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Feb. 7, 2020, 4:09 p.m. EST

10-Q: WORLD GOLD TRUST

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(EDGAR Online via COMTEX) -- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report. This Quarterly Report, including the exhibits hereto and the information incorporated by reference herein, contains "forward-looking statements" within the meaning of







        SM
        Trust ("GLDM") is operational as of December 31, 2019. GLDM commenced operations
        on June 26, 2018. GLDM's investment objective is for its shares (the "Shares")
        to reflect the performance of the price of gold, less its expenses.
        Gold is held by ICBC Standard Bank Plc (the "Custodian") on behalf of GLDM.
        Investing in the Shares does not insulate the investor from risks, including
        price volatility. The following chart illustrates the movement in the market
        price of the Shares and NAV of the Shares against the corresponding gold price
        (per 1/100 of an oz. of gold) since the day the Shares first began trading on
        the NYSE Arca:
        Share price & NAV v. gold price - June 26, 2018 to December 31, 2019
        [[Image Removed]]
        


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On September 19, 2019, Inspectorate International Limited concluded the annual full count of GLDM's gold bullion held by the Custodian. On October 2, 2019, Inspectorate International Limited concluded reconciliation procedures from September 19, 2019 through September 30, 2019. The results can be found on www.spdrgoldshares.com .

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The average, high, low and







                                                                                                                                                  Last
                                                                                                                                End of           Day of
        Period                            Average          High              Date              Low              Date            Period           Period
        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 9, 2018     $  1,178.40       Aug 17, 2018     $ 1,187.25       Sep 28, 2018
        Three months to December 31,                                                                                                                        (1)
        2018                            $  1,226.28     $  1,279.00       Dec 28, 2018     $  1,185.55        Oct 9, 2018     $ 1,281.65       Dec 31, 2018
        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 4, 2019     $  1,388.65        Jul 5, 2019     $ 1,485.30       Sep 30, 2019
        Three months to December 31,                                                                                                                        (1)
        2019                            $  1,480.96     $  1,517.10        Oct 3, 2019     $  1,452.05       Nov 12, 2019     $ 1,523.00       Dec 31, 2019
        Twelve months ended                                                                                                                                 (1)
        December 31, 2019               $  1,392.60     $  1,546.10        Sep 4, 2019     $  1,269.50       Apr 23, 2019     $ 1,523.00       Dec 31, 2019
        


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(1) There was no LBMA Gold Price PM on the last business day of December 2019 or 2018. The LBMA Gold Price AM on the last business day of December 2019 and 2018 was $1,523.00 and $1,281.65, respectively. The Net Asset Value of GLDM on December 31, 2019 and 2018 was calculated using the LBMA Gold Price AM.

Feb 07, 2020

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