Skip to content

GLD · SPDR Gold Trust

23 filings

10-K

GLD 10-K Annual Reports

SPDR Gold Trust - 23 annual reports

Filing record · 2016–202610-K1110-Q338-K20

2025
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2025
SPDR Gold Trust (GLD) reported its annual results for the fiscal year ending September 29, 2025. The Trust's primary objective remains to reflect the performance of the price of gold bullion, less its expenses. The value of the Trust's holdings is directly tied to the market price of gold, which experienced significant appreciation during the reporting period. The Trust maintained substantial gold reserves, with its market value increasing substantially year-over-year. Key operational aspects include the continuous oversight by the Sponsor, World Gold Trust Services, LLC, and the custodial services provided by HSBC and JPMorgan Chase Bank, N.A. The Trust operates as a passive investment vehicle, holding physical gold, and does not engage in derivative trading. While the Trust's net asset value has grown, investors should remain aware of the ongoing expenses, which are paid through the sale of gold, leading to a gradual decrease in the amount of gold represented per share over time. The report also highlights the Trust's adherence to cybersecurity best practices through its Sponsor and service providers.
Nov 25, 2025
2024-A
SPDR Gold Trust Annual Report (Amendment), Year Ended Sep 30, 2024
The SPDR Gold Trust (GLD) filed an amendment to its 10-K annual report on December 19, 2024, pertaining to the period ending September 29, 2024. This filing primarily serves to update and provide access to various exhibits and agreements related to the Trust's operations. Importantly, the Trust has reaffirmed its management's assessment of internal control over financial reporting, as attested by its registered public accounting firm, KPMG LLP. This amendment does not introduce new financial statements or alter previously issued financial information, but rather consolidates and references essential legal and operational documents that underpin the Trust's structure and governance.
Dec 19, 2024
2024
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2024
SPDR Gold Trust (GLD) has filed its 10-K for the fiscal year ending September 29, 2024. The Trust's primary objective is to reflect the performance of the price of gold bullion, less operational expenses. The Trust holds physical gold bullion in allocated accounts with custodians HSBC Bank plc and JPMorgan Chase Bank, N.A. The report highlights that the Trust's assets are entirely composed of gold, with no derivative instruments employed. For the year ended September 30, 2024, the Trust experienced significant growth in net assets, driven by a substantial increase in the market value of its gold holdings. The net income for the year was $20.36 billion, a considerable increase from the prior year, reflecting the appreciation of gold prices. The Trust's operational expenses are covered by selling gold as needed, and the sponsor's fee remains a consistent 0.40% of the daily Net Asset Value (NAV). Investors should note that the value of the Shares directly correlates with the price of gold, and the Trust's passive investment strategy means it does not engage in active management or hedging.
Nov 25, 2024
2023
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2023
SPDR Gold Trust (GLD) filed its annual report on Form 10-K for the period ending September 29, 2023. The Trust's primary objective is to reflect the performance of the price of gold bullion, less expenses. The report indicates that the Trust holds a significant amount of gold, with its value primarily determined by the LBMA Gold Price PM. Key operational aspects include the creation and redemption of shares in Baskets by Authorized Participants and the management of gold custody by HSBC and JPMorgan. The Trust's financial performance for the fiscal year ending September 30, 2023, showed a net income of $5,548,188,000, a significant turnaround from the net loss of $(2,944,530,000) in the prior year. This was primarily driven by a substantial unrealized gain on gold holdings, reflecting the increase in gold prices during the period. The Trust's expenses, mainly the sponsor fee, are paid by selling gold, which can impact the amount of gold held per share over time. Investors are cautioned about the inherent risks associated with gold price volatility and the operational aspects of the Trust.
Nov 22, 2023
2022
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2022
SPDR Gold Trust (GLD) reported its fiscal year ended September 30, 2022 in this 10-K, filed November 23, 2022. The Trust holds only allocated London gold bullion (30.32 million ounces, 100% allocated, held by HSBC as custodian) and does not use derivatives or active management. Its gold was valued at $50.69 billion at the LBMA Gold Price PM of $1,671.75 per ounce, down from $55.47 billion a year earlier, so net assets fell to $50.49 billion. Net asset value per Share ended the year at $155.69, versus $162.96 a year earlier, a total return at NAV of -4.46%. The Trust posted a net loss of $2.94 billion ($8.39 per share), driven by an unrealized depreciation of $4.83 billion on gold holdings, partly offset by $2.09 billion of realized gains on gold distributed for share redemptions. Share flows were net negative in FY2022: 97.8 million shares were created and 113.8 million redeemed, leaving 324.3 million shares outstanding (down from 340.3 million). Because the Trust redeems gold only in Baskets and the sponsor fee of 0.40% of NAV is its only recurring expense (paid from gold sales, $238.5 million in FY2022), the amount of gold per share declines steadily over time. Investors should understand that the Shares track gold less this erosion, that gold price moves drive nearly all of the Trust's value, and that the Trust carries custody-related risks, including limited recourse against the custodian and subcustodians and unallocated gold held temporarily during creations and redemptions. The filing also flags geopolitical and market-structure risks: the Russia-Ukraine conflict and related sanctions on Russian gold, and reliance on the LBMA Gold Price PM as the valuation benchmark. The auditor, KPMG, issued unqualified opinions on both the financial statements and internal control over financial reporting, and the Trust reported no material weaknesses. Taken together, the filing shows a passive, low-cost gold vehicle whose FY2022 performance tracked a weaker gold price and modest net redemptions.
Nov 23, 2022
2021
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2021
SPDR Gold Trust (GLD) reported its 10-K for the fiscal year ended September 30, 2021, filed November 24, 2021. The Trust holds only allocated gold bullion (no derivatives, no debt, no operating cash flow) with the custodian HSBC in London. At fiscal year-end, it held 31,830,401 ounces valued at $55.47 billion on the LBMA Gold Price PM of $1,742.80/oz, against net assets of $55.46 billion and 340.3 million shares outstanding (NAV of $162.96 per share). The Trust is a passive vehicle: gold is sold only to pay expenses, which are covered by a 0.40% annual Sponsor fee, and no gold is actively traded or hedged. Financially, the year was negative. The Trust recorded a net loss of $5.75 billion, or $(15.25) per share, driven by a $9.99 billion change in unrealized depreciation on gold, partly offset by $4.46 billion of realized gains on gold distributed for share redemptions. Total return was (8.01%) at NAV and (7.28%) at market value, versus gains of roughly 26-28% in fiscal 2020. Share count fell sharply, from 434.4 million to 340.3 million, as 161.6 million shares were redeemed against 67.5 million created, reflecting investor outflows as gold prices eased from their 2020 peak. For investors, the filing shows that GLD's value tracks gold closely, with the main risks being gold price volatility, custody arrangements (including unallocated balances and subcustodian reliance under English law), and the Trust's inability to hedge. Operating controls were assessed as effective by management and KPMG, which issued an unqualified opinion and identified the existence of gold holdings as its critical audit matter.
Nov 24, 2021
2020
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2020
SPDR Gold Trust (GLD) reported its fiscal year ended September 30, 2020 with net income of $13.08 billion, or $36.89 per share, driven almost entirely by gold price appreciation rather than operating activity. Net realized and unrealized gains on the gold holdings totaled $13.31 billion, while the only expense, the Sponsor's fee at 0.40% of daily NAV, came to $225.6 million. The Trust is passive: it holds no derivatives, earns no income, and sells gold only to pay expenses, so its net asset value tracks the LBMA Gold Price PM less accrued costs. The Trust's scale grew sharply during the year. Gold holdings rose to 40.8 million ounces, valued at $76.98 billion at September 30, 2020, up from $44.17 billion a year earlier. Shares outstanding increased from 314.0 million to 434.4 million, reflecting net creations of 120.4 million shares, and NAV per share rose 26.5% to $177.15. Net assets closed at $76.95 billion. The Trust's gold is 100% allocated London Good Delivery bars held by HSBC in London, and KPMG issued an unqualified audit opinion and an effective internal control opinion. For investors, the key points are that returns are tied to gold prices, the share count is shrinking in gold terms by roughly 0.4% per year through expense-driven sales, and the Trust carries concentration and custody-related risks, including limited recourse against the custodian and subcustodians and the absence of insurance on the Trust's gold. Shareholders have limited rights and no voting power over management decisions beyond narrow matters.
Nov 24, 2020
2019
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2019
SPDR Gold Trust (GLD) reported its fiscal year ended September 30, 2019 in this Form 10-K, filed November 25, 2019. The Trust holds physical gold bullion custodied by HSBC in London and issues Shares in Baskets of 100,000 Shares, with no derivatives and no active management. Its only recurring expense is the Sponsor fee of 0.40% of NAV, which totaled $135.2 million for the year, and the Trust funds it by selling gold monthly, so the share count and gold per share both decline over time absent creations. The key result for investors is the strong year for gold. Net assets rose to $43.96 billion from $28.32 billion, and net income was $7.25 billion, or $27.00 per share, compared with a loss of $2.62 billion in fiscal 2018. The NAV per Share increased from $112.35 to $140.00, a 24.61% total return at NAV (23.16% at market value). Gold holdings ended at 29.74 million ounces, valued at $1,485.30 per ounce on the LBMA Gold Price PM. Net creations were strong, with 144.9 million Shares created and 83.0 million redeemed, leaving 314.0 million Shares outstanding versus 252.1 million a year earlier. The filing also highlights structural risks. The Trust is passive, so it cannot hedge, and it sells gold to pay expenses regardless of price. Custody risk is significant: gold is held by a single custodian, HSBC, with no insurance by the Trust, limited Trustee oversight, and subcustodian arrangements governed by English law without written contracts. Unallocated gold balances would be unsecured claims in a custodian insolvency. KPMG gave unqualified opinions on both the financial statements and internal controls, and it identified the existence of gold holdings as a critical audit matter. Shares may trade at a premium or discount to NAV, particularly when COMEX and NYSE Arca trading hours do not overlap.
Nov 25, 2019
2018
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2018
SPDR Gold Trust (GLD) filed its annual report on Form 10-K for the period ending September 29, 2018. The Trust's primary objective is to reflect the performance of the price of gold bullion, less its expenses. As of September 30, 2018, the Trust held approximately 23.86 million ounces of gold, valued at $28.33 billion. The Trust's net assets stood at $28.32 billion. For the fiscal year ended September 30, 2018, the Trust reported a net loss of $2.62 billion, primarily driven by a significant decrease in the unrealized appreciation of its gold holdings. This financial performance is directly tied to the fluctuations in the price of gold, which experienced volatility during the reporting period. The Trust's expenses, primarily the sponsor fee, are paid through the sale of gold, leading to a gradual decrease in the amount of gold represented by each outstanding share over time. Investors should note that the Trust is a passive investment vehicle and does not engage in active management or hedging strategies.
Nov 27, 2018
2017
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2017
SPDR Gold Trust (GLD) filed its annual report on Form 10-K for the period ending September 29, 2017. The report highlights the Trust's objective to reflect the performance of the price of gold bullion, less expenses. The Trust holds physical gold bullion, acting as a passive investment vehicle. Key operational aspects include the creation and redemption of Shares through Authorized Participants, with gold as the underlying asset. The Trust's expenses, primarily the sponsor's fee, are paid through the sale of gold. The report also details the gold industry landscape, market risks associated with gold price volatility, and the operational framework of the Trust, including its custodian and trustee. For investors, understanding GLD means understanding the price of gold and the trust's expense structure. The report emphasizes that the value of GLD is directly tied to the price of gold, and any fluctuations in gold prices will materially impact the Shares' value. The fee structure, with a 0.40% sponsor's fee, is also a critical factor for investors to consider in their overall return.
Nov 28, 2017
2016
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2016
SPDR Gold Trust (GLD) provides investors with a cost-effective and convenient way to gain exposure to the price of gold bullion. The Trust aims to reflect the performance of gold prices, less trust expenses. As of September 30, 2016, the Trust held approximately 30.5 million ounces of gold, valued at over $40 billion. The Trust's primary expense is the Sponsor's fee, which has been set at 0.40% of the daily Net Asset Value (NAV) since July 17, 2015, covering all ordinary operating expenses. For the fiscal year ended September 30, 2016, the Trust reported a net income of approximately $4.95 billion, primarily driven by a significant unrealized gain on its gold holdings. This contrasts with a net loss of approximately $2.69 billion in the previous fiscal year. Investors should note that the value of the Shares is directly tied to the price of gold, which can be volatile and influenced by numerous global economic and geopolitical factors.
Nov 28, 2016
2015
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2015
The SPDR Gold Trust (GLD) 10-K filing for the fiscal year ended September 30, 2015, reveals a passive investment vehicle designed to track the price of gold bullion. The Trust holds physical gold, and its Shares represent fractional ownership interests in this gold. Key operational aspects include the creation and redemption of Shares through Authorized Participants and the daily valuation of gold based on the LBMA Gold Price. Financially, the Trust experienced a significant net loss of $2,685,202,000 for the fiscal year ended September 30, 2015. This loss is primarily attributed to a substantial unrealized depreciation on its gold holdings. The Trust's expenses are managed by the Sponsor, who assumed responsibility for all ordinary expenses in exchange for a fee, which was the primary recurring expense for the period. Investors should note that the amount of gold backing each share gradually decreases over time due to the sale of gold to cover Trust expenses.
Nov 24, 2015
2014
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2014
This 10-K filing for the SPDR Gold Trust (GLD) for the fiscal year ending September 29, 2014, highlights its primary objective: to track the performance of gold bullion prices, less trust expenses. The trust's structure is designed to offer investors a convenient and cost-efficient way to gain exposure to gold, overcoming the logistical challenges of direct physical ownership. Shares are exchange-traded, providing liquidity and accessibility through standard brokerage accounts. The filing details the trust's operations, including the creation and redemption of shares in exchange for physical gold, the role of various service providers such as the Sponsor, Trustee, Custodian, and Marketing Agent, and the associated expenses. It also provides an overview of the global gold market, including supply and demand dynamics, and discusses the tax implications for U.S. and non-U.S. shareholders. Key risks identified include the direct correlation of share value to gold prices and potential issues with the London PM Fix benchmark used for valuation.
Nov 25, 2014
2013
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2013
SPDR Gold Trust's fiscal 2013 10-K (year ended September 30, 2013) shows a sharp reversal from the prior year's gold-driven gains. Gold held by the Trust fell from roughly 42.8 million ounces to 29.2 million ounces, driven by heavy net redemptions of 18.3 million ounces against 4.9 million ounces of creations. The Trust's gold investment at cost fell from $50.7 billion to $35.8 billion, and the market value of its gold holdings fell from $76.0 billion to $38.8 billion. Shares outstanding dropped from 437.9 million to 301.6 million, and the redemption value per share fell 48.8% to $128.06 from $172.16. The London PM fix ended the year at $1,326.50, versus $1,776.00 a year earlier, and the year's trading range was $1,192.00 to $1,791.75. For the year, the Trust reported a net gain from operations of $4.5 billion ($11.75 per weighted-average share), versus $2.4 billion in fiscal 2012. This gain is almost entirely realized gain on gold distributed for share redemptions ($4.68 billion), not operating income. Expenses were $229.7 million, roughly 0.4% of average assets, with sponsor and marketing agent fees each at $86.2 million, custody fees at $37.8 million, and trustee fees capped at $2 million. The Trust holds no cash, derivatives, or debt, and its gold is held 100% allocated in London by HSBC. Management and KPMG concluded that internal controls were effective. For investors, the key points are that the Trust is a passive vehicle whose share count and gold holdings decline over time because gold is sold to pay expenses, and that the share price tracks gold closely (NAV per share was about 0.04% below the value of the gold per share). The filing also highlights risks from custodian and subcustodian concentration, unallocated-gold exposure during creation and redemption, and the potential for large official-sector gold sales.
Nov 26, 2013
2012
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2012
This 10-K filing for SPDR Gold Trust (GLD) for the fiscal year ending September 29, 2012, highlights the Trust's objective: to reflect the performance of the price of gold bullion, less expenses. The Trust operates passively, holding physical gold bullion as its primary asset. The Shares are designed to offer investors a convenient and cost-efficient way to gain exposure to the gold market, overcoming the traditional barriers of storing and insuring physical gold. Key financial performance indicates significant gains driven by the appreciation of gold. However, investors should be aware that the Trust incurs ongoing expenses, which are paid by selling gold, leading to a gradual decrease in the amount of gold backing each Share over time. The filing also details the operational structure, including the roles of the Sponsor, Trustee, Custodian, and Marketing Agent, as well as the risks associated with investing in gold and the structure of the Trust.
Nov 28, 2012
2011
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2011
SPDR Gold Trust (GLD) provides investors with a cost-efficient and convenient way to gain exposure to the price of gold bullion. The Trust holds physical gold, and its shares are designed to mirror the performance of gold prices, less trust expenses. The filing highlights that the Trust does not generate income and regularly sells gold to cover its operational costs, which gradually reduces the amount of gold represented by each share over time. Key operational aspects include the creation and redemption of shares in "Baskets" by Authorized Participants. The Trust's net asset value (NAV) is calculated daily, reflecting the market value of its gold holdings minus liabilities. Investors should be aware of the risks associated with gold price volatility, the passive nature of the Trust, and potential trading price deviations from NAV. The filing also details the various service providers, including the Sponsor (World Gold Trust Services, LLC), Trustee (BNY Mellon Asset Servicing), Custodian (HSBC Bank USA, N.A.), and Marketing Agent (State Street Global Markets, LLC).
Nov 22, 2011
2010
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2010
The SPDR Gold Trust (GLD), as of its fiscal year ending September 30, 2010, reported robust performance reflecting the appreciation of gold prices. The Trust's primary objective is to track the performance of gold bullion, less expenses. During the reporting period, the Trust held approximately 41.8 million ounces of gold, with a market value exceeding $54 billion. Significant gains were recorded both from gold sold to cover expenses and from gold distributed during share redemptions. Investors in GLD benefit from a cost-effective and accessible way to gain exposure to gold. The Trust's shares are traded on major exchanges, offering liquidity and ease of trading compared to direct physical gold ownership. Key expenses include custody, trustee, sponsor, and marketing fees, which are borne by the Trust through periodic sales of gold. The Trust's structure as a grantor trust ensures that it is not directly taxed at the entity level, with gains and losses flowing through to shareholders.
Nov 22, 2010
2009
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2009
This 10-K filing for SPDR Gold Trust (GLD) as of September 30, 2009, details the trust's structure, operations, and financial performance. The primary objective of GLD is to reflect the performance of the price of gold bullion, less trust expenses. The trust holds physical gold bullion, offering investors a convenient and accessible way to invest in the gold market without the complexities of direct gold ownership, storage, and insurance. The filing outlines the roles of key service providers, including the Sponsor (World Gold Trust Services, LLC), Trustee (BNY Mellon Asset Servicing), Custodian (HSBC Bank USA, N.A.), and Marketing Agent (State Street Global Markets, LLC). Financially, GLD reported a total gain on gold of $508.5 million for the year ended September 30, 2009, compared to $2.04 billion in the prior year, reflecting the significant price fluctuations in gold. Total expenses for the year were $113.6 million. The trust's financial position shows a substantial increase in the market value of its gold holdings to $35.03 billion from $20.58 billion in the prior year, driven by rising gold prices.
Nov 25, 2009
2008
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2008
SPDR Gold Trust (GLD) filed its annual report on Form 10-K for the period ending September 29, 2008. The Trust's primary objective is to provide investors with a convenient and cost-effective way to gain exposure to the price of gold bullion. The Trust holds physical gold, and its shares are designed to track the performance of gold prices, less expenses. As of September 30, 2008, the Trust held approximately 23.3 million ounces of gold, valued at over $20.5 billion. The filing details the Trust's operational structure, including its sponsor (World Gold Trust Services, LLC), trustee (BNY Mellon Asset Servicing), custodian (HSBC Bank USA, N.A.), and marketing agent (State Street Global Markets, LLC). During the fiscal year, the Trust experienced significant growth in its gold holdings and market value, reflecting the overall increase in gold prices during a period of global economic uncertainty and financial crisis. The report highlights the operational expenses, which include fees for custody, trustee, sponsor, and marketing services, all of which are paid from the Trust's assets through the sale of gold. The filing also outlines various risks associated with investing in gold and the Trust, including price volatility, potential discounts or premiums of the shares relative to Net Asset Value, and the impact of Trust expenses on returns.
Nov 25, 2008
2007-A
SPDR Gold Trust Annual Report (Amendment), Year Ended Sep 30, 2007
This document is Amendment No. 1 (Form 10-K/A) to the annual report of the streetTRACKS® Gold Trust, the NYSE-listed gold-backed exchange-traded fund now known as SPDR Gold Trust (GLD), for the fiscal year ended September 30, 2007. It is not a full annual report. It contains no financial statements, no MD&A, no portfolio or gold-holdings data, and no risk factors. The registrant states that its sole purpose is to file executed versions of previously filed exhibits (4.1, 4.3, 10.1, 10.2, 10.4, 10.6 through 10.11) in place of earlier forms, and that it does not update or modify the original 10-K filed November 23, 2007. The cover page sets out the basic structural facts. The Trust is a New York trust sponsored by World Gold Trust Services, LLC, with offices at 444 Madison Avenue in New York. It had 191,500,000 shares outstanding as of November 19, 2007. The aggregate market value of shares held by non-affiliates was approximately $10.22 billion as of March 30, 2007. The registrant is a large accelerated filer and a well-known seasoned issuer. The exhibit list identifies the core contracts that govern the Trust's operations, including the Trust Indenture, Sponsor Payment and Reimbursement Agreement, Allocated and Unallocated Bullion Account Agreements, Depository Agreement, and Marketing Agent agreements. For investors, this filing adds no new performance, valuation, or risk information. Investors seeking financial results, gold holdings, fee structure, or risk disclosures for fiscal 2007 should consult the original Form 10-K filed November 23, 2007. This amendment is mainly useful as a source of the executed governing agreements.
Oct 10, 2008
2007
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2007
SPDR Gold Trust (GLD) operates as an investment trust holding physical gold bullion. Its primary objective is to allow investors to track the performance of gold prices through exchange-traded shares, offering a convenient and cost-efficient alternative to direct gold ownership. The Trust aims to reflect the price of gold bullion, less its operating expenses. As of September 30, 2007, the Trust held approximately 18.58 million ounces of gold, with a market value exceeding $13.8 billion. The Trust generated a net gain of over $313 million for the fiscal year ended September 30, 2007. The shares are listed on the NYSE under the ticker GLD, providing liquidity and accessibility for investors seeking exposure to the gold market.
Nov 23, 2007
2006
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2006
SPDR Gold Trust (GLD) filed its 2006 annual report (10-K) on November 29, 2006, detailing its structure and operations as of September 30, 2006. The Trust was established in November 2004 to offer investors a convenient and cost-efficient way to gain exposure to the price of gold bullion. It achieves this by holding physical gold and issuing shares that represent fractional ownership of this gold, aiming to track the performance of gold prices less Trust expenses. The Trust operates by creating and redeeming shares in large blocks called 'Baskets,' exclusively through Authorized Participants. These shares are exchange-traded on the NYSE, offering liquidity and ease of access compared to direct gold ownership. The filings highlight the Trust's reliance on service providers like the Sponsor (World Gold Trust Services LLC), Trustee (The Bank of New York), Custodian (HSBC Bank USA, N.A.), and Marketing Agent (State Street Global Markets, LLC). The report also provides insights into the global gold market, including supply and demand dynamics and the historical price movements of gold leading up to September 2006.
Nov 30, 2006
2005
SPDR Gold Trust Annual Report, Year Ended Sep 30, 2005
SPDR Gold Trust (GLD) launched in November 2004, aims to provide investors with a cost-effective and accessible way to gain exposure to the price of gold bullion. The Trust holds physical gold, and its shares are designed to reflect the performance of the gold price, less trust expenses. This 2005 10-K filing marks one of the Trust's earliest annual reports, detailing its operational structure, financial performance, and the market context for gold investment. The Trust's strategy revolves around overcoming the traditional barriers to gold ownership, such as storage and insurance costs, by offering an exchange-traded security that can be bought and sold through a brokerage account. The Trust's primary assets are physical gold holdings, valued daily based on the London PM Fix. Its expenses, including fees for the sponsor, trustee, custodian, and marketing agent, are accrued daily and reduce the Net Asset Value (NAV) per share. The Trust's financial performance, as presented in this filing, shows a net loss for the period, largely due to the costs associated with establishing and operating a new investment vehicle and the accounting treatment of gold value fluctuations. The filing also highlights the evolving gold market in 2005, influenced by factors like central bank policies, global economic conditions, and investment demand.
Dec 20, 2005