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EXCEL - IDEA: XBRL DOCUMENT - SPDR GOLD TRUSTFinancial_Report.xls
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EX-32.1 - CERTIFICATION OF PEO PURSUANT TO SECTION 1350 - SPDR GOLD TRUSTd413553dex321.htm
EX-31.2 - CERTIFICATION OF CFO - SPDR GOLD TRUSTd413553dex312.htm
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EX-23.1 - CONSENT OF KPMG LLP - SPDR GOLD TRUSTd413553dex231.htm
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v2.4.0.6
Significant accounting policies
12 Months Ended
Sep. 30, 2012
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 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 Net Asset Value 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 on the Trust’s gold holdings as of September 30, 2012 and 2011:

 

(Amounts in 000’s of US$)    Sept 30,
2012
     Sept 30,
2011
 

Investment in gold – average cost

$
50,726,261
  
   $ 42,736,696   

Unrealized gain on investment in gold

     25,292,947         21,948,152   
  

 

 

    

 

 

 

Investment in gold – market value

   $ 76,019,208       $ 64,684,848   
  

 

 

    

 

 

 

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 same investment in gold in later interim periods through market price recoveries are recognized in the later interim period. Increases in value recognized on an interim basis do not exceed the previously recognized diminution in value.

2.2    Gold receivable

Gold receivable, when recorded, 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 days of trade date.

 

(Amounts in 000’s of US$)    Sept 30,
2012
   Sept 30,
2011
 

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 days of the trade date.

 

(Amounts in 000’s of US$)    Sept 30,
2012
     Sept 30,
2011
 

Gold payable

   $602,591      $ 520,297   

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 creation and redemption of Baskets will only be 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 at the option of the Authorized Participants only in Baskets, the Trust has classified the Shares as Redeemable Shares on the Statements of 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 years ended September 30, 2012, 2011 and 2010 are as follows:

 

(Amounts in 000’s)    Sept 30,
2012
    Sept 30,
2011
     Sept 30,
2010
 

Number of Redeemable Shares:

       

Opening balance

     406,800        429,200         358,900   

Creations

     84,700        115,600         114,000   

Redemptions

     (53,600     (138,000      (43,700
  

 

 

   

 

 

    

 

 

 

Closing balance

     437,900        406,800         429,200   
  

 

 

   

 

 

    

 

 

 

 

(Amounts in 000’s of US$ except for per share data)    Sept 30,
2012
    Sept 30,
2011
    Sept 30,
2010
 

Redeemable Shares:

      

Opening balance

   $ 64,137,833      $ 54,809,779      $ 35,054,043   

Creations

     13,956,415        17,521,097        13,221,048   

Redemptions

     (8,456,437     (20,567,866     (5,023,591

Adjustment to redemption value

     5,752,002        12,374,823        11,558,279   
  

 

 

   

 

 

   

 

 

 

Closing balance

   $ 75,389,813      $ 64,137,833      $ 54,809,779   
  

 

 

   

 

 

   

 

 

 

Redemption value per redeemable share at period end

   $ 172.16      $ 157.66      $ 127.70   
  

 

 

   

 

 

   

 

 

 

Net gain/(loss) per share represents basic net gain/(loss) per share because there are no dilutive equity instruments authorized or outstanding.

2.5    Revenue Recognition Policy

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 amounts 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 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 U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. 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 has evaluated whether or not there are uncertain tax provisions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2012 or 2011.