10-QPeriod: Q1 FY2018

SPDR GOLD TRUST Quarterly Report for Q1 Ended Dec 31, 2017

Filed February 6, 2018For Securities:GLD

Summary

The SPDR Gold Trust (GLD) reported its financial condition for the quarter ended December 31, 2017. The Trust's primary asset is investment in gold, valued at $34.91 billion, reflecting a slight decrease from $35.67 billion at the end of the prior quarter. Net assets stood at $34.898 billion, with 283.6 million shares outstanding. The Trust experienced a significant rebound in its Statement of Operations, reporting a net income of $319.75 million for the quarter, a stark contrast to a net loss of $4.92 million in the same period of the previous year. This positive shift was driven by a substantial increase in the net realized and change in unrealized gain/(loss) on investment in gold, which was $354.74 million compared to a loss of $4.88 million in the prior year period, primarily due to unrealized appreciation on its gold holdings.

Financial Highlights

10 data points
Beta

Net Income

$319.75M

EPS (Diluted)

$1.12

Total Assets

$34.91B

Cash & Equivalents

$0.00

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$34.99M
Net Income$319.75M
EPS (Basic)$1.12
Shares Outstanding (Basic)286.40M

Key Highlights

  • 1The Trust's net assets decreased from $35.66 billion to $34.90 billion during the quarter.
  • 2Total shares outstanding decreased from 292.5 million to 283.6 million.
  • 3For the three months ended December 31, 2017, the Trust reported a net income of $319.75 million, a significant improvement from a net loss of $4.92 million in the same period of 2016.
  • 4The gain from net realized and change in unrealized appreciation on gold investment was $354.74 million for Q4 2017, compared to a loss of $4.89 million for Q4 2016.
  • 5The Trust's investment in gold is entirely valued at Level 1, representing quoted prices in active markets.
  • 6The Trust had no cash balances at the end of the period, as gold is sold to cover expenses.
  • 7Sponsor fees remained consistent at an annualized rate of 0.40% of the daily Net Asset Value (NAV).

Frequently Asked Questions

The primary asset held by SPDR Gold Trust (GLD) is gold bullion. The value of the Trust's shares is designed to reflect the performance of the price of gold bullion, less the Trust's expenses.

In the quarter ended December 31, 2017, GLD reported a significant net income of $319.75 million, a substantial turnaround from a net loss of $4.92 million in the same period of 2016. This improvement was driven by substantial gains from the appreciation of its gold holdings.

As of December 31, 2017, the net asset value (NAV) per share was $123.05, an increase from $121.91 on September 30, 2017. This increase reflects the positive movement in the price of gold during the quarter.

No, at the end of the reporting period (December 31, 2017), the Trust did not have any cash balances. The Trust's policy is to sell gold to cover its expenses, minimizing its holdings of assets other than gold.