GraniteShares Gold Trust
For the period ended Dec 31, 2024. Filed Feb 3, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Feb 3, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-08.
0001493152-24-044165
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-02-03.
0001493152-25-004700
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 22 previous paragraphs and 27 current paragraphs.
18 unchanged; 4 reworded; 2 added; 0 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
The Trust’s net asset value decreased from $879,107,605 on September 30, 2024 to $846,562,642 on December 31, 2024, a 3.7% decrease. The decrease in the Trust’s net asset value was due to a 0.73% decrease of gold price from $2,629.95 on September 30, 2024, to $2,610.85 on December 31, 2024, as well as a decrease in the number of shares outstanding from 33,850,000 to 32,850,000 over this period. The 1,000,000 shares decrease was a result of 20 redemption orders (50,000 shares per creation and redemption). There were no creation orders over the period considered.
Current report
Six Months Ended December 31, 2024
Reworded paragraphs (4)
Previous wording
The Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $366,604 for the quarter, or 0.1749% of the Trust’s average weighted net assets of $830,592,005 during the quarter. The net asset value per share of $26.31 on September 26, 2024, was the highest during the quarter, compared with a low during the quarter of $23.01 on July 01, 2024.
Current wording
The Trust’s net asset value per share decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $385,908 for the quarter, or 0.044% of the Trust’s average weighted net assets of $875,387,291 during the quarter. The net asset value per share of $27.43 on October 30, 2024, was the highest during the quarter, compared with a low during the quarter of $25.35 on November 14, 2024.
Previous wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2024, was $100,010,521, resulting from an unrealized gain on investment in gold bullion of $93,978,695, increased by a gain of $6,398,430 on metal sold to cover redemption orders and Sponsor’s fees but increased by the Sponsor’s fees of $366,604. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Current wording
The net decrease in net assets resulting from operations for the quarter ended December 31, 2024, was $6,318,476, resulting primarily from an unrealized loss on investment in gold bullion of $16,110,243, compensated a gain of $10,177,675 on metal sold to cover redemption orders and Sponsor’s fees but increased by the Sponsor’s fees of $385,908. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Previous wording
The Trust’s net asset value increased from $790,994,009 on June 30, 2024 to $879,107,605 on September 30, 2024, a 11.14% increase. The Trust’s number of shares outstanding decreased from 34,350,000 to 33,850,000 over this period. The net 500,000 shares decrease was a result of 6 creation orders and 16 redemption orders (50,000 shares per creation and redemption). The Trust’s net asset value was positively impacted by the change in the price of gold, which increased 12.83% from $2,330.90 on June 30, 2024 to $2,629.95 on September 30, 2024.
Current wording
The Trust’s net asset value increased from $790,994,009 on June 30, 2024, to $846,562,642 on December 31, 2024, a 7.0% increase. The increase in the Trust’s net asset value was the result of the positive change in gold price, which increased by 12.0% from $2,330.90 on June 30, 2024, to $2,610.85 on December 31, 2024. However, the Trusts’ net asset was negatively impacted by a reduction in the number of shares outstanding from 34,350,000 to 32,850,000, a 4.4% decrease. The 1,500,000 shares decrease was the net result of 6 creation orders and 36 redemption orders (50,000 shares per creation and redemption order).
Previous wording
The 12.77% increase in the Trust’s net asset value per share, from $23.03 on June 30, 2024, to $25.97 on September 30, 2024 is directly related to the 12.83% increase in the price of gold.
Current wording
The 11.9% increase in the Trust’s net asset value per share, from $23.03 on June 30, 2024, to $25.77 on December 31, 2024, is directly related to the 12.0% increase in the price of gold.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The 0.77% decrease in the Trust’s net asset value per share, from $25.97 on September 30, 2024, to $25.77 on December 31, 2024, is directly related to the 0.73% decrease in the price of gold.
Current report — wording carried from elsewhere
The Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $752,513 for the period, or 0.088% of the Trust’s average weighted net assets of $853,489,237 during the six-month period. The net asset value per share of $27.42 on October 30, 2024, was the highest during the period, compared with a low during the quarter of $25.35 on November 14, 2024.
Current report — wording carried from elsewhere
The net increase in net assets resulting from operations for the 6 months period ending December 31, 2024, was $93,692,045, resulting from an unrealized gain on investment in gold bullion of $77,868,452, increased by a gain of $16,576,106 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $752,513. Other than the Sponsor’s fees the Trust had no expenses during the quarter.