Summary
The iShares Gold Trust (IAU) 10-Q filing for the period ending September 29, 2022, reveals a decline in the Trust's Net Asset Value (NAV) due to a decrease in the price of gold. The NAV fell by 13.62% in the third quarter and 10.40% year-to-date. This was primarily driven by a 7.99% drop in the LBMA Gold Price during Q3 and an 8.15% decrease year-to-date. Despite the overall decline in gold prices, the Trust experienced significant activity in its Shares. In the third quarter, redemptions exceeded creations, leading to a net decrease of 54,400,000 Shares. The Trust's primary expense remains the Sponsor's fee, which is set at an annualized rate of 0.25% of the net asset value. Investors should note that the value of IAU is directly tied to the price of gold, and the fund's performance is subject to the volatility and risks associated with the gold market.
Financial Highlights
8 data points| Operating Expenses | $17.48M |
| Operating Income | -$17.48M |
| Net Income | -$2.37B |
| EPS (Basic) | $-2.82 |
Key Highlights
- 1Net Assets decreased to $25.74 billion as of September 30, 2022, down from $28.72 billion at the end of 2021.
- 2The Net Asset Value (NAV) per Share declined from $34.62 at the start of the year to $31.74 at the end of the third quarter.
- 3For the nine months ended September 30, 2022, the Trust reported a net decrease in net assets resulting from operations of approximately $2.55 billion.
- 4This decrease was primarily driven by an unrealized loss on investment in gold bullion of approximately $2.93 billion.
- 5Share redemptions (54.4 million shares in Q3 2022) outpaced creations, leading to a reduction in outstanding shares to 811 million as of September 30, 2022.
- 6The Trust's total return for the nine months ended September 30, 2022, was -8.32%, reflecting the decline in gold prices.
- 7The Sponsor's fee remains the primary expense, totaling $55.44 million for the nine-month period.