ISHARES GOLD TRUST
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001437749-24-033816
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001437749-25-015165
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 23 previous paragraphs and 18 current paragraphs.
14 unchanged; 4 reworded; 0 added; 2 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (2)
Previous report
The Nine-Month Period Ended September 30, 2024
Previous report
The 27.29% increase in the NAV from $39.03 at December 31, 2023 to $49.68 at September 30, 2024 is directly related to the 27.52% increase in the price of gold.
Reworded paragraphs (4)
Previous wording
The Trust’s net asset value increased from $28,361,342,509 at June 30, 2024 to $31,309,646,703 at September 30, 2024, a 10.40% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 12.83% from $2,330.90 at June 30, 2024 to $2,629.95 at September 30, 2024, partially offset by a decrease in the number of outstanding Shares, which fell from 643,750,000 Shares at June 30, 2024 to 630,250,000 Shares at September 30, 2024, a consequence of 22,400,000 Shares (448 Baskets) being created and 35,900,000 Shares (718 Baskets) being redeemed during the quarter.
Current wording
The Trust’s net asset value increased from $32,955,472,597 at December 31, 2024 to $42,544,094,836 at March 31, 2025, a 29.10% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 19.31% from $2,610.85 at December 31, 2024 to $3,115.10 at March 31, 2025. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 668,650,000 Shares at December 31, 2024 to 723,900,000 Shares at March 31, 2025, a consequence of 64,050,000 Shares (1,281 Baskets) being created and 8,800,000 Shares (176 Baskets) being redeemed during the quarter.
Previous wording
The 12.76% increase in the NAV from $44.06 at June 30, 2024 to $49.68 at September 30, 2024 is directly related to the 12.83% increase in the price of gold.
Current wording
The 19.23% increase in the NAV from $49.29 at December 31, 2024 to $58.77 at March 31, 2025 is directly related to the 19.31% increase in the price of gold.
Previous wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $18,638,119 for the quarter, or 0.06% of the Trust’s average weighted assets of $29,690,904,183 during the quarter. The NAV of $50.32 on September 26, 2024 was the highest during the quarter, compared with a low during the quarter of $44.02 on July 1, 2024.
Current wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $22,812,750 for the quarter, or 0.06% of the Trust’s average weighted assets of $37,008,200,390 during the quarter. The NAV of $58.77 on March 31, 2025 was the highest during the quarter, compared with a low during the quarter of $49.71 on January 6, 2025.
Previous wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2024 was $3,540,822,894, resulting from an unrealized gain on investment in gold bullion of $2,985,283,203, a net realized gain of $567,904,927 on gold distributed for the redemption of Shares and a net realized gain of $6,272,883 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $18,638,119. Other than the Sponsor’s fees of $18,638,119, the Trust had no expenses during the quarter.
Current wording
Net increase in net assets resulting from operations for the quarter ended March 31, 2025 was $6,550,636,621, resulting from an unrealized gain on investment in gold bullion of $6,378,044,471, a net realized gain of $187,118,431 on gold bullion distributed for the redemption of Shares, a net realized gain of $8,286,469 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $22,812,750. Other than the Sponsor’s fees of $22,812,750, the Trust had no expenses during the quarter.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The Trust’s net asset value increased from $26,424,910,984 at December 31, 2023 to $31,309,646,703 at September 30, 2024, a 18.49% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 27.52% from $2,062.40 at December 31, 2023 to $2,629.95 at September 30, 2024, partially offset by a decrease in the number of outstanding Shares, which fell from 677,050,000 Shares at December 31, 2023 to 630,250,000 Shares at September 30, 2024, a consequence of 33,800,000 Shares (676 Baskets) being created and 80,600,000 Shares (1,612 Baskets) being redeemed during the period.
Previous report — wording carried elsewhere
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $52,673,498 for the period, or 0.19% of the Trust’s average weighted assets of $28,161,592,451 during the period. The NAV of $50.32 on September 26, 2024 was the highest during the period, compared with a low during the period of $37.56 on February 14, 2024.
Previous report — wording carried elsewhere
Net increase in net assets resulting from operations for the nine months ended September 30, 2024 was $6,837,363,679, resulting from an unrealized gain on investment in gold bullion of $5,799,277,563, a net realized gain of $1,075,052,520 on gold distributed for the redemption of Shares, a net realized gain of $15,620,566 from gold bullion sold to pay expenses and a net realized gain of $86,528 from litigation proceeds during the period, partially offset by a net investment loss of $52,673,498. Other than the Sponsor’s fees of $52,673,498, the Trust had no expenses during the period.