01—Abstract
Summary
Summary of the 10-K filed February 19, 2025. Cited figures are marked; the original filing is the authoritative source.
iShares Gold Trust (IAU) ended 2024 with net assets of $32.96 billiona, up 24.71% from $26.42 billion at December 31, 2023.
The increase was driven mainly by gold's 26.59% price gain, from $2,062.40 to $2,610.85b per ounce, partly offset by a net reduction of 8.4 million Shares outstanding (from 677.05 million to 668.65 million). NAV per Share rose 26.29%, from $39.03 to $49.29. The Trust is a passive vehicle that holds only physical gold, so its results track gold prices closely, less the Sponsor's 0.25% annual fee.
The Trust's only ordinary expense is the Sponsor's fee, which totaled $73.4 millionc in 2024 and was paid by selling gold. The Sponsor assumes most other administrative and marketing costs, though taxes and legal costs above $500,000 per year are borne by the Trust. Because gold must be sold to cover fees, each Share represents a gradually shrinking amount of gold, so investors need gold prices to keep rising just to hold value per Share.
Creations and redemptions were roughly balanced in 2024, with 75.25 million Shares created and 83.65 million redeemed. The auditor, PricewaterhouseCoopers LLP, issued a clean opinion on both the financial statements and internal control over financial reporting, and reported no critical audit matters. The Trust has no legal proceedings, pays no distributions, and reported no material cybersecurity incidents.
02—Key points
Key Highlights
- Net assets rose 24.71% to $32,955,472,597 at December 31, 2024, driven primarily by a 26.59% increase in gold prices.
- NAV per Share increased 26.29% to $49.29, versus $39.03 at year-end 2023.
- Shares outstanding declined 1.2% to 668,650,000, with 75.25M Shares created and 83.65M redeemed during 2024.
- The Sponsor's fee of 0.25% annually totaled $73,384,206 in 2024, funded by selling gold, which steadily reduces the gold backing each Share.
- Net increase in net assets from operations was $6.55 billion, mostly from a $5.47 billion unrealized gain on gold and $1.15 billion of realized gains on gold distributed for redemptions.
- PricewaterhouseCoopers issued an unqualified opinion on the financials and on internal control over financial reporting, with no critical audit matters.
- The Trust makes no distributions, has no legal proceedings, and holds 12,625,208 ounces of gold valued at $32.96 billion.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 19, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Operating Expenses | $73.38M$67.77M | +8.3% |
| Operating Income | -$73.38M-$67.77M | −8.3% |
| Net Income | $6.55B$3.25B | +101.5% |
| EPS (Basic) | $10.06$4.42 | +127.6% |
05—Questions
Frequently Asked Questions
How did IAU perform in 2024?
NAV per Share rose 26.29%, from $39.03 to $49.29, in line with the 26.59% increase in the LBMA Gold Price PM over the year. Performance is before the 0.25% Sponsor's fee, which slightly reduces the return relative to gold itself.
Does IAU pay dividends or distributions?
No. The Trust declared no cash distributions in 2024 or 2023 and has no obligation to make periodic distributions. Returns come only from changes in the price of gold.
What costs do shareholders bear?
The Sponsor's fee of 0.25% of NAV per year is the Trust's main expense and is paid by selling gold. The Sponsor covers most other administrative costs, but taxes, and legal costs above $500,000 per year, are paid by the Trust. Investors also pay brokerage commissions and bid-ask spreads when trading Shares.
Why does the gold held per Share decline over time?
The Trust sells gold to pay the Sponsor's fee and other expenses, so the gold backing each Share shrinks over time. New Baskets do not reverse this trend. To keep the Share price constant, gold must rise enough to offset this reduction.
Who is responsible for the gold custody and what protections exist?
JPMorgan Chase Bank N.A., London branch, is the Custodian, and BNY Mellon is the Trustee. The Trust does not insure its gold. The Custodian holds insurance for its own benefit, and shareholders have limited legal recourse, since claims can only be brought by the Trustee on the Trust's behalf.
06—Continue