Summary
The iShares Gold Trust (IAU) reported an increase in its Net Asset Value (NAV) for the quarter ending March 31, 2019. The Trust's total assets grew to $12,556,331,670 from $11,544,738,146 at the end of the previous year, primarily driven by an increase in the price of gold and significant share creation activity. During the quarter, 85.5 million Shares were created and 13.35 million Shares were redeemed, resulting in a net increase in outstanding shares and a corresponding rise in the Trust's assets under management. Despite a net investment loss, the Trust experienced a net increase in assets resulting from operations, largely due to unrealized appreciation in the value of its gold bullion holdings. The Sponsor's fee of 0.25% per annum continues to be the primary expense, slightly dampening the NAV growth relative to the gold price increase. For investors, the report indicates a positive trend in the Trust's value, reflecting the performance of gold prices during the period, with continued robust activity in the creation and redemption of Shares.
Financial Highlights
8 data points| Operating Expenses | $7.62M |
| Operating Income | -$7.62M |
| Net Income | $112.40M |
| EPS (Basic) | $0.22 |
Key Highlights
- 1The Trust's Net Asset Value (NAV) per Share increased from $12.28 to $12.40 during the quarter ended March 31, 2019.
- 2Total assets of the Trust grew by approximately 8.76% to $12,556,331,670 from $11,544,738,146 at the end of 2018.
- 3There was significant activity in Share creation and redemption, with 85,500,000 Shares created and 13,350,000 Shares redeemed, leading to a net increase in outstanding Shares to 1,012,350,000.
- 4The net increase in net assets resulting from operations was $112,404,575, primarily driven by an unrealized gain of $114,176,495 on gold bullion.
- 5The price of gold saw a modest increase during the quarter, contributing to the rise in the Trust's NAV.
- 6The Trust's only significant expense was the Sponsor's fee, which amounted to $7,619,352 for the quarter, equivalent to 0.25% of average assets.
- 7The fair value of the gold bullion held by the Trust is classified as Level 1 within the fair value hierarchy, meaning it is based on unadjusted quoted prices in active markets.