SPDR GOLD TRUST
For the period ended Sep 30, 2025. Filed Nov 25, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Nov 25, 2025
GLD$372.52-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-09-30; filed 2024-11-25.
0001437749-24-036161
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-09-30; filed 2025-11-25.
0001437749-25-036305
Item 7. 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 35 previous paragraphs and 35 current paragraphs.
26 unchanged; 8 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 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.
Added paragraphs (1)
Current report
The Trust’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2025 is made up of a gain of $114,866 on the sale of gold to pay expenses, a realized gain of $11,856,212 on gold distributed for the redemption of Shares, and a change in unrealized appreciation of $23,945,544 on investment in gold.
Removed paragraphs (1)
Previous report
The Trust’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2022 is made up of a gain of $30,323 on the sale of gold to pay expenses, a realized gain of $2,091,493 on gold distributed for the redemption of Shares, and a change in unrealized depreciation of $(4,827,849) on investment in gold.
Reworded paragraphs (8)
Previous wording
As of the date of this annual 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 annual 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 Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.
Previous wording
Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the movement in the price of the Shares and NAV of the Shares against the corresponding gold price (per 1/10 of an oz. of gold) since the day the Shares first began trading on the NYSE and subsequent transfer to NYSE Arca:
Current wording
Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the movement in the price of the Shares and the NAV of the Shares against the corresponding gold price (per 1/10 of an oz. of gold) since the day the Shares first began trading on the NYSE and subsequent transfer to NYSE Arca:
Previous wording
Bureau Veritas conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodians. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th. Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by (i) HSBC at its London vault on September 30, 2024, (ii) JPMorgan at its London vault on September 30, 2024 and (iii) JPMorgan at its New York vault on September 30, 2024. The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London vault on March 19, 2024, JPMorgan's New York vault on April 4, 2024 and HSBC's London vault on April 2, 2024. The results can be found onwww.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodians twice a year as part of its due diligence procedures.
Current wording
Bureau Veritas Commodities UK Ltd. (formerly Inspectorate International Limited) ("Bureau Veritas") conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodians. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th. Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by (i) HSBC at its London vault on September 30, 2025, (ii) JPMorgan at its London vault on September 30, 2025 and (iii) JPMorgan at its New York vault on September 30, 2025. The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London vault on March 14, 2025, JPMorgan's New York vault on March 24, 2025 and HSBC's London vault on April 1, 2025. During the period in which both the annual count and the second count took place, JPMorgan did not hold any gold on behalf of the Trust at its Zurich vault and, as a result, counts were not conducted at that vault location. The results can be found onwww.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodians twice a year as part of its due diligence procedures.
Previous wording
The Trust’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2023 is made up of a gain of $26,600 on the sale of gold to pay expenses, a realized gain of $1,717,329 on gold distributed for the redemption of Shares, and a change in unrealized appreciation of $4,025,868 on investment in gold.
Current wording
The Trust’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2023 is made up of a gain of $26,600 on the sale of gold to pay expenses, a realized gain of $1,717,329 on gold distributed for the redemption of Shares, and a change in unrealized depreciation of $4,025,868 on investment in gold.
Previous wording
On the date of inception of the Trust, the Custodian received 30,000 ounces of gold on behalf of the Trust in exchange for 300,000 Shares (3 Baskets). Trading of the Trust’s Shares commenced on November 18, 2004. In the year ended September 30, 2024, an additional 82,600,000 Shares (826 Baskets), were created in exchange for 7,646,477 ounces of gold, and 82,000,000 Shares (820 Baskets) were redeemed in exchange for 7,593,766 ounces of gold. For accounting purposes, the Trust reflects creations and the gold receivable with respect to such creations on the date of receipt of a notification of a creation but does not deliver Shares until the requisite amount of gold is received. Upon a redemption, the Trust delivers gold upon receipt of Shares. All references in this discussion to gold receivable and gold payable relate to creations and redemptions that had not been completed. These creations and redemptions were completed in the normal course of business, including the receipt and payment of the gold by the Custodian.
Current wording
On the date of inception of the Trust, the Custodian received 30,000 ounces of gold on behalf of the Trust in exchange for 300,000 Shares (3 Baskets). Trading of the Trust’s Shares commenced on November 18, 2004. In the year ended September 30, 2025, an additional 178,000,000 Shares (1,780 Baskets), were created in exchange for 16,411,912 ounces of gold, and 127,600,000 Shares (1,276 Baskets) were redeemed in exchange for 11,767,161 ounces of gold. For accounting purposes, the Trust reflects creations and the gold receivable with respect to such creations on the date of receipt of a notification of a creation but does not deliver Shares until the requisite amount of gold is received. Upon a redemption, the Trust delivers gold upon receipt of Shares. All references in this discussion to gold receivable and gold payable relate to creations and redemptions that had not been completed. These creations and redemptions were completed in the normal course of business, including the receipt and payment of the gold by the Custodian.
Previous wording
As at September 30, 2024, the amount of gold owned by the Trust and held by the Custodians on behalf of the Trust in their vaults was 28,033,879 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $73,727,700,368 based on the LBMA Gold Price PM on September 30, 2024 (cost —$50,991,703,359).
Current wording
As at September 30, 2025, the amount of gold owned by the Trust and held by the Custodians on behalf of the Trust in their vaults was 32,528,241.132 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $124,430,280,802.89 based on the LBMA Gold Price PM on September 30, 2025 (cost —$77,748,740,273).
Previous wording
As at September 30, 2023, the amount of gold owned by the Trust and held by the Custodians on behalf of the Trust in their vaults was 28,088,298 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $52,539,160,689 based on the LBMA Gold Price PM on September 30, 2023 (cost —$47,094,462,787).
Current wording
As at September 30, 2024, the amount of gold owned by the Trust and held by the Custodians on behalf of the Trust in their vaults was 28,033,879.111 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $73,727,700,367.97 based on the LBMA Gold Price PM on September 30, 2024 (cost —$50,991,703,359.03).
Previous wording
As at September 30, 2022, the amount of gold owned by the Trust and held by HSBC, as the only custodian at the time, in its vault was 30,323,468 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $50,693,257,111 based on the LBMA Gold Price PM on September 30, 2022 (cost —$49,274,427,022).
Current wording
As at September 30, 2023, the amount of gold owned by the Trust and held by HSBC, as the only custodian at the time, in its vault was 28,088,298 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $52,539,160,689 based on the LBMA Gold Price PM on September 30, 2023 (cost —$47,094,462,787).