GLDM's Gold Holdings Surge to $13.2B Amidst Rising Gold Prices

TL;DR

**GLDM is a solid bet for gold exposure, with its $13.2 billion market value and rising gold prices signaling continued investor confidence and central bank demand.**

AI Summary

World Gold Trust's SPDR Gold MiniShares Trust (GLDM) reported an aggregate market value of $13,227,538,500 for shares held by non-affiliates as of March 31, 2025, with 285,750,000 shares outstanding as of November 24, 2025. The Trust's investment objective is to reflect the performance of gold bullion prices, less expenses, and it holds only physical gold bullion. Gold prices, as measured by the LBMA Gold Price (US$/oz, London), increased significantly from $1,770 in 2020 to $2,386 in 2024, representing a 34.8% rise over the period. Total gold supply grew from 4,776 tonnes in 2020 to 5,029 tonnes in 2024, while total demand increased from 2,824 tonnes to 4,669 tonnes over the same period. Notably, net official sector buying averaged 784 tonnes between 2020 and 2024, reaching 1,086 tonnes in 2024, indicating strong central bank interest. The Trust's expenses are paid by selling gold bullion, which is a taxable event for shareholders.

Why It Matters

This 10-K filing highlights GLDM's substantial market presence with over $13.2 billion in non-affiliate shares, offering investors a liquid, cost-effective way to access gold. The significant increase in gold prices from $1,770/oz in 2020 to $2,386/oz in 2024 underscores gold's role as a store of value and inflation hedge, particularly appealing in uncertain economic climates. For employees and customers, GLDM's passive structure and reliance on established custodians like ICBC Standard Bank Plc and JPMorgan Chase Bank, N.A. ensure operational stability and security of assets. In a competitive landscape of gold ETFs, GLDM's direct gold bullion holdings and transparent pricing based on the LBMA Gold Price PM provide a clear advantage, attracting investors seeking direct exposure without the complexities of physical ownership.

Risk Assessment

Risk Level: low — The risk level is low because GLDM is a passive investment vehicle holding only physical gold bullion, minimizing operational and management risks. Its investment objective is solely to reflect the price of gold, which has shown a strong upward trend, increasing from $1,770/oz in 2020 to $2,386/oz in 2024. The primary risk is the fluctuation in gold prices, which is inherent to the asset class, but the Trust's structure mitigates other common investment risks.

Analyst Insight

Investors should consider GLDM for portfolio diversification and inflation hedging, given its direct exposure to physical gold and the strong performance of gold prices, which rose 34.8% from 2020 to 2024. Monitor global economic indicators and central bank gold purchasing trends, as net official sector buying reached 1,086 tonnes in 2024, indicating sustained institutional demand.

Financial Highlights

debt To Equity

N/A

revenue

$13,227,538,500

operating Margin

N/A

total Assets

$13,227,538,500

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $13.2B — Aggregate market value of GLDM shares (Held by non-affiliates as of March 31, 2025)
• 285,750,000 — Shares outstanding (As of November 24, 2025)
• $2,386 — Gold Price (US$/oz, London) (In 2024, up from $1,770 in 2020)
• 34.8% — Increase in gold price (From 2020 ($1,770) to 2024 ($2,386))
• 5,029 tonnes — Total gold supply (In 2024, up from 4,776 tonnes in 2020)
• 4,669 tonnes — Total gold demand (In 2024, up from 2,824 tonnes in 2020)
• 1,086 tonnes — Net Official Sector Buying (In 2024, indicating strong central bank demand)
• 784 tonnes — Average Net Official Sector Buying (Between 2020 and 2024)
• 47% — Jewelry fabrication share of demand (From 2020 through 2024)
• 27% — Net physical investment share of demand (From 2020 through 2024)

Key Players & Entities

• World Gold Trust (company) — Registrant and issuer of GLDM
• WGC USA Asset Management Company, LLC (company) — Sponsor of the Trust
• Delaware Trust Company (company) — Trustee of the Trust
• The Bank of New York Mellon (company) — Administrator and Transfer Agent for GLDM
• ICBC Standard Bank Plc (company) — Custodian for GLDM's gold bullion
• JPMorgan Chase Bank, N.A. (company) — Custodian for GLDM's gold bullion
• State Street Global Advisors Funds Distributors, LLC (company) — Marketing Agent for GLDM
• NYSE Arca, Inc. (regulator) — Exchange where GLDM shares trade
• Securities and Exchange Commission (regulator) — Regulatory body for the filing
• ICE Benchmark Administration Limited (company) — Administrator and publisher of the LBMA Gold Price

FAQ

Risk Factors

• Price Volatility of Gold Bullion [high — market]: The Trust's investment objective is to reflect the performance of the price of gold bullion. Fluctuations in the price of gold bullion can significantly impact the Net Asset Value (NAV) of the Trust's shares. For instance, the LBMA Gold Price (US$/oz, London) increased from $1,770 in 2020 to $2,386 in 2024, a 34.8% rise, indicating the potential for substantial price swings.
• Expenses Paid by Selling Gold [medium — financial]: The Trust's expenses are paid by selling gold bullion. This process is a taxable event for shareholders, meaning that even if the Trust's overall value does not increase, shareholders may incur tax liabilities due to the sale of gold to cover operational costs.
• Custody of Gold Bullion [high — operational]: The Trust's gold bullion is held by a custodian. Any disruption to the custodian's operations or security breaches could lead to the loss or unavailability of the Trust's assets, directly impacting the value of GLDM shares.
• Changes in Tax Laws [medium — regulatory]: The tax consequences for shareholders are based on current U.S. federal tax law. Changes in tax legislation or interpretations could adversely affect the tax treatment of holding or selling shares of the Trust, potentially impacting investor demand.
• Dependence on Gold Market Performance [high — market]: The Trust's performance is directly tied to the price of gold. Factors influencing the gold market, such as global economic conditions, inflation, interest rates, and geopolitical events, can cause significant volatility and impact the value of the Trust's holdings.

Industry Context

The gold market is influenced by a complex interplay of supply and demand dynamics, central bank policies, and macroeconomic factors. In recent years, significant central bank buying, as evidenced by net official sector buying averaging 784 tonnes between 2020-2024 and reaching 1,086 tonnes in 2024, has provided a strong floor for gold prices. While jewelry fabrication and net physical investment remain substantial components of demand, the increasing interest from official sectors highlights a growing strategic importance of gold.

Regulatory Implications

The Trust operates within a regulated framework, subject to securities laws and tax regulations. Changes in U.S. federal tax laws could impact the tax treatment of shareholders, potentially affecting the attractiveness of the Trust. Furthermore, the Trust's reliance on selling gold bullion to cover expenses creates a taxable event for shareholders, necessitating careful consideration of tax implications.

What Investors Should Do

1. Review tax implications of expense coverage
2. Monitor gold price volatility
3. Assess the impact of central bank demand

Key Dates

• 2014-08-27: World Gold Trust formed — Established the legal structure for the Trust and its series, including GLDM.
• 2018-06-26: GLDM commenced operations — The SPDR Gold MiniShares Trust began trading, allowing investors to gain exposure to gold bullion prices.
• 2025-03-31: Aggregate market value of GLDM shares held by non-affiliates reported — Indicates the significant market capitalization of the Trust's shares held by the public as of this date.
• 2025-11-24: Shares outstanding reported — Provides the total number of GLDM shares available in the market as of this date.

Glossary

Net Asset Value (NAV)

The per-share market value of a fund, calculated by subtracting liabilities from assets and dividing by the number of outstanding shares. (The Trust's investment objective is to reflect the performance of gold bullion prices, less expenses, which is directly tied to its NAV.)

Creation Units

Blocks of 100,000 shares of GLDM that are issued and redeemed by the Trust to and from Authorized Participants. (This is the mechanism through which institutional investors can create or redeem large blocks of GLDM shares, influencing the supply of shares in the market.)

Authorized Participants

Institutional investors that have agreements with the Trust to create and redeem Creation Units. (These participants play a crucial role in the creation and redemption process, helping to keep the market price of GLDM shares aligned with its NAV.)

Sponsor

WGC USA Asset Management Company, LLC (WGCAM), responsible for establishing and overseeing the Trust and its Funds. (The Sponsor manages the Trust's operations and oversees its service providers, playing a key role in the Trust's administration.)

Year-Over-Year Comparison

This filing indicates a significant increase in the aggregate market value of GLDM shares held by non-affiliates to $13.2 billion as of March 31, 2025, compared to prior periods. The number of shares outstanding also saw an increase to 285,750,000 as of November 24, 2025. The context provided shows a strong upward trend in gold prices and demand from 2020 to 2024, suggesting a positive performance environment for the Trust.

Key Financial Figures

• $0.00 — ted, and the par value of the Shares is $0.00. The principal offices of the Trust an
• $0.50 — ounces. Bid-offer spreads are typically $0.50 per ounce. Transaction costs in the OTC

Filing Documents

• gldm20250930_10k.htm (10-K) — 1218KB
• ex_860528.htm (EX-23.1) — 3KB
• ex_860529.htm (EX-23.2) — 2KB
• ex_860530.htm (EX-31.1) — 9KB
• ex_860531.htm (EX-31.2) — 10KB
• ex_860532.htm (EX-32.1) — 6KB
• ex_860533.htm (EX-32.2) — 6KB
• ex_891864.htm (EX-19.1) — 13KB
• wgt01.jpg (GRAPHIC) — 59KB
• wgt02.jpg (GRAPHIC) — 46KB
• wgt34.jpg (GRAPHIC) — 54KB
• 0001437749-25-036313.txt ( ) — 5141KB
• gldm-20250930.xsd (EX-101.SCH) — 32KB
• gldm-20250930_cal.xml (EX-101.CAL) — 21KB
• gldm-20250930_def.xml (EX-101.DEF) — 171KB
• gldm-20250930_lab.xml (EX-101.LAB) — 152KB
• gldm-20250930_pre.xml (EX-101.PRE) — 195KB
• gldm20250930_10k_htm.xml (XML) — 978KB

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements usually include the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "projects," "understands," "may," "can," "could," and other words or terms of similar meaning or import suggesting uncertainty. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events except as required by applicable securities laws. Additional significant uncertainties and other factors affecting forward-looking statements are presented in Item 1A. Risk Factors. "GLDM" and "MiniShares" are registered trademarks of World Gold Trust Services, LLC and have been licensed for use by WGC USA Asset Management Company, LLC. "SPDR" is a product of S&P Dow Jones Indices LLC ("SPDJI") and has been licensed for use by State Street Corporation. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones is a registered trademark of Dow Jones Trademark Ho

Business

Business 1 Structure 1 Investment Objective 2 Overview 3 The Gold Industry 4 Creation and Redemption of Shares 7 Liability 10 Custody of GLDM's Gold 10 United States Federal Tax Consequences 14 ERISA and Related Considerations 19 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II 30 Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 30 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 8. Financial Statement and Supplementary Data 34 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35 Item 9A.

Controls and Procedures

Controls and Procedures 35 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III 38 Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 41 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 41 Item 13. Certain Relationships and Related Transactions and Director Independence 41 Item 14. Principal Accounting Fees and Services 41 PART IV 42 Item 15. Exhibits and Financial Statement Schedules 42 Item 16. Form 10-K Summary 44 ii Table of Contents PART I

Business

Item 1. Business STRUCTURE The Trust The World Gold Trust (the "Trust") was formed as a Delaware statutory trust on August 27, 2014. The Trust consists of multiple series (each, a "Fund" and collectively, the "Funds"). Each Fund issues common units of beneficial interest that represent units of fractional undivided beneficial interest in and ownership of such Fund. The term of the Trust and each Fund is perpetual (unless terminated earlier in certain circumstances). The Trust was organized in separate series as a Delaware statutory trust rather than as separate statutory trusts to achieve certain administrative and other efficiencies. The Trust is sponsored by WGC USA Asset Management Company, LLC ("WGCAM" or the "Sponsor"). The Funds The Trust has one operational Fund, SPDR Gold MiniShares Trust ("GLDM"), as of September 30, 2025. The accompanying financial statements relate to the Trust and GLDM. GLDM commenced operations on June 26, 2018. GLDM's investment objective is for its shares (the "Shares") to reflect the performance of the price of gold bullion, less GLDM's expenses. GLDM issues and redeems Shares from time to time in blocks of 100,000 Shares ("Creation Units") to institutional investors referred to as "Authorized Participants." Creation Units are offered continuously at the net asset value (the "NAV") for 100,000 Shares on the day that an order to create a Creation Unit is accepted by GLDM. The Shares trade under the ticker symbol GLDM on the NYSE Arca, Inc. (the "NYSE Arca"). Authorized Participants and other investors may buy and sell the Shares in the secondary market. Authorized share capital is unlimited, and the par value of the Shares is $0.00. The principal offices of the Trust and the Funds are at c/o WGC USA Asset Management Company, LLC, 685 Third Avenue, Suite 2702, New York, New York 10017. The Sponsor The Sponsor is a Delaware limited liability company formed on August 1, 2014. WGCAM is wholly owned by WGC (US) Holdings, Inc.

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View this 10-K filing on SEC EDGAR