GraniteShares Gold Trust

Current report

Beginning on February 28, 2026, the United States and Israel launched airstrikes against Iran, including strikes that killed Iran’s Supreme Leader and other senior officials. Iran responded with military strikes against Israel, US military installations, and US-allied states in the region, and moved to disrupt shipping through the Strait of Hormuz, a critical corridor for global energy trade. Ceasefire deals have been intermittently in place, but hostilities have continued since, including sustained US strikes on Iranian military and infrastructure targets, retaliatory strikes by Iran and allied militias against US and partner-country installations across the region, and a blockade declared by Yemen’s Houthi movement against Saudi Arabia. The International Energy Agency has characterized the resulting disruption to oil markets as among the most severe in the industry’s history. The conflict’s effect on broader financial markets, and its potential to widen further or draw in additional regional and global actors, could increase volatility in the price of gold and the price of the Shares. As with the conflicts in the Middle East and Ukraine described above, sanctions, shipping and logistics disruptions, and broader economic fallout stemming from the conflict could affect the gold market and, in turn, the Trust.

Previous report — wording carried elsewhere

The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities.

Previous report — wording carried elsewhere

Geopolitical events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities could disrupt and potentially impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust.

Previous report — wording carried elsewhere

On October 7, 2023, militants from Gaza attacked Israeli towns, killed Israeli civilians and soldiers and took hostages. In response to the attack, Israel declared war against Hamas, attacking Hamas and Islamic targets in Gaza. The conflict has escalated in the past year and Israel is fighting adversaries across the Middle East, including Hezbollah in Lebanon and the Houthis in Yemen and Iran. The responses of countries and political bodies to these events, the larger overarching tensions, Israel’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict, along with any global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict, could disturb the gold market.

Previous report — wording carried elsewhere

In late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. On March 7, 2022, the LBMA suspended its accreditation of six Russian precious metals refiners. The LBMA stated that existing bars produced by the refiners before their suspension will still be accepted as good delivery. Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022. Similarly, US regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022, and EU regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.

Previous report — wording carried elsewhere

The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.

Previous report — wording carried elsewhere

The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises such as the coronavirus pandemic (the “COVID-19 pandemic”).

Previous report — wording carried elsewhere

Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate. The COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.