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{{Short description|Exchange-traded fund}} |
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[[File:SPDR Gold Shares.jpg|right]] |
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'''SPDR Gold Shares''' (also known as '''SPDR Gold Trust''') is part of the [[SPDR]] family of [[exchange-traded fund]]s (ETFs) managed and marketed by [[State Street Global Advisors]]. For a few years, the fund was the second-largest exchange-traded fund in the world, and it was briefly the largest.<ref>{{cite web|url=http://etfdb.com/compare/market-cap/|title=Largest ETFs: Top 25 ETFs By Market Cap|publisher=ETFdb|accessdate=2010-11-03}}</ref><ref>[https://www.cnbc.com/id/44244295 SPDR Gold ETF Becomes the Largest ETF in the World]</ref><ref>{{cite web|url=http://www.blackrockinternational.com/content/groups/internationalsite/documents/literature/etfl_industryhilight_aug12.pdf|title=Blackrock ETP Landscape Industry Highlights, August 2012 p. 14|archive-url=https://web.archive.org/web/20131019213226/http://www.blackrockinternational.com/content/groups/internationalsite/documents/literature/etfl_industryhilight_aug12.pdf |archive-date=2013-10-19 |url-status=dead}}</ref> As of the close of 2014, it dropped out of the top ten.<ref>[http://www.etf.com/sections/top-10-biggest-etfs/gld-no-longer-among-top-10-biggest-etfs GLD No Longer Among Top 10 Biggest ETFs | ETF.com] [[ETF.com]]</ref> |
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'''SPDR Gold Shares''' (formerly streetTRACKS Gold Shares) is a [[gold exchange-traded fund]] managed and marketed by [[State Street Global Advisors]]. As of September 2010, it is the second-largest [[exchange-traded fund]] (ETF) in the world. The fund was first listed on the New York Stock Exchange in November of 2004, and has traded on NYSE Arca since December 13, 2007. It now also trades on the Singapore Stock Exchange, the Tokyo Stock Exchange and the Stock Exchange of Hong Kong.<ref name=wcts>{{cite web|url=http://www.spdrgoldshares.com/|title=Bringing the Gold Market to Investors|publisher=World Gold Trust Services, LLC|accessdate=2010-10-30}}</ref> Unlike most ETFs which represents ownership in a basket of stocks, this ETF actually owns only gold. The share price is designed to track the price of a tenth of an ounce of gold. If the share price differs from the gold market price, the fund's manager exchanges blocks of 100,000 ETF shares for 10,000 ounces of gold. The possibility of such exchanges keeps the ETF price roughly in line with the gold price, although the prices can diverge during each day. |
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This ETF denotes a fixed amount of [[gold]] [[bullion]], unlike many ETFs which represent ownership in a basket of stocks. SPDR Gold Shares are designed to initially track the price of a tenth of a [[troy ounce]] of gold.<ref name="prospectus">{{cite web|url=http://www.spdrgoldshares.com/media/GLD/file/SPDR-Gold-Trust-Prospectus-20170508.pdf|title=Prospectus SPDR Gold Trust}}</ref> If the share price differs from the gold market price, the fund's manager exchanges blocks of 100,000 shares for 10,000 ounces of gold. The possibility of such exchanges keeps the ETF price roughly in line with the gold price, although the prices can diverge during each day. |
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⚫ | As of |
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⚫ | As of March 31, 2019, the trust had 24,572,554.8 ounces of [[vaulted gold]] in its custody, representing an asset value of $31,697,578,486.50.<ref name=wcts/> SPDR Gold Shares is one of the top ten [[Gold reserve|largest holders of gold in the world]].<ref>{{cite web|url=http://etfdb.com/2010/gdx-vs-gdxj-a-better-way-to-play-gold/|title=GDX vs. GDXJ: A Better Way To Play Gold?|first=Michael|last=Johnston|publisher=Carolean Capital Partners LLC.|accessdate=2010-10-30}}</ref> |
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The Trust’s allocated gold bullion is kept in the form of London Good Delivery bars (400 oz.) and held by the Custodian, HSBC Bank USA, in its London vault or in the vaults of sub-custodians.<ref name=info>{{cite web|url=http://www.spdrgoldshares.com/media/GLD/file/GLD_Key_Info.pdf|title=Key information|publisher=World Gold Trust Services, LLC|accessdate=2010-10-30}}</ref> The ETF pays an annual expense charge of 0.40% per annum.<ref name=info/> The ETF has been criticized by Catherine Austin Fitts, Carolyn Betts, and Hinde Capital for its extremely complex structure and [[Prospectus (finance)|prospectus]], possible [[conflict of interest]] in its relationships with HSBC and [[JPMorgan Chase]] which are believed to have large [[Short (finance)|short]] [[Position (finance)|position]]s in gold, and overall lack of transparency.<ref name="metals_puzzle">{{cite | work = Solari | title = GLD and SLV: Disclosure in the Precious Metals Puzzle Palace | author = [[Catherine Austin Fitts]], Carolyn Betts | url = http://solari.com/archive/Precious_Metals_Puzzle_Palace/}}</ref><ref name="hinde">{{cite web | url = http://www.hindecapital.com/docs/hil_reports/Hinde%20Capital%20-%20Precious%20Metals%20ETF%20Alchemy%20Aug%2012%202010.pdf | title = Precious Metals ETF Alchemy | work = Hinde Capital Investor Presentation | date = 2010-08-12 }}</ref> The fund's acceptance of [[lease]]d gold from "Authorized Participants" may create the risk of competing claims of [[Title (property)|title]] on the fund's gold.<ref name="hinde" /> Some critics compair the ETF with [[mortgage-backed securities]] and [[collateralized debt obligations]].<ref name="metals_puzzle" /><ref name="hinde" /> These problems with SPDR Gold Trust are not necessarily unique to the fund, however as the dominant gold ETF the fund has received the most extensive analysis. |
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==History== |
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In November 2004, the fund was listed (under the name streetTRACKS Gold Shares) on the New York Stock Exchange by State Street Global Advisors with [[World Gold Council]] sponsorship.<ref>{{cite web|url=http://www.exchangetradedgold.com/index.php|title=Exchange Traded Gold: A World Gold Council Initiative|publisher=Exchange Traded Gold Limited|accessdate=2010-11-03}}</ref> Since 13 December 2007 and following a name change on 20 May 2008, SPDR Gold Shares has traded on NYSE Arca ({{NYSE Arca|GLD}}). It also trades on the Hong Kong Stock Exchange ({{Hkex2|2840}}), Singapore Stock Exchange ([[Singapore Exchange|SGX]]:GLD 10US$), and Tokyo Stock Exchange ({{tyo2|1326}}).<ref name=wcts>{{cite web|url=http://www.spdrgoldshares.com/|title=Bringing the Gold Market to Investors|publisher=World Gold Trust Services, LLC|accessdate=2010-10-30}}</ref> In June 2018, State Street started the Gold MiniShares ({{NYSE Arca|GLDM}}) Trust with a lower expense ratio of 0.18% and a lower NAV at one-hundredth the price of an ounce of gold. |
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==Competitors== |
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SPDR Gold Shares competes with iShares Gold Trust ({{NYSE Arca|IAU}}). There is also iShares Silver Trust ({{NYSE Arca|SLV}}). |
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==Management== |
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The Trust’s gold bullion is stored as London [[Good Delivery]] [[gold bar]]s (400 oz.) and held in their vault in London or by several custodians worldwide.<ref name=info>{{cite web|url=http://www.spdrgoldshares.com/media/GLD/file/GLD_Key_Info.pdf|title=Key information|publisher=World Gold Trust Services, LLC|accessdate=2010-10-30}}</ref> The ETF pays an expense charge of 0.40% per annum.<ref name=info/> |
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==See also== |
==See also== |
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*[[ETF Securities]] |
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*[[Gold exchange-traded fund]] |
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*[[Gold as an investment]] |
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* [[United States Oil Fund]] |
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==References== |
==References== |
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==External links== |
==External links== |
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* |
*{{Official|http://www.spdrgoldshares.com}} |
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*[https://kgold.vn/gold SPDR Gold Trust Volume Charts] |
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* [https://finance.yahoo.com/q?s=GLD Yahoo! Finance page for GLD] |
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* [https://web.archive.org/web/20111011073741/http://moneycentral.msn.com/investor/partsub/funds/etfsnapshot.asp?ETF=true&symbol=GLD MSN Money page for GLD] |
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* [https://www.bloomberg.com/apps/quote?ticker=GLD:US Bloomberg page for GLD:US] |
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* [http://funds.us.reuters.com/US/etfs/overview.asp?symbol=GLD Reuters page for SPDR Gold Shares] |
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* [http://etfs.morningstar.com/quote?t=GLD Morningstar page for SPDR Gold Shares] |
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{{Authority control}} |
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[[Category:Exchange-traded funds]] |
[[Category:Exchange-traded funds]] |
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[[Category:Gold investments]] |
[[Category:Gold investments]] |
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[[Category:Companies listed on the Hong Kong Stock Exchange]] |
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[[Category:Companies listed on the New York Stock Exchange]] |
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{{catimprove|date=October 2010}} |
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[[Category:Companies listed on the Singapore Exchange]] |
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[[Category:Companies listed on the Tokyo Stock Exchange]] |
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[[Category:Year of establishment missing]] <!-- hidden maintenance category --> |
Latest revision as of 08:46, 22 May 2024
SPDR Gold Shares (also known as SPDR Gold Trust) is part of the SPDR family of exchange-traded funds (ETFs) managed and marketed by State Street Global Advisors. For a few years, the fund was the second-largest exchange-traded fund in the world, and it was briefly the largest.[1][2][3] As of the close of 2014, it dropped out of the top ten.[4]
This ETF denotes a fixed amount of gold bullion, unlike many ETFs which represent ownership in a basket of stocks. SPDR Gold Shares are designed to initially track the price of a tenth of a troy ounce of gold.[5] If the share price differs from the gold market price, the fund's manager exchanges blocks of 100,000 shares for 10,000 ounces of gold. The possibility of such exchanges keeps the ETF price roughly in line with the gold price, although the prices can diverge during each day.
As of March 31, 2019, the trust had 24,572,554.8 ounces of vaulted gold in its custody, representing an asset value of $31,697,578,486.50.[6] SPDR Gold Shares is one of the top ten largest holders of gold in the world.[7]
History
In November 2004, the fund was listed (under the name streetTRACKS Gold Shares) on the New York Stock Exchange by State Street Global Advisors with World Gold Council sponsorship.[8] Since 13 December 2007 and following a name change on 20 May 2008, SPDR Gold Shares has traded on NYSE Arca (NYSE Arca: GLD). It also trades on the Hong Kong Stock Exchange (SEHK: 2840), Singapore Stock Exchange (SGX:GLD 10US$), and Tokyo Stock Exchange (TYO: 1326).[6] In June 2018, State Street started the Gold MiniShares (NYSE Arca: GLDM) Trust with a lower expense ratio of 0.18% and a lower NAV at one-hundredth the price of an ounce of gold.
Competitors
SPDR Gold Shares competes with iShares Gold Trust (NYSE Arca: IAU). There is also iShares Silver Trust (NYSE Arca: SLV).
Management
The Trust’s gold bullion is stored as London Good Delivery gold bars (400 oz.) and held in their vault in London or by several custodians worldwide.[9] The ETF pays an expense charge of 0.40% per annum.[9]
See also
References
- ^ "Largest ETFs: Top 25 ETFs By Market Cap". ETFdb. Retrieved 2010-11-03.
- ^ SPDR Gold ETF Becomes the Largest ETF in the World
- ^ "Blackrock ETP Landscape Industry Highlights, August 2012 p. 14" (PDF). Archived from the original (PDF) on 2013-10-19.
- ^ GLD No Longer Among Top 10 Biggest ETFs | ETF.com ETF.com
- ^ "Prospectus SPDR Gold Trust" (PDF).
- ^ a b "Bringing the Gold Market to Investors". World Gold Trust Services, LLC. Retrieved 2010-10-30.
- ^ Johnston, Michael. "GDX vs. GDXJ: A Better Way To Play Gold?". Carolean Capital Partners LLC. Retrieved 2010-10-30.
- ^ "Exchange Traded Gold: A World Gold Council Initiative". Exchange Traded Gold Limited. Retrieved 2010-11-03.
- ^ a b "Key information" (PDF). World Gold Trust Services, LLC. Retrieved 2010-10-30.