##### 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
    March 31, 2009o

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)
     x o
  S-T
  o o
 * The Registrant has not yet been
    phased into the interactive data requirements.
  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
    March 31, 2009 and September 30, 2008


1Condensed Statements of Operations for the three
    and six months ended March 31, 2009 and 2008


2Condensed Statements of Cash Flows for the three
    and six months ended March 31, 2009 and 2008


3Condensed Statement of Changes in
    Shareholders Deficit for the six months ended
    March 31, 2009


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


18Item 4.



Controls and Procedures


18PART II

-

OTHER INFORMATION


19Item 1.



Legal Proceedings


19Item 1A.



Risk Factors


19Item 2.



Unregistered Sales of Equity Securities and Use
    of Proceeds


19Item 3.



Defaults Upon Senior Securities


19Item 4.



Submission of Matters to a Vote of Security
    Holders


19Item 5.



Other Information


19Item 6.



Exhibits


19SIGNATURES


20EX-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
    March 31, 2009 and September 30, 2008 Mar-31,


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

2009


2008(1)ASSETSInvestment in
    Gold(2)

$
28,831,932


$
16,878,554Gold Receivable


72,063



897,184Total Assets

$
28,903,995


$
17,775,738LIABILITIESAccounts payable to related parties

$
10,185


$
4,179Accounts payable


712



2,256Accrued expenses






347Total Liabilities


10,897



6,782Redeemable Shares:Shares at redemption value to
    investors(3)


33,210,701



21,471,084Shareholders Deficit


(4,317,603
)


(3,702,128
)Total Liabilities, Redeemable Shares &
    Shareholders Deficit

$
28,903,995


$
17,775,738     (1)
    
    Derived from audited statement of condition as of
    September 30, 2008.(2)
    
    The market value of Investment in Gold at March 31, 2009 is
    $33,149,535 and at September 30, 2008, is $20,580,682.(3)
    
    Authorized share capital is unlimited and the par value per
    share is $0.00. Shares issued and outstanding
    at March 31, 2009 are 368,700,000 and at
    September 30, 2008, 246,500,000.  See notes to the unaudited condensed financial statements
 1




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##### Table of Contents



SPDR®

    GOLD TRUST
 Unaudited
    Condensed Statements of OperationsFor
    the three months ended March 31, 2009 and 2008 and the six
    months ended March 31, 2009 and 2008 Three Months


Three Months


Six Months


Six MonthsEnded


Ended


Ended


EndedMar-31,


Mar-31,


Mar-31,


Mar-31,(Amounts in 000s of US$, except for share and per share
    data)

2009


2008


2009


2008REVENUESProceeds from sales of gold

$
23,869


$
16,919


$
42,721


$
30,864Cost of gold sold to pay expenses


(20,102
)


(11,389
)


(37,708
)


(21,703
)Gain on gold sold to pay expenses


3,767



5,530



5,013



9,161Gain on gold distributed for the redemption of shares


1,508



602,018



76,621



728,220Total Gain on gold


5,275



607,548



81,634



737,381EXPENSESCustody fees


4,494



3,297



7,839



5,991Trustee fees


493



499



997



1,003Sponsor fees


10,112



6,920



17,045



12,828Marketing agent fees


10,112



6,920



17,045



12,828Other expenses


2,071



1,246



3,911



1,561Total expenses


27,282



18,882



46,837



34,211Net Gain/(Loss) from Operations

$
(22,007
)

$
588,666


$
34,797


$
703,170Net Gain/(Loss) per share

$
(0.07
)

$
2.84


$
0.13


$
3.49Weighted average number of shares (000s)


309,078



207,448



278,009



201,263    See notes to the unaudited condensed financial statements
 2




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##### Table of Contents



SPDR®

    GOLD TRUST
 Unaudited
    Condensed Statements of Cash FlowsFor
    the three months ended March 31, 2009 and 2008 and the six
    months ended March 31, 2009 and 2008 Three Months


Three Months


Six Months


Six MonthsEnded


Ended


Ended


EndedMar-31,


Mar-31,


Mar-31,


Mar-31,(Amounts in 000s of US$)

2009


2008


2009


2008INCREASE / DECREASE IN CASH FROM OPERATIONS:Cash proceeds received from sales of gold

$
23,869


$
16,919


$
42,721


$
30,864Cash expenses paid


(23,869
)


(16,919
)


(42,721
)


(30,864
)(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

$
10,235,748


$
2,332,072


$
12,021,545


$
4,088,389Value of gold distributed for redemption of shares

$
7,823


$
1,253,687


$
928,233


$
1,599,210   Three Months


Three Months


Six Months


Six MonthsEnded


Ended


Ended


EndedMar-31,


Mar-31,


Mar-31,


Mar-31,(Amount in 000s of US$)

2009


2008


2009


2008RECONCILIATION OF NET GAIN/(LOSS) TO NET CASH PROVIDED BY
    OPERATING ACTIVITIESNet Gain/(Loss) from Operations

$
(22,007
)

$
588,666


$
34,797


$
703,170Adjustments to reconcile net gain to net cash provided by
    operating activitiesIncrease in gold assets


(10,344,571
)


(827,480
)


(11,953,378
)


(2,227,959
)(Increase)/Decrease in gold receivable


64,095



(239,517
)


825,121



(239,517
)Increase in liabilities


3,412



1,963



4,115



3,347Increase/(decrease) in redeemable sharesCreations


10,308,401



2,332,072



12,094,198



4,088,389Redemptions


(9,330
)


(1,855,704
)


(1,004,853
)


(2,327,430
)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 Statement of Changes in Shareholders
    Deficit    Six MonthsEnded(Amounts in 000s of US$)

Mar-31, 2009Shareholders Deficit - Opening Balance


(3,702,128
)Net Gain for the period


34,797Adjustment of Redeemable Shares to redemption value


(650,272
)Shareholders Deficit - Closing balance


(4,317,603
)   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  ®
    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)    Mar-31,


Sep-30,(Amounts in 000s of US$)

2009


2008Investment in gold - average cost

$
28,831,932


$
16,878,554Unrealized gain on investment in gold


4,317,603



3,702,128Investment in gold - market value

$
33,149,535


$
20,580,682     2.2.  Gold
    receivable
    2.3.  Creations
    and Redemptions of Shares
      Six Months Ended


Year EndedMar-31,


Sep-30,(All amounts are in 000s)

2009


2008Number of Redeemable Shares:Opening Balance


246,500



187,900Creations


135,000



147,100Redemptions


(12,800
)


(88,500
)Closing Balance


368,700



246,500   6




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##### Table of Contents



SPDR®

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


Year EndedMar-31,


Sep-30,(Amounts in 000s of US$)

2009


2008Redeemable shares:Opening Balance

$
21,471,084


$
13,803,588Creations


12,094,198



12,903,805Redemptions


(1,004,853
)


(7,740,504
)Adjustment to redemption value


650,272



2,504,195Closing Balance

$
33,210,701


$
21,471,084Redemption Value per Redeemable Share at Period End

$
90.08


$
87.10   2.4.  Revenue
    Recognition Policy
    2.5.  Income
    Taxes
    Accounting for Uncertainty in Income Taxes Accounting for Income Taxes
 7




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##### Table of Contents



SPDR®

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


Year EndedMar-31,


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

2009


2008Ounces of Gold:Opening Balance


23,268.2



18,584.1Creations (excluding gold receivable at March 31,
    2009 - 78.6 and at September 30, 2008 -
    1,014.3)


14,212.1



13,491.8Redemptions


(1,260.3
)


(8,728.6
)Sales of gold


(50.3
)


(79.1
)Closing Balance


36,169.7



23,268.2Investment in Gold (lower of cost or market):Opening Balance

$
16,878,554


$
10,644,489Creations (excluding gold receivable at March 31,
    2009 - $72,063, and at September 30, 2008 -
    $897,184)


12,919,319



12,006,621Redemptions


(928,233
)


(5,722,355
)Sales of gold


(37,708
)


(50,201
)Closing Balance

$
28,831,932


$
16,878,554   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
  Mar-31,


Sep-30,(Amounts in 000s of US$)

2009


2008Payable to Custodian

$
1,779


$
1,002Payable to Trustee


170



159Payable to Sponsor


4,118



1,509Payable to Marketing Agent


4,118



1,509Accounts Payable to related parties

$
10,185


$
4,179   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  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
  ® sub-custodian sub-custodians
    (per 1/10
  Share
    & gold price v. NAV from fund inception to March 31,
    2009
  
  Valuation
    of Gold, Definition of Net Asset Value (NAV) and
    Adjusted Net Asset Value (ANAV)
   12




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##### Table of Contents



Mar-31,


Sep-30,(Amounts in 000s of US$)

2009


2008Investment in gold - average cost

$
28,831,932


$
16,878,554Unrealized gain on investment in gold


4,317,603



3,702,128Investment in gold - market value

$
33,149,535


$
20,580,682   Critical
    Accounting Policy
  Valuation
    of Gold
    Review of
    Financial Results
  Financial
    Highlights
  Three Months


Three Months


Six Months


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

Ended


Ended


Ended


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

Mar-31, 2009


Mar-31, 2008


Mar-31, 2009


Mar-31, 2008Total Gain on gold

$
5,275


$
607,548


$
81,634


$
737,381Net Gain/(Loss)

$
(22,007
)

$
588,666


$
34,797


$
703,170Gain/(Loss) per share

$
(0.07
)

$
2.84


$
0.13


$
3.49Net cash flows from operating activities

$
0


$
0


$
0


$
0    13




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##### Table of Contents



Selected
    Supplemental Data - For the six months ended March 31,
    2009 and for the year ended September 30, 2008.
  Six Months


YearEnded


EndedMar-31,


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

2009


2008Ounces of Gold:Opening Balance


23,268.2



18,584.1Creations (excluding gold receivable at March 31,
    2009  78.6 and at September 30, 2008 
    1,014.3)


14,212.1



13,491.8Redemptions


(1,260.3
)


(8,728.6
)Sales of gold


(50.3
)


(79.1
)Closing Balance


36,169.7



23,268.2Period end Gold price per ounce - London PM Fix

$
916.50


$
884.50Market value of gold holdings excluding gold receivable

$
33,149,535


$
20,580,682Number of Shares:Opening Balance


246,500



187,900Creations


135,000



147,100Redemptions


(12,800
)


(88,500
)Closing Balance


368,700



246,500Net Asset Value per share:Creations

$
89.59


$
87.72Redemptions

$
78.50


$
87.46Shares at redemption value to investors at Period End

$
33,210,701


$
21,471,084Redemption Value per Redeemable Share at Period End

$
90.08


$
87.10Change in Redemption Value over the Period


54.7
%


55.5
%% Difference between Net Asset Value per share and market
    value of ounces represented by each share


(0.033
)%


(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
     15




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##### Table of Contents



Daily
    gold price - April 1, 2004 to March 31, 2009
  
  end-of-period
  LastEnd of


businessPeriod

Average


High


Date


Low


Date


period


day(1)Three months to June 30, 2006

$
627.71


$
725.00



May 12, 2006


$
567.00



Jun 20, 2006


$
613.50



Jun 30, 2006Three months to September 30, 2006

$
621.67


$
663.25



Jul 14, 2006


$
573.60



Sep 15, 2006


$
599.25



Sep 29, 2006Three months to December 31, 2006

$
613.21


$
648.75



Dec 1, 2006


$
560.75



Oct 6, 2006


$
635.70



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

$
649.82


$
685.75



Feb 26, 2007


$
608.40



Jan 10, 2007


$
661.75



Mar 30, 2007Three months to June 30, 2007

$
666.84


$
691.40



Apr 20, 2007


$
642.10



Jun 27, 2007


$
650.50



Jun 29, 2007Three months to September 30, 2007

$
680.13


$
743.00



Sep 28, 2007


$
648.75



Jul 06, 2007


$
743.00



Sep 28, 2007Three months to December 31, 2007

$
787.41


$
841.10



Nov 08, 2007


$
725.50



Oct 04, 2007


$
836.50



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

$
924.83


$
1,011.25



Mar 17, 2008


$
846.75



Jan 02, 2008


$
933.50



Mar 31, 2008Three months to June 30, 2008

$
896.29


$
946.00



Apr 17, 2008


$
853.00



May 01, 2008


$
930.25



Jun 30, 2008Three months to September 30, 2008

$
871.60


$
986.00



Jul 15, 2008


$
740.75



Sep 11, 2008


$
884.50



Sep 30, 2008Three months to December 31, 2008

$
796.52


$
903.50



Oct 08, 2008


$
712.50



Oct 24, 2008


$
865.00



Dec 31, 2008
(2)Three months to March 31, 2009

$
908.41


$
989.00



Feb 20, 2009


$
810.00



Jan 15, 2009


$
916.50



Mar 31, 2009Twelve months ended March 31, 2007

$
628.28


$
725.00



May 12, 2006


$
560.75



Oct 06, 2006


$
661.75



Mar 30, 2007Twelve months ended March 31, 2008

$
764.70


$
1,011.25



Mar 17, 2008


$
642.10



Jun 27, 2007


$
933.50



Mar 31, 2008Twelve months ended March 31, 2009

$
867.95


$
989.00



Feb 20, 2009


$
712.50



Oct 24, 2008


$
916.50



Mar 31, 2009November 12, 2004 to March 31, 2009

$
662.69


$
1,011.25



Mar 17, 2008


$
411.10



Feb 08, 2005


$
916.50



Mar 31, 2009     (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
    2006, 2007 and 2008. The London AM Fix on the last business day
    was $635.70, $836.50 and $865.00, respectively. The Net Asset
    Value of the Trust on December 31, 2006, 2007 and 2008 was
    calculated using the London AM Fix, in accordance with the
    Trust Indenture.   16




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##### Table of Contents



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.
    
    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;
    Global or regional political, economic or financial events and
    situations;
    Investors expectations with respect to the rate of
    inflation;
    Currency exchange rates;
    Interest rates; and
    Investment and trading activities of hedge funds and commodity
    funds.    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.
     17




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##### Table of Contents



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.
 18




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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   19




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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. 20




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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 March 31, 2009.31.2

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 March 31, 2009.32.1

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 March 31, 2009.32.2

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 March 31, 2009.  21