Summary
The SPDR Gold Trust (GLD) 10-Q filing for the period ending June 30, 2009, indicates significant growth in the Trust's assets and a corresponding increase in the value of its gold holdings. Total assets more than doubled from $17.78 billion in September 2008 to $29.05 billion in June 2009, driven by a substantial increase in the 'Investment in Gold' category. This surge reflects the growing investor demand for gold as an asset class, likely influenced by the prevailing economic conditions. Despite the increase in assets, the Trust reported a net loss from operations for the nine months ended June 30, 2009, compared to a significant gain in the same period of the prior year, primarily due to lower gains on gold distributed for share redemptions. The Trust's operational expenses, including custody, trustee, sponsor, and marketing fees, remain relatively stable but contribute to a reduction in the net gain. Notably, the Trust's financial statements show no cash from operations, as gold is directly used to cover expenses. The number of outstanding shares and the redemption value per share have also increased, reflecting the market's continued interest in gold as a hedge against economic uncertainty and inflation.
Financial Highlights
17 data points| Gross Profit | $4.39M |
| Operating Expenses | $33.05M |
| Net Income | $87.94M |
| EPS (Basic) | $0.24 |
| Shares Outstanding (Basic) | 366.12M |
Key Highlights
- 1Total assets of the SPDR Gold Trust increased significantly from $17.78 billion (September 30, 2008) to $29.05 billion (June 30, 2009), driven by a substantial rise in the market value of its gold holdings.
- 2The market value of the Trust's gold holdings at June 30, 2009, was $33.82 billion, up from $20.58 billion at September 30, 2008, indicating strong investor inflows.
- 3Net gain from operations for the nine months ended June 30, 2009, was $122.74 million, a sharp decrease from $1.31 billion in the comparable period of 2008, largely due to significantly lower gains on gold distributed for share redemptions.
- 4The number of outstanding shares grew from 246.5 million (September 30, 2008) to 366.8 million (June 30, 2009), indicating increased investor participation.
- 5The Trust reported no cash and cash equivalents, as its operational model involves using gold directly to cover expenses.
- 6Gold payable increased significantly to $155.98 million by June 30, 2009, while gold receivable decreased to zero, reflecting a shift towards redemptions over creations in the immediate period.
- 7The Trust experienced a considerable unrealized gain on its gold investment, totaling $4.77 billion as of June 30, 2009, up from $3.70 billion at September 30, 2008.