10-QPeriod: Q1 FY2009

ISHARES GOLD TRUST Quarterly Report for Q1 Ended Mar 31, 2009

Filed May 11, 2009For Securities:IAU

Summary

This 10-Q filing for iShares COMEX Gold Trust (IAU) for the quarter ended March 31, 2009, shows a continued increase in the Trust's net asset value, primarily driven by a rise in the price of gold. The Trust's net asset value grew by approximately 6% during the quarter, reflecting a 4.41% increase in the COMEX Spot Settlement Price for gold. Despite the positive movement in gold prices, the Trust's net income experienced a slight decrease compared to the same period in the prior year, attributed to a smaller gain on gold distributions for share redemptions and increased sponsor fees. An important development disclosed is the pending sale of the Trust's Sponsor, Barclays Global Investors International, Inc., to an investment vehicle affiliated with CVC Capital Partners. However, the Trust anticipates no material impact on the Trust, its shareholders, or investments in its shares from this change in ownership. The Trust continues to operate as a passive investment vehicle, with its net asset value directly tied to the price of gold bullion it holds, minus accrued expenses.

Key Highlights

  • 1The Trust's net asset value increased by 5.99% to $2,009,831,043 from $1,896,304,989 at the end of the previous year, mirroring the rise in gold prices.
  • 2Net income for the quarter was $23.38 million, a decrease from $28.33 million in the same period of 2008, primarily due to lower gains on gold distributed for share redemptions and increased sponsor fees.
  • 3The number of outstanding shares increased from 21.8 million to 22.15 million during the quarter, indicating more creations than redemptions by Authorized Participants.
  • 4The Sponsor's fees for the quarter amounted to $1.97 million, representing 0.10% of the Trust's average assets.
  • 5The fair value of gold bullion held by the Trust was $2,010,516,000 at March 31, 2009, an increase from $1,896,894,000 at December 31, 2008.
  • 6The Trust's parent company has entered into an agreement to sell the Sponsor to a new entity, although the Trust expects no material impact on operations or shareholders.

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