SPDR Gold Trust (GLD) reported that investor activity in the first calendar quarter of 2026 produced substantial creations and redemptions of its exchange-traded shares, with net redemptions during the period. The trust, sponsored by World Gold Trust Services, LLC, issues and redeems shares only in large “Baskets” through authorized participants, exchanging shares for physical gold rather than cash. For the three months ended March 31, 2026, GLD created 39,000,000 shares, equal to 390 Baskets, in exchange for 3,584,534.3 ounces of gold. Over the same quarter, the trust redeemed 46,800,000 shares, or 468 Baskets, and delivered 4,300,883.2 ounces of gold in connection with those redemptions. The redemptions were disclosed in Part II, Item 2, which notes that the trust does not purchase shares directly from shareholders but processes redemptions of Baskets. Monthly redemptions totaled 9,600,000 shares in January, 11,200,000 shares in February and 26,000,000 shares in March. The average ounces of gold per share for those redemptions were 0.09194, 0.09191 and 0.09188, respectively, for a quarterly average of 0.09190 ounce per share. The trust also sold 32,336.2 ounces of gold during the quarter to pay expenses, consistent with its structure of holding no meaningful cash balance and using small gold sales to satisfy sponsor fees and other operating costs. GLD said it had no cash balances at March 31, 2026, and expects generally to maintain a zero cash balance because the trustee seeks to sell only the exact amount of gold needed to cover expenses. At March 31, 2026, GLD owned 33,634,221.4 ounces of gold held by its custodians, HSBC Bank plc and JPMorgan Chase Bank, N.A. The holdings were reported as 100% allocated gold in London Good Delivery bars. Based on the LBMA Gold Price PM on March 31, 2026, the gold had a market value of $154.998 billion, compared with a cost basis of $96.198 billion. That compares with 32,528,241.1 ounces at September 30, 2025, valued at $124.430 billion at that date, with a cost basis of $77.749 billion. The period was marked by a sharp rise and volatility in gold prices. For the quarter ended March 31, 2026, the average LBMA Gold Price PM was $4,872.89 per ounce. The high was $5,405.00 on January 29, 2026, and the low was $4,352.95 on January 2, 2026. The end-of-period price used for the trust’s net asset value calculation was $4,608.35 per ounce on March 31, 2026. GLD’s investment objective remains for its shares to reflect the performance of gold bullion, less the trust’s expenses. The filing also identified the trust’s current authorized participants as Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC. These firms are the parties authorized to create or redeem GLD Baskets by delivering or receiving gold. In its controls and other-information disclosures, GLD reported no legal proceedings, no material changes to previously disclosed risk factors, and no changes in internal control over financial reporting that materially affected the trust. It also reported.