What was the primary driver of the decrease in the Trust's Net Assets?

The primary driver of the decrease in Net Assets was a significant net decrease in Shares Outstanding, with redemptions ($3,050,374,000) substantially exceeding creations ($1,511,823,000) during the quarter. This, combined with a substantial net change in unrealized depreciation on the investment in gold (a loss of $753,891,000), led to a net loss for the period and a reduction in Net Assets.

How has the Trust's expense structure changed?

Effective July 17, 2015, the Trust's only recurring expense is the Sponsor's fee (0.40% of daily NAV), with the Sponsor assuming responsibility for all ordinary fees and expenses, including those of the Trustee, Custodian, and Marketing Agent. This resulted in a significant decrease in direct expenses reported by the Trust for the current period compared to the prior year, as many of these costs are now borne by the Sponsor and not directly expensed by the Trust.

What is the Trust's approach to managing cash and liquidity?

The Trust does not maintain cash balances. Its operational strategy involves selling gold held by the Trust as needed to pay for expenses. Consequently, the Trust typically ends each reporting period with zero cash.

What is the significance of the Trust adopting the financial presentation provisions for an investment company?

Effective October 1, 2014, the Trust adopted accounting and reporting guidance for investment companies. This resulted in reporting its investment in gold at fair value (instead of lower of cost or market), recognizing the net change in unrealized appreciation/depreciation on gold in the Statements of Operations, and classifying Shares as Net Assets. This adoption primarily affects the accounting and presentation of financial information rather than the Trust's underlying investment objective or operations.

GLD 10-Q Quarterly Report Q1 FY2016 — Revenue, Net Income, EPS

Summary

The SPDR Gold Trust (GLD) reported its financial condition for the period ending December 31, 2015. The Trust experienced a net decrease in Shares Outstanding during the quarter, with redemptions significantly outweighing creations. This resulted in a decrease in the Trust's net assets and a decline in the Net Asset Value (NAV) per Share from $106.68 to $101.62. The total assets, primarily composed of investment in gold, decreased from $24,620,671,000 to $21,979,062,000. Total liabilities also increased, largely due to a new gold payable of $40,650,000. The Trust incurred a net loss of $1,143,013,000 for the three months ended December 31, 2015, driven by a substantial net change in unrealized depreciation on its gold holdings.

Financial Highlights

12 data points

Beta

Net Income

-$1.14B

EPS (Diluted)

$-5.11

Total Assets

$21.98B

Cash & Equivalents

$0.00

Free Cash Flow

$0.00

Financial Statements

Beta

Operating Expenses	$23.82M
Operating Income	-$23.82M
Net Income	-$1.14B
EPS (Basic)	$-5.11
Shares Outstanding (Basic)	223.62M

Key Highlights

1Net Assets decreased from $24,612,170,000 (September 30, 2015) to $21,930,606,000 (December 31, 2015).
2Shares outstanding decreased significantly from 230,700,000 to 215,800,000 during the quarter.
3Net Asset Value (NAV) per Share declined from $106.68 to $101.62.
4The Trust reported a net loss of $1,143,013,000 for the three months ended December 31, 2015, compared to a net loss of $469,526,000 for the same period in 2014.
5Total expenses for the three months ended December 31, 2015 were $23,818,000, a decrease from $31,685,000 in the prior year period, primarily due to the elimination of custody, trustee, and marketing agent fees being absorbed by the Sponsor.
6The value of investment in gold decreased from $24,503,318,000 to $21,979,062,000, reflecting a significant unrealized depreciation of $753,891,000 during the quarter.
7The Trust held no cash balances at the end of the period, aligning with its operational strategy of selling gold to cover expenses.

SPDR GOLD TRUST Quarterly Report for Q1 Ended Dec 31, 2015

Summary

Financial Highlights

Key Highlights

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