As of September 30, 2024, the Goldman Sachs Physical Gold ETF reported significant growth in its financial metrics compared to the previous fiscal period. The total investment in gold reached $882.3 million, up from $633.4 million at the end of 2023, reflecting a fair value increase driven by favorable market conditions. The cost of the gold investment was $678.8 million, indicating a substantial unrealized appreciation of $203.5 million.
Total assets for the ETF increased to $893.6 million from $640.6 million, while net assets rose to $882.2 million from $633.3 million. The net asset value (NAV) per share also saw a notable increase, climbing to $26.01 from $20.43, marking a 27.5% rise over the period.
The ETF's performance was bolstered by a net realized gain of $2.7 million for the three months ended September 30, 2024, compared to $3.0 million in the same period of 2023. However, the net change in unrealized appreciation on investments in gold was particularly striking, with a gain of $92.2 million for Q3 2024, contrasting sharply with a loss of $14.7 million in Q3 2023. This shift contributed to a net increase in net assets resulting from operations of $94.5 million for Q3 2024, compared to a decrease of $12.0 million in Q3 2023.
For the nine months ended September 30, 2024, the ETF reported a net increase in net assets of $169.9 million, significantly higher than the modest increase of $267,221 in the same period of 2023. The net realized and unrealized gain from operations for the nine months was $170.9 million, compared to just $1.0 million in the prior year.
The ETF's share activity reflected a positive trend, with 3.1 million shares created in Q3 2024, compared to 4.9 million shares redeemed in Q3 2023. The total share balance increased to 33.9 million by the end of Q3 2024, up from 28.3 million a year earlier.
The price of gold at the end of the reporting period was $2,629.95, representing a 12.8% increase from $2,330.90 at the end of Q2 2024 and a 27.5% increase from $2,062.40 at the end of 2023. This upward trend in gold prices has positively impacted the ETF's overall performance and net asset value.