10-QPeriod: Q1 FY2023

SPDR GOLD TRUST Quarterly Report for Q1 Ended Dec 31, 2022

Filed February 9, 2023For Securities:GLD

Summary

SPDR Gold Trust (GLD) reported its financial position for the quarter ending December 31, 2022. The Trust's primary asset is gold bullion, which is valued at $53.52 billion, an increase from $50.69 billion at the end of the previous quarter. This increase in gold value, driven by a net change in unrealized gains of over $3.9 billion, contributed to a substantial rise in Net Assets to $53.45 billion from $50.49 billion. During the quarter, GLD experienced net redemptions, with more shares being redeemed than created, resulting in a decrease in the number of outstanding shares to 317 million from 324.3 million. Despite these redemptions, the Net Asset Value (NAV) per Share increased to $168.62 from $155.69, reflecting the appreciation in the underlying gold price. Investors should note that while the Trust's NAV per Share saw a significant positive return of 8.30% for the quarter, the primary driver of performance is the movement in the spot price of gold, with GLD's expenses accounting for a minor drag.

Financial Highlights

10 data points
Beta

Net Income

$4.03B

EPS (Diluted)

$12.70

Total Assets

$53.52B

Cash & Equivalents

$0.00

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$51.50M
Net Income$4.03B
EPS (Basic)$12.70
Shares Outstanding (Basic)317.26M

Key Highlights

  • 1The Trust's gold holdings increased in value by approximately $2.83 billion, reaching $53.52 billion as of December 31, 2022, compared to $50.69 billion as of September 30, 2022.
  • 2Net Assets of the Trust grew by $2.96 billion, from $50.49 billion to $53.45 billion, primarily due to the appreciation in the value of gold.
  • 3The Net Asset Value (NAV) per Share rose to $168.62 as of December 31, 2022, up from $155.69 as of September 30, 2022.
  • 4GLD experienced net redemptions during the quarter, with 7.3 million fewer shares outstanding by the end of the period.
  • 5The Trust reported a net income of $4.03 million for the three months ended December 31, 2022, a significant increase from $2.35 million in the prior year period.
  • 6Total Return at Net Asset Value for the quarter was a positive 8.30%, indicating strong performance driven by gold price appreciation, while Total Return at Market Value was 9.68%.
  • 7Sponsor fees remain the primary expense, totaling $51.5 million for the quarter, representing an annualized rate of 0.40% of the daily NAV.

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