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Item 1. |
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Item 1A. |
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Item 1B. |
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Item 2. |
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28 |
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Item
3. |
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28 |
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Item
4. |
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Item
5. |
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Item
6. |
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29 |
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Item
7. |
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29 |
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Item
7A. |
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34 |
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Item
8. |
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34 |
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Item
9. |
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34 |
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Item
9A. |
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34 |
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Item
9B. |
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Item 10. |
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38 |
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Item 11. |
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40 |
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Item
12. |
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40 |
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Item
13. |
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40 |
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Item
14. |
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40 |
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42 |
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Item
15. |
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42 |
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Item
16. |
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44 |
|
Tonnes |
2016 |
2017 |
2018 |
2019 |
2020 |
|||||||||||||||
SUPPLY |
||||||||||||||||||||
Mine
Production |
3,512 | 3,576 | 3,653 | 3,597 | 3,478 | |||||||||||||||
Recycling |
1,233 | 1,111 | 1,132 | 1,272 | 1,279 | |||||||||||||||
Net
Hedging Supply |
38 | — | — | 6 | — | |||||||||||||||
Total
Supply |
|
4,783 |
|
|
4,688 |
|
|
4,785 |
|
|
4,876 |
|
|
4,757 |
| |||||
DEMAND |
||||||||||||||||||||
Jewelry
Fabrication |
2,019 | 2,257 | 2,285 | 2,138 | 1,328 | |||||||||||||||
Industrial
Demand |
323 | 333 | 335 | 326 | 302 | |||||||||||||||
Net
Physical Investment |
1,062 | 1,035 | 1,067 | 844 | 892 | |||||||||||||||
Net
Hedging Demand |
— | 26 | 12 | — | 52 | |||||||||||||||
Net
Official Sector Buying |
395 | 379 | 656 | 606 | 262 | |||||||||||||||
Total
Demand |
|
3,798 |
|
|
4,029 |
|
|
4,355 |
|
|
3,914 |
|
|
2,837 |
| |||||
Market
Balance |
984 | 659 | 430 | 962 | 1,921 | |||||||||||||||
Net
Investment in ETPs |
541 | 272 | 70 | 398 | 887 | |||||||||||||||
Market
Balance less ETPs |
443 | 387 | 360 | 564 | 1,034 | |||||||||||||||
Gold
Price (US$/oz, London) |
1,251 | 1,257 | 1,268 | 1,393 | 1,770 |
1 |
Gold Focus
2021 |
Member |
Membership Type |
Spot (S) |
Forwards (F) |
Options (O) | ||||
Citibank
N A |
Full Market Makers | x | x | x | ||||
Goldman
Sachs International |
Full Market Makers | x | x | x | ||||
HSBC |
Full Market Makers | x | x | x | ||||
JP
Morgan Chase Bank |
Full Market Makers | x | x | x | ||||
Morgan
Stanley & Co International Ltd |
Full Market Makers | x | x | x | ||||
UBS
AG |
Full Market Makers | x | x | x | ||||
BNP
Paribas |
Market Makers | x | ||||||
ICBC
Standard Bank Plc |
Market Makers | x | ||||||
Merrill
Lynch International |
Market Makers | x | x | |||||
Standard
Chartered Bank |
Market Makers | x | x | |||||
The
Bank of Nova Scotia |
Market Makers | x | x | |||||
Toronto-Dominion
Bank |
Market Makers | x |
2 |
http://www.lbma.org.uk/aboutmembership
|
• |
An
individual who is a U.S. citizen or resident of the United States for U.S.
federal income tax purposes; |
• |
An
entity treated as a corporation for U.S. federal income tax purposes that
is created or organized in or under the laws of the United States or any
political subdivision thereof; |
• |
An
estate, the income of which is includible in gross income for U.S. federal
income tax purposes regardless of its source; or
|
• |
A
trust, if (1) a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more
U.S. persons have the authority to control all substantial decisions of
the trust; or (2) the trust has a valid election in effect under
applicable U.S. Treasury regulations to be treated as a U.S. person.
|
• |
The
Trust, on behalf of GLDM, has agreed to indemnify the Sponsor and its
affiliates pursuant to the terms of the Declaration of Trust.
|
• |
The
Sponsor, its affiliates and their officers and employees are not
prohibited from engaging in other businesses or activities, including
those that might be in direct competition with GLDM.
|
Item 5. |
Market
for Registrant
’
s
Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities |
Period |
|
Total number of Shares redeemed |
|
|
Average
ounces of gold per Share |
| ||
7/1/21
to 7/31/21 |
|
|
— |
|
|
|
— |
|
8/1/21
to 8/31/21 |
|
|
— |
|
|
|
— |
|
9/1/21
to 9/30/21 |
|
|
3,200,000 |
|
|
|
.00994 |
|
|
|
|
|
|||||
TOTAL |
|
|
3,200,000 |
|
|
|
.00994 |
|
(Amount in 000’s of
US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Investment
in gold – cost |
$ | 4,237,696 | $ | 3,014,561 | ||||
Unrealized
appreciation/(depreciation) on investment in gold |
150,035 | 528,435 | ||||||
|
|
|
|
|||||
Investment
in gold – market value |
$ | 4,387,731 | $ | 3,542,996 | ||||
|
|
|
|
Financial
Highlights (All
amounts in the following table and the subsequent paragraphs, are in 000’s of US$) |
For the year ended Sep-30, 2021 |
For the year ended Sep-30, 2020 |
For the year ended Sep-30, 2019 |
|||||||||
Net
realized and change in unrealized gain/(loss) on investment in
gold |
$ | (338,455 | ) | $ | 446,656 | $ | 130,766 | |||||
Net
income |
$ | (345,917 | ) | $ | 443,161 | $ | 129,660 | |||||
Net
cash provided by operating activities |
$ | — | $ | — | $ | — |
Year ended Sep-30, 2021 |
Year ended Sep-30, 2020 |
Year ended Sep-30, 2019 |
||||||||||
Ounces
of Gold: |
||||||||||||
Opening
balance |
1,877,680.9 | 697,523.6 | 185,927.0 | |||||||||
Creations
(
excluding gold receivable
at September 30, 2021—0;
September 30, 2020—9,959.7
and September 30, 2019 –
9,977.5 |
893,821.8 | 1,355,433.7 | 551,248.1 | |||||||||
Redemptions
(
excluding gold payable at
September 30, 2021 – 0;
September 30, 2020 – 0 and
September 30, 2019 –
0 |
(249,855.2 | ) | (173,448.7 | ) | (38,930.5 | ) | ||||||
Sales
of gold |
(4,014.8 | ) | (1,827.7 | ) | (721.0 | ) | ||||||
|
|
|
|
|
|
|||||||
Closing
balance |
2,517,632.7 | 1,877,680.9 | 697,523.6 | |||||||||
|
|
|
|
|
|
|||||||
Gold
price per ounce – LBMA Gold Price PM |
$ | 1,742.80 | $ | 1,886.90 | $ | 1,485.30 | ||||||
|
|
|
|
|
|
|||||||
Market
value of gold holdings (in 000’s) |
$ | 4,387,731 | $ | 3,542,996 | $ | 1,036,032 | ||||||
|
|
|
|
|
|
|||||||
Number
of Shares (in 000’s): |
||||||||||||
Opening
balance |
189,500 | 70,900 | 19,300 | |||||||||
Creations |
88,800 | 136,000 | 55,500 | |||||||||
Redemptions
. |
(25,100 | ) | (17,400 | ) | (3,900 | ) | ||||||
|
|
|
|
|
|
|||||||
Closing
balance |
253,200 | 189,500 | 70,900 | |||||||||
|
|
|
|
|
|
Period |
|
Average |
|
|
High |
|
|
Date |
|
|
Low |
|
|
Date |
|
|
End of period |
|
|
Last business day (1) |
| |||||||
Three
months to December 31, 2018 |
|
$ |
1,226.28 |
|
|
$ |
1,279.00 |
|
|
|
Dec 28, 2018 |
|
|
$ |
1,185.55 |
|
|
|
Oct 9, 2018 |
|
|
$ |
1,281.65 |
|
|
|
Dec 31, 2018 |
(2) |
Three
months to March 31, 2019 |
|
$ |
1,303.79 |
|
|
$ |
1,343.75 |
|
|
|
Feb
20, 2019 |
|
|
$ |
1,279.55 |
|
|
|
Jan 21, 2019 |
|
|
$ |
1,295.40 |
|
|
|
Mar
29, 2019 |
|
Three
months to June 30, 2019 |
|
$ |
1,309.39 |
|
|
$ |
1,431.40 |
|
|
|
June 25, 2019 |
|
|
$ |
1,269.50 |
|
|
|
Apr 23, 2019 |
|
|
$ |
1,409.00 |
|
|
|
June 28, 2019 |
|
Three
months to September 30, 2019 |
|
$ |
1,472.47 |
|
|
$ |
1,546.10 |
|
|
|
Sep
4, 2019 |
|
|
$ |
1,388.65 |
|
|
|
July 5,
2019 |
|
|
$ |
1,485.30 |
|
|
|
Sep
30, 2019 |
|
Three
months to December 31, 2019 |
|
$ |
1,480.96 |
|
|
$ |
1,517.10 |
|
|
|
Oct
3, 2019 |
|
|
$ |
1,452.05 |
|
|
|
Nov 12, 2019 |
|
|
$ |
1,523.00 |
|
|
|
Dec 31, 2019 |
(2) |
Three
months to March 31, 2020 |
|
$ |
1,582.80 |
|
|
$ |
1,683.65 |
|
|
|
Mar
6, 2020 |
|
|
$ |
1,474.25 |
|
|
|
Mar
19, 2020 |
|
|
$ |
1,608.95 |
|
|
|
Mar
31, 2020 |
|
Three
months to June 30, 2020 |
|
$ |
1,711.13 |
|
|
$ |
1,771.60 |
|
|
|
June 29, 2020 |
|
|
$ |
1,576.55 |
|
|
|
Apr
1, 2020 |
|
|
$ |
1,768.10 |
|
|
|
June 30, 2020 |
|
Three
months to September 30, 2020 |
|
$ |
1,908.56 |
|
|
$ |
2,067.15 |
|
|
|
Aug
6, 2020 |
|
|
$ |
1,771.05 |
|
|
|
July 1,
2020 |
|
|
$ |
1,886.90 |
|
|
|
Sep
30, 2020 |
|
Three
months to December 31, 2020 |
|
$ |
1,874.23 |
|
|
$ |
1,940.80 |
|
|
|
Nov
6, 2020 |
|
|
$ |
1,762.55 |
|
|
|
Nov
30, 2020 |
|
|
$ |
1,891.10 |
|
|
|
Dec 31, 2020 |
(2) |
Three
months to March 31, 2021 |
|
$ |
1,794.01 |
|
|
$ |
1,943.20 |
|
|
|
Jan
4, 2021 |
|
|
$ |
1,683.95 |
|
|
|
Mar
30, 2021 |
|
|
$ |
1,691.05 |
|
|
|
Mar
31, 2021 |
|
Three
months to June 30, 2021 |
|
$ |
1,816.48 |
|
|
$ |
1,902.75 |
|
|
|
June 2,
2021 |
|
|
$ |
1,726.05 |
|
|
|
Apr
1, 2021 |
|
|
$ |
1,763.15 |
|
|
|
June 30, 2021 |
|
Three
months to September 30, 2021 |
|
$ |
1,789.52 |
|
|
$ |
1,829.30 |
|
|
|
Jul
29, 2021 |
|
|
$ |
1,723.35 |
|
|
|
Aug 10, 2021 |
|
|
$ |
1,742.80 |
|
|
|
Sep
30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Twelve
months ended September 30, 2019 |
|
$ |
1,329.69 |
|
|
$ |
1,546.10 |
|
|
|
Sep
4, 2019 |
|
|
$ |
1,185.55 |
|
|
|
Oct
9, 2018 |
|
|
$ |
1,485.30 |
|
|
|
Sep
30, 2019 |
|
Twelve
months ended September 30, 2020 |
|
$ |
1,672.83 |
|
|
$ |
2,067.15 |
|
|
|
Aug
6, 2020 |
|
|
$ |
1,452.05 |
|
|
|
Nov
12, 2019 |
|
|
$ |
1,886.90 |
|
|
|
Sep
30, 2020 |
|
Twelve
months ended September 30, 2021 |
|
$ |
1,818.12 |
|
|
$ |
1,943.20 |
|
|
|
Jan
04, 2021 |
|
|
$ |
1,683.95 |
|
|
|
Mar
30, 2021 |
|
|
$ |
1,742.80 |
|
|
|
Sep
30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
June 26,
2018 to September 30, 2021 |
|
$ |
1,574.59 |
|
|
$ |
2,067.15 |
|
|
|
Aug
6, 2020 |
|
|
$ |
1,178.40 |
|
|
|
Aug 17, 2018 |
|
|
$ |
1,742.80 |
|
|
|
Sep
30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The
end of period gold price is the LBMA Gold Price PM on the last business
day of the period. This is in accordance with the Trust Indenture and the
basis used for calculating the Net Asset Value of the Trust.
|
(2) |
There
was no LBMA Gold Price PM on the last business day of December 2020, 2019
or 2018. The LBMA Gold Price AM on the last business day of December 2020,
2019 and 2018 was $1,891.10, $1,523.00 and $1,281.65, respectively. The
Net Asset Value of the Trust on December 31, 2020, 2019 and 2018 was
calculated using the LBMA Gold Price AM, in accordance with the Trust
Indenture. |
Item 12.
Security
|
Ownership
of Certain Beneficial Owners and Management and Related Stockholder
Matters |
Years Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Audit
fees |
$ | 77,000 | $ | 89,600 | ||||
Audit-related
fees |
$ | 43,000 | 48,000 | |||||
|
|
|
|
|||||
Total |
$ | 120,000 | $ | 137,600 | ||||
|
|
|
|
Exhibit Number |
|
Exhibit Description |
|
Incorporated by Reference | ||||
|
Form |
|
Exhibit |
|
Filing Date/Period End Date | |||
10.4.2 |
|
|
10-K |
|
10.4.2 |
|
12/10/19 | |
10.5 |
|
|
S-1/A |
|
10.7 |
|
1/9/17 | |
10.5.1 |
|
|
10-K |
|
10.11 |
|
11/29/17 | |
10.5.2 |
|
|
S-1/A |
|
10.9 |
|
6/13/18 | |
10.6 |
|
|
S-1/A |
|
10.8 |
|
1/9/17 | |
10.6.1 |
|
|
S-1/A |
|
10.11 |
|
6/13/18 | |
10.6.2 |
|
|
10-K |
|
10.6.2 |
|
12/10/19 | |
10.7 |
|
|
S-1/A |
|
10.10 |
|
8/30/16 | |
10.7.1 |
|
|
S-1/A |
|
10.13 |
|
6/13/18 | |
23.1* |
|
|
|
|
||||
23.2* |
|
|
|
|
||||
31.1* |
|
|
|
|
||||
31.2* |
|
|
|
|
||||
32.1* |
|
|
|
|
||||
32.2* |
|
|
|
|
||||
101.INS* |
|
XBRL
Instance Document | ||||||
101.SCH* |
|
XBRL
Taxonomy Extension Schema Document | ||||||
101.CAL* |
|
XBRL
Taxonomy Extension Calculation Linkbase Document | ||||||
101.DEF* |
|
XBRL
Taxonomy Extension Definition Linkbase Document |
Exhibit Number |
|
Exhibit Description |
|
Incorporated by Reference | ||||
|
Form |
|
Exhibit |
|
Filing Date/Period End Date | |||
101.LAB* |
|
XBRL
Taxonomy Extension Label Linkbase Document | ||||||
101.PRE* |
|
XBRL
Taxonomy Extension Presentation Linkbase Document | ||||||
104.1 |
|
Cover
Page Interactive Data File – The cover page interactive data file does not
appear in the interactive data file because its XBRL tags are embedded
within the inline XBRL document. |
* |
Filed
herewith. |
WGC
USA Asset Management Company, LLC Sponsor
of the World Gold Trust (Registrant) |
/s/
Joseph R. Cavatoni |
Joseph
R. Cavatoni Principal
Executive Officer* |
/s/
Brandon Woods |
Brandon
Woods Principal
Financial and Accounting Officer* |
/s/
David Tait |
David
Tait Director* |
/s/
William J. Shea |
William
J. Shea Director* |
/s/
Neal Wolkoff |
Neal
Wolkoff Director* |
/s/
Carlos Rodriguez |
Carlos
Rodriguez Director* |
* |
The
Registrant is a trust and the persons are signing in their capacities as
officers or directors of WGC USA Asset Management Company, LLC, the
Sponsor of the Registrant. |
Page |
||||
F-2 |
||||
F-4 |
||||
F-5 |
||||
F-6 |
||||
F-7 |
||||
F-8 |
||||
F-9 |
||||
F-18 |
||||
F-20 |
||||
F-21 |
||||
F-22 |
||||
F-23 |
||||
F-24 |
||||
F-25 |
(Amounts in 000’s of
US$) |
|
Sep-30, 2021 |
|
|
Sep-30, 2020 |
| ||
ASSETS |
|
|
||||||
Investments
in Gold, at fair value (cost $ |
|
$ |
|
|
|
$ |
|
|
Gold
receivable |
|
|
|
|
|
|
| |
|
|
|
|
|||||
Total
Assets |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|||||
LIABILITIES |
|
|
||||||
Accounts
payable to Sponsor |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|||||
Total
Liabilities |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|||||
Net
Assets |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
September 30,
2021 |
|
Ounces of gold |
|
|
Cost |
|
|
Fair
Value |
|
|
%
of Net Assets |
| ||||
Investment
in Gold |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% |
|
|
|
|
|
|
|||||||||||
Total
Investment |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% | |||
Liabilities
in excess of other assets |
|
|
|
|
( |
) |
|
|
( |
)% | ||||||
|
|
|
|
|||||||||||||
Net
Assets |
|
|
|
$ |
|
|
|
|
|
% | ||||||
|
|
|
|
September 30, 202
0 |
|
Ounces of gold |
|
|
Cost |
|
|
Fair
Value |
|
|
%
of Net Assets |
| ||||
Investment
in Gold |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% |
|
|
|
|
|
|
|||||||||||
Total
Investment |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% | |||
Other
assets in excess of liabilities |
|
|
|
|
|
|
|
|
|
% | ||||||
|
|
|
|
|||||||||||||
Net
Assets |
|
|
|
$ |
|
|
|
|
|
% | ||||||
|
|
|
|
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019
(1) |
| |||
EXPENSES |
|
|
|
|||||||||
Sponsor
fees |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Gold
Delivery Provider fees |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|||||||
Total
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||||||
Net realized and change in
unrealized gain/(loss) on investment in gold and Gold Delivery
Agreement |
|
|
|
|||||||||
Net
realized gain/(loss) from investment in gold sold to pay Sponsor
fees |
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) on Gold Delivery Agreement |
|
|
|
|
|
|
|
|
|
| ||
Net
realized gain/(loss) on gold transferred to cover Gold Delivery Agreement
and Gold Delivery Provider fees |
|
|
|
|
|
|
|
|
|
| ||
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from investment in gold sold to pay
distributions |
|
|
|
|
|
|
|
|
|
| ||
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
realized and change in unrealized gain/(loss) on investment in gold and
Gold Delivery Agreement |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
Income/(Loss) |
|
$ |
( |
) |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
(1) |
Information
is reflective of the period from October 1, 2018 through
September 16, 2019 for GLDW (see note 1) and the year ended
September 30, 2019 for GLDM. |
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019
(1) |
| |||
INCREASE/DECREASE IN CASH
FROM OPERATIONS: |
|
|
|
|
|
|||||||
Cash
proceeds received from sales of gold |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Cash
expenses paid |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||||||
Increase/(Decrease)
in cash resulting from operations |
|
|
|
|
|
|
|
|
| |||
INCREASE/DECREASE IN CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|||||||||
Cash
proceeds from issuance of shares |
|
|
|
|
|
|
|
|
| |||
Cash
paid for repurchase of shares |
|
|
|
|
|
|
|
|
| |||
Cash
proceeds from sales of gold to pay distributions |
|
|
|
|
|
|
|
|
|
| ||
Distributions |
|
|
|
|
|
|
|
|
( |
) | ||
|
|
|
|
|
|
|||||||
Increase/(Decrease)
in cash resulting from financing activities |
|
|
|
|
|
|
|
|
| |||
Cash
and cash equivalents at beginning of period |
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|||||||
Cash
and cash equivalents at end of period |
|
$ |
|
|
$ |
|
|
$ |
| |||
|
|
|
|
|
|
|||||||
SUPPLEMENTAL DISCLOSURE
OF NON-CASH FINANCING ACTIVITIES: |
|
|
|
|||||||||
Value
of gold received for creation of
shares-net of
change in gold receivable |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|||||||
Value
of gold distributed for redemption of
shares-net of
change in gold payable |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
|||||||
SUPPLEMENTAL DISCLOSURE OF
NON-CASH OPERATING
ACTIVITIES |
|
|
|
|||||||||
Value
of Gold Delivery Agreement inflows — net of Gold Delivery Agreement
receivable |
|
$ |
|
|
$ |
|
|
$ |
|
| ||
|
|
|
|
|
|
|||||||
Value
of Gold Delivery Agreement outflows — net of Gold Delivery Agreement
Payable |
|
$ |
|
|
$ |
|
|
$ |
( |
) | ||
|
|
|
|
|
|
|||||||
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019
(1) |
| |||
RECONCILIATION OF NET
INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING
ACTIVITIES |
|
|
|
|||||||||
Net
Income/(Loss) |
|
$ |
( |
) |
|
$ |
|
|
|
$ |
|
|
Adjustments
to reconcile net income/(loss) to net cash provided by operating
activities: |
|
|
|
|||||||||
Gold
paid for gold Delivery Provider fees |
|
|
|
|
|
|
|
|
|
| ||
Proceeds
from sales of gold to pay expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized (gain)/loss from investment in gold sold to pay Sponsor
fees |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
realized gain/(loss) on Gold Delivery Agreement |
|
|
|
|
|
|
|
|
( |
) | ||
Net
realized gain/(loss) from investment in gold sold to pay
distributions |
|
|
|
|
|
|
|
|
( |
) | ||
Net
realized gain/(loss) on gold transferred to cover Gold Delivery Agreement
and Gold Delivery Provider fees |
|
|
|
|
|
|
|
|
( |
) | ||
Net
realized (gain)/loss from gold distributed for the redemption of
shares |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
change in unrealized (appreciation)/depreciation on investment in
gold |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
Increase/(Decrease)
in accounts payable to Sponsor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
cash provided by operating activities |
|
$ |
|
|
$ |
|
|
$ |
| |||
|
|
|
|
|
|
(1) |
Information
is reflective of the period from October 1, 2018 through
September 16, 2019 for GLDW (see note 1) and the year ended
September 30, 2019 for GLDM. |
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019
(1) |
| |||
Net
Assets – Opening Balance |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Creations |
|
|
|
|
|
|
|
|
|
|
|
|
Redemptions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Distributions |
|
|
|
|
|
|
|
|
( |
) | ||
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
realized gain/(loss) from investment in gold sold to pay Sponsor
fees |
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investment in gold sold to pay
distributions |
|
|
|
|
|
|
|
|
|
| ||
Net
realized gain/(loss) on Gold Delivery Agreement |
|
|
|
|
|
|
|
|
|
| ||
Net
realized gain/(loss) on gold transferred to cover Gold Delivery Agreement
and Gold Delivery Provider fees |
|
|
|
|
|
|
|
|
|
| ||
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
Assets – Closing Balance |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
(1) |
Information
is reflective of the period from October 1, 2018 through
September 16, 2019 for GLDW (see note 1) and the year ended
September 30, 2019 for GLDM. |
|
Level 1 – |
Unadjusted
quoted prices in active markets for identical assets or liabilities;
|
|
Level 2 – |
Inputs
other than quoted prices included within Level 1 that are observable
for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices
for identical or similar assets or liabilities in markets that are not
considered to be active, inputs other than quoted prices that are
observable for the asset or liability and inputs that are derived
principally from or corroborated by observable market data by correlation
or other means; and |
|
Level 3 – |
Inputs
that are unobservable for the asset and liability, including the Funds’
assumptions (if any) used in determining the fair value of investments.
|
(Amounts in 000’s of
US$) September 30,
2021 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
| |||
Investment
in Gold |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
|||||||
Total |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
|||||||
(Amounts in 000’s of
US$) September 30,
2020 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
| |||
Investment
in Gold |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
|||||||
Total |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
(Amounts in 000’s of
US$) |
|
Sep-30, 2021 |
|
|
Sep-30, 2020 |
| ||
Gold
receivable |
|
$ |
|
|
$ |
|
|
(Amounts in 000’s of
US$) |
|
Sep-30, 2021 |
|
|
Sep-30, 2020 |
| ||
Gold
payable |
|
$ |
|
|
$ |
|
(Amounts are in
000’s) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
Activity in Number of
Shares Created and Redeemed: |
|
|
|
|||||||||
Creations |
|
|
|
|
|
|
|
|
|
|
|
|
Redemptions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Distributions |
|
|
|
|
|
|
|
|
( |
) | ||
|
|
|
|
|
|
|||||||
Net
Change in Number of Shares Created and Redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
Activity in Value of
Shares Created and Redeemed: |
|
|
|
|||||||||
Creations |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Redemptions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Distributions |
|
|
|
|
|
|
|
|
( |
) | ||
|
|
|
|
|
|
|||||||
Net
change in Value of Shares Created and Redeemed |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
(unaudited) |
|
|
Year Ended Sep 30, 2021 |
| ||||||||||||||
(Amounts in 000’s of US$,
except per share data) |
|
Dec
31, 2020 |
|
|
Mar
31, 2021 |
|
|
Jun
30, 2021 |
|
|
Sep
30, 2021 |
| ||||||||
EXPENSES |
|
|
|
|
|
|||||||||||||||
Sponsor
fees |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in
unrealized gain/(loss) on investment in gold |
|
|
|
|
|
|||||||||||||||
Net
realized gain/(loss) from investment in gold sold to pay Sponsor
fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
realized and change in unrealized gain/(loss) on investment in
gold |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
income/(loss) |
|
$ |
|
|
|
$ |
( |
) |
|
$ |
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
(unaudited) |
|
|
Year Ended Sep 30, 2020 |
| ||||||||||||||
(Amounts in 000’s of US$,
except per share data) |
|
Dec
31, 2019 |
|
|
Mar
31, 2020 |
|
|
Jun
30, 2020 |
|
|
Sep
30, 2020 |
| ||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor
fees |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in
unrealized gain/(loss) on investment in gold |
|
|
|
|
|
|||||||||||||||
Net
realized gain/(loss) from investment in gold sold to pay
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
realized and change in unrealized gain/(loss) on investment in
gold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
income/(loss) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
Risk
exposure derivative
type |
|
Location of Gain or Loss on Derivatives Recognized in Income |
|
Year Ended Sep-30, 2019
(1) |
| |
(Amounts in 000’s of
US$) |
|
|
|
|
| |
Currency
Risk |
|
Net Realized gain/(loss) on
Gold Delivery Agreement |
|
$ |
|
|
(1) |
The
Gold Delivery Agreement terminated with the liquidation of GLDW as of
September 12, 2019.
|
|
|
Year Ended Sep-30, 2019
(1) |
| |
(Amounts in 000’s of
US$) |
|
|
| |
Average
notional |
|
$ |
|
|
(1) |
The
Gold Delivery Agreement terminated with the liquidation of GLDW as of
September 12, 2019. |
(Amounts in 000’s of US$
except for share and per share data) |
|
Sep-30, 2021 |
|
|
Sep-30, 2020 |
| ||
ASSETS |
|
|
||||||
Investments
in Gold, at fair value (cost $ |
|
$ |
|
|
|
$ |
|
|
Gold
receivable |
|
|
|
|
|
|
| |
|
|
|
|
|||||
Total
Assets |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|||||
LIABILITIES |
|
|
||||||
Accounts
payable to Sponsor |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|||||
Total
Liabilities |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|||||
Net
Assets |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|||||
Shares
issued and outstanding
(1) |
|
|
|
|
|
|
|
|
Net
asset value per Share |
|
$ |
|
|
|
$ |
|
|
(1) |
Authorized
share capital is unlimited and the par value of the Shares is
$ |
(Amounts in 000’s except
for percentages) |
|
Ounces of gold |
|
|
Cost |
|
|
Fair
Value |
|
|
%
of Net Assets |
| ||||
September 30,
2021 |
|
|
|
|
||||||||||||
Investment
in Gold |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% |
|
|
|
|
|
|
|||||||||||
Total
Investment |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% | |||
Liabilities
in excess of other assets |
|
|
|
|
( |
) |
|
|
( |
)% | ||||||
|
|
|
|
|||||||||||||
Net
Assets |
|
|
|
$ |
|
|
|
|
|
% | ||||||
|
|
|
|
|
Ounces of gold |
|
|
Cost |
|
|
Fair
Value |
|
|
%
of Net Assets |
| |||||
September 30,
2020 |
|
|
|
|
||||||||||||
Investment
in Gold |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% |
|
|
|
|
|
|
|||||||||||
Total
Investment |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
% | |||
Other
assets in excess of liabilities |
|
|
|
|
|
|
|
|
|
% | ||||||
|
|
|
|
|||||||||||||
Net
Assets |
|
|
|
$ |
|
|
|
|
|
% | ||||||
|
|
|
|
(Amounts in 000’s of US$,
except per share data) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
EXPENSES |
|
|
|
|||||||||
Sponsor
fees |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Total
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||||||
Net realized and change in
unrealized gain/(loss) on investment in gold |
|
|
|
|||||||||
Net
realized gain/(loss) from investment in gold sold to pay Sponsor
fees |
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
realized and change in unrealized gain/(loss) on investment in
gold |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
income/(loss) |
|
$ |
( |
) |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|||||||
Net
income/(loss) per share |
|
$ |
( |
) |
|
$ |
|
|
|
$ |
|
|
Weighted
average number of shares (in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
INCREASE/DECREASE IN CASH
FROM OPERATIONS: |
|
|
|
|||||||||
Cash
proceeds received from sales of gold |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Cash
expenses paid |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||||||
Increase/(Decrease)
in cash resulting from operations |
|
|
|
|
|
|
|
|
| |||
Cash
and cash equivalents at beginning of period |
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|||||||
Cash
and cash equivalents at end of period |
|
$ |
|
|
$ |
|
|
$ |
| |||
|
|
|
|
|
|
|||||||
SUPPLEMENTAL DISCLOSURE OF
NON-CASH FINANCING
ACTIVITIES: |
|
|
|
|||||||||
Value
of gold received for creation of
shares-net of
change in gold receivable |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|||||||
Value
of gold distributed for redemption of
shares-net of
change in gold payable |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
RECONCILIATION OF NET
INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING
ACTIVITIES |
|
|
|
|||||||||
Net
income/(loss) |
|
$ |
( |
) |
|
$ |
|
|
|
$ |
|
|
Adjustments
to reconcile net income/(loss) to net cash provided by operating
activities: |
|
|
|
|||||||||
Proceeds
from sales of gold to pay expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized (gain)/loss from investment in gold sold to pay Sponsor
fees |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
realized (gain)/loss from gold distributed for the redemption of
shares |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
change in unrealized (appreciation)/depreciation on investment in
gold |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
Increase/(Decrease)
in accounts payable to Sponsor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
cash provided by operating activities |
|
$ |
|
|
$ |
|
|
$ |
| |||
|
|
|
|
|
|
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
Net
Assets—Opening Balance |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Creations |
|
|
|
|
|
|
|
|
|
|
|
|
Redemptions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
realized gain/(loss) from investment in gold sold to pay Sponsor
fees |
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
Assets—Closing Balance |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
Level 1 – |
Unadjusted
quoted prices in active markets for identical assets or liabilities;
|
|
Level 2 – |
Inputs
other than quoted prices included within Level 1 that are observable
for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices
for identical or similar assets or liabilities in markets that are not
considered to be active, inputs other than quoted prices that are
observable for the asset or liability and inputs that are derived
principally from or corroborated by observable market data by correlation
or other means; and |
|
Level 3 – |
Inputs
that are unobservable for the asset and liability, including a fund’s
assumptions (if any) used in determining the fair value of investments.
|
(Amounts in 000’s of
US$) September 30,
2021 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
| |||
Investment
in Gold |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
|||||||
Total |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
(Amounts in 000’s of
US$) September 30,
2020 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
| |||
Investment
in Gold |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
|||||||
Total |
|
$ |
|
|
|
$ |
|
|
$ |
| ||
|
|
|
|
|
|
(Amounts in 000’s of
US$) |
|
Sep-30, 2021 |
|
|
Sep-30, 2020 |
| ||
Gold
receivable |
|
$ |
|
|
$ |
|
|
(Amounts in 000’s of
US$) |
|
Sep-30, 2021 |
|
|
Sep-30, 2020 |
| ||
Gold
payable |
|
$ |
|
|
$ |
|
(Amounts are in
000’s) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
Activity in Number of
Shares Created and Redeemed: |
|
|
|
|||||||||
Creations |
|
|
|
|
|
|
|
|
|
|
|
|
Redemptions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||||||
Net
Change in Number of Shares Created and Redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in 000’s of
US$) |
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
Activity in Value of
Shares Created and Redeemed: |
|
|
|
|||||||||
Creations |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Redemptions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||||||
Net
change in Value of Shares Created and Redeemed |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
(unaudited) |
|
|
|
| ||||||||||||||
(Amounts in 000’s of US$,
except per share data) |
|
Dec
31, 2020 |
|
|
Mar
31, 2021 |
|
|
Jun
30, 2021 |
|
|
Sep
30, 2021 |
|
|
Year Ended Sep 30, 2021 |
| |||||
EXPENSES |
|
|
|
|
|
|||||||||||||||
Sponsor
fees |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in
unrealized gain/(loss) on investment in gold |
|
|
|
|
|
|||||||||||||||
Net
realized gain/(loss) from investment in gold sold to pay Sponsor
fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
realized and change in unrealized gain/(loss) on investment in
gold |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
income/(loss) |
|
$ |
|
|
|
$ |
( |
) |
|
$ |
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
income/(loss) per share |
|
$ |
|
|
|
$ |
( |
) |
|
$ |
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted
average number of shares (in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
(unaudited) |
|
|
|
| ||||||||||||||
(Amounts in 000’s of US$,
except per share data) |
|
Dec
31, 2019 |
|
|
Mar
31, 2020 |
|
|
Jun
30, 2020 |
|
|
Sep
30, 2020 |
|
|
Year Ended Sep 30, 2020 |
| |||||
EXPENSES |
|
|
|
|
|
|||||||||||||||
Sponsor
fees |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in
unrealized gain/(loss) on investment in gold |
|
|
|
|
|
|||||||||||||||
Net
realized gain/(loss) from investment in gold sold to pay
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from gold distributed for the redemption of
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investment in
gold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
realized and change in unrealized gain/(loss) on investment in
gold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
income/(loss) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
income/(loss) per share |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted
average number of shares (in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended Sep-30, 2021 |
|
|
Year Ended Sep-30, 2020 |
|
|
Year Ended Sep-30, 2019 |
| |||
Net Asset
Value |
|
|
|
|||||||||
Net
asset value per Share, beginning of period |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Net
investment income/(loss) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net
Realized and Change in Unrealized Gain/(Loss) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
Income/(Loss) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net
asset value per Share, end of period |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|||||||
Market
value per Share, beginning of period |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|||||||
Market
value per Share, end of period |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|||||||
Ratio to average net
assets |
|
|
|
|||||||||
Net
investment loss |
|
|
( |
)% |
|
|
( |
)% |
|
|
( |
)% |
|
|
|
|
|
|
|||||||
Gross
expenses |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
|
|
|
|||||||
Net
expenses |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
|
|
|
|||||||
Total
Return, at net asset value |
|
|
( |
)% |
|
|
|
% |
|
|
|
% |
|
|
|
|
|
|
|||||||
Total
Return, at market value |
|
|
( |
)% |
|
|
|
% |
|
|
|
% |
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