SPDR GOLD TRUST Quarterly Report for Q1 Ended Dec 31, 2021

Summary

SPDR Gold Trust (GLD) reported a net income of $2,346,648 for the three months ended December 31, 2021, a significant turnaround from a net loss of $51,127 in the same period of the previous year. This was primarily driven by a substantial increase in the net change in unrealized appreciation on its gold holdings, which rose to $2,093,694 from a depreciation of $1,659,393 in the prior year quarter. The Trust's net assets grew to $57,074,810 from $55,455,274 as of September 30, 2021, reflecting the appreciation in the fair value of its gold reserves. Despite the overall net income, the Trust experienced a net decrease in the number of shares outstanding and a net decrease in the value of shares created and redeemed during the quarter. While creations saw significant value, redemptions were substantially higher, resulting in a net outflow of value from the Trust. The Trust's assets consist entirely of gold bullion, valued at $57,093,938, with the underlying gold price performance being the primary driver of investor returns.

Key Highlights

• 1Reported a net income of $2.35 million for the quarter, a significant improvement from a net loss of $51,000 in the prior year quarter.
• 2Net assets increased to $57.07 billion as of December 31, 2021, from $55.46 billion as of September 30, 2021, driven by appreciation in gold prices.
• 3The fair value of the Trust's gold holdings increased to $57.09 billion from $55.47 billion during the quarter.
• 4Experienced net redemptions of Shares in both number (14.2 million) and value ($2.36 billion) during the quarter.
• 5The Trust's investment objective is for its Shares to reflect the performance of the price of gold bullion, less the Trust's expenses.
• 6Total expenses for the quarter were $57,105, a decrease from $74,531 in the prior year quarter.
• 7The Trust held approximately 31,368.6 ounces of gold at December 31, 2021, valued at $57.09 billion.

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