Tuesday October 25, 2011
Central GoldTrust (symbol: TSX - GTU.UN (Cdn.$) and GTU.U (U.S.$) NYSE Amex - GTU (U.S.$)) has today released selected financial information in U.S. dollars relating to results of operations for the nine months ended September 30, 2011.
CENTRAL GOLDTRUST STATEMENTS OF NET ASSETS (expressed in U.S. dollars, unaudited) Net assets:September 30 December 31
2011 2010
Gold at market $ 989,547,840 861,425,828
Cash and short-term deposits 13,508,009 16,388,542
Prepaid expenses and other 154,094 91,399
1,003,209,943 877,905,769
Accrued liabilities (551,032) (819,113)
Net assets representing Unitholders' equity $ 1,002,658,911 877,086,656 Represented by:Capital
Units issued: 16,648,000 $ 572,667,949 572,667,949
Retained earnings
inclusive of unrealized appreciation of holdings 429,990,962 304,418,707
$ 1,002,658,911 877,086,656
Net asset value per Unit $ 60.23 52.68 Exchange rate: U.S. $1.00 = Cdn. $ 1.0389 0.9946 Net asset value per Unit expressed in Canadian dollars $ 62.57 52.40The change in net assets as reported in U.S. dollars, which will occur from period to period, will primarily be a result of the changing market price of gold and the proportion of gold held by the Trust.
Net assets increased by $69.0 million or 7.4% during the three months ended September 30, 2011, to a total of $1,002.7 million. This increase was attributable to the 7.6% increase in the price of gold during the period.
Net assets increased by $125.6 million or 14.3% during the nine months ended September 30, 2011 as a result of the 14.9% increase in the price of gold during the period.
Box 10106, Meadowlands P.O., Ancaster, Ontario Canada L9K 1P3 Tel: (905) 304-GOLD(4653) Fax: (905) 648-4196
Courier Address: 55 Broad Leaf Crescent Ancaster, Ontario L9G 3P2 Website: www.gold-trust.com E-mail: info@gold-trust.com
Income:-2-
CENTRAL GOLDTRUST STATEMENTS OF INCOME (expressed in U.S. dollars, unaudited)Nine months ended Sept. 30, Three months ended Sept. 30,
2011 2010 2011 2010
Interest $ 31,456 13,985 $ 9,904 10,672
Change in unrealized appreciation
of holdings 128,085,959 95,909,013 69,878,690 38,511,478
Total income 128,117,415 95,922,998 69,888,594 38,522,150 Expenses:
Administration fees 1,403,369 917,030 506,020 391,721
Safekeeping fees and bank charges 764,363 405,589 287,366
178,081
Auditors' fees 92,756 63,745 30,041 18,348
Trustees' fees and expenses 78,347 51,689 34,928 16,983
Legal fees 61,311 92,006 25,936 25,805
Stock exchange fees 44,493 34,658 14,831 11,553
Unitholder information 41,698 41,569 4,374 5,893
Regulatory filing fees 34,859 32,940 11,311 11,978
Registrar and transfer agent fees 23,048 11,764 13,747
4,427
Miscellaneous 257 754 23 18
Foreign currency exchange loss 659 1,969 - -
Total expenses 2,545,160 1,653,713 928,577 664,807 Net income
inclusive of the change in unrealized
appreciation of holdings $125,572,255 94,269,285 $ 68,960,017
37,857,343
inclusive of the change in unrealized
appreciation of holdings $ 7.54 7.24 $ 4.14 2.27
Net income (inclusive of the change in unrealized
appreciation of holdings) for the three months ended
September 30, 2011 was $69.0 million ($4.14 per Unit)
compared to $37.9 million ($2.27 per Unit) for the
comparative period in 2010. For the nine months ended
September 30, 2011, the net income (inclusive of the change
in unrealized appreciation of holdings) was $125.6 million
($7.54 per Unit) compared to $94.3 million ($7.24 per Unit)
for the same period in 2010. Virtually all of the reported
net income for the three and nine month periods was a result
of the change in unrealized appreciation of gold holdings of
7.6% and 14.9% respectively, which is not distributable
income. Interest income currently forms a nominal portion of
the Trust's income. Certain expenses, such as administration
fees and safekeeping fees, have varied in relation to net
asset levels. Administration fees, which are scaled, are
calculated monthly based on net assets at each month-end,
increased by $114,299 and $486,339 respectively, during the
three and nine month periods ended September 30, 2011 as
compared to the similar periods in 2010. The increase in
administration fees was a direct result of the higher level
of net assets under administration.
Expenses as a percentage of the average of the month-end net
assets (the "expense ratio") for the three month periods
ended September 30, 2011 and 2010 remained unchanged at
0.09%. The expense ratio for the nine- month periods ended
September 30, 2011 and 2010 remained unchanged at 0.27%. For
the twelve month period ended September 30, 2011, the expense
ratio was 0.35% compared to 0.36% for the twelve month period
ended September 30, 2010.
Central GoldTrust is a passive, self-governing, single
purpose trust, which invests primarily in long-term holdings
of gold bullion and does not speculate in gold prices. At
September 30, 2011, the Units of Central GoldTrust were 98.7%
invested in unencumbered, allocated, segregated gold bullion.
Units may be purchased or sold on The Toronto Stock Exchange
and the NYSE Amex.
Central GoldTrust has filed their Annual Report on Form 40-F
with the United States Securities Exchange Commission, which
includes the financial statements for the year ended December
31, 2010. A copy of the Form 40-F is available on Central
GoldTrust's website at www.gold-trust.com.
Unitholders may request a printed copy of the complete
audited financial statements, free of charge, by email to info@gold-trust.comor by regular mail to Central GoldTrust, P.O.
Box 10106, Ancaster, Ontario L9K 1P3, and are also available
electronically at www.sedar.com.
For further information, contact J.C. Stefan Spicer,
President & CEO;
Email: info@gold-trust.comWebsite: www.gold-trust.com; Telephone: 905-304-GOLD (4653).