Summary
This 8-K filing for the SPDR Gold Trust (GLD) on March 20, 2015, announces a significant operational update concerning the benchmark used to determine the Trust's Net Asset Value (NAV). The primary change is the adoption of the LBMA Gold Price, administered by ICE Benchmark Administration, as the new benchmark. This transition is a direct response to the cessation of the London gold fix by London Gold Market Fixing Limited, which occurred at the close of business on March 19, 2015. Investors should note that this change in benchmark is a procedural adjustment aimed at maintaining the accurate valuation of the Trust's gold holdings. The Trust Indenture and associated account agreements with the Trustee (The Bank of New York Mellon) and Custodian (HSBC Bank plc) have been amended to reflect this new pricing mechanism. This change is effective as of March 20, 2015, ensuring continuity in the Trust's operations and its ability to track the price of gold.
Key Highlights
- 1SPDR Gold Trust (GLD) is updating its benchmark for Net Asset Value (NAV) calculation.
- 2The new benchmark will be the LBMA Gold Price, administered by ICE Benchmark Administration.
- 3This change is a direct result of the London gold fix ceasing operations on March 19, 2015.
- 4The Trust Indenture has been amended (Amendment No. 5) to incorporate the LBMA Gold Price.
- 5Custodial account agreements have also been amended to reflect the new pricing mechanism.
- 6These amendments are effective as of March 20, 2015.
- 7The filing includes amendments to the Trust Indenture, Allocated Bullion Account Agreement, and Unallocated Bullion Account Agreement as exhibits.