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.