10-QPeriod: Q3 FY2024

ISHARES GOLD TRUST Quarterly Report for Q3 Ended Sep 30, 2024

Filed November 7, 2024For Securities:IAU

Summary

The iShares Gold Trust (IAU) reported substantial growth in its net assets for the nine months ending September 30, 2024, driven by a significant increase in the price of gold. Total assets grew to $31.32 billion from $26.42 billion at the end of 2023. This appreciation is largely reflected in the Net Asset Value (NAV) per Share, which rose to $49.68 from $39.03 year-to-date. Despite the positive performance in gold prices, the Trust experienced a decrease in the number of outstanding Shares, indicating more redemptions than creations during the period. Operationally, the Trust generated a substantial net increase in net assets due to operations, amounting to $6.84 billion for the nine-month period. This was primarily driven by a significant unrealized gain on its gold bullion holdings ($5.80 billion) and realized gains from gold distributed for share redemptions. The Trust's primary expense remains the Sponsor's fee, which was $52.67 million for the nine months. Investors should note that IAU's performance is directly tied to the price of gold, and while the current period shows strong gains, the Trust is subject to the inherent volatility and risks associated with gold price fluctuations.

Financial Highlights

6 data points
Beta

Net Income

$3.54B

EPS (Diluted)

$5.58

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$18.64M
Operating Income-$18.64M
Net Income$3.54B
EPS (Basic)$5.58

Key Highlights

  • 1Net assets increased by 18.49% to $31.31 billion as of September 30, 2024, from $26.42 billion at the end of 2023.
  • 2Net Asset Value (NAV) per Share rose significantly to $49.68 as of September 30, 2024, from $39.03 at the beginning of the year, reflecting the appreciation of gold prices.
  • 3The Trust generated a net increase in net assets from operations of $6.84 billion for the nine months ended September 30, 2024.
  • 4Unrealized appreciation on gold bullion was a major contributor to the period's performance, totaling $5.80 billion.
  • 5The number of outstanding Shares decreased from 677.05 million at year-end 2023 to 630.25 million at the end of the third quarter of 2024, indicating net redemptions.
  • 6Total expenses for the nine-month period were $52.67 million, primarily consisting of Sponsor's fees.
  • 7The Trust's investment in gold bullion is valued using the LBMA Gold Price PM, categorized as a Level 1 input in the fair value hierarchy.

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