SPDR Gold Trust Files 2024 Annual Report

TL;DR

Gold trust filed its 10-K. Gold prices are volatile, be careful.

AI Summary

SPDR Gold Trust filed its 10-K for the fiscal year ending September 30, 2024. The filing details the trust's operations, financial condition, and risk factors associated with investing in gold. The trust's primary asset is physical gold bullion, and its performance is directly linked to the price of gold.

Why It Matters

This filing provides investors with a comprehensive overview of the SPDR Gold Trust's financial health and the risks involved in holding gold as an investment, which can influence investment decisions.

Risk Assessment

Risk Level: medium — The primary risk is the fluctuation in the price of gold, which can significantly impact the value of the trust's holdings.

Key Numbers

• Unlimited — Authorized Share Capital (The trust has an unlimited number of authorized shares.)
• 0930 — Fiscal Year End (The reporting period concludes on September 30th annually.)

Key Players & Entities

• SPDR Gold Trust (company) — Filer of the 10-K
• 2024-09-30 (date) — Fiscal year end
• WORLD GOLD TRUST SERVICES, LLC (company) — Trustee/Administrator
• 685 THIRD AVENUE, SUITE 2702 (location) — Business and Mail Address

FAQ

Key Financial Figures

• $2,000 — d Participants pay a transaction fee of $2,000 for each order to create or redeem Bask
• $0.50 — ounces. Bid-offer spreads are typically $0.50 per ounce. Transaction costs in the OTC

Filing Documents

• gld20240930_10k.htm (10-K) — 1031KB
• ex_728979.htm (EX-4.2) — 278KB
• ex_723853.htm (EX-23.1) — 2KB
• ex_723854.htm (EX-23.2) — 2KB
• ex_723855.htm (EX-31.1) — 13KB
• ex_723856.htm (EX-31.2) — 13KB
• ex_723857.htm (EX-32.1) — 5KB
• ex_723858.htm (EX-32.2) — 5KB
• c01.jpg (GRAPHIC) — 79KB
• gold01.jpg (GRAPHIC) — 69KB
• gold02.jpg (GRAPHIC) — 72KB
• 0001437749-24-036161.txt ( ) — 4269KB
• gld-20240930.xsd (EX-101.SCH) — 29KB
• gld-20240930_cal.xml (EX-101.CAL) — 21KB
• gld-20240930_def.xml (EX-101.DEF) — 142KB
• gld-20240930_lab.xml (EX-101.LAB) — 132KB
• gld-20240930_pre.xml (EX-101.PRE) — 161KB
• gld20240930_10k_htm.xml (XML) — 481KB

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 word "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". "GLD" is a registered trademark of World Gold Trust Services, 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 Holdings LLC ("Dow Jones"); "SPDR" is a trademark of SPDJI; and these trademarks have been

Business

Business 1 Investment Objective 1 Overview 1 The Gold Industry 3 Creation and Redemption of Shares 6 Trust Expenses 9 The Sponsor 10 The Trustee 10 The Marketing Agent 11 The Custodians 12 Custody of the Trust ' s Gold 12 Description of the Custody Agreements 13 Description of the Shares 15 United States Federal Tax Consequences 16 ERISA and Related Considerations 19 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurit y 27 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II 28 Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 28 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 Item 8. Financial Statement and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures 32 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III 36 Item 10. Directors, Executive Officers and Corporate Governance 36 Item 11.

Executive Compensation

Executive Compensation 38 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 38 Item 13. Certain Relationships and Related Transactions and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 PART IV 39 Item 15. Exhibits and Financial Statement Schedules 39 Item 16. Form 10-K Summary 41 ii Table of Contents PART I

Business

Item 1. Business SPDR Gold Trust (the "Trust") is an investment trust, formed on November 12, 2004 under New York law pursuant to a trust indenture (the "Trust Indenture"). The Trust holds gold and from time to time issues SPDR Gold Shares (the "Shares") in Baskets in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. A Basket equals a block of 100,000 Shares. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. World Gold Trust Services, LLC ("WGTS") is the sponsor of the Trust (the "Sponsor"). The Bank of New York Mellon ("BNY") is the trustee of the Trust (the "Trustee"). State Street Global Advisors Funds Distributors, LLC ("SSGA") is the marketing agent of the Trust (the "Marketing Agent"). HSBC Bank plc ("HSBC") and JPMorgan Chase Bank, N.A. ("JPMorgan") are the Trust's custodians (each a "Custodian" and together, the "Custodians"). The Sponsor of the registrant maintains a website at www.spdrgoldshares.com, through which the registrant's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are made available free of charge after they have been filed or furnished to the Securities and Exchange Commission (the "SEC"). Additional information regarding the Trust may also be found on the SEC's EDGAR database at www.sec.gov. Investment Objective The Shares are intended to offer investors an opportunity to participate in the gold market through an investment in securities. Historically, the logistics of buying, storing and insuring gold have constituted a barrier to entry for some institutional and retail investors. The ownership of the Shares is intended to overcome these barriers to entry. The logistics of storing and insuring gold are de

View Full Filing

View this 10-K filing on SEC EDGAR