SPDR GOLD TRUST
For the period ended Jun 30, 2025. Filed Aug 6, 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.
Jun 30, 2025 · Filed Aug 6, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001437749-25-015077
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001437749-25-024998
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 26 previous paragraphs and 26 current paragraphs.
23 unchanged; 3 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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.
Reworded paragraphs (3)
Previous wording
As of the date of this quarterly report, Goldman Sachs & Co. LLC, Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.
Current wording
As of the date of this quarterly report, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.
Previous wording
In the three months ended March 31, 2025, an additional 51,900,000 Shares (519 Baskets) were created in exchange for 4,788,091.9 ounces of gold, 30,400,000 Shares (304 Baskets) were redeemed in exchange for 2,804,908.2 ounces of gold, and 54,455.1 ounces of gold were sold to pay expenses. For accounting purposes, GLD reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received. Upon a redemption, GLD delivers gold upon receipt of Shares. These creations and redemptions were completed in the normal course of business.
Current wording
In the three months ended June 30, 2025, an additional 47,100,000 Shares (471 Baskets) were created in exchange for 4,341,804.7 ounces of gold, 40,100,000 Shares (401 Baskets) were redeemed in exchange for 3,696,680.7 ounces of gold, and 29,284.8 ounces of gold were sold to pay expenses. For accounting purposes, GLD reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received. Upon a redemption, GLD delivers gold upon receipt of Shares. These creations and redemptions were completed in the normal course of business.
Previous wording
At March 31, 2025, the amount of gold owned by the Trust and held by the Custodians was 29,962,848.0 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $93,337,267,851 based on the LBMA Gold Price PM on March 31, 2025 (cost— $61,461,450,180).
Current wording
At June 30, 2025, the amount of gold owned by the Trust and held by the Custodians was 30,698,501.3 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $100,919,788,194 based on the LBMA Gold Price PM on June 30, 2025 (cost— $68,087,738,745).