Summary
This report for the SPDR Gold Trust (GLD) for the quarter ending March 31, 2015, highlights a shift in accounting practices to align with investment company standards, effective October 1, 2014. The Trust's primary asset is its investment in gold, valued at approximately $28.1 billion at the end of the period. Total liabilities were minimal, amounting to $12.1 million. A key operational metric is the Net Asset Value (NAV) per Share, which stood at $113.91 on March 31, 2015. The Trust experienced a net loss of $484.7 million for the quarter, largely driven by a significant unrealized loss on its gold holdings, reflecting the volatility of gold prices. Investors should note the shift in reporting to fair value for gold and the inclusion of unrealized gains/losses in the Statement of Operations. The report also details the Trust's operational metrics, including a decrease in outstanding shares from 257.3 million to 246.9 million during the quarter. The Trust operates with no cash reserves, as gold is sold to cover expenses, aligning with its objective of reflecting the price of gold bullion. The introduction of the LBMA Gold Price PM as the primary valuation benchmark for gold is a significant development, replacing the London Gold Fix. Investors should be aware of the risks associated with this new benchmark and potential price discrepancies.
Financial Highlights
12 data points| Operating Expenses | $29.81M |
| Operating Income | -$28.86M |
| Net Income | -$484.67M |
| EPS (Basic) | $-1.94 |
| Shares Outstanding (Basic) | 250.39M |
Key Highlights
- 1The SPDR Gold Trust (GLD) reported approximately $28.1 billion in assets under management as of March 31, 2015, primarily consisting of physical gold.
- 2Net Asset Value (NAV) per Share was $113.91 at the end of the quarter.
- 3The Trust recorded a net loss of $484.7 million for the three months ended March 31, 2015, primarily due to unrealized losses on gold holdings.
- 4Total outstanding shares decreased from approximately 257.3 million to 246.9 million during the quarter.
- 5The Trust adopted investment company accounting standards effective October 1, 2014, leading to changes in financial statement presentation, including valuing gold at fair value and recognizing unrealized gains/losses.
- 6The LBMA Gold Price PM, a new benchmark, replaced the London Gold Fix for valuing the Trust's gold holdings starting March 20, 2015.
- 7The Trust maintains no cash balance, as gold is sold to cover operational expenses.