GLD's Gold Holdings Surge to $93.45B Amidst Rising Gold Prices

TL;DR

**GLD is a solid long-term hold, with gold prices up 34.8% since 2020 and strong institutional backing, making it a reliable inflation hedge.**

AI Summary

SPDR Gold Trust (GLD) reported an aggregate market value of $93,451,270,652 for its common stock held by non-affiliates as of March 31, 2025, with 363,700,000 shares outstanding as of November 24, 2025. The Trust's investment objective is to reflect the performance of gold bullion prices, less expenses. Gold sales are conducted on an as-needed basis to cover Trust expenses, in the event of termination, or as legally required, which constitutes a taxable event for shareholders. The Trust's assets consist solely of allocated gold bullion and gold receivables, with cash held only for expense payments, generating no income. World Gold Trust Services, LLC sponsors the Trust, which is not registered as an investment company and does not trade commodity futures. Gold supply averaged 4,848 tonnes annually from 2020-2024, primarily from mine production (3,601 tonnes) and recycling (1,233 tonnes). Gold demand averaged 4,266 tonnes annually, with jewelry fabrication accounting for 47% and net physical investment for a significant portion. The gold price in London increased from $1,770/oz in 2020 to $2,386/oz in 2024, reflecting a 34.8% increase over the period.

Why It Matters

GLD's substantial market value of over $93 billion underscores its critical role as a primary vehicle for gold exposure, offering investors a liquid and cost-efficient alternative to physical gold. The Trust's direct backing by allocated gold bullion, with daily reporting of holdings, provides transparency and reduces counterparty risk, distinguishing it from derivative-based products. This structure makes GLD a bellwether for gold investment sentiment and a key player in the broader commodities market, influencing competitive offerings from other gold ETFs and physical gold dealers. Its performance directly impacts investors seeking inflation hedges or safe-haven assets, especially given the 34.8% increase in gold prices from 2020 to 2024.

Risk Assessment

Risk Level: low — The risk level is low because the Trust's assets consist solely of allocated physical gold bullion, minimizing counterparty and derivative risks. The Trust does not engage in active management or hold speculative instruments, and its expenses are transparently covered by gold sales. The primary risk is the fluctuation in the price of gold, which is inherent to the investment objective.

Analyst Insight

Investors should consider GLD for long-term portfolio diversification and as a hedge against inflation, given its direct gold backing and the historical appreciation of gold prices. Monitor global economic indicators and central bank policies, as these significantly influence gold's appeal as a safe-haven asset.

Financial Highlights

debt To Equity

0.0

revenue

N/A

operating Margin

N/A

total Assets

$93.45B

total Debt

$0

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $93.45B — Aggregate market value of common stock held by non-affiliates (as of March 31, 2025, indicating significant investor interest.)
• 363.7M — Shares outstanding (as of November 24, 2025, representing fractional ownership in the Trust's gold.)
• 4,848 tonnes — Average annual gold supply (between 2020 and 2024, demonstrating consistent market availability.)
• 4,266 tonnes — Average annual gold demand (between 2020 and 2024, highlighting robust market consumption.)
• $2,386/oz — Gold Price (US$/oz, London) (in 2024, up from $1,770/oz in 2020, reflecting a 34.8% increase over five years.)
• 47% — Percentage of gold demand from jewelry fabrication (from 2020 through 2024, indicating a major demand driver.)
• $2,000 — Transaction fee for Authorized Participants (for each order to create or redeem Baskets, impacting institutional costs.)
• 100,000 — Shares per Basket (the standard block size for creation and redemption by Authorized Participants.)

Key Players & Entities

• SPDR Gold Trust (company) — registrant
• World Gold Trust Services, LLC (company) — sponsor of the Trust
• The Bank of New York Mellon (company) — trustee of the Trust
• State Street Global Advisors Funds Distributors, LLC (company) — marketing agent of the Trust
• HSBC Bank plc (company) — custodian of the Trust
• JPMorgan Chase Bank, N.A. (company) — custodian of the Trust
• ICE Benchmark Administration Limited (company) — administrator of the LBMA Gold Price
• $93,451,270,652 (dollar_amount) — aggregate market value of common stock held by non-affiliates as of March 31, 2025
• 363,700,000 (dollar_amount) — number of shares outstanding as of November 24, 2025
• $2,386 (dollar_amount) — gold price per ounce in London in 2024

FAQ

Risk Factors

• Price Volatility of Gold [high — market]: The value of the Shares is directly linked to the price of gold bullion. The price of gold can be volatile and subject to fluctuations due to a variety of factors, including monetary policies, currency exchange rates, inflation, geopolitical events, and investor sentiment. A significant decline in the price of gold could adversely affect the value of the Shares.
• Custody and Security of Gold Holdings [high — operational]: The Trust's gold is held by custodians, primarily HSBC and JPMorgan Chase Bank, N.A. Any loss or theft of the gold bullion held by the custodians would directly impact the Trust's assets and the value of the Shares. The Trust relies on the security measures and financial stability of these custodians.
• Trust Expenses Impact on Performance [medium — financial]: The Trust incurs expenses, including fees for the sponsor, trustee, marketing agent, and custodians. These expenses are paid by selling gold, which can reduce the amount of gold held by the Trust and consequently impact the performance of the Shares relative to the price of gold bullion. The aggregate market value of common stock held by non-affiliates was $93.45 billion as of March 31, 2025.
• Tax Consequences for Shareholders [medium — regulatory]: The sale of gold by the Trust to cover expenses or in the event of termination constitutes a taxable event for shareholders. Investors must be aware of the potential U.S. federal tax consequences associated with holding and selling Shares, which may differ from other investment vehicles.
• Cybersecurity Risks [medium — operational]: As an investment trust that operates electronically and relies on various service providers, the Trust is subject to cybersecurity risks. A breach of cybersecurity could disrupt operations, compromise sensitive data, or lead to financial losses, impacting the Trust's ability to function and the value of its Shares.
• Limited Investment Objective [low — market]: The Trust's sole investment objective is to reflect the performance of gold bullion prices, less expenses. This means the Trust does not engage in active trading or seek to profit from market inefficiencies, limiting its potential for outperformance beyond the price of gold itself.

Industry Context

The SPDR Gold Trust operates within the precious metals investment sector, specifically focusing on gold bullion. The industry is characterized by significant global supply and demand dynamics, with mine production and recycling forming the primary supply sources, averaging 4,848 tonnes annually from 2020-2024. Demand is driven by jewelry fabrication (47%) and physical investment. The gold price has shown a strong upward trend, increasing from $1,770/oz in 2020 to $2,386/oz in 2024, a 34.8% rise.

Regulatory Implications

The Trust's structure as an investment trust means it is subject to regulations concerning financial reporting and disclosures, particularly under the Securities Exchange Act of 1934. Shareholders must be aware of U.S. federal tax consequences, as gold sales for expense coverage are taxable events. The Trust is not registered as an investment company and does not trade commodity futures, differentiating its regulatory profile.

What Investors Should Do

1. Monitor gold price volatility: Given the Trust's objective to track gold prices, investors should closely follow fluctuations in the gold market, influenced by monetary policy, geopolitical events, and inflation.
2. Understand expense impact: Be aware that Trust expenses are covered by selling gold, which can dilute holdings and affect performance relative to the spot price of gold.
3. Assess tax implications: Recognize that selling gold to cover expenses or upon Trust termination is a taxable event for shareholders, requiring careful tax planning.
4. Evaluate custodian risk: Understand that the Trust's assets are held by custodians, and their security and financial stability are critical to the Trust's integrity.

Key Dates

• 2004-11-12: Trust Indenture established — Marks the formation of the SPDR Gold Trust under New York law.
• 2025-03-31: Aggregate market value of common stock held by non-affiliates reported — Indicates a substantial market valuation of $93.45 billion, reflecting significant investor interest.
• 2025-11-24: Shares outstanding reported — 363.7 million shares outstanding represent fractional ownership in the Trust's gold holdings.

Glossary

Basket

A standard block of 100,000 Shares of the SPDR Gold Trust. (The unit of trading for Authorized Participants to create or redeem Shares with the Trust.)

Authorized Participants

Entities, typically large financial institutions, that can create and redeem Baskets of Shares directly with the Trust. (They play a crucial role in maintaining the link between the market price of the Shares and the net asset value of the underlying gold.)

Sponsor

World Gold Trust Services, LLC (WGTS), responsible for the administration and marketing of the Trust. (Oversees the Trust's operations and ensures it meets its investment objective.)

Trustee

The Bank of New York Mellon (BNY), responsible for overseeing the Trust's assets and operations on behalf of shareholders. (Acts as a fiduciary to ensure the Trust is managed according to the Trust Indenture.)

Custodian

HSBC Bank plc and JPMorgan Chase Bank, N.A., responsible for the physical safekeeping of the Trust's gold bullion. (Ensures the security and integrity of the Trust's primary asset.)

Allocated Gold Bullion

Gold bullion that is specifically identified and held by the custodian on behalf of the Trust. (This is the primary asset of the Trust, and its value directly determines the value of the Shares.)

Year-Over-Year Comparison

The provided 10-K excerpt does not contain comparative data from a previous filing, making it impossible to assess year-over-year changes in revenue growth, margin shifts, or the emergence of new risks. However, the reported aggregate market value of $93.45 billion as of March 31, 2025, and 363.7 million shares outstanding as of November 24, 2025, indicate substantial scale and investor participation.

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

• gld20250930_10k.htm (10-K) — 1044KB
• ex_860233.htm (EX-23.1) — 2KB
• ex_860234.htm (EX-23.2) — 2KB
• ex_860235.htm (EX-31.1) — 13KB
• ex_860236.htm (EX-31.2) — 13KB
• ex_860237.htm (EX-32.1) — 5KB
• ex_860238.htm (EX-32.2) — 5KB
• ex_891863.htm (EX-19.1) — 13KB
• spdr01.jpg (GRAPHIC) — 50KB
• spdr02.jpg (GRAPHIC) — 44KB
• spdr03.jpg (GRAPHIC) — 89KB
• 0001437749-25-036305.txt ( ) — 3962KB
• gld-20250930.xsd (EX-101.SCH) — 29KB
• gld-20250930_cal.xml (EX-101.CAL) — 21KB
• gld-20250930_def.xml (EX-101.DEF) — 145KB
• gld-20250930_lab.xml (EX-101.LAB) — 139KB
• gld-20250930_pre.xml (EX-101.PRE) — 165KB
• gld20250930_10k_htm.xml (XML) — 507KB

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

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View this 10-K filing on SEC EDGAR