 2,259,414 | $ | 5,291,180 | $ | (5,082,169 | ) | $ | 8,654,606 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Net income/(loss) per share
|
$ | 6.37 | $ | 14.23 | $ | (13.16 | ) | $ | 26.13 | |||||||
Weighted average number of shares (in 000’s)
|
354,837 | 371,913 | 386,304 | 331,253 |
(Amounts in 000’s of US$)
|
Three Months
Ended
Jun-30,
2021
|
Three Months
Ended
Jun-30,
2020
|
Nine Months
Ended
Jun-30,
2021
|
Nine Months
Ended
Jun-30,
2020
|
||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Assets - Opening Balance
|
$ | 56,387,705 | $ | 50,005,813 | $ | 76,952,551 | $ | 43,959,000 | ||||||||
Creations
|
3,861,032 | 13,033,724 | 10,574,498 | 22,971,965 | ||||||||||||
Redemptions
|
(3,246,310 | ) | (1,335,781 | ) | (23,183,039 | ) | (8,590,635 | ) | ||||||||
Net investment loss
|
(60,114 | ) | (59,373 | ) | (198,614 | ) | (149,119 | ) | ||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses
|
9,137 | 9,602 | 34,803 | 20,644 | ||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares
|
495,949 | 234,654 | 3,876,646 | 1,175,009 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold
|
1,814,442 | 5,106,297 | (8,795,004 | ) | 7,608,072 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets - Closing Balance
|
$ | 59,261,841 | $ | 66,994,936 | $ | 59,261,841 | $ | 66,994,936 | ||||||||
|
|
|
|
|
|
|
|
1.
|
Organization
|
2.
|
Significant Accounting Policies
|
2.1.
|
Basis of Accounting
|
2.2.
|
Fair Value Measurement
|
(Amounts in 000’s of US$)
June 30, 2021
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
Investment in Gold
|
$ | 59,282,091 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|||||||
Total
|
$ | 59,282,091 | $ | — | $ | — | ||||||
|
|
|
|
|
|
(Amounts in 000’s of US$)
September 30, 2020
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
Investment in Gold
|
$ | 76,978,000 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|||||||
Total
|
$ | 76,978,000 | $ | — | $ | — | ||||||
|
|
|
|
|
|
2.3.
|
Custody of Gold
|
2.4.
|
Gold Receivable
|
(Amounts in 000’s of US$)
|
Jun-30,
2021 |
Sep-30,
2020 |
||||||
Gold receivable
|
$ | — | $ | — |
2.5.
|
Gold Payable
|
(Amounts in 000’s of US$)
|
Jun-30,
2021 |
Sep-30,
2020 |
||||||
Gold payable
|
$ | — | $ | — |
(Amounts are in 000’s)
|
Nine Months
Ended
Jun-30,
2021
|
Nine Months
Ended
Jun-30,
2020
|
||||||
Activity in Number of Shares Created and Redeemed:
|
||||||||
Creations
|
60,800 | 147,900 | ||||||
Redemptions
|
(136,100 | ) | (58,700 | ) | ||||
|
|
|
|
|||||
Net Change in Number of Shares Created and Redeemed
|
(75,300 | ) | 89,200 | |||||
|
|
|
|
(Amounts in 000’s of US$)
|
Nine Months
Ended
Jun-30,
2021
|
Nine Months
Ended
Jun-30,
2020
|
||||||
Activity in Value of Shares Created and Redeemed:
|
||||||||
Creations
|
$ | 10,574,498 | $ | 22,971,965 | ||||
Redemptions
|
(23,183,039 | ) | (8,590,635 | ) | ||||
|
|
|
|
|||||
Net change in Value of Shares Created and Redeemed
|
$ | (12,608,541 | ) | $ | 14,381,330 | |||
|
|
|
|
2.7.
|
Income and Expense (Amounts in 000’s of US$)
|
2.8.
|
Income Taxes
|
3.
|
Related Parties – Sponsor and Trustee
|
4.
|
Concentration of Risk
|
5.
|
Indemnification
|
6.
|
Financial Highlights
|
Three Months
Ended
Jun-30,
2021 |
Three Months
Ended
Jun-30,
2020 |
Nine Months
Ended
Jun-30,
2021 |
Nine Months
Ended
Jun-30,
2020 |
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Asset Value
|
||||||||||||||||
Net asset value per Share, beginning of period
|
$ | 158.44 | $ | 151.35 | $ | 177.15 | $ | 140.00 | ||||||||
Net investment income/(loss)
|
(0.17 | ) | (0.16 | ) | (0.52 | ) | (0.45 | ) | ||||||||
Net Realized and Change in Unrealized Gain/(Loss)
|
6.76 | 14.97 | (11.60 | ) | 26.61 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Income/(Loss)
|
6.59 | 14.81 | (12.12 | ) | 26.16 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value per Share, end of period
|
$ | 165.03 | $ | 166.16 | $ | 165.03 | $ | 166.16 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Market value per Share, beginning of period
|
$ | 159.96 | $ | 148.05 | $ | 177.12 | $ | 138.87 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Market value per Share, end of period
|
$ | 165.63 | $ | 167.37 | $ | 165.63 | $ | 167.37 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratio to average net assets
|
||||||||||||||||
Net investment loss
(1)
|
(0.40 | )% | (0.40 | )% | (0.40 | )% | (0.40 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross expenses
(1)
|
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses
(1)
|
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return, at net asset value
(2)
|
4.16 | % | 9.79 | % | (6.84 | )% | 18.69 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return, at market value
(2)
|
3.54 | % | 13.05 | % | (6.49 | )% | 20.52 | % | ||||||||
|
|
|
|
|
|
|
|
(1) |
Percentages are annualized.
|
(2) |
Percentages are not annualized.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Period
|
Average
|
High
|
Date
|
Low
|
Date
|
End of
period
|
Last
business
day
(1)
|
|||||||||||||||||||||
Three months to September 30, 2018
|
$ | 1,213.19 | $ | 1,262.05 | July 9, 2018 | $ | 1,178.40 | Aug 17, 2018 | $ | 1,187.25 | Sep 28, 2018 | |||||||||||||||||
Three months to December 31, 2018
|
$ | 1,226.28 | $ | 1,279.00 | Dec 28, 2018 | $ | 1,185.55 | Oct 9, 2018 | $ | 1,281.65 | Dec 31, 2018 |
(2)
|
||||||||||||||||
Three months to March 31, 2019
|
$ | 1,303.79 | $ | 1,343.75 | Feb 20, 2019 | $ | 1,279.55 | Jan 21, 2019 | $ | 1,295.40 | Mar 29, 2019 | |||||||||||||||||
Three months to June 30, 2019
|
$ | 1,309.39 | $ | 1,431.40 | Jun 25, 2019 | $ | 1,269.50 | Apr 23, 2019 | $ | 1,409.00 | Jun 28, 2019 | |||||||||||||||||
Three months to September 30, 2019
|
$ | 1,472.47 | $ | 1,546.10 | Sep 4, 2019 | $ | 1,388.65 | Jul 5, 2019 | $ | 1,485.30 | Sep 30, 2019 | |||||||||||||||||
Three months to December 31, 2019
|
$ | 1,480.96 | $ | 1,517.10 | Oct 3, 2019 | $ | 1,452.05 | Nov 12, 2019 | $ | 1,523.00 | Dec 31, 2019 |
(2)
|
||||||||||||||||
Three months to March 31, 2020
|
$ | 1,582.80 | $ | 1,683.65 | Mar 6, 2020 | $ | 1,474.25 | Mar 19, 2020 | $ | 1,608.95 | Mar 31, 2020 | |||||||||||||||||
Three months to June 30, 2020
|
$ | 1,711.13 | $ | 1,771.60 | Jun 29, 2020 | $ | 1,576.55 | Apr 1, 2020 | $ | 1,768.10 | Jun 30, 2020 | |||||||||||||||||
Three months to September 30, 2020
|
$ | 1,908.56 | $ | 2,067.15 | Aug 6, 2020 | $ | 1,771.05 | July 1, 2020 | $ | 1,886.90 | Sep 30, 2020 | |||||||||||||||||
Three months to December 31, 2020
|
$ | 1,874.23 | $ | 1,940.80 | Nov 6, 2020 | $ | 1,762.55 | Nov 30, 2020 | $ | 1,891.10 | Dec 31, 2020 |
(2)
|
||||||||||||||||
Three months to March 31, 2021
|
$ | 1,794.01 | $ | 1,943.20 | Jan 4, 2021 | $ | 1,683.95 | Mar 30, 2021 | $ | 1,691.05 | Mar 31, 2021 | |||||||||||||||||
Three months to June 30, 2021
|
$ | 1,816.48 | $ | 1,902.75 | Jun 2, 2021 | $ | 1,726.05 | Apr 1, 2021 | $ | 1,763.15 | Jun 30, 2021 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Twelve months ended June 30, 2019
|
$ | 1,262.74 | $ | 1,431.40 | Jun 25, 2019 | $ | 1,178.40 | Aug 17, 2018 | $ | 1,409.00 | Jun 28, 2019 | |||||||||||||||||
Twelve months ended June 30, 2020
|
$ | 1,560.35 | $ | 1,771.60 | Jun 29, 2020 | $ | 1,388.65 | Jul 5, 2019 | $ | 1,768.10 | Jun 30, 2020 | |||||||||||||||||
Twelve months ended June 30, 2021
|
$ | 1,848.95 | $ | 2,067.15 | Aug 6, 2020 | $ | 1,683.95 | Mar 30, 2021 | $ | 1,763.15 | Jun 30, 2021 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
November 12, 2004 to June 30, 2021
|
$ | 1,189.94 | $ | 2,067.15 | Aug 6, 2020 | $ | 411.10 | Feb 8, 2005 | $ | 1,763.15 | Jun 30, 2021 |
(1) |
The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust.
|
(2) |
There was no LBMA Gold Price PM on the last business day of December 2020, 2019 or 2018. The LBMA Gold Price AM on the last business day of December 2020, 2019 and 2018 was $ 1,891.10, $1,523.00 and $1,281.65, respectively. The Net Asset Value of the Trust on December 31, 2020, 2019 and 2018 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
a) |
None.
|
b) |
Not applicable.
|
c) |
As of the date of the formation of the Trust on November 12, 2004, the NAV of the Trust, which represents the value of the gold deposited in the Trust, was $13,081,500, and the NAV per Share was $43.60. Since
|
formation and through June 30, 2021, 17,312 Baskets (1,731,200,000 Shares) have been created and 13,721 Baskets (1,372,100,000 Shares) have been redeemed. |
Period
|
Total Number of
Shares
Redeemed
|
Average Ounces of Gold
Per Share
|
||||||
4/1/21 to 4/30/21
|
7,800,000 | .09368 | ||||||
5/1/21 to 5/31/21
|
2,900,000 | .09364 | ||||||
6/1/21 to 6/30/21
|
8,500,000 | .09362 | ||||||
|
|
|
|
|||||
Total
|
19,200,000 | .09365 | ||||||
|
|
|
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
* |
Pursuant to Rule 406T of Regulation
S-T,
these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
WORLD GOLD TRUST SERVICES, LLC |
Sponsor of the SPDR
®
Gold Trust
|
(Registrant) |
/s/ Joseph R. Cavatoni
|
Joseph R. Cavatoni |
Principal Executive Officer* |
/s/ Brandon Woods
|
Brandon Woods |
Principal Financial and Accounting Officer* |
* |
The Registrant is a trust and the persons are signing in their capacities as officers of World Gold Trust Services, LLC, the Sponsor of the Registrant.
|
1 Year SPDR Gold Chart |
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