GLDM holds physical gold bullion and seeks to reflect its price performance after trust expenses. It is not a gold-mining equity fund and does not generate interest or distributions. Its U.S.-listed shares provide gold exposure without investors arranging storage themselves. Gold trades globally, while GLDM shares trade during exchange hours.
History and development
GLDM was established on June 25, 2018, and listed on NYSE Arca the following day. Its physically backed gold-trust structure brought gold-price exposure into a security that investors can trade through brokerage accounts.
Unlike an ETF of gold-mining companies, its underlying asset is gold itself. The trust handles the bullion rather than requiring investors to purchase and store it directly, while exchange-traded shares seek to reflect gold prices less trust expenses.
References: State Street: GLDM overview
Comparing charts on this board
Compare GLDM with gold, the S&P 500 and the US 10-year Treasury yield to examine flows between equities and gold and their responses to interest rates. Rising gold alongside falling stocks highlights strength outside equities. When both rise, examine lower yields and changes in the US dollar to organize the market backdrop.
GLDM and spot gold use different trading hours and percentage-change baselines. Gold can move while US exchanges are closed, allowing GLDM to catch up with overnight moves at the next opening. Add USD/JPY when considering yen-denominated exposure to separate the gold-price move from the currency move.
Related charts: Gold · S&P 500 · US 10Y Yield · USD / JPY
Official references: State Street: GLDM overview