##### Table of Contents





UNITED STATES
  SECURITIES AND EXCHANGE
    COMMISSION
 Washington, D.C.
    20549
  FORM 10-Q
  x

Quarterly report pursuant to Section 13 or 15(d) of the
    Securities Exchange Act of 1934 for the quarterly period ended
    June 30, 2008o

Transition report pursuant to Section 13 or 15(d) of the
    Securities Exchange Act of 1934 for the transition period from
    to   Commission file number: 001-32356
  SPDR®
    GOLD TRUST
 SPONSORED BY WORLD GOLD TRUST
    SERVICES, LLC
 (Exact Name of Registrant as
    Specified in Its Charter)
  New York

81-6124035(State or Other Jurisdiction of
    Incorporation or Organization)

(I.R.S. Employer
    Identification No.)    c/o World
    Gold Trust Services, LLC
 424 Madison Avenue, 3rd
    Floor
 New York, New York
    10017
 (Address of Principal Executive
    Offices)
  (212) 317-3800
 (Registrants Telephone
    Number, Including Area Code)
  streetTRACKS®
    GOLD TRUST,
    c/o World Gold Trust Services, LLC
    444 Madison Avenue, 3rd Floor
    New York, NY 10022
 (Former Name, Former Address and
    Former Fiscal Year,
 if Changed Since Last Report)
    x o
  12b-2
  Large
    accelerated
    filer x
    Accelerated
    filer o
    Non-accelerated
    filer o
    Smaller reporting
    company o (Do not check if a smaller
    reporting company)
    o x




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##### 





SPDR®
    GOLD TRUST
 INDEX
   
 PagePART I

-

FINANCIAL INFORMATION


1Item 1.



Financial Statements (unaudited)


1Condensed Statements of Condition at
    June 30, 2008 and September 30, 2007


1Condensed Statements of Operations for the three
    and nine months ended June 30, 2008 and 2007


2Condensed Statements of Cash Flows for the three
    and nine months ended June 30, 2008 and 2007


3Condensed Statements of Changes in
    Shareholders Deficit for the nine months ended
    June 30, 2008 and for the year ended September 30,
    2007


4Notes to the Unaudited Condensed Financial
    Statements


5Item 2.



Managements Discussion and Analysis of
    Financial Condition and Results of Operations


12Item 3.



Quantitative and Qualitative Disclosures About
    Market Risk


17Item 4.



Controls and Procedures


17PART II

-

OTHER INFORMATION


18Item 1.



Legal Proceedings


18Item 1A.



Risk Factors


18Item 2.



Unregistered Sales of Equity Securities and Use
    of Proceeds


18Item 3.



Defaults Upon Senior Securities


18Item 4.



Submission of Matters to a Vote of Security
    Holders


18Item 5.



Other Information


18Item 6.



Exhibits


18SIGNATURES


19EX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICATIONEX-32.2: CERTIFICATION   i




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##### Table of Contents



SPDR®
    GOLD TRUST
 PART I -
    FINANCIAL INFORMATION:  Item 1.
    Financial
    Statements (Unaudited) Unaudited
    Condensed Statements of Conditionat
    June 30, 2008 and September 30, 2007 Jun-30,


Sep-30,(Amounts in 000s of US$ except for share data)

2008


2007(1)ASSETSInvestment in
    Gold(2)

$
13,306,679


$
10,644,489Gold Receivable


476,879



Total Assets

$
13,783,558


$
10,644,489LIABILITIESAccounts payable to related parties

$
5,346


$
3,978Accounts payable


406



160Accrued expenses


1,995



258Total Liabilities


7,747



4,396Redeemable Shares:Shares at redemption value to
    investors(3)


19,258,023



13,803,588Shareholders Deficit


(5,482,212
)


(3,163,495
)Total Liabilities, Redeemable Shares &
    Shareholders Deficit

$
13,783,558


$
10,644,489     (1)
    
    Derived from audited statement of condition as of
    September 30, 2007.(2)
    
    The market value of Investment in Gold at June 30, 2008 is
    $18,788,891 and at September 30, 2007, is $13,807,984.(3)
    
    Authorized share capital is unlimited and shares par value is
    $0.00. Shares issued and outstanding at June 30, 2008
    are 210,000,000 and at September 30, 2007, 187,900,000.  See notes to the unaudited condensed financial statements
 1




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##### Table of Contents



SPDR®
    GOLD TRUST
 Unaudited
    Condensed Statements of Operations    Three Months


Three Months


Nine Months


Nine MonthsEnded


Ended


Ended


EndedJun-30,


Jun-30,


Jun-30,


Jun-30,(Amounts in 000s of US$, except for share and per share
    data)

2008


2007


2008


2007REVENUESProceeds from sales of gold

$
17,506


$
10,282


$
48,370


$
27,428Cost of gold sold to pay expenses


(12,512
)


(8,188
)


(34,215
)


(22,333
)Gain on gold sold to pay expenses


4,994



2,094



14,155



5,095Gain on gold distributed for the redemption of shares


616,014



240,829



1,344,234



332,176Total Gain on gold


621,008



242,923



1,358,389



337,271EXPENSESCustody fees


3,070



1,872



9,061



5,162Trustee fees


499



497



1,502



1,388Sponsor fees


6,347



3,811



19,175



10,253Marketing agent fees


6,347



3,811



19,175



10,253Other expenses


1,247



311



2,808



1,176Total expenses


17,510



10,302



51,721



28,232Net Gain from Operations

$
603,498


$
232,621


$
1,306,668


$
309,039Gain per share

$
3.04


$
1.49


$
6.52


$
2.09Weighted average number of shares (000s)


198,523



156,214



200,353



147,608    See notes to the unaudited condensed financial statements
 2




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##### Table of Contents



SPDR®
    GOLD TRUST
 Unaudited
    Condensed Statements of Cash Flows    Three Months


Three Months


Nine Months


Nine MonthsEnded


Ended


Ended


EndedJun-30,


Jun-30,


Jun-30,


Jun-30,(Amounts in 000s of US$)

2008


2007


2008


2007INCREASE / DECREASE IN CASH FROM OPERATIONS:Cash proceeds received from sales of gold

$
17,506


$
10,282


$
48,370


$
27,428Cash expenses paid


(17,506
)


(10,282
)


(48,370
)


(27,428
)(Decrease) / Increase in cash resulting from operations














Cash and cash equivalents at beginning of period














Cash and cash equivalents at end of period














SUPPLEMENTAL DISCLOSURE OF
    NON-CASH FINANCING ACTIVITIES:Value of gold received for creation of shares  net
    of gold receivable


2,198,516



912,632



6,286,905



3,446,065Value of gold distributed for redemption of shares - at
    average cost


1,514,411



1,311,479



3,113,621



1,819,813   Three Months


Three Months


Nine Months


Nine MonthsEnded


Ended


Ended


EndedJun-30,


Jun-30,


Jun-30,


Jun-30,(Amount in 000s of US$)

2008


2007


2008


2007RECONCILIATION OF NET GAIN/(LOSS) TO NET CASH PROVIDED BY
    OPERATING ACTIVITIESNet Gain from Operations

$
603,498


$
232,621


$
1,306,668


$
309,039Adjustments to reconcile net income to net cash provided by
    operating activities(Increase)/decrease in gold assets


(434,231
)


87,451



(2,662,190
)


(1,916,782
)(Increase)/decrease in gold receivable


(237,362
)


79,025



(476,879
)


(19,314
)Increase in liabilities


4



20



3,351



805Increase/(decrease) in redeemable shares Creations


2,198,516



912,362



6,286,905



3,446,065Redemptions


(2,130,425
)


(1,311,479
)


(4,457,855
)


(1,819,813
)Net cash provided by operating activities

$



$



$



$
   See notes to the unaudited condensed financial statements
 3




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##### Table of Contents



SPDR®
    GOLD TRUST
 Unaudited
    Condensed Statements of Changes in Shareholders
    Deficit    Nine MonthsEnded


Year Ended(Amounts in 000s of US$)

Jun-30, 2008


Sep-30, 2007Shareholders Deficit - Opening Balance

$
(3,163,495
)

$
(1,243,956
)Net Gain for the period


1,306,668



313,442Adjustment of Redeemable Shares to redemption value


(3,625,385
)


(2,232,981
)Shareholders Deficit - Closing balance

$
(5,482,212
)

$
(3,163,495
)   See notes to the unaudited condensed financial statements
 4




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##### Table of Contents



SPDR®
    GOLD TRUST
 Notes to
    the Unaudited Condensed Financial Statements  1.
    Organization  ®
  ® ® re-branding ®
  ® ®
    Form 10-K
  2.
    Significant
    accounting policies    2.1.
    Valuation
    of Gold   5




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##### Table of Contents



SPDR®
    GOLD TRUST
   Notes to
    the Unaudited Condensed Financial Statements
  
 2.
    Significant
    accounting policies (continued)    Jun-30,


Sep-30,(Amounts in 000s of US$)

2008


2007Investment in gold - average cost

$
13,306,679


$
10,644,489Unrealized gain on investment in gold


5,482,212



3,163,495Investment in gold - market value

$
18,788,891


$
13,807,984     2.2.  Gold
    receivable
    2.3.  Creations
    and Redemptions of Shares
      Nine Months Ended


Year EndedJun-30,


Sep-30,(All amounts are in 000s)

2008


2007Number of Redeemable Shares:Opening Balance


187,900



125,100Creations


72,700



92,100Redemptions


(50,600
)


(29,300
)Closing Balance


210,000



187,900   6




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##### Table of Contents



SPDR®
    GOLD TRUST
   Notes to
    the Unaudited Condensed Financial Statements
  
 2.
    Significant
    accounting policies (continued)  Nine Months Ended


Year EndedJun-30,


Sep-30,(Amounts in 000s of US$)

2008


2007Redeemable shares:Opening Balance

$
13,803,588


$
7,441,489Creations


6,286,905



6,034,380Redemptions


(4,457,855
)


(1,905,262
)Adjustment to redemption value


3,625,385



2,232,981Closing Balance

$
19,258,023


$
13,803,588Redemption Value per Redeemable Share at Period End

$
91.70


$
73.46   2.4.  Revenue
    Recognition Policy
    2.5.  Income
    Taxes
   7




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##### Table of Contents



SPDR®
    GOLD TRUST
   Notes to
    the Unaudited Condensed Financial Statements
  3.
    Investment
    in Gold    Nine Months Ended


Year EndedJun-30,


Sep-30,(Ounces of gold are in 000s and value of gold is in
    000s of US$)

2008


2007Ounces of Gold:Opening Balance


18,584.1



12,422.5Creations (excluding gold receivable at June 30,
    2008 - 512.6, and at September 30, 2007 - nil)


6,663.7



9,121.7Redemptions


(4,994.1
)


(2,901.7
)Sales of gold


(56.0
)


(58.4
)Closing Balance


20,197.7



18,584.1Investment in Gold (lower of cost or market):Opening Balance

$
10,644,489


$
6,200,226Creations (excluding gold receivable at June 30,
    2008 - 476,879, and at September 30, 2007 -
    nil)


5,810,026



6,034,380Redemptions


(3,113,621
)


(1,559,060
)Sales of gold


(34,215
)


(31,057
)Closing Balance

$
13,306,679


$
10,644,489   4.
    Related
    Parties - Sponsor, Trustee, Custodian and Marketing Agent
    Fees         8




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##### Table of Contents



SPDR®
    GOLD TRUST
   Notes to
    the Unaudited Condensed Financial Statements
  
 4.
    Related
    Parties - Sponsor, Trustee, Custodian and Marketing Agent
    Fees (continued)          10-K
     9




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##### Table of Contents



SPDR®
    GOLD TRUST
   Notes to
    the Unaudited Condensed Financial Statements
  
 4.
    Related
    Parties - Sponsor, Trustee, Custodian and Marketing Agent
    Fees (continued)  Amounts
    Payable to Related parties and other accounts payable
  Jun-30,


Sep-30,(Amounts in 000s of US$)

2008


2007Payable to Custodian

$
(1,002
)

$
(740
)Payable to Trustee


(164
)


(164
)Payable to Sponsor


(2,090
)


(1,537
)Payable to Marketing Agent


(2,090
)


(1,537
)Accounts Payable to related parties

$
(5,346
)

$
(3,978
)   5.
    Concentration
    of Risk  No. 94-6, Disclosure of Certain Significant Risks and Uncertainties,
  6.
    Indemnification     10




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##### Table of Contents



SPDR®
    GOLD TRUST
  7.
    Recent
    Accounting Pronouncements  Accounting for Uncertainty in Income Taxes Accounting for Income Taxes
  Fair Value Measurements
  The Fair Value
    Option for Financial Assets and Financial Liabilities
 11




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##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  This information should be read in conjunction with the
    financial statements and notes included in Item 1 of
    Part I of this Quarterly Report. The discussion and
    analysis which follows may contain trend analysis and other
    forward-looking statements within the meaning of
    Section 21E of the Securities Exchange Act of 1934 which
    reflect our current views with respect to future events and
    financial results. Words such as anticipate,
    expect, intend, plan,
    believe, seek, outlook and
    estimate as well as similar words and phrases
    signify forward-looking statements.
    SPDR ® Gold Trusts forward-looking statements are not
    guarantees of future results and conditions and important
    factors, risks and uncertainties may cause our actual results to
    differ materially from those expressed in our forward-looking
    statements.
  Trust Overview
  ®
  (per 1/10
  Share
    & gold price v. NAV from fund inception to June 30,
    2008
  
  Valuation
    of Gold, Definition of Net Asset Value (NAV) and
    Adjusted Net Asset Value (ANAV)
     12




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##### Table of Contents



Jun-30,


Sep-30,(Amounts in 000s of US$)

2008


2007Investment in gold - average cost

$
13,306,679


$
10,644,489Unrealized gain on investment in gold


5,482,212



3,163,495Investment in gold - market value

$
18,788,891


$
13,807,984   Critical
    Accounting Policy
  Valuation
    of Gold
    Review of
    Financial Results
  Financial
    Highlights
  Three Months


Three Months


Nine Months


Nine Months(All amounts in the following table and four paragraphs,

Ended


Ended


Ended


Endedexcept per share, are in 000s of US$)

Jun-30, 2008


Jun-30, 2007


Jun-30, 2008


Jun-30, 2007Total Gain on gold


621,008



242,923



1,358,389



337,271Net Gain


603,498



232,621



1,306,668



309,039Gain per share


3.04



1.49



6.52



2.09Net cash flows from operating activities


0



0



0



0      13




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##### Table of Contents



Selected
    Supplemental Data - For the nine months ended June 30,
    2008 and for the year ended September 30, 2007.
  Nine Months


YearEnded


EndedJun-30,


Sep-30,(All amounts, except per ounce and per share, are in
    000s)

2008


2007Ounces of Gold:Opening Balance


18,584.1



12,422.5Creations (excluding gold receivable at June 30,
    2008  512.6 and at September 30,
    2007  nil)


6,663.7



9,121.7Redemptions


(4,994.1
)


(2,901.7
)Sales of gold


(56.0
)


(58.4
)Closing Balance


20,197.7



18,584.1Period end Gold price per ounce - London Fix

$
930.25


$
743.00Market value of gold holdings including gold receivable

$
19,265,770


$
13,807,984Number of Shares:Opening Balance


187,900



125,100Creations


72,700



92,100Redemptions


(50,600
)


(29,300
)Closing Balance


210,000



187,900Net Asset Value per share:Creations

$
86.48


$
65.52Redemptions


(88.10
)


(63.03
)Shares at redemption value to investors at Period End

$
19,258,023


$
13,803,588Redemption Value per Redeemable Share at Period End

$
91.70


$
73.46Change in Net Asset Value through period end


39.5
%


85.5
%% Difference between Net Asset Value per share and market
    value of ounces represented by each share


(0.040
)%


(0.032
)%   Results
    of Operations
     14




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##### Table of Contents



Cash flow
    from operations
    Cash
    Resources and Liquidity
    Analysis
    of Movements in the Price of Gold
      Daily
    gold price - July 1, 2003 to June 30, 2008
  
 15




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##### Table of Contents



end-of-period
  LastEnd of


businessPeriod

Average


High


Date


Low


Date


period


day(1)November 12, 2004 to December 31, 2004

$
443.59


$
454.20



Dec 2, 2004


$
434.00



Dec 10, 2004


$
438.00



31 Dec
    2004(2
)Three months to March 31, 2005

$
427.35


$
443.70



Mar 11, 2005


$
411.10



Feb 8, 2005


$
427.50



31 Mar 2005Three months to June 30, 2005

$
427.39


$
440.55



Jun 24, 2005


$
414.45



May 31, 2005


$
437.10



30 Jun 2005Three months to September 30, 2005

$
439.72


$
473.25



Sep 30, 2005


$
418.35



Jul 15, 2005


$
473.25



30 Sep 2005Three months to December 31, 2005

$
484.20


$
536.50



Dec 12, 2005


$
456.50



Nov 7, 2005


$
513.00



30 Dec
    2005(2
)Three months to March 31, 2006

$
554.07


$
584.00



Mar 30, 2006


$
524.75



Jan 5, 2006


$
582.00



31 Mar 2006Three months to June 30, 2006

$
627.71


$
725.00



May 12, 2006


$
567.00



Jun 20, 2006


$
613.50



30 Jun 2006Three months to September 30, 2006

$
621.67


$
663.25



Jul 14, 2006


$
573.60



Sep 15, 2006


$
599.25



29 Sep 2006Three months to December 31, 2006

$
613.21


$
648.75



Dec 1, 2006


$
560.75



Oct 6, 2006


$
635.70



29 Dec
    2006(2
)Three months to March 31, 2007

$
649.82


$
685.75



Feb 26, 2007


$
608.40



Jan 10, 2007


$
661.75



30 Mar 2007Three months to June 30, 2007

$
666.84


$
691.40



Apr 20, 2007


$
642.10



Jun 27, 2007


$
650.50



29 Jun 2007Three months to September 30, 2007

$
680.13


$
743.00



Sep 28, 2007


$
648.75



Jul 06, 2007


$
743.00



28 Sep 2007Three months to December 31, 2007

$
787.41


$
841.10



Nov 08, 2007


$
725.50



Oct 04, 2007


$
836.50



31 Dec
    2007(2
)Three months to March 31, 2008

$
924.83


$
1,011.25



Mar 17, 2008


$
846.75



Jan 02, 2008


$
933.50



31 Mar 2008Three months to June 30, 2008

$
896.29


$
946.00



Apr 17, 2008


$
853.00



May 01, 2008


$
930.25



Jun 30, 2008November 12, 2004 to June 30, 2005

$
430.82


$
454.20



Dec 02, 2004


$
411.10



Feb 08, 2005


$
437.10



Jun 30, 2005Twelve months ended June 30, 2006

$
525.24


$
725.00



May 12, 2006


$
418.35



Jul 15, 2005


$
613.50



Jun 30, 2006Twelve months ended June 30, 2007

$
637.75


$
691.40



Apr 20, 2007


$
560.75



Oct 06, 2006


$
650.50



Jun 29, 2007Twelve months ended June 30, 2008

$
821.06


$
1,011.25



Mar 17, 2008


$
648.75



Jul 06, 2007


$
930.25



Jun 30, 2008November 12, 2004 to June 30, 2008

$
621.61


$
1,011.25



Mar 17, 2008


$
411.10



Feb 08, 2005


$
930.25



Jun 30, 2008     (1)
    
    The end of period gold price is the London PM Fix on the last
    business day of the period. This is in accordance with the
    Trust Indenture and the basis used for calculating the Net
    Asset Value of the Trust.(2)
    
    There was no London PM Fix on the last business day of December
    2004, 2005, 2006 and 2007. The London AM Fix on the last
    business day was $438.00, $513.00, $635.70 and $836.50,
    respectively. The Net Asset Value of the Trust on
    December 31, 2004, 2005, 2006 and 2007 was calculated using
    the London AM Fix, in accordance with the Trust Indenture.    Cautionary
    Statement Regarding Forward-Looking Information and Risk
    Factors
    The value
    of the Shares relates directly to the value of the gold held by
    the Trust and fluctuations in the price of gold could materially
    adversely affect an investment in the Shares.
   16




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##### Table of Contents




    Global gold supply and demand, which is influenced by such
    factors as forward selling by gold producers, purchases made by
    gold producers to unwind gold hedge positions, central bank
    purchases and sales, and production and cost levels in major
    gold-producing countries such as South Africa, the United States
    and Australia;
    Investors expectations with respect to the rate of
    inflation;
    Currency exchange rates;
    Interest rates;
    Investment and trading activities of hedge funds and commodity
    funds; and
    Global or regional political, economic or financial events and
    situations.    The sale of gold by the Trust to pay expenses reduces the
    amount of gold represented by each Share on an ongoing basis
    irrespective of whether the trading price of the Shares rises or
    falls in response to changes in the price of gold.
      Form 10-K
  Item 3.
    Quantitative
    and Qualitative Disclosures About Market Risk    Item 4.
    Controls
    and Procedures  Disclosure controls and procedures.
  Internal control over financial
    reporting.
 17




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##### Table of Contents



PART II -
    OTHER INFORMATION:   Item 1.
    Legal
    Proceedings    Item 1A.
    Risk
    Factors  Form 10-K
  Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds    Item 3.
    Defaults
    Upon Senior Securities    Item 4.
    Submission
    of Matters to a Vote of Security Holders    Item 5.
    Other
    Information    Item 6.
    Exhibits   18




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##### Table of Contents



SIGNATURES
        
      
          *
    
    The Registrant is a trust and the persons are signing in their
    capacities as officers of World Gold Trust Services, LLC,
    the Sponsor of the Registrant. 19




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##### Table of Contents



EXHIBIT INDEX Pursuant
    to Item 601 of
    Regulation S-K
  Exhibit No.

Description of Exhibit31.1

Certification of Chief Executive Officer pursuant to
    Rule 13a-14(a)
    and
    15d-14(a)
    under the Securities Exchange Act of 1934, as amended, with
    respect to the Companys Quarterly Report on Form 10-Q for
    the quarter ended June 30, 2008.31.2

Certification of Chief Financial Officer pursuant to Rule
    13a-14(a) and 15d-14(a) under the Securities Exchange Act of
    1934, as amended, with respect to the Companys Quarterly
    Report on Form 10-Q for the quarter ended June 30, 2008.32.1

Certification of Principal Executive Officer pursuant to Section
    906 of the Sarbanes-Oxley Act of 2002, with respect to the
    Companys Quarterly Report on Form 10-Q for the quarter
    ended June 30, 2008.32.2

Certification of Principal Financial Officer pursuant to Section
    906 of the Sarbanes-Oxley Act of 2002, with respect to the
    Companys Quarterly Report on Form 10-Q for the quarter
    ended June 30, 2008.  20