Spdr Gold Tr — Financial Results
Gold Price Surged 45% in the Past Year, Driving Strong Returns
| Metric | Sep 30, 2023 | Sep 30, 2024 | Sep 30, 2025 |
|---|---|---|---|
| Gold price per ounce (LBMA PM) | $1,870.50 | $2,629.95 | $3,825.30 |
| Market value of gold holdings | $52.5B | $73.7B | $124.4B |
| Net income | $5.5B | $20.4B | $35.6B |
The LBMA Gold Price (the benchmark used to value the Trust's holdings) rose from $2,629.95 to $3,825.30 per ounce over the Trust's fiscal year ending September 30, 2025 — a gain of roughly 45%. That price increase is the single biggest driver of the Trust's $35.6 billion in net income for the year, nearly double the prior year's $20.4 billion. Because the Trust simply holds gold, its financial performance is almost entirely a function of where the gold price goes.
The Trust Grew Significantly as Investors Added New Money
| Metric | Year ended Sep 30, 2023 | Year ended Sep 30, 2024 | Year ended Sep 30, 2025 |
|---|---|---|---|
| Shares created (millions) | 65.0 | 82.6 | 178.0 |
| Shares redeemed (millions) | 86.6 | 82.0 | 127.6 |
| Net new shares (millions) | -21.6 | +0.6 | +50.4 |
| Gold held (million oz.) | 28.1 | 28.0 | 32.5 |
After two years of essentially flat or shrinking investor participation, the Trust saw a notable net inflow in 2025 — 178 million new shares created against 127.6 million redeemed, adding roughly 4.6 million ounces of gold to the vault. This suggests investors were actively moving more money into gold-backed products during the year, not just riding the price increase passively.
The Trust Holds No Cash and Runs No Traditional Business Operations
The Trust carries a zero cash balance at all times by design. Its only expense is a small management fee, which is paid by periodically selling a tiny amount of gold (113,600 ounces in 2025, out of 32.5 million held). There are no employees, no debt, and no off-balance-sheet arrangements. This makes the Trust unusually simple to evaluate — its value tracks almost entirely with the price of gold, minus a modest ongoing drag from expenses.
Independent Auditors Physically Counted All the Gold
An independent firm, Bureau Veritas, conducted a full bar count of every gold bar held in HSBC's and JPMorgan's vaults on September 30, 2025, plus a separate random sample count earlier in the year. All gold is held as allocated gold — meaning specific, identifiable bars — in London and New York vaults. This annual verification process is an important safeguard for investors who want assurance that the physical gold backing their shares actually exists.