GraniteShares Gold Trust
For the period ended Mar 31, 2025. Filed May 8, 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.
Mar 31, 2025 · Filed May 8, 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 2024-12-31; filed 2025-02-03.
0001493152-25-004700
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent 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 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 27 current paragraphs.
17 unchanged; 8 reworded; 2 added; 2 removed; 0 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 (2)
Current 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).
Current report
Nine Months Ended March 31, 2025
Removed paragraphs (2)
Previous 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.
Previous report
Six Months Ended December 31, 2024
Reworded paragraphs (8)
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. On December 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. At March 31, 2024 the Trust did not have any cash balances.
Previous wording
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 wording
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 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.
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 $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.
Previous 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.
Current 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.
Previous 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).
Current wording
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).
Previous 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.
Current 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.
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 $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 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 $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 wording
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.
Current wording
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.