The business
A physically backed gold trust. Each share represents a fraction of an ounce of gold held in custody, so its price tracks the gold spot price less the fund's fees. It is not an operating business and has no earnings or dividend.
FINANCIAL OVERVIEW
What it is and why we own it.
Role in the portfolio
Portfolio insurance and store of value. Gold has historically held up through inflation scares, currency stress and falling real rates, and it is held here as a hedge against equity drawdowns.
What drives the numbers
- US real interest rates and the US dollar
- Central-bank gold purchases
- ETF flows and the trust's gold holdings
- Fund expense ratio and premium or discount to net asset value
Key risks
- Gold pays no income, so returns depend entirely on price
- Prices can fall sharply when real rates rise or the dollar strengthens
- Fund fees slightly reduce returns compared with spot gold
CHART
Price and technical analysis.
Charts and market data by TradingView
Technical summary
Charts and market data by TradingView