Goldman Sachs Physical Gold ETF Reports 26.3% Increase in NAV for Fiscal Year 2024

Goldman Sachs Physical Gold ETF has reported significant financial performance for the fiscal year ending December 31, 2024, with a net asset value (NAV) per share of $25.81, reflecting a 26.3% increase from $20.43 at the end of 2023. The Trust's total assets reached approximately $898.1 million, driven by an increase in gold holdings, which amounted to 340,786.6 ounces valued at $889.7 million. This growth in NAV was primarily attributed to a rise in the price of gold, which increased from $2,062.40 to $2,610.85 per ounce during the year.

The Trust experienced notable changes compared to the previous fiscal period, with total net assets increasing by $256.3 million from $633.3 million in 2023. The Trust created 7.86 million shares (314 Baskets) in exchange for 77,762.2 ounces of gold, while redeeming 4.4 million shares (176 Baskets) for 43,543.3 ounces. The net increase in assets from operations for the year was $162.1 million, which included a net realized and unrealized gain of $163.4 million, significantly higher than the $57.4 million reported in 2023.

Strategically, the Trust continues to focus on its core investment objective of reflecting the performance of gold prices while minimizing operational expenses. The Sponsor, Goldman Sachs Asset Management, L.P., has maintained a Sponsor Fee of 0.18% of the Trust's NAV, which is accrued daily and paid monthly. The Trust's operational structure remains unchanged, with no new acquisitions or product launches reported during the fiscal year.

Operationally, the Trust's customer base has expanded, with 34,466,000 shares outstanding as of December 31, 2024, compared to 31,006,000 shares at the end of 2023. The Trust's gold holdings are managed by JPMorgan Chase Bank, N.A., which serves as the Custodian, ensuring that the gold meets the London Good Delivery Standards. The Trust's performance is closely tied to the fluctuations in gold prices, which are influenced by various market factors, including supply and demand dynamics, geopolitical events, and economic conditions.

Looking ahead, the Trust's management remains cautious about potential market volatility and the impact of external factors on gold prices. The Trust's investment strategy will continue to focus on maintaining a stable gold holding while managing expenses effectively. The Sponsor has indicated that it does not foresee any significant changes in its operational strategy or fee structure in the near term, aiming to provide investors with a transparent and efficient means of gaining exposure to gold through the Trust's shares.