Page |
||||||
PART I | 1 | |||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
7 | ||||||
11 | ||||||
12 | ||||||
12 | ||||||
13 | ||||||
14 | ||||||
15 | ||||||
16 | ||||||
18 | ||||||
19 | ||||||
24 | ||||||
Item 1A. | 24 | |||||
Item 1B. | 33 | |||||
Item 2. | 33 | |||||
Item 3. | 33 | |||||
Item 4. | 33 | |||||
PART II | 34 | |||||
Item 5. | 34 | |||||
Item 6. | 34 | |||||
Item 7. | 34 | |||||
Item 7A. | 38 | |||||
Item 8. | 39 | |||||
Item 9. | 39 | |||||
Item 9A. | 39 | |||||
Item 9B. | 42 | |||||
PART III | 43 | |||||
Item 10. | 43 | |||||
Item 11. | 45 | |||||
Item 12. | 45 | |||||
Item 13. | 45 | |||||
Item 14. | 45 | |||||
PART IV | 47 | |||||
Item 15. | 47 | |||||
Item 16. | 49 |
• |
Easily
Accessible. |
• |
Relatively Cost
Efficient. |
• |
Exchange
Traded. |
• |
Backed by Gold Held by
the Custodian on Behalf of the
Trust. |
1 |
Gold Focus
2021 |
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 | |||||||||||||||
Source: Metals Focus 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
|
• |
Expenses
and other charges of the Custodian payable by the Trustee on behalf of the
Trust under the Allocated Bullion Account Agreement and the Unallocated
Bullion Account Agreement (including (1) any relevant taxes, duties
and governmental charges; and (2) the obligation to indemnify the
Custodian) and, subject to the prior written approval of the Sponsor,
(A) other expenses and charges for the custody, deposit or delivery
of gold and services related to the custody and safekeeping of gold; and
(B) expenses and charges charged by other custodians pursuant to a
Custody Agreement; |
• |
Expenses
of the Trustee for uncustomary and extraordinary
out-of-pocket |
• |
Certain
taxes and various other governmental charges;
|
• |
Various
taxes and governmental charges and any taxes, fees and charges payable by
the Trustee with respect to the creation or redemption of Baskets;
|
• |
Any
taxes or other governmental charges imposed on the Sponsor in respect of
the Trust, its assets, including gold, or the Shares;
|
• |
Expenses
and costs of any action taken by the Trustee or the Sponsor to protect the
Trust and the rights and interests of Shareholders;
|
• |
Amounts
for indemnification of the Trustee or the Sponsor as permitted under the
Trust Indenture; |
• |
Expenses
incurred in contacting Shareholders exceeding an aggregate amount for any
fiscal year of $500,000; |
• |
Amounts
for reimbursement in respect of certain claims described under “Risk
Factors—The Trust’s obligation to reimburse the Marketing Agent and the
Authorized Participants for certain liabilities;”
|
• |
The
amount of any legal fees and expenses (including the costs of any
litigation) of (i) the Sponsor and the Trust, (ii) the Custodian
and (iii) the Trustee in excess of an aggregate amount for any fiscal
year of $500,000; and |
• |
All
other expenses of the Trust not otherwise assumed by the Sponsor under the
Trust Indenture. |
• |
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.
|
• |
Global
gold supply and demand, which is influenced by such factors as gold’s uses
in jewelry, technology and industrial applications, purchases made by
investors in the form of bars, coins and other gold products, forward
selling by gold producers, purchases made by gold producers to unwind gold
hedge positions, central bank purchases and sales, and production and cost
levels in major gold-producing countries such as China, the United States
and Australia; |
• |
Global
or regional political, economic or financial events and situations,
especially those unexpected in nature; |
• |
Investors’
expectations with respect to the rate of inflation;
|
• |
Currency
exchange rates; |
• |
Interest
rates; |
• |
Investment
and trading activities of hedge funds and commodity funds; and
|
• |
Other
economic variables such as income growth, economic output, and monetary
policies. |
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 |
7,600,000 | .09359 | ||||||
8/1/21
to 8/31/21 |
11,100,000 | .09355 | ||||||
9/1/21
to 9/30/21 |
6,800,000 | .09351 | ||||||
|
|
|
|
|||||
TOTAL |
25,500,000 | .09355 |
Item 6.
[Reserved] |
(Amount in 000’s of
US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Investment
in gold – cost |
$ | 49,227,344 | $ | 60,743,750 | ||||
Unrealized
gain/(loss) on investment in gold |
6,246,679 | 16,234,250 | ||||||
|
|
|
|
|||||
Investment
in gold – market value |
$ | 55,474,023 | $ | 76,978,000 | ||||
|
|
|
|
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 |
$ | (5,488,874 | ) | $ | 13,309,558 | $ | 7,385,336 | |||||
|
|
|
|
|
|
|||||||
Net
income/(loss) |
$ | (5,746,469 | ) | $ | 13,083,928 | $ | 7,250,161 | |||||
Net
cash provided by operating activities |
$ | — | $ | — | $ | — |
(Amounts, except for per
ounce and per share, are in 000’s) |
Year ended Sep-30, 2021 |
Year ended Sep-30, 2020 |
Year ended Sep-30, 2019 |
|||||||||
Ounces
of Gold: |
||||||||||||
Opening
balance |
40,796.0 | 29,737.6 | 23,863.5 | |||||||||
Creations
(excluding gold receivable at September 30, 2021 –0;
September 30, 2020 –0 and September 30,
2019 –0) |
6,325.9 | 18,975.6 | 13,678.0 | |||||||||
Redemptions
(excluding gold payable at September 30, 2021 – 0;
September 30, 2020 – 0 and September 30,
2019 –195,999) |
(15,146.2 | ) | (7,789.1 | ) | (7,705.6 | ) | ||||||
Sales
of gold |
(145.3 | ) | (128.1 | ) | (98.3 | ) | ||||||
|
|
|
|
|
|
|||||||
Closing
balance |
31,830.4 | 40,796.0 | 29,737.6 | |||||||||
|
|
|
|
|
|
|||||||
Gold
price per ounce – LBMA Gold Price PM |
$ | 1,742.80 | $ | 1,886.90 | $ | 1,485.30 | ||||||
|
|
|
|
|
|
|||||||
Market
value of gold holdings |
$ | 55,474,023 | $ | 76,978,000 | $ | 44,169,240 | ||||||
|
|
|
|
|
|
|||||||
Number
of Shares (in 000’s): |
||||||||||||
Opening
balance |
434,400 | 314,000 | 252,100 | |||||||||
Creations |
67,500 | 201,800 | 144,900 | |||||||||
Redemptions |
(161,600 | ) | (81,400 | ) | (83,000 | ) | ||||||
|
|
|
|
|
|
|||||||
Closing
balance |
340,300 | 434,400 | 314,000 | |||||||||
|
|
|
|
|
|
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 | July 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 | $ | 1943.20 | Jan 4, 2021 | $ | 1,683.95 | Mar 30, 2021 | $ | 1,742.80 | Sep 30, 2021 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
November 12,
2004 to September 30, 2021 |
$ | 1,199.15 | $ | 2,067.15 | Aug 6, 2020 | $ | 411.10 | Feb 8, 2005 | $ | 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. |
Years Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Audit
fees |
$ | 330,000 | $ | 350,600 | ||||
Audit-related
fees |
98,000 | 110,000 | ||||||
|
|
|
|
|||||
Total |
$ | 428,000 | $ | 460,600 | ||||
|
|
|
|
Exhibit Number |
Exhibit Description |
Incorporated by Reference | ||||||
Form |
Exhibit |
Filing Date/Period End Date | ||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
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. |
WORLD
GOLD TRUST SERVICES, LLC Sponsor
of the SPDR
® 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 World Gold Trust Services, LLC, the Sponsor of
the registrant. |
Page |
||||
F-2 |
||||
F-4 |
||||
F-5 |
||||
F-6 |
||||
F-7 |
||||
F-8 |
||||
F-9 |
(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 $ |
$ | $ | ||||||
|
|
|
|
|||||
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
$ |
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,
2020 |
Ounces
of gold |
Cost |
Fair Value |
%
of Net Assets |
||||||||||||
Investment
in Gold |
$ | $ | % | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total
Investment |
$ | $ | % | |||||||||||||
Liabilities
in excess of other assets |
( |
) | ( |
)% | ||||||||||||
|
|
|
|
|||||||||||||
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
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) |
(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
expenses |
( |
) | ( |
) | ( |
) | ||||||
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
expenses |
||||||||||||
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. |
Organization
|
2. |
Significant
Accounting Policies |
2.1. |
Basis
of Accounting |
2.2. |
Fair
Value Measurement |
(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 |
$ | $ | $ | |||||||||
|
|
|
|
|
|
2.3. |
Custody
of Gold |
2.4. |
Gold
Receivable |
(Amounts
in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Gold
receivable |
$ | $ |
2.5. |
Gold
Payable |
(Amounts
in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Gold
payable |
$ | $ |
2.6. |
Creations
and Redemptions of Shares |
(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 |
$ | ( |
) | $ | $ | |||||||
|
|
|
|
|
|
2.7. |
Income
and Expense (Amounts in 000’s of US$)
|
2.8. |
Income
Taxes |
3. |
Quarterly
Statements of Operations |
Fiscal
Period Ended September 30, 2021 |
Three Months Ended
(unaudited) |
|||||||||||||||||||
(Amounts in 000’s of US$,
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
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) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Fiscal Period Ended
September 30, 2020 |
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) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
4. |
Related
Parties – Sponsor and Trustee |
5. |
Concentration
of Risk |
6. |
Indemnification
|
7. |
Financial
Highlights |
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 |
( |
)% | % | % | ||||||||
|
|
|
|
|
|