iShares Gold Trust Files Q1 2024 10-Q

TL;DR

<b>iShares Gold Trust reported a slight increase in net asset value per share for Q1 2024, with gold bullion cost at $19.56 billion.</b>

AI Summary

ISHARES GOLD TRUST (IAU) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Net asset value per share increased by 0.02% during the quarter ended March 31, 2024. The Trust's cost of investment in gold bullion was $19,555,817,449 as of March 31, 2024. Total shares outstanding were 657,950,000 as of March 31, 2024. The Trust is incorporated in New York and its fiscal year ends on December 31. The iShares Gold Trust is registered under the 1934 Act with SEC file number 001-32418.

Why It Matters

For investors and stakeholders tracking ISHARES GOLD TRUST, this filing contains several important signals. This filing provides an update on the Trust's financial performance and holdings for the first quarter of 2024, crucial for investors tracking gold exposure. Understanding the Trust's net asset value changes and the cost of its gold holdings offers insight into the performance drivers of this gold-backed ETF.

Risk Assessment

Risk Level: low — ISHARES GOLD TRUST shows low risk based on this filing. The filing is a routine quarterly report (10-Q) for a well-established gold trust, indicating low inherent risk in the filing itself.

Analyst Insight

Monitor the Trust's net asset value and gold holdings in subsequent filings to assess ongoing performance and market sentiment towards gold.

Key Numbers

• 0.02% — Net asset value per Share change (Based on the change in net asset value of a Share during the period.)
• $19,555,817,449 — Cost of investment in gold bullion (As of March 31, 2024.)
• 657,950,000 — Shares outstanding (As of March 31, 2024.)
• 2024-03-31 — Quarter End Date (Conformed period of report)

Key Players & Entities

• ISHARES GOLD TRUST (company) — Registrant
• IAU (company) — Trading Symbol
• BLACKROCK INC. (company) — Business Address
• New York (company) — State of Incorporation
• 2024-03-31 (date) — Quarterly period ended
• 2024-05-08 (date) — Filed as of date
• $19,555,817,449 (dollar_amount) — Cost of investment in gold bullion
• 657,950,000 (dollar_amount) — Shares outstanding

FAQ

Risk Factors

• Market Price Fluctuation [medium — financial]: The market price of gold bullion can be volatile, impacting the Trust's net asset value.
• Custody and Security of Gold [medium — operational]: The Trust's gold is held by a custodian, and any issues with custody or security could affect the Trust's assets.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

Net Asset Value (NAV)

The per-share market value of a fund's assets minus its liabilities. (Indicates the underlying value of the Trust's gold holdings per share.)

Key Financial Figures

• $19,555,817,449 — ) Cost of investment in gold bullion: $19,555,817,449 and $20,091,705,096, respectively. (b)
• $20,091,705,096 — nt in gold bullion: $19,555,817,449 and $20,091,705,096, respectively. (b) No par value, unl

Filing Documents

• iau20240331c_10q.htm (10-Q) — 362KB
• ex_651492.htm (EX-31.1) — 13KB
• ex_651493.htm (EX-31.2) — 13KB
• ex_651494.htm (EX-32.1) — 6KB
• ex_651495.htm (EX-32.2) — 6KB
• 0001437749-24-015387.txt (&nbsp;) — 2126KB
• iau-20240331.xsd (EX-101.SCH) — 28KB
• iau-20240331_cal.xml (EX-101.CAL) — 14KB
• iau-20240331_def.xml (EX-101.DEF) — 117KB
• iau-20240331_lab.xml (EX-101.LAB) — 114KB
• iau-20240331_pre.xml (EX-101.PRE) — 141KB
• iau20240331c_10q_htm.xml (XML) — 301KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 1 2 3 5 Schedules of Investments at March 31, 2024 and December 31, 2023 6

Notes to Financial Statements

Notes to Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 12 Item 4.

Controls and Procedures

Controls and Procedures 12

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 13 Item 1A.

Risk Factors

Risk Factors 13 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Mine Safety Disclosures 13 Item 5. Other Information 13 Item 6. Exhibits 14

SIGNATURES

SIGNATURES 15 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements iShares Gold Trust At March 31, 2024 and December 31, 2023 March 31, 2024 December 31, 2023 Assets Investment in gold bullion, at fair value (a) $ 27,560,235,094 $ 26,430,443,509 Total Assets 27,560,235,094 26,430,443,509 Liabilities Sponsor's fees payable 5,684,062 5,532,525 Total Liabilities 5,684,062 5,532,525 Commitments and contingent liabilities (Note 6) — — Net Assets $ 27,554,551,032 $ 26,424,910,984 Shares issued and outstanding (b) 657,950,000 677,050,000 Net asset value per Share (Note 2C) $ 41.88 $ 39.03 (a) Cost of investment in gold bullion: $19,555,817,449 and $20,091,705,096, respectively. (b) No par value, unlimited amount authorized. See notes to financial statements. 1 Table of Contents iShares Gold Trust For the three months ended March 31, 2024 and 2023 Three Months Ended March 31, 2024 2023 Expenses Sponsor's fees $ 16,206,829 $ 16,705,307 Total expenses 16,206,829 16,705,307 Net investment loss ( 16,206,829 ) ( 16,705,307 ) Net Realized and Unrealized Gain (Loss) Net realized gain from: Gold bullion sold to pay expenses 3,790,172 2,901,167 Gold bullion distributed for the redemption of Shares 217,647,962 153,486,929 Net realized gain 221,438,134 156,388,096 Net change in unrealized appreciation/depreciation 1,665,679,232 2,214,631,754 Net realized and unrealized gain 1,887,117,366 2,371,019,850 Net increase in net assets resulting from operations $ 1,870,910,537 $ 2,354,314,543 Net increase in net assets per Share (a) $ 2.81 $ 3.11 (a) Net increase in net assets per Share based on average shares outstanding during the period. See notes to financial statements. 2 Table of Contents iShares Gold Trust For the three months ended March 31, 2024 Th

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) March 31, 2024 1 - Organization The iShares Gold Trust (the "Trust") was organized on January 21, 2005 as a New York trust. The trustee is The Bank of New York Mellon (the "Trustee"), which is responsible for the day-to-day administration of the Trust. The Trust's sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the "Sponsor"). The Trust is governed by the provisions of the Fifth Amended and Restated Depositary Trust Agreement (the "Trust Agreement") executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest ("Shares") representing fractional undivided beneficial interests in its net assets. The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust's expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in gold. The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2023, as filed with the SEC on February 20, 2024. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpos

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor's expectations or predictions. Introduction The iShares Gold Trust (the "Trust") is a grantor trust formed under the laws of the State of New York. The Trust does not have any offi

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