GraniteShares Gold Trust
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Aug 11, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-06-30; filed 2024-08-15.
0001493152-24-032633
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-06-30; filed 2025-08-11.
0001493152-25-011793
Item 7. 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 35 previous paragraphs and 35 current paragraphs.
32 unchanged; 1 reworded; 2 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 NAV increased from $790,994,009 on June 30, 2024, to $1,105,575,430 on June 30, 2025, a 39.77% increase for the year. The increase in the Trust’s NAV resulted primarily from an increase in gold price from $2,330.90 per ounce on June 30, 2024, to $3,287.45 on June 30, 2025, a 41.04% increase. The positive impact of the change in gold price was negatively affected by a reduction in the number of shares outstanding from 34,350,000 shares on June 30, 2024 to 34,100,000 shares on June 30, 2025 (a -0.73$% decrease) as a result of 3,050,000 shares (61 baskets) being created and 3,300,000 shares (66 baskets) being redeemed during that period.
Current report
The NAV per Share increased 40.77% from $23.03 on June 30, 2024, to $32.42 on June 30, 2025. During that period the gold price increased 41.04% from $2,330.90 on June 30, 2025, to $3,287.45 on June 30, 2025. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,639,442 for the fiscal year, or 0.1749% of the Trust’s assets on an annualized basis.
Removed paragraphs (2)
Previous report
The Trust’s NAV decreased from $1,009,450,266 on June 30, 2021, to $996,127,089 on June 30, 2022, a 1.32% decrease for the year. The decrease in the Trust’s NAV resulted primarily from a reduction in outstanding Shares from 57,650,000 Shares on June 30, 2021, to 55,300,000 Shares on June 30, 2022, a result of 9,150,000 Shares (183 Baskets) being created and 11,500,000 Shares (230 Baskets) being redeemed during that period.
Previous report
The NAV per Share increased 2.86% from $17.51 on June 30, 2021, to $18.01 on June 30, 2022. During that period the gold price increased 3.05% from $1,763.15 on June 30, 2021, to $1,817.00 on June 30, 2022. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,726,901 for the fiscal year, or 0.1749% of the Trust’s assets on an annualized basis.
Reworded paragraphs (1)
Previous wording
Under the Custody Agreements, the Trustee, the Sponor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the Custodian.
Current wording
Under the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the Custodian.