Summary
The SPDR Gold Trust (GLD) 2013 Form 10-K provides an overview of its operations as an investment trust designed to track the price of gold bullion. The Trust's primary asset is physical gold, held by a custodian, and it issues Shares that represent a beneficial interest in this gold. Investors can buy and sell these Shares on major stock exchanges, offering a convenient way to gain exposure to the gold market without the complexities of directly holding physical gold. For the fiscal year ending September 30, 2013, the Trust reported a significant total gain on gold of $4,735,252,000. This gain was primarily driven by the appreciation of the gold held and distributed during share redemptions, with a smaller portion from gold sales to cover operational expenses. The Trust emphasizes its passive investment strategy, meaning it does not actively manage its gold holdings or employ hedging techniques. Investors should be aware that the amount of gold represented by each Share gradually decreases over time due to the Trust's expenses, and the Share price directly correlates with the fluctuations in the price of gold.
Financial Highlights
19 data points| Gross Profit | $52.41M |
| Operating Expenses | $229.74M |
| Operating Income | -$229.74M |
| Net Income | $4.51B |
| EPS (Basic) | $11.75 |
| Shares Outstanding (Basic) | 383.42M |
Key Highlights
- 1The SPDR Gold Trust's primary investment objective is to reflect the performance of the price of gold bullion, less expenses.
- 2For the fiscal year ended September 30, 2013, the Trust reported a total gain on gold of approximately $4.74 billion.
- 3The Trust holds physical gold bullion as its sole asset, with gold stored by HSBC Bank USA, N.A. as the Custodian.
- 4Shares are created and redeemed by Authorized Participants in Baskets, with creations requiring deposits of gold and redemptions distributing gold.
- 5The Trust does not generate income and regularly sells gold to cover operational expenses, which leads to a gradual decrease in the amount of gold represented by each Share.
- 6The Trust's shares are listed on NYSE Arca (GLD) and other international exchanges, providing liquidity and accessibility for investors.
- 7The filing details the various service providers, including the Sponsor (World Gold Trust Services, LLC), Trustee (BNY Mellon), Custodian (HSBC), and Marketing Agent (State Street Global Markets, LLC).