Summary
SPDR Gold Trust (GLD) reported its quarterly results for the period ending March 31, 2011. The Trust's primary objective is to track the performance of gold bullion prices, less expenses. During the first six months of fiscal year 2011, the Trust saw a significant increase in its total gain on gold, driven by a substantial gain on gold distributed for share redemptions. The market value of the Trust's gold holdings increased, reflecting the rising price of gold during the period, with the average price for the six months ending March 31, 2011, at $1,376.90 per ounce. Investors should note that the Trust's financial statements show no cash and cash equivalents from operations, as gold is directly sold to cover expenses. The Trust's net asset value per share has been positively impacted by the appreciation of gold prices, with the redemption value per share also increasing significantly over the comparable prior period. The Trust's overall financial condition remains tied to the price of gold, and its operations are structured to reflect this through the creation and redemption of shares in exchange for physical gold.
Financial Highlights
17 data points| Gross Profit | $17.39M |
| Operating Expenses | $54.19M |
| Net Income | $1.64B |
| EPS (Basic) | $4.04 |
| Shares Outstanding (Basic) | 406.07M |
Key Highlights
- 1The Trust's investment in gold increased in market value from $54.65 billion at September 30, 2010, to $56.07 billion at March 31, 2011.
- 2Total gain on gold for the six months ended March 31, 2011, was $2.87 billion, a substantial increase from $580.5 million in the prior year period.
- 3Net gain from operations for the six months ended March 31, 2011, was $2.76 billion, compared to $501.7 million in the prior year period.
- 4Net gain per share for the six months ended March 31, 2011, was $6.64, significantly higher than $1.37 in the prior year period.
- 5The Trust held approximately 38.96 million ounces of gold at March 31, 2011.
- 6The Trust reported no cash and cash equivalents from operations, indicating that gold is directly used to cover operational expenses.
- 7The redemption value per share increased by 2.2% for the six months ended March 31, 2011, and the market value of gold holdings saw a notable increase, reflecting gold price appreciation.