SPDR GOLD TRUST Quarterly Report for Q3 Ended Jun 30, 2023

Summary

SPDR Gold Trust (GLD) reported its financial results for the period ending June 30, 2023. The Trust's primary asset is gold bullion, and its investment objective is to mirror the performance of the gold price, net of expenses. As of June 30, 2023, the Trust held approximately 29,797.5 ounces of gold valued at $56.98 billion, an increase from $50.69 billion at September 30, 2022. This increase is largely attributable to a rise in the market price of gold. The Trust experienced a net investment loss of $59.1 million for the three months ended June 30, 2023, offset by significant net realized and unrealized gains on its gold holdings, resulting in a net loss of $2.08 billion for the quarter. However, for the nine months ended June 30, 2023, the Trust reported a net income of $6.77 billion, driven by substantial unrealized gains on its gold investments. The Trust's Net Asset Value (NAV) per share stood at $177.56 as of June 30, 2023, up from $155.69 at September 30, 2022. The total return for the nine months ended June 30, 2023, was 14.05% at NAV and 15.26% at market value. Investors should note that the Trust's performance is directly tied to the price fluctuations of gold. While the Trust's expenses are nominal (0.40% annually), they do have a cumulative effect on returns over time, as indicated by the slight divergence between share price/NAV and the gold price.

Key Highlights

• 1Total Assets increased to $56.98 billion as of June 30, 2023, from $50.69 billion as of September 30, 2022, primarily due to the appreciation in the price of gold.
• 2Net Assets grew to $56.66 billion as of June 30, 2023, compared to $50.49 billion as of September 30, 2022, reflecting the increase in the market value of its gold holdings.
• 3Net Asset Value (NAV) per Share rose to $177.56 on June 30, 2023, from $155.69 on September 30, 2022.
• 4For the nine months ended June 30, 2023, the Trust reported a net income of $6.77 billion, primarily driven by a net change in unrealized gain on investment in gold of $5.75 billion.
• 5The Trust experienced a net loss of $2.08 billion for the three months ended June 30, 2023, largely due to a significant net change in unrealized loss on investment in gold.
• 6Total return for the nine months ended June 30, 2023, was 14.05% at NAV and 15.26% at market value.
• 7The Trust's primary expense is the Sponsor fee, which accrues daily at an annual rate of 0.40% of the daily NAV.

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