ISHARES GOLD TRUST Quarterly Report for Q1 Ended Mar 31, 2015

Summary

The iShares Gold Trust (IAU) reported its financial results for the quarter ending March 31, 2015. During this period, the Trust saw an increase in its net asset value from $6.21 billion to $6.29 billion, driven primarily by an increase in outstanding shares due to creations exceeding redemptions. However, the net asset value per share experienced a slight decline from $11.61 to $11.48, reflecting a modest decrease in the price of gold during the quarter. The Trust's operations resulted in a net decrease in net assets of approximately $81.5 million. This was largely due to a significant net change in unrealized depreciation of gold bullion amounting to over $77 million, which was partially offset by a net realized gain from gold sales to cover expenses and distributions for share redemptions. The primary expense recognized was the Sponsor's fee, amounting to nearly $4 million.

Key Highlights

• 1Net Assets increased by 1.27% to $6.29 billion as of March 31, 2015, compared to $6.21 billion as of December 31, 2014.
• 2Net Asset Value (NAV) per Share decreased by 1.12% from $11.61 to $11.48 during the quarter, primarily influenced by a 1.02% decrease in the price of gold.
• 3The Trust experienced a net decrease in net assets from operations of $81.5 million for the three months ended March 31, 2015.
• 4A significant factor in the operational results was a net change in unrealized depreciation of gold bullion totaling $77.2 million.
• 5During the quarter, 34.3 million Shares were created and 21.55 million Shares were redeemed, leading to a net increase in outstanding Shares to 548.15 million.
• 6The Trust's primary expense is the Sponsor's fee, which amounted to $3.99 million for the quarter.
• 7The valuation of gold bullion transitioned from the London PM Fix to the LBMA Gold Price PM benchmark in March 2015, with potential implications for price discovery and investor confidence.

Frequently Asked Questions