GraniteShares Gold Trust
For the period ended Sep 30, 2025. Filed Nov 4, 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.
Sep 30, 2025 · Filed Nov 4, 2025
BAR$40.00-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001641172-25-009285
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001493152-25-020662
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 27 previous paragraphs and 22 current paragraphs.
17 unchanged; 4 reworded; 1 added; 4 removed; 2 previous and 0 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 (1)
Current report
The Trust’s net asset value increased from $1,105,575,430 on June 30, 2025 to $1,285,913,636 on September 30, 2025, a 16.31% increase. The Trust’s number of shares outstanding remained constant over the period at 34,100,000. The Trust’s net asset value was positively impacted by the change in the price of gold, which increased 16.36% from $3,287.45 on June 30, 2025 to $3,825.3 on September 30, 2025.
Removed paragraphs (4)
Previous report
The Trust’s net asset value increased from $846,562,642 on December 31, 2024 to $1,041,923,470 on March 31, 2025, a 23.08% increase. The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 19.31% from $2,610.85 on December 31, 2024, to $3,115.10 on March 31, 2025. The increase in the Trust’s net asset value was also due to an increase in the Trust’s number of shares outstanding which changed from 32,850,000 in December 31, 2024 to 33,900,000 in March 31, 2025, or +3.2%, as a net result of 37 creation orders and 16 redemption orders (50,000 shares orders).
Previous report
The 19.29% increase in the Trust’s net asset value per share, from $25.77 on December 31, 2024, to $30.74 on March 31, 2025, is related to the increase in the price of gold.
Previous report
Nine Months Ended March 31, 2025
Previous report
The Trust’s net asset value increased from $790,994,009 on June 30, 2024, to $1,041,923,470 on March 31, 2025, a 31.72% increase. The increase in the Trust’s net asset value was mainly caused by a 33.64% increase in gold price from $2,330.90 on June 30, 2024, to $3,115.10 on March 31, 2025. The positive impact of the gold price was negatively impacted the reduction in number of shares outstanding from 34,350,000 on June 30, 2024, to 33,900,000 on March 31, 2025, or -1.3%. The 450,000 shares decrease was the net result of 43 creations orders and 52 redemption orders (50,000 shares per creation and redemption order).
Reworded paragraphs (4)
Previous wording
The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. At March 31, 2024 the Trust did not have any cash balances.
Current wording
The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. On September 30, 2025 the Trust did not have any cash balances.
Previous wording
The 33.48% increase in the Trust’s net asset value per share, from $23.03 on June 30, 2024, to $30.74 on March 31, 2025 is directly related to the 33.64% increase in the price of gold.
Current wording
The 16.32% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $37.71 on September 30, 2025 is directly related to the 16.36% increase in the price of gold.
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 $403,252 for the quarter, or 0.043% of the Trust’s average weighted net assets of $935,047,174 during the quarter. The net asset value per share of $30.74 on March 31, 2025 was the highest during the quarter, compared with a low during the quarter of $25.99 on January 06, 2025.
Current 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 $508,370 for the quarter, or 0.1749% of the Trust’s average weighted net assets of $1,153,187,885 during the quarter. The net asset value per share of $37.73 on September 29, 2025, was the highest during the quarter, compared with a low during the quarter of $32.53 on July 31, 2025.
Previous wording
Net increase in net assets resulting from operations for the quarter ending March 31, 2025, was $165,069,804, resulting from an unrealized gain on investment in gold bullion of $155,323,596 increased by a gain of $10,149,460 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $403,252. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Current wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2025, was $179,439,028, resulting from an unrealized gain on investment in gold bullion of $171,669,572, increased by a gain of $8,277,826 on metal sold to cover redemption orders and Sponsor’s fees but decreased by the Sponsor’s fees of $508,370. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Rearranged previous paragraphs (2)
Previous report — wording carried 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 $1,155,765 for the period, or 0.131% of the Trust’s average weighted net assets of $880,278,341 during the nine-month period. The net asset value per share of $30.74 on March 31, 2025 was the highest during the period, compared with a low during the period of $23.01 on July 01, 2024.
Previous report — wording carried elsewhere
The net increase in net assets resulting from operations for the 9 months period ending March 31, 2025 was $258,761,849, resulting from an unrealized gain on investment in gold bullion of $233,192,048, increased by a gain of $26,725,566 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,155,765. Other than the Sponsor’s fees the Trust had no expenses during the quarter.