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.

Frequently Asked Questions

The value of GLD's gold holdings increased by approximately $2.83 billion, from $50.69 billion on September 30, 2022, to $53.52 billion on December 31, 2022. This increase is primarily attributed to the appreciation in the market price of gold.

GLD experienced net redemptions during the quarter. While 17.8 million shares were created, 25.1 million shares were redeemed, resulting in a net decrease of 7.3 million shares outstanding by the end of the period.

The Net Asset Value (NAV) per Share for GLD at the end of the quarter (December 31, 2022) was $168.62, an increase from $155.69 at the end of the previous quarter (September 30, 2022).

The primary expense for GLD is the Sponsor fee, which accrues daily at an annual rate of 0.40% of the daily Net Asset Value (NAV). For the three months ended December 31, 2022, these fees amounted to $51.5 million.