SPDR GOLD TRUST Quarterly Report for Q2 Ended Mar 31, 2009

Summary

SPDR Gold Trust (GLD) reported significant growth in its assets under management for the period ending March 31, 2009. The total assets of the Trust surged from approximately $17.8 billion in September 2008 to $28.9 billion by March 2009, primarily driven by a substantial increase in its "Investment in Gold" holdings. This growth reflects a strong investor demand for gold as a safe-haven asset amidst a volatile economic climate. The Trust experienced a net loss from operations for the three months ended March 31, 2009, amounting to $22.0 million, a notable shift from the significant net gain of $588.7 million in the same period of the prior year. This was largely due to a substantial decrease in the "Gain on gold distributed for the redemption of shares." Despite the net loss for the quarter, the Trust's overall financial position remains robust due to the appreciation of its gold holdings.

Key Highlights

• 1Total Assets increased significantly to $28.9 billion as of March 31, 2009, up from $17.8 billion as of September 30, 2008, indicating strong investor inflows and rising gold prices.
• 2Investment in Gold (at market value) grew to $33.15 billion by March 31, 2009, from $20.58 billion in September 2008, showcasing the appreciation of the underlying gold holdings.
• 3The Trust reported a net loss of $22.0 million for the three months ended March 31, 2009, a stark contrast to a net gain of $588.7 million in the same period last year.
• 4For the six months ended March 31, 2009, the Trust reported a net gain of $34.8 million, compared to a substantial $703.2 million net gain for the same period in the prior year.
• 5The number of outstanding shares increased substantially, with 368.7 million shares outstanding at March 31, 2009, compared to 246.5 million shares at September 30, 2008, reflecting increased investor participation.
• 6The Trust reported zero cash flow from operations, consistent with its structure where gold is used to pay expenses, minimizing cash holdings.
• 7The market value of the Trust's gold holdings exceeded its cost basis significantly, with an unrealized gain of $4.3 billion at March 31, 2009.

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