SPDR GOLD TRUST
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
View on SEC.govAbout this filing
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.
Dec 31, 2025 · Filed Feb 4, 2026
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-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 OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001437749-26-002987
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.
22 unchanged; 4 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 (4)
Previous 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, 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 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 the second count took place, JPMorgan did not hold any gold on behalf of GLD at its Zurich vault and, as a result, a count was 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.
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 full 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
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.
Current wording
In the three months ended December 31, 2025, an additional 53,300,000 Shares (533 Baskets) were created in exchange for 4,903,850.2 ounces of gold, 32,800,000 Shares (328 Baskets) were redeemed in exchange for 3,017,850.2 ounces of gold, and 31,405.9 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 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).
Current wording
At December 31, 2025, the amount of gold owned by the Trust and held by the Custodians was 34,465,627.3 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $148,476,199,205 based on the LBMA Gold Price PM on December 31, 2025 (cost— $90,954,943,426).
Previous wording
At September 30, 2024, the amount of gold owned by the Trust and held by the Custodians 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 $73,727,700,368 based on the LBMA Gold Price PM on September 30, 2024 (cost— $50,991,703,359).
Current wording
At September 30, 2025, the amount of gold owned by the Trust and held by the Custodians 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 $124,430,280,803 based on the LBMA Gold Price PM on September 30, 2025 (cost— $77,748,740,273).