What is the primary driver of SPDR Gold Trust's (GLD) Net Assets growth?

The primary driver of SPDR Gold Trust's Net Assets growth is the appreciation in the fair value of its gold holdings. The increase in gold prices directly leads to a higher valuation of the Trust's assets, consequently boosting its Net Assets and Net Asset Value per Share.

How does GLD manage its expenses, given it has no cash balance?

SPDR Gold Trust manages its expenses by selling a portion of its gold holdings. The Trustee sells the minimum amount of gold necessary to cover the Sponsor fees and other operational expenses, recognizing any realized gain or loss from these sales.

What is the difference between the Total Return at Net Asset Value and Total Return at Market Value for GLD?

The Total Return at Net Asset Value reflects the performance of GLD based on its Net Asset Value (NAV) per share, which is calculated using the LBMA Gold Price. The Total Return at Market Value reflects the performance based on the trading price of GLD shares on the NYSE Arca, which can deviate slightly from the NAV due to market supply and demand dynamics.

Does GLD engage in any hedging activities to mitigate gold price risk?

No, SPDR Gold Trust does not actively manage its gold holdings or engage in hedging techniques. The Trust's objective is to have its Shares reflect the performance of the price of gold bullion, less the Trust's expenses, meaning investors are fully exposed to gold price volatility.

GLD 10-Q Quarterly Report Q3 FY2024 — Revenue, Net Income, EPS

Summary

SPDR Gold Trust (GLD) has reported its financial results for the quarterly period ending June 29, 2024. The Trust's Net Assets significantly increased to $62.11 billion from $52.52 billion at the end of the prior fiscal year. This growth is primarily driven by a substantial increase in the fair value of its gold holdings, which rose to $62.13 billion from $52.54 billion, reflecting a positive trend in gold prices. The Net Asset Value (NAV) per share also saw a notable increase, reaching $215.58 compared to $173.51 in the prior year. The Trust experienced net creations of shares during the nine-month period, with redemptions exceeding creations in terms of value, resulting in a net decrease in the value of shares created and redeemed. Despite a net investment loss primarily due to sponsor fees, the significant gains from the change in unrealized value of gold holdings led to a substantial net income for the period. Investors should note that GLD's performance is directly tied to the price of gold, and the Trust does not engage in hedging activities.

Financial Highlights

10 data points

Beta

Net Income

$3.02B

EPS (Diluted)

$10.46

Total Assets

$62.13B

Cash & Equivalents

$0.00

Free Cash Flow

$0.00

Financial Statements

Beta

Operating Expenses	$62.14M
Net Income	$3.02B
EPS (Basic)	$10.46
Shares Outstanding (Basic)	288.72M

Key Highlights

1Net Assets surged to $62.11 billion as of June 30, 2024, up from $52.52 billion as of September 30, 2023.
2The fair value of the Trust's gold holdings increased significantly to $62.13 billion from $52.54 billion over the same period.
3Net Asset Value (NAV) per Share rose to $215.58 as of June 30, 2024, compared to $173.51 as of September 30, 2023.
4For the nine months ended June 30, 2024, the Trust reported a Net Income of $12.21 billion, a substantial increase from $6.77 billion in the prior year period, driven by unrealized gains on gold.
5The Trust experienced net redemptions in terms of value of shares during the nine-month period ended June 30, 2024, totaling $(2.62) billion.
6Total Return at Net Asset Value for the nine months ended June 30, 2024, was 24.25%, and Total Return at Market Value was 25.41%.
7The Trust maintained zero cash and cash equivalents, operating by selling gold to cover expenses.

SPDR GOLD TRUST Quarterly Report for Q3 Ended Jun 30, 2024

Summary

Financial Highlights

Key Highlights

Frequently Asked Questions