01—Abstract
Summary
Summary of the 10-Q filed May 8, 2024. Cited figures are marked; the original filing is the authoritative source.
SPDR Gold Trust (GLD) reported its first quarter 2024 financial results, reflecting a significant increase in the value of its gold holdings driven by favorable market conditions.
The Trust saw its Net Assets grow from approximately $52.5 billiona at the end of the prior fiscal year to nearly $59.1 billion as of March 31, 2024. This appreciation is primarily due to a substantial unrealized gain on its gold investments, underscoring the Trust's role as a direct investment vehicle for gold bullion. Despite the increase in asset value, the Trust experienced a net decrease in the number of outstanding shares during the period, with redemptions exceeding creations.
Expenses, primarily sponsor fees, remained a consistent factor, though the Trust effectively manages these by selling small amounts of gold. Investors should note that the Trust's performance is directly tied to the price of gold, and the reported figures reflect both realized and unrealized gains/losses on its gold holdings.
02—Key points
Key Highlights
- Net Assets increased significantly by approximately $6.56 billion, reaching $59.08 billion as of March 31, 2024, up from $52.52 billion at the end of the previous fiscal year.
- The Trust experienced a net decrease in outstanding shares from 302,700,000 to 288,200,000 during the quarter.
- Total investments in gold (at fair value) rose to $59.10 billion from $52.54 billion, reflecting an increase in the market price of gold.
- The Trust recorded a substantial net realized and unrealized gain on its gold investment of $9.30 million for the six months ended March 31, 2024.
- For the three months ended March 31, 2024, the Trust reported a net income of $3.92 million, or $13.40 per share.
- Total return at Net Asset Value for the three months ended March 31, 2024, was 7.26%, while the total return at Market Value was 7.61%.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2024filed May 8, 2024Financial Statements
Q2 FY2024 against Q2 FY2023
| Line item | Q2 FY2024Q2 FY2023 | Change |
|---|---|---|
| Operating Expenses | $55.88M$54.88M | +1.8% |
| Net Income | $3.92B$4.82B | −18.7% |
| EPS (Basic) | $13.40$15.21 | −11.9% |
| Shares Outstanding (Basic) | 292.49M317.03M | −7.7% |
05—Questions
Frequently Asked Questions
What is the primary asset held by SPDR Gold Trust (GLD)?
The primary asset held by SPDR Gold Trust (GLD) is physical gold bullion. The Trust's investment objective is to provide investors with exposure to the performance of the price of gold bullion, less the Trust's expenses.
How has the Trust's Net Assets changed in the reported period?
The Trust's Net Assets increased significantly from approximately $52.52 billion as of September 30, 2023, to $59.08 billion as of March 31, 2024. This growth was driven by an increase in the fair value of its gold holdings.
What drives the value of GLD shares?
The value of GLD shares is primarily driven by the market price of gold bullion. Fluctuations in the price of gold directly impact the Net Asset Value (NAV) per share and the market price of the Trust's shares.
Did the Trust experience net creation or redemption of shares during the quarter?
During the quarter ended March 31, 2024, the Trust experienced a net redemption of shares. The number of shares outstanding decreased from 302,700,000 to 288,200,000, with redemptions exceeding creations.
06—Continue