10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2013

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from                  to                 

Commission file number: 001-32356

SPDR^® GOLD TRUST

SPONSORED BY WORLD GOLD TRUST SERVICES, LLC

(Exact Name of Registrant as Specified in Its Charter)

New York	81-6124035
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

c/o World Gold Trust Services, LLC

510 Madison Avenue, 9th Floor

New York, New York 10022

(Address of Principal Executive Offices)

(212) 317-3800

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x	Accelerated filer  ¨	Non-accelerated filer  ¨	Smaller reporting company   ¨
	(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ¨    No  x

As of May 6, 2013 the Registrant had 353,000,000 Shares outstanding.

SPDR^® GOLD TRUST

INDEX

		Page
PART I - FINANCIAL INFORMATION			1
Item 1.	Financial Statements (unaudited)		1
	Unaudited Condensed Statements of Financial Condition at March 31, 2013 and September 30, 2012		1
	Unaudited Condensed Statements of Operations for the three and six months ended March 31, 2013 and 2012		2
	Unaudited Condensed Statements of Cash Flows for the three and six months ended March 31, 2013 and 2012		3
	Unaudited Condensed Statement of Changes in Shareholders’ Deficit for the six months ended March 31, 2013		4
	Notes to the Unaudited Condensed Financial Statements		5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		15
Item 4.	Controls and Procedures		15
PART II - OTHER INFORMATION			16
Item 1.	Legal Proceedings		16
Item 1A.	Risk Factors		16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		16
Item 3.	Defaults Upon Senior Securities		16
Item 4.	Mine Safety Disclosures		16
Item 5.	Other Information		16
Item 6.	Exhibits		16
SIGNATURES			17

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SPDR^® GOLD TRUST

PART I - FINANCIAL INFORMATION:

Item 1. Financial Statements (Unaudited)

Unaudited Condensed Statements of Financial Condition

at March 31, 2013 and September 30, 2012

(Amounts in 000’s of US$ except for share data)	Mar-31, 2013			Sep-30, 2012(1)
ASSETS
Investment in Gold, at cost(2)	$	47,757,326		$	50,726,261
Total Assets	$	47,757,326		$	50,726,261
LIABILITIES
Gold payable	$	—		$	602,591
Accounts payable to related parties		19,784			22,038
Accounts payable		2,015			3,954
Accrued expenses		5,378			812
Total Liabilities		27,177			629,395
Redeemable Shares:
Shares at redemption value to investors(3)		62,727,663			75,389,813
Shareholders’ Deficit		(14,997,514	)		(25,292,947	)
Total Liabilities, Redeemable Shares & Shareholders’ Deficit	$	47,757,326		$	50,726,261

(1) Derived from audited statement of financial condition as of September 30, 2012.

(2) The market value of Investment in Gold at March 31, 2013 is $62,754,840 and at September 30, 2012, was $76,019,208.

(3) Authorized share capital is unlimited and the par value of the Shares is $0.00. Shares issued and outstanding at March 31, 2013 was 405,700,000 and at September 30, 2012 was 437,900,000.

See notes to the unaudited condensed financial statements

1

SPDR^® GOLD TRUST

Unaudited Condensed Statements of Operations

For the three and six months ended March 31, 2013 and 2012

(Amounts in 000’s of US$, except per share data)	Three Months Ended Mar-31, 2013			Three Months Ended Mar-31, 2012			Six Months Ended Mar-31, 2013			Six Months Ended Mar-31, 2012
REVENUES
Proceeds from sales of gold to pay expenses	$	68,293		$	65,073		$	141,210		$	135,451
Cost of gold sold to pay expenses		(51,442	)		(43,182	)		(101,568	)		(87,846	)
Gain on gold sold to pay expenses		16,851			21,891			39,642			47,605
Gain on gold distributed for the redemption of Shares		1,996,071			308,162			2,586,556			1,136,368
Total Gain on gold		2,012,922			330,053			2,626,198			1,183,973
EXPENSES
Custody fees		10,950			11,256			23,092			22,500
Trustee fees		493			497			997			1,000
Sponsor fees		25,088			25,813			53,094			51,547
Marketing agent fees		25,088			25,813			53,094			51,547
Other expenses		5,282			5,454			11,305			10,862
Total expenses		66,901			68,833			141,582			137,456
Net Gain from Operations	$	1,946,021		$	261,220		$	2,484,616		$	1,046,517
Net Gain per Share	$	4.54		$	0.62		$	5.68		$	2.49
Weighted average number of Shares		429,089			422,024			437,264			419,517

See notes to the unaudited condensed financial statements

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SPDR^® GOLD TRUST

Unaudited Condensed Statements of Cash Flows

For the three and six months ended March 31, 2013 and 2012

(Amounts in 000’s of US$)	Three Months Ended Mar-31, 2013			Three Months Ended Mar-31, 2012			Six Months Ended Mar-31, 2013			Six Months Ended Mar-31, 2012
INCREASE / DECREASE IN CASH FROM OPERATIONS:
Cash proceeds received from sales of gold	$	68,293		$	65,073		$	141,210		$	135,451
Cash expenses paid		(68,293	)		(65,073	)		(141,210	)		(135,451	)
(Decrease) / Increase in cash resulting from operations		—			—			—			—
Cash and cash equivalents at beginning of period		—			—			—			—
Cash and cash equivalents at end of period	$	—		$	—		$	—		$	—
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Value of gold received for creation of shares — net of gold receivable	$	1,439,184		$	2,822,568		$	5,215,819		$	6,953,446
Value of gold distributed for redemption of shares — net of gold payable	$	6,066,024		$	641,883		$	7,480,595		$	2,417,999
(Amount in 000’s of US$)	Three Months Ended Mar-31, 2013			Three Months Ended Mar-31, 2012			Six Months Ended Mar-31, 2013			Six Months Ended Mar-31, 2012
RECONCILIATION OF NET GAIN FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net Gain from Operations	$	1,946,021		$	261,220		$	2,484,616		$	1,046,517
Adjustments to reconcile net gain to net cash provided by operating activities
(Increase) / Decrease in investment in gold		4,678,282			(2,137,502	)		2,968,935			(3,927,303	)
(Increase) / Decrease in gold receivable		—			—			—			—
Increase / (Decrease) in gold payable		—			—			(602,591	)		(520,297	)
Increase / (Decrease) in liabilities		(1,391	)		3,759			373			2,004
Increase / (Decrease) in redeemable Shares Creations		1,439,184			2,822,568			5,215,819			6,953,446
Redemptions		(8,062,096	)		(950,045	)		(10,067,152	)		(3,554,367	)
Net cash provided by operating activities	$	—		$	—		$	—		$	—

See notes to the unaudited condensed financial statements

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SPDR^® GOLD TRUST

Unaudited Condensed Statement of Changes in Shareholders’ Deficit

For the six months ended March 31, 2013

(Amounts in 000’s of US$)	Six Months Ended Mar-31, 2013
Shareholders’ Deficit - Opening Balance	$	(25,292,947	)
Net Gain for the period		2,484,616
Adjustment of Redeemable Shares to redemption value		7,810,817
Shareholders’ Deficit - Closing Balance	$	(14,997,514	)

See notes to the unaudited condensed financial statements

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SPDR^® GOLD TRUST

Notes to the Unaudited Condensed Financial Statements

1.     Organization

The SPDR^® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 (“Date of Inception”) under New York law pursuant to a trust indenture. The fiscal year end for the Trust is September 30th. The Trust holds gold and issues shares (“Shares”) (in minimum blocks of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and distributes gold in connection with redemption of Baskets. 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.

The condensed statements of financial condition at March 31, 2013 and September 30, 2012, the condensed statements of operations and of cash flows for the three and six months ended March 31, 2013 and 2012 and the condensed statement of changes in shareholders’ deficit for the six months ended March 31, 2013 have been prepared on behalf of the Trust without audit. In the opinion of management of the sponsor of the Trust, World Gold Trust Services, LLC (the “Sponsor”), all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and six months ended March 31, 2013 and for all periods presented have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012. The results of operations for the six months ended March 31, 2013 are not necessarily indicative of the operating results for the full year.

2.     Significant accounting policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1.     Valuation of Gold

Gold is held by HSBC Bank USA, N.A. (the “Custodian”), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the price of gold set by the London gold fix (“London Fix”) used to determine the Net Asset Value (“NAV”) of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of Shares, are calculated on a trade date basis using average cost.

The table below summarizes the impact of unrealized gains or losses on the Trust’s gold holdings as of March 31, 2013 and September 30, 2012:

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Investment in gold - average cost	$	47,757,326	$	50,726,261
Unrealized gain on investment in gold		14,997,514		25,292,947
Investment in gold - market value	$	62,754,840	$	76,019,208

The Trust recognizes the diminution in value of the investment in gold which arises from market declines on an interim basis. Increases in the value of the investment in gold through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value.

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SPDR^® GOLD TRUST

Notes to the Unaudited Condensed Financial Statements

2.     Significant accounting policies (continued)

2.2.     Gold receivable

Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Gold receivable	$	—	$	—

2.3     Gold Payable

Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31,   2013		Sep-30, 2012
Gold payable	$	—	$	602,591

2.4.     Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Redeemable Shares on the Statement of Financial Condition. The Trust records the redemption value, which represents its maximum obligation, as Redeemable Shares with the difference from cost as an offsetting amount to Shareholders’ Equity. Changes in the Shares for the six months ended March 31, 2013 and for the year ended September 30, 2012, are as follows:

(All amounts are in 000’s)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Number of Redeemable Shares:
Opening Balance		437,900			406,800
Creations		31,800			84,700
Redemptions		(64,000	)		(53,600	)
Closing Balance		405,700			437,900

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SPDR^® GOLD TRUST

Notes to the Unaudited Condensed Financial Statements

2.     Significant accounting policies (continued)

(Amounts in 000’s of US$ except per Share)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Redeemable Shares:
Opening Balance	$	75,389,813		$	64,137,833
Creations		5,215,819			13,956,415
Redemptions		(10,067,152	)		(8,456,437	)
Adjustment to redemption value		(7,810,817	)		5,752,002
Closing Balance	$	62,727,663		$	75,389,813
Redemption Value per Redeemable Share at Period End	$	154.62		$	172.16

2.5.     Revenue Recognition Policy

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (the “Trustee”), will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the London Fix at 3:00 PM London time (“London PM Fix”). The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such gold only if the sale transaction is made at the next London gold price fix (either AM or PM) following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold.

2.6.     Income Taxes

The Trust is classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself will not be subject to US federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2013 or September 30, 2012.

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SPDR^® GOLD TRUST

Notes to the Unaudited Condensed Financial Statements

3.     Investment in Gold

The following represents the changes in ounces of gold and the respective values for the six months ended March 31, 2013 and for the year ended September 30, 2012:

(Ounces of gold are in 000’s and value of gold is in 000’s of US$)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Ounces of Gold:
Opening Balance		42,803.6			39,928.9
Creations (excluding gold receivable at March 31, 2013 -0 and at September 30, 2012 - 0)		3,080.1			8,225.8
Redemptions (excluding gold payable at March 31, 2013 -0 and at September 30, 2012 - 339.3)		(6,534.5	)		(5,187.1	)
Sales of gold		(84.5	)		(164.0	)
Closing Balance		39,264.7			42,803.6
Investment in Gold (lower of cost or market):
Opening Balance	$	50,726,261		$	42,736,696
Creations (excluding gold receivable at March 31, 2013 - $0 and at September 30, 2012 - $0)		5,215,819			13,956,415
Redemptions (excluding gold payable at March 31, 2013 - $0 and at September 30, 2012 - $602,591)		(8,083,186	)		(5,783,126	)
Sales of gold		(101,568	)		(183,724	)
Closing Balance	$	47,757,326		$	50,726,261

4.     Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees

Fees are paid to the Sponsor as compensation for services performed under the Trust Indenture and for services performed in connection with maintaining the Trust’s website and marketing the Shares. The Sponsor’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the adjusted net asset value (“ANAV”) of the Trust, subject to reduction as described below. The Sponsor will receive reimbursement from the Trust for all of its disbursements and expenses incurred in connection with the Trust.

Fees are paid to the Trustee, as compensation for services performed under the Trust Indenture. The Trustee’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.02% of the ANAV of the Trust, subject to a minimum fee of $500,000 and a maximum fee of $2 million per year. The Trustee’s fee is subject to modification as determined by the Trustee and the Sponsor in good faith to account for significant changes in the Trust’s administration or the Trustee’s duties. The Trustee will charge the Trust for its expenses and disbursements incurred in connection with the Trust (including the expenses of the Custodian paid by the Trustee), exclusive of fees of agents for services to be performed by the Trustee, and for any extraordinary services performed by the Trustee for the Trust.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Fees are paid to the Custodian under the Allocated Bullion Account Agreement (as amended, the “Allocated Bullion Account Agreement”) as compensation for its custody services. Under the Allocated Bullion Account Agreement, the Custodian’s fee is computed at an annual rate equal to 0.10% of the average daily aggregate value of the first 4.5 million ounces of gold held in the Trust’s allocated gold account (“Trust Allocated Account”) and the Trust’s unallocated gold account (“Trust Unallocated Account”) and 0.06% of the average daily aggregate value of all gold held in the Trust Allocated Account and the Trust Unallocated Account in excess of 4.5 million ounces.

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SPDR^® GOLD TRUST

Notes to the Unaudited Condensed Financial Statements

4.     Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees (continued)

The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Fees are paid to the marketing agent for the Trust, State Street Global Markets, LLC (the “Marketing Agent”), by the Trustee from the assets of the Trust as compensation for services performed pursuant to the agreement, as amended, between the Sponsor and the Marketing Agent (the “Marketing Agent Agreement”). The Marketing Agent’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the ANAV of the Trust, subject to reduction as described below.

The Marketing Agent and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Under the Marketing Agent Agreement, as amended, if at the end of any month, the estimated ordinary expenses of the Trust exceed an amount equal to 0.40% per year of the daily ANAV of the Trust for such month, the Sponsor and the Marketing Agent will waive the amount of such excess from the fees payable to them from the assets of the Trust for such month in equal shares up to the amount of their fees. Investors should be aware that, based on current expenses, if the gross value of the Trust’s assets is less than approximately $1.2 billion, the ordinary expenses of the Trust will be accrued at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees of 0.30% per year of the daily ANAV of the Trust. This amount is based on the estimated ordinary expenses of the Trust and may be higher if the Trust’s actual ordinary expenses exceed those estimates. Additionally, if the Trust incurs unforeseen expenses that cause the total ordinary expenses of the Trust to exceed 0.70% per year of the daily ANAV of the Trust, the ordinary expenses will accrue at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees of 0.30% per year of the daily ANAV of the Trust.

For the three and six months ended March 31, 2013, the fees payable to the Sponsor and the Marketing Agent were each reduced by $0. For the three and six months ended March 31, 2012, the comparable reduction in fees was $0.

Amounts Payable to Related Parties

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Payable to Custodian	$	3,522	$	3,908
Payable to Trustee		170		164
Payable to Sponsor		8,046		8,983
Payable to Marketing Agent		8,046		8,983
Accounts Payable to related parties	$	19,784	$	22,038

5.     Concentration of Risk

The Trust’s sole business activity is the investment in gold. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, South Africa and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material affect on the Trust’s financial position and results of operations.

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SPDR^® GOLD TRUST

Notes to the Unaudited Condensed Financial Statements

6.     Indemnification

The Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries are indemnified from the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of its duties under the Trust Indenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust Indenture. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification from the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor will also be indemnified from the Trust and held harmless against any loss, liability or expense arising under the Marketing Agent Agreement or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust.

The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor.

7.     Subsequent Events

The Trust has evaluated events subsequent to the March 31, 2013 quarter end through to the date of filing of this Form 10-Q. During this period, no material disclosable subsequent events were identified.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report. The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to future events and financial results. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” as well as similar words and phrases signify forward-looking statements. SPDR^® Gold Trust’s forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements.

Trust Overview

SPDR^® Gold Trust is an investment trust that was formed on November 12, 2004 (Date of Inception). The Trust issues baskets of Shares, or Baskets, in exchange for deposits of gold and distributes gold in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the expenses of the Trust’s operations. The Shares are designed to provide investors with a cost effective and convenient way to invest in gold.

As of the date of this quarterly report, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. Incorporated, Newedge USA LLC, RBC Capital Markets Corporation, Scotia Capital (USA) Inc., UBS Securities LLC, Virtu Financial Capital Markets, LLC (f/k/a EWT, LLC) and Virtu Financial BD LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.

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:

The divergence of the price of the Shares and NAV of the Shares from the gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

11

Valuation of Gold, Definition of NAV and ANAV

As of the London PM Fix on each day that the NYSE Arca is open for regular trading or, if there is no London PM Fix on such day or the London PM Fix has not been announced by 12:00 PM New York time on such day, as of 12:00 PM New York time on such day (the “Valuation Time”), the Trustee values the gold held by the Trust and determines both the ANAV and the NAV of the Trust.

At the Valuation Time, the Trustee values the Trust’s gold on the basis of that day’s London PM Fix or, if no London PM Fix is made on such day or has not been announced by the Valuation Time, the next most recent London gold price fix (AM or PM) determined prior to the Valuation Time will be used, unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. In the event the Trustee and the Sponsor determine that the London PM Fix or last prior London gold price fix (AM or PM) is not an appropriate basis for valuation of the Trust’s gold, they will identify an alternative basis for such valuation to be employed by the Trustee.

Once the value of the gold has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees to be computed by reference to the value of the ANAV of the Trust or custody fees computed by reference to the value of gold held in the Trust), expenses and other liabilities of the Trust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the fees of the Trustee, the Sponsor, and the Marketing Agent.

To determine the Trust’s NAV, the Trustee subtracts from the ANAV of the Trust the amount of estimated accrued but unpaid fees computed by reference to the value of the ANAV of the Trust and computed by reference to the value of the gold held in the Trust (i.e., the fees of the Trustee, the Sponsor, the Marketing Agent and the Custodian). The Trustee determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on the NYSE Arca.

Gold acquired, or disposed of, by the Trust is recorded at the lower of average cost or market value.

Critical Accounting Policy

Valuation of Gold

Gold is held by the Custodian on behalf of the Trust and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the London Fix used to determine the NAV of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of Shares, are calculated on a trade date basis using average cost.

Review of Financial Results

Financial Highlights

(All amounts in the following table and paragraphs except per share, are in 000’s of US$)	Three  Months Ended Mar-31, 2013		Three  Months Ended Mar-31, 2012		Six  Months Ended Mar-31, 2013		Six  Months Ended Mar-31, 2012
Total Gain on gold	$	2,012,922	$	330,053	$	2,626,198	$	1,183,973
Net Gain from operations	$	1,946,021	$	261,220	$	2,484,616	$	1,046,517
Net Gain per Share	$	4.54	$	0.62	$	5.68	$	2.49
Net cash flows from operating activities	$	0	$	0	$	0	$	0

The Trust’s total gain on gold for the three months ended March 31, 2013 of $2,012,922 is made up of a gain of $16,851 on the sale of gold to pay expenses plus a gain of $1,996,071 on gold distributed on the redemption of Shares.

The Trust’s total gain on gold for the three months ended March 31, 2012 of $330,053 is made up of a gain of $21,891 on the sale of gold to pay expenses plus a gain of $308,162 on gold distributed on the redemption of Shares.

The Trust’s total gain on gold for the six months ended March 31, 2013 of $2,626,198 was made up of a gain of $39,642 on the sale of gold to pay expenses plus a gain of $2,586,556 on gold distributed on the redemption of Shares

The Trust’s total gain on gold for the six months ended March 31, 2012 of $1,183,973 is made up of a gain of $47,605 on the sale of gold to pay expenses plus a gain of $1,136,368 on gold distributed on the redemption of Shares.

12

Selected Supplemental Data - For the six months ended March 31, 2013 and for the year ended September 30, 2012

(All amounts, except per ounce and per share, are in 000’s)	Six Months Ended Mar-31, 2013			Year Ended Sep-30, 2012
Ounces of Gold:
Opening Balance		42,803.6			39,928.9
Creations (excluding gold receivable at March 31, 2013 – 0 and at September 30, 2012 – 0)		3,080.1			8,225.8
Redemptions (excluding gold payable at March 31, 2013 – 0 and at September 30, 2012 – 339.3)		(6,534.5	)		(5,187.1	)
Sales of gold		(84.5	)		(164.0	)
Closing Balance		39,264.7			42,803.6
Gold price per ounce - London PM Fix	$	1,598.25		$	1,776.00
Market value of gold holdings	$	62,754,840		$	76,019,208
Number of Shares:
Opening Balance		437,900			406,800
Creations		31,800			84,700
Redemptions		(64,000	)		(53,600	)
Closing Balance		405,700			437,900
Net Asset Value per share:
Creations	$	164.02		$	164.77
Redemptions	$	157.30		$	157.77
Shares at redemption value to investors at Period End	$	62,727,663		$	75,389,813
Redemption Value per Redeemable Share at Period End	$	154.62		$	172.16
Change in Redemption Value through Period End		(16.8	)%		17.5	%
% Difference between Net Asset Value per share and market value of ounces represented by each share		(0.043	)%		(0.036	)%

Results of Operations

In the six months ended March 31, 2013, an additional 31,800,000 Shares (318 Baskets) were created in exchange for 3,080,127 ounces of gold, 64,000,000 Shares (640 Baskets) were redeemed in exchange for 6,195,243 ounces of gold, and 84,474 ounces of gold were sold to pay expenses.

As at March 31, 2013, the Custodian held 39,264,721 ounces of gold on behalf of the Trust in its vault, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $62,754,840,067 (cost — $47,757,325,849) based on the London PM fix on March 31, 2013. Subcustodians held nil ounces of gold in their vaults on behalf of the Trust.

As at September 30, 2012, the amount of gold owned by the Trust was 42,464,312 ounces, with a market value of $75,416,617,519 (cost  — $50,123,670,948) including gold payable of 339,296 ounces with a market value of $602,590,539, based on the London PM fix on September 30, 2012 (in accordance with the Trust Indenture).

As at September 30, 2012, the Custodian held 42,803,608 ounces in its vault 100% of which is allocated gold in the form of London Good Delivery gold bars excluding gold payable, with a market value of $76,019,208,058 (cost  —  $50,726,261,488). Subcustodians held nil ounces of gold in their vaults on behalf of the Trust and 339,296 ounces of gold were payable by the Trust in connection with the creation and redemption of Baskets.

As at March 31, 2013, Inspectorate International Limited concluded the annual random sample count of the Trust’s gold bullion held by the Custodian. The results can be found on www.spdrgoldshares.com.

13

Cash Resources and Liquidity

At March 31, 2013 the Trust did not have any cash balances. When selling gold to pay expenses, the Trustee endeavors to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. As a consequence, we expect that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period.

Analysis of Movements in the Price of Gold

As movements in the price of gold are expected to directly affect the price of the Trust’s Shares, investors should understand what the recent movements in the price of gold have been. Investors, however, should also be aware that past movements in the gold price are not indicators of future movements. This section identifies recent trends in the movements of the gold price.

The following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in US dollars per ounce over the period from April 1, 2008 to March 31, 2013, and is based on the London PM Fix.

14

The average, high, low and end-of-period gold prices for the three and twelve month periods over the prior three years and for the period from the Date of Inception through March 31, 2013, based on the London PM Fix, were:

Period	Average			High		Date		Low		Date		End of period		Last business day(1)
Three months to June 30, 2010	$	1,196.74		$	1,261.00		Jun 28, 2010	$	1,123.50		Apr 01, 2010	$	1,244.00		Jun 30, 2010
Three months to September 30, 2010	$	1,226.75		$	1,307.50		Sep 29, 2010	$	1,157.00		Jul 28, 2010	$	1,307.00		Sep 30, 2010
Three months to December 31, 2010	$	1,367.68	(3)	$	1,421.00		Nov 09, 2010	$	1,313.50		Oct 04, 2010	$	1,410.25		Dec 31, 2010	(2)
Three months to March 31, 2011	$	1,386.27		$	1,447.00		Mar 24, 2011	$	1,319.00		Jan 28, 2011	$	1,439.00		Mar 31, 2011
Three months to June 30, 2011	$	1,506.13		$	1,552.50		Jun 22, 2011	$	1,418.00		Apr 01, 2011	$	1,505.50		Jun 30, 2011
Three months to September 30, 2011	$	1,702.12		$	1,895.00		Sep 05, 2011	$	1,483.00		Jul 01, 2011	$	1,620.00		Sep 30, 2011
Three months to December 31, 2011	$	1,684.93	(3)	$	1,795.00		Nov 08, 2011	$	1,531.00		Dec 29, 2011	$	1,574.50		Dec 30, 2011	(2)
Three months to March 31, 2012	$	1,690.57		$	1,781.00		Feb 28, 2012	$	1,598.00		Jan 03, 2012	$	1,662.50		Mar 30, 2012
Three months to June 30, 2012	$	1,609.49		$	1,677.50		Apr 02, 2012	$	1,540.00		May 30, 2012	$	1,598.50		Jun 29, 2012
Three months to September 30, 2012	$	1,652.00		$	1,784.50		Sep 21, 2012	$	1,556.25		Jul 12, 2012	$	1,776.00		Sep 28, 2012
Three months to December 31, 2012	$	1,719.96	(3)	$	1,791.75		Oct 04, 2012	$	1,650.50		Dec 20, 2012	$	1,664.00		Dec 31, 2012	(2)
Three months to March 31, 2013	$	1,631.77		$	1,693.75		Jan 02, 2013	$	1,574.00		Mar 06, 2013	$	1,598.25		Mar 28, 2013
Twelve months ended March 31, 2011	$	1,294.89		$	1,447.00		Mar 24, 2011	$	1,123.50		Apr 01, 2010	$	1,439.00		Mar 31, 2011
Twelve months ended March 31, 2012	$	1,648.22		$	1,895.00		Sep 05, 2011	$	1,418.00		Apr 01, 2011	$	1,662.50		Mar 30, 2012
Twelve months ended March 31, 2013	$	1,654.18		$	1,791.75		Oct 04, 2012	$	1,540.00		May 30, 2012	$	1,598.25		Mar 28, 2013
November 12, 2004 to March 31, 2013	$	1,015.91	(3)	$	1,895.00		Sep 05, 2011	$	411.10		Feb 08, 2005	$	1,598.25		Mar  28, 2013

(1) The end of period gold price is the London PM Fix on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust.

(2) There was no London PM Fix on the last business day of December 2010, 2011 and 2012. The London AM Fix on such business days was $1,410.25, $1,574.50 and $1,664.00, respectively. The Net Asset Value of the Trust on December 31, 2010 and 2012 and December 30, 2011 was calculated using the London AM Fix, in accordance with the Trust Indenture.

(3) There was no London PM Fix for both December 24th and December 31st for the periods ended 2010 and 2012, as well as December 23rd and 30th for the period ended 2011. For comparative purposes, the average was calculated using the London AM Fix for those business days. Accordingly, the Net Asset Value of the Trust for December 24th and December 31st for the periods ended 2010 and 2012, as well as December 23rd and 30th for the period ended 2011, was calculated using the London AM Fix.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Trust Indenture does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust does not invest in any derivative financial instruments or long-term debt instruments.

Item 4. Controls and Procedures

Disclosure controls and procedures. Under the supervision and with the participation of the Sponsor, World Gold Trust Services, LLC, including its chief executive officer and chief financial officer, we carried out an evaluation of the effectiveness of the design and operation of the Trust’s disclosure controls and procedures. Based upon that evaluation, our chief executive officer and chief financial officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Internal control over financial reporting. There has been no change in the internal control of the Trust over financial reporting that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting.

15

PART II - OTHER INFORMATION:

Item 1. Legal Proceedings

Not applicable.

Item 1A. Risk Factors

You should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2012, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) As of the date of the formation of the Trust on November 12, 2004, the NAV of the Trust, which represents the value of the gold deposited in the Trust, was $13,081,500, and the NAV per Share was $43.60. Since formation and through March 31, 2013, 8,877 Baskets (887,700,000 Shares) have been created and 4,820 Baskets (482,000,000 Shares) have been redeemed.

Period	Total Number of Shares Redeemed		Average Ounces of Gold Per Share
01/01/13 to 01/31/13		9,100,000		.09683
02/01/13 to 02/28/13		24,900,000		.09678
03/01/13 to 03/31/13		17,800,000		.09676
Total		51,800,000		.09678

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information

None.

Item 6. Exhibits

The exhibits listed on the accompanying Exhibit Index, and such Exhibit Index, are filed or incorporated by reference as a part of this report.

16

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

WORLD GOLD TRUST SERVICES, LLC
Sponsor of the SPDR® Gold Trust
(Registrant)
	/s/    Jason Toussaint
	Jason Toussaint
	Chief Executive Officer
	(principal executive officer)
	/s/    Robin Lee
	Robin Lee
	Chief Financial Officer and Treasurer
	(principal financial officer and principal accounting officer)

Date: May 8, 2013

* The Registrant is a trust and the persons are signing in their capacities as officers of World Gold Trust Services, LLC, the Sponsor of the Registrant.

17

EXHIBIT INDEX

Pursuant to Item 601 of Regulation S-K

Exhibit No.	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.
32.1	Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.
32.2	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

18

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Jason Toussaint, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the SPDR^® Gold Trust (“Trust”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s and World Gold Trust Services, LLC’s auditors and the audit committee of the board of directors of World Gold Trust Services, LLC (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2013

/s/     Jason Toussaint*                        

Jason Toussaint**

Chief Executive Officer

(principal executive officer)

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Toussaint is signing in his capacity as Chief Executive Officer of World Gold Trust Services, LLC, the Sponsor of the Registrant.

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Robin Lee, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the SPDR^® Gold Trust (“Trust”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s and World Gold Trust Services, LLC’s auditors and the audit committee of the board of directors of World Gold Trust Services, LLC (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2013

/s/     Robin Lee*                                

Robin Lee**

Chief Financial Officer and Treasurer

(principal financial officer)

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Lee is signing in his capacity as Chief Financial Officer and Treasurer of World Gold Trust Services, LLC, the Sponsor of the Registrant.

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SPDR^® Gold Trust (the “Trust”) on Form 10-Q for the period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jason Toussaint, principal executive officer of World Gold Trust Services, LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Trust.

/s/     Jason Toussaint*

Jason Toussaint**

Chief Executive Officer

(principal executive officer)

May 8, 2013

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Toussaint is signing in his capacity as Chief Executive Officer of World Gold Trust Services, LLC, the sponsor of the Trust.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SPDR^® Gold Trust (the “Trust”) on Form 10-Q for the period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robin Lee, principal financial officer of World Gold Trust Services, LLC, the sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Trust.

/s/     Robin Lee*                                

Robin Lee**

Chief Financial Officer and Treasurer

(principal financial officer)

May 8, 2013

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Lee is signing in his capacity as Chief Financial Officer and Treasurer of World Gold Trust Services, LLC, the sponsor of the Trust.

XML

Investment in Gold - Investment in Gold (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013 oz	Sep. 30, 2012 oz
Investment in Gold [Line Items]
Gold receivable, Ounces of gold	0	0
Gold payable, Ounces of gold	0.0	339.3
Gold receivable	$ 0	$ 0
Gold payable		$ 602,591	[1]

[1] Derived from audited statement of financial condition as of September 30, 2012.

XML

Investment in Gold

6 Months Ended

Mar. 31, 2013

Investment in Gold

3.     Investment in Gold

The following represents the changes in ounces of gold and the respective values for the six months ended March 31, 2013 and for the year ended September 30, 2012:

(Ounces of gold are in 000’s and value of gold is in 000’s of US$)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Ounces of Gold:
Opening Balance		42,803.6			39,928.9
Creations (excluding gold receivable at March 31, 2013 -0 and at September 30, 2012 - 0)		3,080.1			8,225.8
Redemptions (excluding gold payable at March 31, 2013 -0 and at September 30, 2012 - 339.3)		(6,534.5	)		(5,187.1	)
Sales of gold		(84.5	)		(164.0	)
Closing Balance		39,264.7			42,803.6
Investment in Gold (lower of cost or market):
Opening Balance	$	50,726,261		$	42,736,696
Creations (excluding gold receivable at March 31, 2013 - $0 and at September 30, 2012 - $0)		5,215,819			13,956,415
Redemptions (excluding gold payable at March 31, 2013 - $0 and at September 30, 2012 - $602,591)		(8,083,186	)		(5,783,126	)
Sales of gold		(101,568	)		(183,724	)
Closing Balance	$	47,757,326		$	50,726,261

XML

Significant accounting policies

6 Months Ended

Mar. 31, 2013

Significant accounting policies

2.     Significant accounting policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1.     Valuation of Gold

Gold is held by HSBC Bank USA, N.A. (the “Custodian”), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the price of gold set by the London gold fix (“London Fix”) used to determine the Net Asset Value (“NAV”) of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of Shares, are calculated on a trade date basis using average cost.

The table below summarizes the impact of unrealized gains or losses on the Trust’s gold holdings as of March 31, 2013 and September 30, 2012:

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Investment in gold - average cost	$	47,757,326	$	50,726,261
Unrealized gain on investment in gold		14,997,514		25,292,947
Investment in gold - market value	$	62,754,840	$	76,019,208

The Trust recognizes the diminution in value of the investment in gold which arises from market declines on an interim basis. Increases in the value of the investment in gold through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value.

2.2.     Gold receivable

Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Gold receivable	$	—	$	—

2.3     Gold Payable

Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31,   2013		Sep-30, 2012
Gold payable	$	—	$	602,591

2.4.     Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Redeemable Shares on the Statement of Financial Condition. The Trust records the redemption value, which represents its maximum obligation, as Redeemable Shares with the difference from cost as an offsetting amount to Shareholders’ Equity. Changes in the Shares for the six months ended March 31, 2013 and for the year ended September 30, 2012, are as follows:

(All amounts are in 000’s)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Number of Redeemable Shares:
Opening Balance		437,900			406,800
Creations		31,800			84,700
Redemptions		(64,000	)		(53,600	)
Closing Balance		405,700			437,900

(Amounts in 000’s of US$ except per Share)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Redeemable Shares:
Opening Balance	$	75,389,813		$	64,137,833
Creations		5,215,819			13,956,415
Redemptions		(10,067,152	)		(8,456,437	)
Adjustment to redemption value		(7,810,817	)		5,752,002
Closing Balance	$	62,727,663		$	75,389,813
Redemption Value per Redeemable Share at Period End	$	154.62		$	172.16

2.5.     Revenue Recognition Policy

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (the “Trustee”), will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the London Fix at 3:00 PM London time (“London PM Fix”). The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such gold only if the sale transaction is made at the next London gold price fix (either AM or PM) following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold.

2.6.     Income Taxes

The Trust is classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself will not be subject to US federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2013 or September 30, 2012.

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Unaudited Condensed Statements of Financial Condition (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Sep. 30, 2012
ASSETS
Investment in Gold, at cost	$ 47,757,326	[1]	$ 50,726,261	[1],[2]
Total Assets	47,757,326		50,726,261	[2]
LIABILITIES
Gold payable			602,591	[2]
Accounts payable to related parties	19,784		22,038	[2]
Accounts payable	2,015		3,954	[2]
Accrued expenses	5,378		812	[2]
Total Liabilities	27,177		629,395	[2]
Redeemable Shares:
Shares at redemption value to investors	62,727,663	[3]	75,389,813	[2],[3]
Shareholders' Deficit	(14,997,514)		(25,292,947)	[2]
Total Liabilities, Redeemable Shares & Shareholders' Deficit	$ 47,757,326		$ 50,726,261	[2]

[1] The market value of Investment in Gold at March 31, 2013 is $62,754,840 and at September 30, 2012, was $76,019,208.

[2] Derived from audited statement of financial condition as of September 30, 2012.

[3] Authorized share capital is unlimited and the par value of the Shares is $0.00. Shares issued and outstanding at March 31, 2013 was 405,700,000 and at September 30, 2012 was 437,900,000.

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Unaudited Condensed Statement of Changes in Shareholders' Deficit (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2013
Shareholders' Deficit - Opening Balance	$ (25,292,947)	[1]
Net Gain for the period	2,484,616
Adjustment of Redeemable Shares to redemption value	7,810,817
Shareholders' Deficit - Closing Balance	$ (14,997,514)

[1] Derived from audited statement of financial condition as of September 30, 2012.

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Significant accounting policies - Gold Payable (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Sep. 30, 2012
Gold Payable
Gold payable		$ 602,591	[1]

[1] Derived from audited statement of financial condition as of September 30, 2012.

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Investment in Gold - Investment in Gold (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended
	Mar. 31, 2013 oz		Sep. 30, 2012 oz
Ounces of Gold:
Opening Balance	42,803.6		39,928.9
Creations (excluding gold receivable at March 31, 2013 -0 and at September 30, 2012 - 0)	3,080.1		8,225.8
Redemptions (excluding gold payable at March 31, 2013 -0 and at September 30, 2012 - 339.3)	(6,534.5)		(5,187.1)
Sales of gold	(84.5)		(164.0)
Closing Balance	39,264.7		42,803.6
Investment in Gold (lower of cost or market):
Opening Balance	$ 50,726,261	[1],[2]	$ 42,736,696
Creations (excluding gold receivable at March 31, 2013 - $0 and at September 30, 2012 - $0)	5,215,819		13,956,415
Redemptions (excluding gold payable at March 31, 2013 - $0 and at September 30, 2012 - $602,591)	(8,083,186)		(5,783,126)
Sales of gold	(101,568)		(183,724)
Closing Balance	$ 47,757,326	[2]	$ 50,726,261	[1],[2]

[1] Derived from audited statement of financial condition as of September 30, 2012.

[2] The market value of Investment in Gold at March 31, 2013 is $62,754,840 and at September 30, 2012, was $76,019,208.

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Organization

6 Months Ended

Mar. 31, 2013

Organization

1.     Organization

The SPDR^® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 (“Date of Inception”) under New York law pursuant to a trust indenture. The fiscal year end for the Trust is September 30th. The Trust holds gold and issues shares (“Shares”) (in minimum blocks of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and distributes gold in connection with redemption of Baskets. 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.

The condensed statements of financial condition at March 31, 2013 and September 30, 2012, the condensed statements of operations and of cash flows for the three and six months ended March 31, 2013 and 2012 and the condensed statement of changes in shareholders’ deficit for the six months ended March 31, 2013 have been prepared on behalf of the Trust without audit. In the opinion of management of the sponsor of the Trust, World Gold Trust Services, LLC (the “Sponsor”), all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and six months ended March 31, 2013 and for all periods presented have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012. The results of operations for the six months ended March 31, 2013 are not necessarily indicative of the operating results for the full year.

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Unaudited Condensed Statements of Financial Condition (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2013	Sep. 30, 2012
Market value of Investment in Gold	$ 62,754,840	$ 76,019,208
Common stock, par value	$ 0.00	$ 0.00
Common stock, share authorized	Unlimited	Unlimited
Common stock, shares issued	405,700,000	437,900,000
Common stock, shares outstanding	405,700,000	437,900,000

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Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees (Tables)

6 Months Ended

Mar. 31, 2013

Amounts Payable to Related Parties

Amounts Payable to Related Parties

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Payable to Custodian	$	3,522	$	3,908
Payable to Trustee		170		164
Payable to Sponsor		8,046		8,983
Payable to Marketing Agent		8,046		8,983
Accounts Payable to related parties	$	19,784	$	22,038

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Document and Entity Information	6 Months Ended
	Mar. 31, 2013	May 06, 2013
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Trading Symbol	GLD
Entity Registrant Name	SPDR GOLD TRUST
Entity Central Index Key	0001222333
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		353,000,000

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Organization - Additional Information (Detail)	6 Months Ended
	Mar. 31, 2013
Minimum blocks of shares issued redeemed against gold	100,000

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Unaudited Condensed Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
REVENUES
Proceeds from sales of gold to pay expenses	$ 68,293	$ 65,073	$ 141,210	$ 135,451
Cost of gold sold to pay expenses	(51,442)	(43,182)	(101,568)	(87,846)
Gain on gold sold to pay expenses	16,851	21,891	39,642	47,605
Gain on gold distributed for the redemption of Shares	1,996,071	308,162	2,586,556	1,136,368
Total Gain on gold	2,012,922	330,053	2,626,198	1,183,973
EXPENSES
Custody fees	10,950	11,256	23,092	22,500
Trustee fees	493	497	997	1,000
Sponsor fees	25,088	25,813	53,094	51,547
Marketing agent fees	25,088	25,813	53,094	51,547
Other expenses	5,282	5,454	11,305	10,862
Total expenses	66,901	68,833	141,582	137,456
Net Gain from Operations	$ 1,946,021	$ 261,220	$ 2,484,616	$ 1,046,517
Net Gain per Share	$ 4.54	$ 0.62	$ 5.68	$ 2.49
Weighted average number of Shares	429,089	422,024	437,264	419,517

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Indemnification

6 Months Ended

Mar. 31, 2013

Indemnification

6.     Indemnification

The Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries are indemnified from the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of its duties under the Trust Indenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust Indenture. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification from the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor will also be indemnified from the Trust and held harmless against any loss, liability or expense arising under the Marketing Agent Agreement or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust.

The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor.

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Concentration of Risk

6 Months Ended

Mar. 31, 2013

Concentration of Risk

5.     Concentration of Risk

The Trust’s sole business activity is the investment in gold. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, South Africa and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material affect on the Trust’s financial position and results of operations.

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Significant accounting policies - Creations and Redemptions of Shares (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended		12 Months Ended
	Mar. 31, 2013		Sep. 30, 2012
Number of Redeemable Shares:
Opening Balance	437,900,000		406,800,000
Creations	31,800,000		84,700,000
Redemptions	(64,000,000)		(53,600,000)
Closing Balance	405,700,000		437,900,000
Redeemable Shares:
Opening Balance	$ 75,389,813	[1],[2]	$ 64,137,833
Creations	5,215,819		13,956,415
Redemptions	(10,067,152)		(8,456,437)
Adjustment to redemption value	(7,810,817)		5,752,002
Closing Balance	$ 62,727,663	[2]	$ 75,389,813	[1],[2]
Redemption Value per Redeemable Share at Period End	$ 154.62		$ 172.16

[1] Derived from audited statement of financial condition as of September 30, 2012.

[2] Authorized share capital is unlimited and the par value of the Shares is $0.00. Shares issued and outstanding at March 31, 2013 was 405,700,000 and at September 30, 2012 was 437,900,000.

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Significant accounting policies - Valuation of Gold (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Sep. 30, 2012		Sep. 30, 2011
Valuation of Gold
Investment in gold - average cost	$ 47,757,326	[1]	$ 50,726,261	[1],[2]	$ 42,736,696
Unrealized gain on investment in gold	14,997,514		25,292,947
Investment in gold - market value	$ 62,754,840		$ 76,019,208

[1] The market value of Investment in Gold at March 31, 2013 is $62,754,840 and at September 30, 2012, was $76,019,208.

[2] Derived from audited statement of financial condition as of September 30, 2012.

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Significant accounting policies (Tables)

6 Months Ended

Mar. 31, 2013

Valuation of Gold

The table below summarizes the impact of unrealized gains or losses on the Trust’s gold holdings as of March 31, 2013 and September 30, 2012:

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Investment in gold - average cost	$	47,757,326	$	50,726,261
Unrealized gain on investment in gold		14,997,514		25,292,947
Investment in gold - market value	$	62,754,840	$	76,019,208

Gold Receivable

Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Gold receivable	$	—	$	—

Gold Payable

Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31,   2013		Sep-30, 2012
Gold payable	$	—	$	602,591

Creations and Redemptions of Shares

Changes in the Shares for the six months ended March 31, 2013 and for the year ended September 30, 2012, are as follows:

(All amounts are in 000’s)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Number of Redeemable Shares:
Opening Balance		437,900			406,800
Creations		31,800			84,700
Redemptions		(64,000	)		(53,600	)
Closing Balance		405,700			437,900

(Amounts in 000’s of US$ except per Share)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Redeemable Shares:
Opening Balance	$	75,389,813		$	64,137,833
Creations		5,215,819			13,956,415
Redemptions		(10,067,152	)		(8,456,437	)
Adjustment to redemption value		(7,810,817	)		5,752,002
Closing Balance	$	62,727,663		$	75,389,813
Redemption Value per Redeemable Share at Period End	$	154.62		$	172.16

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Subsequent Events

6 Months Ended

Mar. 31, 2013

Subsequent Events

7.     Subsequent Events

The Trust has evaluated events subsequent to the March 31, 2013 quarter end through to the date of filing of this Form 10-Q. During this period, no material disclosable subsequent events were identified.

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Significant accounting policies (Policies)

6 Months Ended

Mar. 31, 2013

Valuation of Gold

2.1.     Valuation of Gold

Gold is held by HSBC Bank USA, N.A. (the “Custodian”), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of gold is determined according to the average cost method and the market value is based on the price of gold set by the London gold fix (“London Fix”) used to determine the Net Asset Value (“NAV”) of the Trust. Realized gains and losses on sales of gold, or gold distributed for the redemption of Shares, are calculated on a trade date basis using average cost.

The table below summarizes the impact of unrealized gains or losses on the Trust’s gold holdings as of March 31, 2013 and September 30, 2012:

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Investment in gold - average cost	$	47,757,326	$	50,726,261
Unrealized gain on investment in gold		14,997,514		25,292,947
Investment in gold - market value	$	62,754,840	$	76,019,208

The Trust recognizes the diminution in value of the investment in gold which arises from market declines on an interim basis. Increases in the value of the investment in gold through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value.

Gold receivable

2.2.     Gold receivable

Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Gold receivable	$	—	$	—

Gold Payable

2.3     Gold Payable

Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within three business days of the trade date.

(Amounts in 000’s of US$)	Mar-31,   2013		Sep-30, 2012
Gold payable	$	—	$	602,591

Creations and Redemptions of Shares

2.4.     Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Redeemable Shares on the Statement of Financial Condition. The Trust records the redemption value, which represents its maximum obligation, as Redeemable Shares with the difference from cost as an offsetting amount to Shareholders’ Equity. Changes in the Shares for the six months ended March 31, 2013 and for the year ended September 30, 2012, are as follows:

(All amounts are in 000’s)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Number of Redeemable Shares:
Opening Balance		437,900			406,800
Creations		31,800			84,700
Redemptions		(64,000	)		(53,600	)
Closing Balance		405,700			437,900

(Amounts in 000’s of US$ except per Share)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Redeemable Shares:
Opening Balance	$	75,389,813		$	64,137,833
Creations		5,215,819			13,956,415
Redemptions		(10,067,152	)		(8,456,437	)
Adjustment to redemption value		(7,810,817	)		5,752,002
Closing Balance	$	62,727,663		$	75,389,813
Redemption Value per Redeemable Share at Period End	$	154.62		$	172.16

Revenue Recognition Policy

2.5.     Revenue Recognition Policy

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (the “Trustee”), will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the London Fix at 3:00 PM London time (“London PM Fix”). The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such gold only if the sale transaction is made at the next London gold price fix (either AM or PM) following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold.

Income Taxes

2.6.     Income Taxes

The Trust is classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself will not be subject to US federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2013 or September 30, 2012.

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Investment in Gold (Tables)

6 Months Ended

Mar. 31, 2013

Investment in Gold

The following represents the changes in ounces of gold and the respective values for the six months ended March 31, 2013 and for the year ended September 30, 2012:

(Ounces of gold are in 000’s and value of gold is in 000’s of US$)	Six Months  Ended Mar-31, 2013			Year Ended Sep-30, 2012
Ounces of Gold:
Opening Balance		42,803.6			39,928.9
Creations (excluding gold receivable at March 31, 2013 -0 and at September 30, 2012 - 0)		3,080.1			8,225.8
Redemptions (excluding gold payable at March 31, 2013 -0 and at September 30, 2012 - 339.3)		(6,534.5	)		(5,187.1	)
Sales of gold		(84.5	)		(164.0	)
Closing Balance		39,264.7			42,803.6
Investment in Gold (lower of cost or market):
Opening Balance	$	50,726,261		$	42,736,696
Creations (excluding gold receivable at March 31, 2013 - $0 and at September 30, 2012 - $0)		5,215,819			13,956,415
Redemptions (excluding gold payable at March 31, 2013 - $0 and at September 30, 2012 - $602,591)		(8,083,186	)		(5,783,126	)
Sales of gold		(101,568	)		(183,724	)
Closing Balance	$	47,757,326		$	50,726,261

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Significant accounting policies - Additional Information (Detail)	6 Months Ended
	Mar. 31, 2013
Maximum number of days within which ownership of the gold is transferred	3 days
Minimum blocks of shares issued redeemed against gold	100,000

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Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Trustee minimum fee			$ 500,000
Trustee maximum fee			2,000,000
Sponsor [Member]
Related party fees payable at annual rate			0.15%
Trustee [Member]
Related party fees payable at annual rate			0.02%
Marketing Agent [Member]
Related party fees payable at annual rate			0.15%
Sponsor and Marketing Agent [Member]
Trust expense ratio			0.40%
Assets under management required for Trust accrual	1,200,000,000		1,200,000,000
Accounting rate of ordinary expenses after taking affect of current expenses			0.40%
Sponsor and Marketing Agent combined fees at a rate			0.30%
Minimum ANAV to unforeseen expenses			0.70%
Ordinary expenses accrual rate if gross assets drop discussion			If at the end of any month, the estimated ordinary expenses of the Trust exceed an amount equal to 0.40% per year of the daily ANAV of the Trust for such month, the Sponsor and the Marketing Agent will waive the amount of such excess from the fees payable to them from the assets of the Trust for such month in equal shares up to the amount of their fees
Unforeseen expenses of the Trust discussion			If the Trust incurs unforeseen expenses that cause the total ordinary expenses of the Trust to exceed 0.70% per year of the daily ANAV of the Trust, the ordinary expenses will accrue at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees
Sponsor and Marketing Agent fees reduction	$ 0	$ 0	$ 0	$ 0
Custodian Tier One [Member]
Related party fees payable at annual rate			0.10%
Aggregate weight of gold to determine custodian fee tiers			4,500,000
Custodian Tier Two [Member]
Related party fees payable at annual rate			0.06%
Aggregate weight of gold to determine custodian fee tiers			4,500,000

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Unaudited Condensed Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
INCREASE / DECREASE IN CASH FROM OPERATIONS:
Cash proceeds received from sales of gold	$ 68,293	$ 65,073	$ 141,210	$ 135,451
Cash expenses paid	(68,293)	(65,073)	(141,210)	(135,451)
(Decrease) / Increase in cash resulting from operations
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Value of gold received for creation of shares - net of gold receivable	1,439,184	2,822,568	5,215,819	6,953,446
Value of gold distributed for redemption of shares - net of gold payable	6,066,024	641,883	7,480,595	2,417,999
RECONCILIATION OF NET GAIN FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net Gain from Operations	1,946,021	261,220	2,484,616	1,046,517
Adjustments to reconcile net gain to net cash provided by operating activities
(Increase) / Decrease in investment in gold	4,678,282	(2,137,502)	2,968,935	(3,927,303)
(Increase) / Decrease in gold receivable
Increase / (Decrease) in gold payable			(602,591)	(520,297)
Increase / (Decrease) in liabilities	(1,391)	3,759	373	2,004
Increase / (Decrease) in redeemable Shares
Creations	1,439,184	2,822,568	5,215,819	6,953,446
Redemptions	(8,062,096)	(950,045)	(10,067,152)	(3,554,367)
(Decrease) / Increase in cash resulting from operations

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Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees

6 Months Ended

Mar. 31, 2013

Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees

4.     Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees

Fees are paid to the Sponsor as compensation for services performed under the Trust Indenture and for services performed in connection with maintaining the Trust’s website and marketing the Shares. The Sponsor’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the adjusted net asset value (“ANAV”) of the Trust, subject to reduction as described below. The Sponsor will receive reimbursement from the Trust for all of its disbursements and expenses incurred in connection with the Trust.

Fees are paid to the Trustee, as compensation for services performed under the Trust Indenture. The Trustee’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.02% of the ANAV of the Trust, subject to a minimum fee of $500,000 and a maximum fee of $2 million per year. The Trustee’s fee is subject to modification as determined by the Trustee and the Sponsor in good faith to account for significant changes in the Trust’s administration or the Trustee’s duties. The Trustee will charge the Trust for its expenses and disbursements incurred in connection with the Trust (including the expenses of the Custodian paid by the Trustee), exclusive of fees of agents for services to be performed by the Trustee, and for any extraordinary services performed by the Trustee for the Trust.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Fees are paid to the Custodian under the Allocated Bullion Account Agreement (as amended, the “Allocated Bullion Account Agreement”) as compensation for its custody services. Under the Allocated Bullion Account Agreement, the Custodian’s fee is computed at an annual rate equal to 0.10% of the average daily aggregate value of the first 4.5 million ounces of gold held in the Trust’s allocated gold account (“Trust Allocated Account”) and the Trust’s unallocated gold account (“Trust Unallocated Account”) and 0.06% of the average daily aggregate value of all gold held in the Trust Allocated Account and the Trust Unallocated Account in excess of 4.5 million ounces.

The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Fees are paid to the marketing agent for the Trust, State Street Global Markets, LLC (the “Marketing Agent”), by the Trustee from the assets of the Trust as compensation for services performed pursuant to the agreement, as amended, between the Sponsor and the Marketing Agent (the “Marketing Agent Agreement”). The Marketing Agent’s fee is payable monthly in arrears and is accrued daily at an annual rate equal to 0.15% of the ANAV of the Trust, subject to reduction as described below.

The Marketing Agent and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Under the Marketing Agent Agreement, as amended, if at the end of any month, the estimated ordinary expenses of the Trust exceed an amount equal to 0.40% per year of the daily ANAV of the Trust for such month, the Sponsor and the Marketing Agent will waive the amount of such excess from the fees payable to them from the assets of the Trust for such month in equal shares up to the amount of their fees. Investors should be aware that, based on current expenses, if the gross value of the Trust’s assets is less than approximately $1.2 billion, the ordinary expenses of the Trust will be accrued at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees of 0.30% per year of the daily ANAV of the Trust. This amount is based on the estimated ordinary expenses of the Trust and may be higher if the Trust’s actual ordinary expenses exceed those estimates. Additionally, if the Trust incurs unforeseen expenses that cause the total ordinary expenses of the Trust to exceed 0.70% per year of the daily ANAV of the Trust, the ordinary expenses will accrue at a rate greater than 0.40% per year of the daily ANAV of the Trust, even after the Sponsor and the Marketing Agent have completely waived their combined fees of 0.30% per year of the daily ANAV of the Trust.

For the three and six months ended March 31, 2013, the fees payable to the Sponsor and the Marketing Agent were each reduced by $0. For the three and six months ended March 31, 2012, the comparable reduction in fees was $0.

Amounts Payable to Related Parties

(Amounts in 000’s of US$)	Mar-31, 2013		Sep-30, 2012
Payable to Custodian	$	3,522	$	3,908
Payable to Trustee		170		164
Payable to Sponsor		8,046		8,983
Payable to Marketing Agent		8,046		8,983
Accounts Payable to related parties	$	19,784	$	22,038

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Related Parties - Sponsor, Trustee, Custodian and Marketing Agent Fees - Amounts Payable to Related Parties (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Sep. 30, 2012
Amounts Payable to Related Parties
Accounts payable to related parties	$ 19,784	$ 22,038	[1]
Custodian [Member]
Amounts Payable to Related Parties
Accounts payable to related parties	3,522	3,908
Trustee [Member]
Amounts Payable to Related Parties
Accounts payable to related parties	170	164
Sponsor [Member]
Amounts Payable to Related Parties
Accounts payable to related parties	8,046	8,983
Marketing Agent [Member]
Amounts Payable to Related Parties
Accounts payable to related parties	$ 8,046	$ 8,983

[1] Derived from audited statement of financial condition as of September 30, 2012.

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Significant accounting policies - Gold Receivable (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Sep. 30, 2012
Gold Receivable
Gold receivable	$ 0	$ 0