World Gold Trust has reported its financial results for the three months ending December 31, 2024, revealing a net loss of $71 million, a significant decline from a net income of $582 million during the same period in 2023. The Trust's total assets increased to approximately $9.21 billion, up from $9.16 billion at the end of the previous quarter. The Trust's investments in gold at fair value rose to $9.19 billion, compared to $9.16 billion in the prior quarter, reflecting ongoing investment in gold despite the overall loss.
The financial performance indicates a stark contrast to the previous fiscal period, primarily driven by a net change in unrealized losses on investments in gold, which amounted to a loss of $290 million, compared to a gain of $563 million in the prior year. The Trust's total expenses also increased to $2.34 million from $1.51 million, largely due to higher sponsor fees. The net investment loss for the quarter was $2.34 million, compared to a loss of $1.51 million in the same quarter last year.
Operationally, the SPDR® Gold MiniShares® Trust (GLDM), the only operational series of the World Gold Trust, saw a total of 18.8 million shares created and 15.6 million shares redeemed during the quarter. The total number of shares outstanding as of February 4, 2025, was reported at 179.05 million. The Trust's net assets at the end of the quarter stood at $9.21 billion, reflecting a closing balance increase from $9.11 billion at the end of September 2024. The Trust's market value per share decreased to $51.99 from $52.13, while the net asset value per share also fell to $51.73 from $52.12.
Looking ahead, the Trust's management has indicated that fluctuations in gold prices will continue to impact the performance of the shares. The Trust remains focused on maintaining its investment strategy, which aims to reflect the performance of gold prices while minimizing expenses. The Trust is also evaluating the impact of new accounting standards that may affect its financial reporting in the future. Overall, the Trust's outlook remains cautious, with management acknowledging the inherent risks associated with gold price volatility and market conditions.
About World Gold Trust
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