ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) Name |
Name of each exchange on which registered | ||
® Gold Shares |
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|
☒ |
Accelerated filer |
☐ | |||
Non-Accelerated filer |
☐ |
Smaller reporting company |
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Page |
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1 |
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Item 1. |
1 |
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1 |
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2 |
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3 |
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7 |
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11 |
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12 |
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12 |
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13 |
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14 |
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15 |
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16 |
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18 |
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19 |
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24 |
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Item 1A. |
24 |
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Item 1B. |
33 |
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Item 2. |
33 |
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Item 3. |
33 |
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Item 4. |
33 |
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34 |
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Item 5. |
34 |
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Item 6. |
34 |
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Item 7. |
35 |
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Item 7A. |
40 |
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Item 8. |
40 |
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Item 9. |
40 |
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Item 9A. |
40 |
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Item 9B. |
44 |
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45 |
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Item 10. |
45 |
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Item 11. |
48 |
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Item 12. |
48 |
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Item 13. |
48 |
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Item 14. |
4 9 |
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50 |
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Item 15. |
50 |
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Item 16. |
5 2 |
• | Easily Accessible. |
• | Relatively Cost Efficient. |
• | Exchange Traded. |
• | Backed by Gold Held by the Custodian on Behalf of the Trust. |
1 |
Gold Focus 2019 |
Global Gold Summary/Demand Summary (2) (3) |
||||||||||||||||||||
Tonnes |
||||||||||||||||||||
SUPPLY |
2014 |
2015 |
2016 |
2017 |
2018 |
|||||||||||||||
Mine Production |
3,203 |
3,290 |
3,397 |
3,442 |
3,503 |
|||||||||||||||
Old Scrap |
1,188 |
1,121 |
1,282 |
1,156 |
1,168 |
|||||||||||||||
Net Hedging Supply |
105 |
13 |
33 |
0 |
0 |
|||||||||||||||
Total Supply |
4,496 |
4,424 |
4,712 |
4,598 |
4,671 |
|||||||||||||||
DEMAND |
||||||||||||||||||||
Jewelry Fabrication |
2,543 |
2,478 |
2,017 |
2,255 |
2,282 |
|||||||||||||||
Industrial Demand |
348 |
332 |
323 |
333 |
335 |
|||||||||||||||
Net Physical Investment |
1,060 |
1,072 |
1,061 |
1,036 |
1,078 |
|||||||||||||||
Net Hedging Demand |
0 |
0 |
0 |
24 |
12 |
|||||||||||||||
Net Central Bank Buying |
584 |
577 |
390 |
377 |
657 |
|||||||||||||||
Total Demand |
4,535 |
4,458 |
3,791 |
4,025 |
4,364 |
|||||||||||||||
Market Balance |
-40 |
-34 |
921 |
573 |
307 |
|||||||||||||||
Net Investment in ETFs |
-173 |
-122 |
575 |
206 |
70 |
|||||||||||||||
Market Balance less ETFs |
133 |
88 |
346 |
366 |
237 |
|||||||||||||||
Nominal Gold Price (US $/oz, PM Fix/LBMA Gold Price PM) |
1,266 |
1,160 |
1,251 |
1,257 |
1,268 |
|||||||||||||||
Source: Metals Focus Gold Focus 2019 |
2 |
Gold Focus |
3 |
Totals may vary due to rounding. |
Member |
Membership Type |
Spot (S) |
Forwards (F) |
Options (O) |
||||||||||
Citibank N A |
Full Market Makers |
x |
x |
x |
||||||||||
Goldman Sachs International |
Full Market Makers |
x |
x |
x |
||||||||||
HSBC |
Full Market Makers |
x |
x |
x |
||||||||||
JP Morgan Chase Bank |
Full Market Makers |
x |
x |
x |
||||||||||
Morgan Stanley & Co International Plc |
Full Market Makers |
x |
x |
x |
||||||||||
UBS AG |
Full Market Makers |
x |
x |
x |
||||||||||
BNP Paribas |
Market Makers |
x |
||||||||||||
ICBC Standard Bank |
Market Makers |
x |
||||||||||||
Merrill Lynch International |
Market Makers |
x |
x |
|||||||||||
Standard Chartered Bank |
Market Makers |
x |
x |
|||||||||||
The Bank of Nova Scotia |
Market Makers |
x |
x |
|||||||||||
Toronto-Dominion Bank |
Market Makers |
x |
4 |
http://www.lbma.org.uk/about-membership |
• | Expenses and other charges of the Custodian payable by the Trustee on behalf of the Trust under the Allocated Bullion Account Agreement and the Unallocated Bullion Account Agreement (including (1) any relevant taxes, duties and governmental charges; and (2) the obligation to indemnify the Custodian) and, subject to the prior written approval of the Sponsor, (A) other expenses and charges for the custody, deposit or delivery of gold and services related to the custody and safekeeping of gold; and (B) expenses and charges charged by other custodians pursuant to a Custody Agreement; |
• | Expenses of the Trustee for uncustomary and extraordinary out-of-pocket expenses and fees of the Trustee for extraordinary services performed under the Trust Indenture; |
• | Certain taxes and various other governmental charges; |
• | Various taxes and governmental charges and any taxes, fees and charges payable by the Trustee with respect to the creation or redemption of Baskets; |
• | Any taxes or other governmental charges imposed on the Sponsor in respect of the Trust, its assets, including gold, or the Shares; |
• | Expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests of Shareholders; |
• | Amounts for indemnification of the Trustee or the Sponsor as permitted under the Trust Indenture; |
• | Expenses incurred in contacting Shareholders exceeding an aggregate amount for any fiscal year of $500,000; |
• | Amounts for reimbursement in respect of certain claims described under “Risk Factors—The Trust’s obligation to reimburse the Marketing Agent and the Authorized Participants for certain liabilities;” |
• | The amount of any legal fees and expenses (including the costs of any litigation) of (i) the Sponsor and the Trust, (ii) the Custodian and (iii) the Trustee in excess of an aggregate amount for any fiscal year of $500,000; and |
• | All other expenses of the Trust not otherwise assumed by the Sponsor under the Trust Indenture. |
• | An individual who is a U.S. citizen or resident of the United States for U.S. federal income tax purposes; |
• | An entity treated as a corporation for U.S. federal income tax purposes that is created or organized in or under the laws of the United States or any political subdivision thereof; |
• | An estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or |
• | A trust, if (1) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust; or (2) the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. |
• | Global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, 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, the United States and Australia; |
• | Global or regional political, economic or financial events and situations, especially those unexpected in nature; |
• | Investors’ expectations with respect to the rate of inflation; |
• | Currency exchange rates; |
• | Interest rates; |
• | Investment and trading activities of hedge funds and commodity funds; and |
• | Other economic variables such as income growth, economic output, and monetary policies. |
Item 5. |
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Period |
Total number of Shares redeemed |
Average ounces of gold per Share |
||||||
7/1/19 to 7/31/19 |
6,700,000 |
.09433 |
||||||
8/1/19 to 8/31/19 |
7,600,000 |
.09430 |
||||||
9/1/19 to 9/30/19 |
8,600,000 |
.09427 |
||||||
TOTAL |
22,900,000 |
.09430 |
(Amounts, except per share, are in 000’s of US$) |
Year ended Sep-30, 2019 |
Year ended Sep-30, 2018 |
Year ended Sep-30, 2017 |
Year ended Sep-30, 2016 |
Year ended Sep-30, 2015(1) |
|||||||||||||||
Net income/(loss) |
$ | 7,250,161 |
$ | (2,619,535 |
) | $ | (1,893,972 |
) | $ | 4,951,423 |
$ | (2,685,202 |
) | |||||||
Net cash provided by operating activities |
$ | — |
$ | — |
$ | — |
$ | — |
$ | — |
||||||||||
Statements of Operations Data: |
||||||||||||||||||||
EXPENSES |
||||||||||||||||||||
Custody fees |
— |
— |
— |
— |
15,395 |
|||||||||||||||
Trustee fees |
— |
— |
— |
— |
1,584 |
|||||||||||||||
Sponsor fees |
135,175 |
136,300 |
136,084 |
127,076 |
53,960 |
|||||||||||||||
Marketing agent fees |
— |
— |
— |
— |
33,636 |
|||||||||||||||
Other expenses |
— |
— |
— |
— |
9,535 |
|||||||||||||||
Total expenses |
135,175 |
136,300 |
136,084 |
127,076 |
114,110 |
|||||||||||||||
Fees reduced |
— |
— |
— |
— |
(4,096 |
) | ||||||||||||||
Net expenses |
135,175 |
136,300 |
136,084 |
127,076 |
110,014 |
|||||||||||||||
Net investment loss |
(135,175 |
) | (136,300 |
) | (136,084 |
) | (127,076 |
) | (110,014 |
) | ||||||||||
(Amounts, except per share, are in 000’s of US$) |
Year ended Sep-30, 2019 |
Year ended Sep-30, 2018 |
Year ended Sep-30, 2017 |
Year ended Sep-30, 2016 |
Year ended Sep-30, 2015(1) |
|||||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses |
6,023 |
2,987 |
252 |
614 |
(5,170 |
) | ||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
593,851 |
147,334 |
(222,162 |
) | (6,601 |
) | (447,044 |
) | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
6,785,462 |
(2,633,556 |
) | (1,535,978 |
) | 5,084,486 |
(2,122,974 |
) | ||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
7,385,336 |
(2,483,235 |
) | (1,757,888 |
) | 5,078,499 |
(2,575,188 |
) | ||||||||||||
Net income/(loss) |
$ | 7,250,161 |
$ | (2,619,535 |
) | $ | (1,893,972 |
) | $ | 4,951,423 |
$ | (2,685,202 |
) | |||||||
Net income/(loss) per share |
$ | 27.00 |
$ | (9.35 |
) | $ | (6.59 |
) | $ | 18.36 |
$ | (11.10 |
) | |||||||
Weighted average number of shares (in 000’s) |
268,483 |
280,153 |
287,348 |
269,742 |
241,858 |
|||||||||||||||
(1) | Effective July 17, 2015, the Trust’s only recurring expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust. |
(Amounts in 000’s of US$) |
Sep-30, 2019 |
Sep-30, 2018 |
Sep-30, 2017 |
Sep-30, 2016 |
Sep-30, 2015(1) |
|||||||||||||||
ASSETS |
||||||||||||||||||||
Investment in gold |
$ | 44,169,240 |
$ | 28,331,953 |
$ | 35,669,225 |
$ | 40,357,092 |
$ | 24,503,318 |
||||||||||
Gold receivable |
— |
— |
— |
— |
117,353 |
|||||||||||||||
Total Assets |
$ | 44,169,240 |
$ | 28,331,953 |
$ | 35,669,225 |
$ | 40,357,092 |
$ | 24,620,671 |
||||||||||
LIABILITIES |
||||||||||||||||||||
Gold payable |
$ | 195,999 |
$ | — |
$ | — |
$ | 50,461 |
$ | — |
||||||||||
Other liabilities |
14,241 |
9,434 |
11,720 |
13,184 |
8,501 |
|||||||||||||||
Total Liabilities |
210,240 |
9,434 |
11,720 |
63,645 |
8,501 |
|||||||||||||||
Net Assets |
$ | 43,959,000 |
$ | 28,322,519 |
$ | 35,657,505 |
$ | 40,293,447 |
$ | 24,612,170 |
||||||||||
(1) | Authorized share capital is unlimited and share par value is $0.00. Shares issued and outstanding: 314,000,000 at September 30, 2019; 252,100,000 at September 30, 2018; 292,500,000 at September 30, 2017; 319,400,000 at September 30, 2016, and 230,700,000 at September 30, 2015. |
(Amount in 000’s of US$) |
Sep-30, 2019 |
Sep-30, 2018 |
||||||
Investment in gold – cost |
$ | 39,069,054 |
$ | 30,017,229 |
||||
Unrealized gain/(loss) on investment in gold |
5,100,186 |
(1,685,276 |
) | |||||
Investment in gold – market value |
$ | 44,169,240 |
$ | 28,331,953 |
||||
Financial Highlights |
||||||||||||
(All amounts in the following table and the subsequent paragraphs are in 000’s of US$) |
For the year ended Sep-30, 2019 |
For the year ended Sep-30, 2018 |
For the year ended Sep-30, 2017 |
|||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
$ | 7,385,336 |
$ | (2,483,235 |
) | $ | (1,757,888 |
) | ||||
Net income/(loss) |
$ | 7,250,161 |
$ | (2,619,535 |
) | $ | (1,893,972 |
) | ||||
Net cash provided by operating activities |
$ | — |
$ | — |
$ | — |
(Amounts, except for per ounce and per share, are in 000’s) |
Sep-30, 2019 |
Sep-30, 2018 |
Sep-30, 2017 |
|||||||||
Ounces of Gold: |
||||||||||||
Opening balance |
23,863.5 |
27,799.3 |
30,515.8 |
|||||||||
Creations (excluding gold receivable at September 30, 2019 –0, September 30, 2018 – 0, and at September 30, 2017 – 0) |
13,678.0 |
4,477.1 |
8,803.7 |
|||||||||
Redemptions (excluding gold payable at September 30, 2019 –195,999, September 30, 2018 – 0, and at September 30, 2017 – 0) |
(7,705.6 |
) | (8,304.8 |
) | (11,409.7 |
) | ||||||
Sales of gold |
(98.3 |
) | (108.1 |
) | (110.5 |
) | ||||||
Closing balance |
29,737.6 |
23,863.5 |
27,799.3 |
|||||||||
Gold price per ounce – LBMA Gold Price PM |
$ | 1,485.30 |
$ | 1,187.25 |
$ | 1,283.10 |
||||||
Market value of gold holdings |
$ | 44,169,240 |
$ | 28,331,953 |
$ | 35,669,225 |
||||||
Number of Shares (in 000’s): |
||||||||||||
Opening balance |
252,100 |
292,500 |
319,400 |
|||||||||
Creations |
144,900 |
47,200 |
92,500 |
|||||||||
Redemptions |
(83,000 |
) | (87,600 |
) | (119,400 |
) | ||||||
Closing balance |
314,000 |
252,100 |
292,500 |
|||||||||
Period |
Average |
High |
Date |
Low |
Date |
End of period |
Last business day (1) |
|||||||||||||||||||||
Three months to December 31, 2016 |
$ | 1,219.13 |
$ | 1,313.30 |
Oct 03, 2016 |
$ | 1,125.70 |
Dec 20, 2016 |
$ | 1,159.10 |
Dec 30, 2016 |
|||||||||||||||||
Three months to March 31, 2017 |
$ | 1,219.49 |
$ | 1,257.55 |
Mar 27, 2017 |
$ | 1,151.00 |
Jan 03, 2017 |
$ | 1,244.85 |
Mar 31, 2017 |
|||||||||||||||||
Three months to June 30, 2017 |
$ | 1,256.59 |
$ | 1,293.50 |
Jun 06, 2017 |
$ | 1,220.40 |
May 09, 2017 |
$ | 1,242.25 |
Jun 30, 2017 |
|||||||||||||||||
Three months to September 30, 2017 |
$ | 1,277.91 |
$ | 1,346.25 |
Sep 08, 2017 |
$ | 1,211.05 |
Jul 11, 2017 |
$ | 1,283.10 |
Sep 29, 2017 |
|||||||||||||||||
Three months to December 31, 2017 |
$ | 1,275.42 |
$ | 1,303.30 |
Oct 16, 2017 |
$ | 1,240.90 |
Dec 12, 2017 |
$ | 1,296.50 |
Dec 29, 2017 |
|||||||||||||||||
Three months to March 31, 2018 |
$ | 1,329.29 |
$ | 1,354.95 |
Jan 25, 2018 |
$ | 1,307.75 |
Mar 01, 2018 |
$ | 1,323.85 |
Mar 29, 2018 |
|||||||||||||||||
Three months to June 30, 2018 |
$ | 1,305.99 |
$ | 1,351.45 |
Apr 18, 2018 |
$ | 1,250.45 |
Jun 29, 2018 |
$ | 1,250.45 |
Jun 29, 2018 |
|||||||||||||||||
Three months to September 30, 2018 |
$ | 1,213.19 |
$ | 1,262.05 |
Jul 09, 2018 |
$ | 1,178.40 |
Aug 17, 2018 |
$ | 1,187.25 |
Sep 28, 2018 |
|||||||||||||||||
Three months to December 31, 2018 |
$ | 1,226.28 |
$ | 1,279.00 |
Dec 28, 2018 |
$ | 1,185.55 |
Oct 09, 2018 |
$ | 1,281.62 |
Dec 31, 2018 |
(2) | ||||||||||||||||
Three months to March 31, 2019 |
$ | 1,303.79 |
$ | 1,343.75 |
Feb 20, 2019 |
$ | 1,279.55 |
Jan 21, 2019 |
$ | 1,295.40 |
Mar 29, 2019 |
|||||||||||||||||
Three months to June 30, 2019 |
$ | 1,309.39 |
$ | 1,431.40 |
Jun 25, 2019 |
$ | 1,269.50 |
Apr 23, 2019 |
$ | 1,409.00 |
Jun 28, 2019 |
|||||||||||||||||
Three months to September 30, 2019 |
$ | 1,472.47 |
$ | 1,546.10 |
Sep 04, 2019 |
$ | 1,388.65 |
Jul 05, 2019 |
$ | 1,485.30 |
Sep 30, 2019 |
|||||||||||||||||
Twelve months ended September 30, 2017 |
$ | 1,243.22 |
$ | 1,346.25 |
Sep 08, 2017 |
$ | 1,125.70 |
Dec 20, 2016 |
$ | 1,283.10 |
Sep 29, 2017 |
|||||||||||||||||
Twelve months ended September 30, 2018 |
$ | 1,280.65 |
$ | 1,354.95 |
Jan 25, 2018 |
$ | 1,178.40 |
Aug 17, 2018 |
$ | 1,187.25 |
Sep 28, 2018 |
|||||||||||||||||
Twelve months ended September 30, 2019 |
$ | 1,329.69 |
$ | 1,546.10 |
Sep 04, 2019 |
$ | 1,185.55 |
Oct 09, 2018 |
$ | 1,485.30 |
Sep 30, 2019 |
|||||||||||||||||
November 12, 2004 (the inception of the Trust) to September 30, 2019 |
$ | 1,125.50 |
$ | 1,895.00 |
Sep 05, 2011 |
$ | 411.10 |
Feb 08, 2005 |
$ | 1,485.30 |
Sep 30, 2019 |
|||||||||||||||||
(1) | The end of period gold price is the LBMA Gold Price PM 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 LBMA Gold Price PM on the last business day of December 2018. The LBMA Gold Price AM was $1,281.65 on the last business day of December 2018. The Net Asset Value of the Trust on December 31, 2018 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture. |
Years Ended September 30, |
||||||||
2019 |
2018 |
|||||||
Audit fees |
$ | 342,100 |
$ | 323,500 |
||||
Audit-related fees |
119,500 |
116,000 |
||||||
Total |
$ | 461,600 |
$ | 439,500 |
||||
Exhibit Number |
Exhibit Description |
Incorporated by Reference | ||||||||
Form |
Exhibit |
Filing Date/Period End Date | ||||||||
4.1 |
10-K |
4.1 |
9/30/07 | |||||||
4.1.1 |
8-K |
4.1 |
12/13/07 | |||||||
4.1.2 |
10-K |
4.1.2 |
9/30/08 | |||||||
4.1.3 |
8-K |
4.1 |
6/1/11 | |||||||
4.1.4 |
8-K |
4.1 |
6/19/14 | |||||||
4.1.5 |
8-K |
4.1.5 |
3/20/15 | |||||||
4.1.6 |
8-K |
4.1.6 |
7/14/15 | |||||||
4.1.7 |
8-K |
4.1.7 |
9/11/17 | |||||||
4.2 |
S-1 |
4.2 |
11/8/04 | |||||||
4.2.1 |
8-K |
4.2 |
12/13/07 | |||||||
4.2.2 |
10-K |
4.2.2 |
9/30/08 | |||||||
4.2.3 |
8-K |
4.2.3 |
7/22/14 | |||||||
4.2.4 |
10-K |
4.2.4 |
9/30/17 | |||||||
4.3 |
10-K |
4.3 |
9/30/07 | |||||||
4.4* |
||||||||||
10.1 |
8-K |
10.1 |
7/17/15 | |||||||
10.2 |
8-K |
10.2 |
7/17/15 |
Exhibit Number |
Exhibit Description |
Incorporated by Reference | ||||||||
Form |
Exhibit |
Filing Date/Period End Date | ||||||||
10.3 |
S-1 |
4.2 (Attachment B) |
11/8/04 | |||||||
10.3.1 |
10-K |
10.3.1 |
9/30/08 | |||||||
10.3.2 |
S-3 |
10.3.1 |
5/20/08 | |||||||
10.4 |
10-K |
10.4 |
9/30/07 | |||||||
10.5 |
S-1 |
10.5 |
9/26/03 | |||||||
10.6 |
8-K |
10.6 |
7/17/15 | |||||||
10.6.1 |
10-Q |
10.6.1 |
8/7/18 | |||||||
10.8 |
10-K |
10.8 |
9/30/07 | |||||||
10.8.1 |
10-K |
10.8.1 |
9/30/08 | |||||||
10.10 |
10-K |
10.10 |
9/30/07 | |||||||
10.12 |
10-K |
10.12 |
9/30/08 | |||||||
10.13 |
8-K |
10.13 |
11/21/14 | |||||||
23.1* |
||||||||||
23.2* |
||||||||||
31.1* |
||||||||||
31.2* |
||||||||||
32.1* |
||||||||||
32.2* |
||||||||||
101.INS* |
XBRL Instance Document | |||||||||
101.SCH* |
XBRL Taxonomy Extension Schema Document | |||||||||
101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||
101.DEF* |
XBRL Taxonomy Extension Definition Linkbase Document | |||||||||
101.LAB* |
XBRL Taxonomy Extension Label Linkbase Document | |||||||||
101.PRE* |
XBRL Taxonomy Extension Presentation Linkbase Document |
Exhibit Number |
Exhibit Description |
|||||||||
104.1 |
Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
* | Filed herewith. |
WORLD GOLD TRUST SERVICES, LLC Sponsor of the SPDR ® Gold Trust (Registrant) |
/s/ Joseph R. Cavatoni |
Joseph R. Cavatoni Principal Executive Officer* |
/s/ Laura S. Melman |
Laura S. Melman Chief Financial Officer and Treasurer* |
/s/ David Tait |
David Tait Director* |
/s/ William J. Shea |
William J. Shea Director* |
/s/ Rocco Maggiotto |
Rocco Maggiotto Director* |
/s/ Neal Wolkoff |
Neal Wolkoff Director* |
/s/ Carlos Rodriguez |
Carlos Rodriguez Director* |
* | The Registrant is a trust and the persons are signing in their capacities as officers or directors of World Gold Trust Services, LLC, the Sponsor of the Registrant. |
Page |
||||
F- 2 |
||||
F- 4 |
||||
F- 5 |
||||
F- 6 |
||||
F- 7 |
||||
F- 8 |
||||
F- 9 |
(Amounts in 000’s of US$ except for share data) |
Sep-30, 2019 |
Sep-30, 2018 |
||||||
ASSETS |
||||||||
Investment in Gold, at fair value (cost $ |
$ | |
$ | |
||||
Total Assets |
$ | |
$ | |
||||
LIABILITIES |
||||||||
Accounts payable to Sponsor |
$ | |
$ | |
||||
Gold payable |
|
|
||||||
Total Liabilities |
$ |
|
$ |
|
||||
Net Assets |
$ | |
$ | |
||||
Shares issued and outstanding (1) |
|
|
||||||
Net asset value per Share |
$ | |
$ | |
(1) | Authorized share capital is unlimited and the par value of the Shares is $ |
September 30, 2019 |
|
|
Ounces of gold |
|
|
|
Cost |
|
|
|
Fair Value |
|
|
|
% of Net |
|
Investment in Gold |
|
$ | |
$ | |
|
% | |||||||||
Total Investment |
$ | |
$ | |
|
% | ||||||||||
Liabilities in excess of other assets |
( |
) | ( |
)% | ||||||||||||
Net Assets |
$ | |
|
% | ||||||||||||
September 30, 2018 |
||||||||||||||||
Investment in Gold |
|
$ | |
$ | |
|
% | |||||||||
Total Investment |
$ | |
$ | |
|
% | ||||||||||
Liabilities in excess of other assets |
( |
) | ( |
)% | ||||||||||||
Net Assets |
$ | |
|
% | ||||||||||||
(Amounts in 000’s of US$, except per share data) |
Year Ended Sep-30, 2019 |
Year Ended Sep-30, 2018 |
Year Ended Sep-30, 2017 |
|||||||||
EXPENSES |
||||||||||||
Sponsor fees |
$ | |
$ | |
$ | |
||||||
Total expenses |
|
|
|
|||||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses |
|
|
|
|||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
|
|
( |
) | ||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
|
( |
) | ( |
) | |||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
|
( |
) | ( |
) | |||||||
Net income/(loss) |
$ | |
$ | ( |
) | $ | ( |
) | ||||
Net income/(loss) per share |
$ | |
$ | ( |
) | $ | ( |
) | ||||
Weighted average number of shares (in 000’s) |
|
|
|
|||||||||
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2019 |
Year Ended Sep-30, 2018 |
Year Ended Sep-30, 2017 |
|||||||||
INCREASE/DECREASE IN CASH FROM OPERATIONS: |
||||||||||||
Proceeds received from sales of gold |
$ | |
$ | |
$ | |
||||||
Expenses paid |
( |
) | ( |
) | ( |
) | ||||||
Increase/(Decrease) 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 |
$ |
|
$ |
|
$ |
|
||||||
Value of gold distributed for redemption of shares-net of gold payable |
$ |
|
$ |
|
$ |
|
||||||
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2019 |
Year Ended Sep-30, 2018 |
Year Ended Sep-30, 2017 |
|||||||||
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES |
||||||||||||
Net income/(loss) |
$ | |
$ | ( |
) | $ | ( |
) | ||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities |
||||||||||||
Proceeds from sales of gold to pay expenses |
|
|
|
|||||||||
Net realized (gain)/loss from investment in gold sold to pay expenses |
( |
) | ( |
) | ( |
) | ||||||
Net realized (gain)/loss from gold distributed for the redemption of shares |
( |
) | ( |
) | |
|||||||
Net change in unrealized (appreciation)/depreciation on investment in gold |
( |
) | |
|
||||||||
Increase/(Decrease) in accounts payable to Sponsor |
|
( |
) | ( |
) | |||||||
Net cash provided by operating activities |
$ | |
$ | |
$ | |
||||||
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2019 |
Year Ended Sep-30, 2018 |
Year Ended Sep-30, 2017 |
|||||||||
Net Assets - Opening Balance |
$ | |
$ | |
$ | |
||||||
Creations |
|
|
|
|||||||||
Redemptions |
( |
) | ( |
) | ( |
) | ||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ||||||
Net realized gain/(loss) from investment in gold sold to pay expenses |
|
|
|
|||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
|
|
( |
) | ||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
|
( |
) | ( |
) | |||||||
Net Assets - Closing Balance |
$ | |
$ | |
$ | |
||||||
1. |
Organization |
2. |
Significant Accounting Policies |
2.1. |
Basis of Accounting |
2.2. |
Fair Value Measurement |
(Amounts in 000’s of US$) September 30, 2019 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ | |
$ | |
$ | |
||||||
Total |
$ | |
$ | |
$ | |
||||||
(Amounts in 000’s of US$) September 30, 2018 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ | |
$ | |
$ | |
||||||
Total |
$ | |
$ | |
$ | |
||||||
2.3. |
Custody of Gold |
2.4. |
Gold Receivable |
(Amounts in 000’s of US$) |
Sep-30, 2019 |
Sep-30, 2018 |
||||||
Gold receivable |
$ | |
$ | |
2.5. |
Gold Payable |
(Amounts in 000’s of US$) |
Sep-30, 2019 |
Sep-30, 201 8 |
|||||||
Gold payable |
$ | |
$ | |
2.6. |
Creations and Redemptions of Shares |
(All amounts are in 000’s) |
Year Ended Sep-30, 2019 |
Year Ended Sep-30, 2018 |
Year Ended Sep-30, 2017 |
|||||||||
Activity in Number of Shares Created and Redeemed: |
||||||||||||
Creations |
|
|
|
|||||||||
Redemptions |
( |
) | ( |
) | ( |
) | ||||||
Net Change in Number of Shares Created and Redeemed |
|
( |
) | ( |
) | |||||||
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2019 |
Year Ended Sep-30, 2018 |
Year Ended Sep-30, 2017 |
|||||||||
Activity in Value of Shares Created and Redeemed: |
||||||||||||
Creations |
$ | |
$ | |
$ | |
||||||
Redemptions |
( |
) | ( |
) | ( |
) | ||||||
Net Change in Value of Shares Created and Redeemed |
$ | |
$ | ( |
) | $ | ( |
) | ||||
2.7. |
Income and Expense (Amounts in 000’s of US$) |
2.8. |
Income Taxes |
2.9. |
New Accounting Pronouncements |
3. |
Quarterly Statements of Operations |
Fiscal Period Ended September 30, 2019 |
Three Months Ended (unaudited) |
|||||||||||||||||||
(Amounts in 000’s of US$, except per share data) |
Dec - 31,2018 |
Mar - 31, |
Jun - 30,2019 |
Sep - 30,2019 |
Year Ended Sep - 30, 2019 |
|||||||||||||||
EXPENSES |
||||||||||||||||||||
Sponsor fees |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
Total expenses |
|
|
|
|
|
|||||||||||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses |
( |
) | |
|
|
|
||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
( |
) | |
|
|
|
||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
|
|
|
|
|
|||||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
|
|
|
|
|
|||||||||||||||
Net income/(loss) |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
Net income/(loss) per share |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
Weighted average number of shares (in 000’s) |
|
|
|
|
|
|||||||||||||||
Fiscal Period Ended September 30, 2018 |
Three Months Ended (unaudited) |
|||||||||||||||||||
(Amounts in 000’s of US$, except per share data) |
- 31, |
- 31, |
Jun - 30,2018 |
Sep - 30,2018 |
Year Ended Sep - 30, 2018 |
|||||||||||||||
EXPENSES |
||||||||||||||||||||
Sponsor fees |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
Total expenses |
|
|
|
|
|
|||||||||||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses |
|
|
|
( |
) | |
||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
|
|
|
( |
) | |
||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
|
|
( |
) | ( |
) | ( |
) | ||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
|
|
( |
) | ( |
) | ( |
) | ||||||||||||
Net income/(loss) |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||
Net income/(loss) per share |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||
Weighted average number of shares (in 000’s) |
|
|
|
|
|
|||||||||||||||
4. |
Related Parties – Sponsor and Trustee |
5. |
Concentration of Risk |
6. |
Indemnification |
Year Ended Sep-30, 2019 |
Year Ended Sep-30, 2018 |
|||||||
Net Asset Value |
||||||||
Net asset value per Share, beginning of period |
$ | |
$ | |
||||
Net investment income/(loss) |
( |
) | ( |
) | ||||
Net Realized and Change in Unrealized Gain/(Loss) |
|
( |
) | |||||
Net Income/(Loss) |
|
( |
) | |||||
Net asset value per Share, end of period |
$ | |
$ | |
||||
Market value per Share, beginning of period |
$ | |
$ | |
||||
Market value per Share, end of period |
$ | |
$ | |
||||
Ratio to average net assets |
||||||||
Net Investment loss |
( |
)% | ( |
)% | ||||
Gross expenses |
|
% | |
% | ||||
Net expenses |
|
% | |
% | ||||
Total Return, at net asset value |
|
% | ( |
)% | ||||
Total Return, at market value |
|
% | ( |
)% | ||||
|
Exhibit 4.4
DESCRIPTION OF SECURITIES REGISTERED
UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
The following is a summary of the rights of the SPDR® Gold Shares (the Shares) of SPDR® Gold Trust (the Trust), which is the only class of securities of the Trust that is registered under Section 12 of the Securities Exchange Act of 1934.
GENERAL
BNY Mellon Asst Servicing, a division of The Bank of New York Mellon (the Trustee) is authorized under the Trust Indenture (the Trust Indenture) dated November 12, 2004, as amended from time to time, between World Gold Trust Services, LLC (the Sponsor) and the Trustee to create and issue an unlimited number of Shares. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amount registered on the registration statement will require the registration of such additional Shares.
DESCRIPTION OF LIMITED RIGHTS
The Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated with the ownership of shares of a corporation, including, for example, the right to bring oppression or derivative actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Indenture. The Shares do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights to distributions.
DISTRIBUTIONS
The Trust Indenture provides for distributions to Shareholders in only two circumstances. First, if the Trustee and the Sponsor determine that the Trusts cash account balance exceeds the anticipated expenses of the Trust for the next 12 months and the excess amount is more than $0.01 per Share outstanding, they shall direct the excess amount to be distributed to the Shareholders. Second, if the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a distribution will be entitled to receive their pro rata portion of any distribution.
VOTING AND APPROVALS
Under the Trust Indenture, Shareholders have no voting rights, except in the following limited circumstances: (i) shareholders holding at least 662/3% of the Shares outstanding may vote to remove the Trustee; (ii) the Trustee may terminate the Trust upon the agreement of Shareholders owning at least 662/3% of the outstanding Shares; and (iii) certain amendments to the Trust Indenture require 51% or unanimous consent of the Shareholders.
BOOK ENTRY FORM
Individual certificates will not be issued for the Shares. Instead, global certificates are deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Trust Indenture, Shareholders are limited to: (1) DTC Participants; (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant, or Indirect Participants; and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
The Sponsor and Trustee
SPDR® Gold Trust:
We consent to the incorporation by reference in the registration statement (No. 333-233191) on Form S-3 of SPDR® Gold Trust (the Trust) of our reports dated November 25, 2019, with respect to the statements of financial condition of the Trust, including the schedules of investment, as of September 30, 2019 and 2018, and the related statements of operations, cash flows and changes in net assets for each of the years in the three-year period ended September 30, 2019, and the related notes, and the effectiveness of internal control over financial reporting as of September 30, 2019, which reports appear in the September 30, 2019 annual report on Form 10-K of the Trust. We also consent to the reference to our firm under the heading Experts in the above noted registration statement.
/s/ KPMG LLP
New York, New York
November 25, 2019
Exhibit 23.2
CONSENT OF CARTER LEDYARD & MILBURN LLP
We consent to the incorporation by reference in Registration Statement No. 333-233191 on Form S-3 of our opinion relating to U.S. federal tax law contained in the section United States Federal Tax Consequences appearing in this Annual Report on Form 10-K of the SPDR® Gold Trust for the year ended September 30, 2019.
/s/ Carter Ledyard & Milburn LLP
New York, New York
November 25, 2019
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)
AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Joseph R. Cavatoni, certify that:
1. | I have reviewed this annual report 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the auditors of the Registrant and the audit committee of the Registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: November 25, 2019
/s/ Joseph R. Cavatoni |
Joseph R. Cavatoni** Principal Executive Officer |
* | The originally executed copy of this Certification will be maintained at the Sponsors offices and will be made available for inspection upon request. |
** | The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of World Gold Trust Services, LLC, the Sponsor of the Registrant. |
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, Laura S. Melman, certify that:
1. | I have reviewed this annual report 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the auditors of the Registrant and the audit committee of the Registrants board of directors (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 registrants 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 registrants internal control over financial reporting. |
Date: November 25, 2019
/s/ Laura S. Melman |
Laura S. Melman** Chief Financial Officer and Treasurer |
* | The originally executed copy of this Certification will be maintained at the Sponsors offices and will be made available for inspection upon request. |
** | The Registrant is a trust and Ms. Melman is signing in her capacity as Chief Financial Officer and Treasurer of World Gold Trust Services, LLC, the Sponsor of the Registrant. |
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 Annual Report of SPDR® Gold Trust (the Trust) on Form 10-K for the period ending September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Joseph R. Cavatoni, 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/ Joseph R. Cavatoni |
Joseph R. Cavatoni** |
Principal Executive Officer |
November 25, 2019 |
* | The originally executed copy of this Certification will be maintained at the Sponsors offices and will be made available for inspection upon request. |
** | The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of World Gold Trust Services, LLC, the sponsor of the Trust. |
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 Annual Report of SPDR® Gold Trust (the Trust) on Form 10-K for the period ending September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Laura S. Melman, chief 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/ Laura S. Melman |
Laura S. Melman** |
Chief Financial Officer and Treasurer |
November 25, 2019 |
* | The originally executed copy of this Certification will be maintained at the Sponsors offices and will be made available for inspection upon request. |
** | The Registrant is a trust and Ms. Melman is signing in her capacity as Chief Financial Officer and Treasurer of World Gold Trust Services, LLC, the sponsor of the Trust. |
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