Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ___________ to _____________

Commission File Number: 001-38195

GRANITESHARES GOLD TRUST

(Exact name of registrant as specified in its charter)

New York		82-6393903
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

c/o GraniteShares Inc

222 Broadway, 21st Floor

New York, New York 10038

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(646) 876-5096

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Shares		BAR		NYSE Arca, Inc.

As of February 02, 2024, the Registrant had 46,500,000 Shares outstanding.

GRANITESHARES GOLD TRUST

FORM 10-Q

FOR THE QUARTER ENDED DECEMBER 31, 2023

INDEX

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14

Item 4.	Controls and Procedures	14

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	14

Item 1A.	Risk Factors	14

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14

Item 3.	Defaults Upon Senior Securities	15

Item 4.	Mine Safety Disclosures	15

Item 5.	Other Information	15

Item 6.	Exhibits	15

SIGNATURES		16

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities

At December 31, 2023 (unaudited) and June 30, 2023

Amounts in 000’s of US$, except share and per share data	December 31, 2023		June 30, 2023
	(unaudited)
Assets
Investment in gold bullion, at fair value⁽¹⁾	$	960,623	$	935,950
Total Assets	$	960,623	$	935,950

Liabilities
Fees payable to Sponsor		140		139
Total Liabilities		140		139
Net Assets	$	960,483	$	935,811

Shares issued and outstanding⁽²⁾		47,100,000		49,450,000
Net asset value per Share	$	20.39	$	18.92

⁽¹⁾	Cost of investment in gold bullion: $752,005 and $787,089, respectively.
⁽²⁾	No par value, unlimited amount authorized.

See Notes to the Financial Statements

Schedules of Investments

At December 31, 2023 (unaudited) and June 30, 2023

Amounts in 000’s of US$, except for ounces and percentages

December 31, 2023 (unaudited)	Ounces of gold		Cost		Value			% of Net Assets
Gold bullion		465,779.227	$	752,005	$	960,623			100.01	%
Total investment			$	752,005	$	960,623			100.01	%
Liabilities in excess of other assets					$	(140	)		(0.01	)%
Net Assets					$	960,483			100.00	%

June 30, 2023	Ounces of gold		Cost		Value			% of Net Assets
Gold bullion		489,449.928	$	787,089	$	935,950			100.01	%
Total investment			$	787,089	$	935,950			100.01	%
Liabilities in excess of other assets					$	(139	)		(0.01	)%
Net Assets					$	935,811			100.00	%

See Notes to the Financial Statements

Statements of Operations (Unaudited)

For the three and six months ended December 31, 2023 and 2022

Amounts in 000’s of US$, except per share data	Three Months Ended December 31, 2023			Three Month Ended December 31, 2022			Six Months Ended December 31, 2023			Six Months Ended December 31, 2022

Expenses
Sponsor fees	$	406		$	378		$	815		$	774
Total expenses		406			378			815			774
Net investment loss		(406	)		(378	)		(815	)		(774	)

Net realized and unrealized gain (loss)
Net realized gain (loss) from:
Gold bullion sold to pay expenses		66			25			135			65
Gold bullion distributed for the redemption of Shares		5,865			3,562			10,102			10,681
Net realized gain (loss)		5,931			3,587			10,237			10,746
Net change in unrealized appreciation (depreciation)		84,042			66,572			59,757			(17,355	)
Net realized and unrealized gain (loss)		89,973			70,159			69,994			(6,609	)
Net increase (decrease) in net assets resulting from operations	$	89,567		$	69,781		$	69,179		$	(7,383	)

Net increase (decrease) in net assets per share	$	1.90		$	1.39		$	1.44		$	(0.14	)
Weighted average number of shares (in 000’s)		47,260			50,136			48,000			51,180

See Notes to the Financial Statements

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended December 31, 2023 and 2022

Amounts in 000’s of US$	Three Months Ended December 31, 2023			Three Months Ended December 31, 2022			Six Months Ended December 31, 2023			Six Months Ended December 31, 2022

Net Assets – beginning of the period	$	883,520		$	831,601		$	935,811		$	996,127
Creations of 550,000, 1,600,000, 800,000 and 1,600,000 shares respectively		10,948			26,767			15,733			26,767
Redemptions of 1,200,000, 2,400,000, 3,150,000 and 7,500,000 shares respectively		(23,552	)		(41,360	)		(60,240	)		(128,722	)
Net investment loss		(406	)		(378	)		(815	)		(774	)
Net realized gain (loss) from gold bullion sold to pay expenses		66			25			135			65
Net realized gain (loss) from gold bullion distributed for redemptions		5,865			3,562			10,102			10,681
Net change in unrealized appreciation (depreciation) on investment in gold bullion		84,042			66,572			59,757			(17,355	)
Net Assets – end of period	$	960,483		$	886,789		$	960,483			886,789

See Notes to the Financial Statements

Financial Highlights (Unaudited)

For the three and six months ended December 31, 2023 and 2022

Per Share Performance (for a Share outstanding throughout each period)	Three Months Ended December 31, 2023			Three Months Ended December 31, 2022			Six Months Ended December 31, 2023			Six Months Ended December 31, 2022
Net asset value per Share at beginning of period	$	18.50		$	16.57		$	18.92		$	18.01
Net investment gain (loss)⁽¹⁾		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investment in gold bullion		1.90			1.39			1.49			(0.04	)
Net change in net assets from operations		1.89			1.38			1.47			(0.06	)
Net asset value per Share at end of period	$	20.39		$	17.95		$	20.39		$	17.95

Market value per Share at end of period	$	20.39		$	18.05		$	20.39		$	18.05

Total return ratio, at net asset value⁽²⁾		10.22	%		8.33	%		7.77	%		(0.33	)%
Total return ratio, at market price		11.54	%		9.59	%		7.26	%		0.78	%

Net assets ($000’s)	$	960,483		$	886,789		$	960,483		$	886,789

Ratio to average net assets
Net investment loss ⁽³⁾		(0.17	)%		(0.17	)%		(0.17	)%		(0.17	)%
Expenses ⁽³⁾		0.17	%		0.17	%		0.17	%		0.17	%

⁽¹⁾	Calculated using the average shares outstanding method.
⁽²⁾	Percentage not annualized.
⁽³⁾	Percentage annualized.

See Notes to the Financial Statements

Notes to the Financial Statements (Unaudited)

1. Organization

GraniteShares Gold Trust (the “Trust”) is an investment trust formed on August 24, 2017 under New York law pursuant to a trust indenture. The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that time less the Trust’s accrued expenses and liabilities as of that time. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold.

The fiscal year end for the Trust is June 30.

Undefined capitalized terms shall have the meaning as set forth in the Trust’s registration statement.

2. Basis of Accounting and Significant Accounting Policies

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Trust.

2.1 Custody and Fair Valuation of Gold

The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Gold is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom vaulting premises. 100.00% and 99.84% of gold is allocated gold in the form of good delivery gold bars as of December 31, 2023 and 2022, respectively. A current list of all gold held by the Custodian is available on the sponsor’s website. The cost of gold is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) PM Gold Price. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading.

The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold Price to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

Level 3: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

December 31, 2023

Level 1

Level 2

Level 3

Investment in Gold

960,623

–

Total

960,623

–

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

June 30, 2023

Level 1

Level 2

Level 3

Investment in Gold

935,950

–

Total

935,950

–

There were no transfers between Level 1 and other Levels for the period ended December 31, 2023 and year ended June 30, 2023.

2.2 Expenses, realized gains and losses

The Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate equal to 0.1749% of the adjusted daily net asset value of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

As of period ended December 31, 2023, the fees payable to the Sponsor was $139,878. As of year, ended June 30, 2023, the fees payable to the Sponsor were $139,167.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay these expenses. When selling gold to pay expenses, the Trustee will endeavour to sell the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold. Other than the Sponsor’s Fee, the Trust had no expenses during the three months and 6 months ended December 31, 2023 and 2022.

Unless otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the LBMA PM Gold Price. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such gold only if the sale transaction is made at the next LBMA PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the cost of the gold sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of gold transferred. Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

2.3. Gold Receivable and Payable

Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

2.4 Creations and Redemptions of Shares

The Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized Participants. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Orders to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the gold required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day.

Authorized Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of shares.

2.5 Income Taxes

The Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, gains, losses and deductions to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2023 and June 30, 2023.

The Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of December 31, 2023, the 2023, 2022 and 2021 tax years remain open for examination.

3. Investment in Gold

Changes in ounces of gold and their respective values for the period ended December 31, 2023:

Schedule of Investment in Gold

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2023		489,449.928			935,950
Gold bullion contributed		7,911.894			15,733
Gold bullion distributed		(31,582.595	)		(50,817	)
Change in unrealized appreciation (depreciation)		-			59,757
Ending balance as of December 31, 2023		465,779.227			960,623

Changes in ounces of gold and their respective values for the fiscal year ended June 30, 2023:

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2022		548,305.419			996,271
Gold bullion contributed		40,604.943			75,035
Gold bullion distributed		(99,460.434	)		(158,308	)
Change in unrealized appreciation (depreciation)		-			22,952
Ending balance as of June 30, 2023		489,449.928			935,950

4. Related parties – Sponsor and Trustee

A fee is paid to the Sponsor as compensation for services performed under the Trust Agreement. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. The Sponsor’s fee is payable at an annualized rate of 0.1749% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business Day’s Net Asset Value and paid monthly in arrears.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any part of its fee.

Affiliates of the Trustee may from time-to-time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

5. Concentration of risk

In accordance with Statement of Position No. 94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business activity is the investment in gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

6. Indemnification

Under the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates) and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability, loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties under the Trust Agreement or any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any claim therefore. In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. Except as required by applicable disclosure laws, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on August 24, 2017. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds gold and is expected to issue Baskets in exchange for deposits of gold, and to distribute gold in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of investing in gold.

The Trust issues and redeems Shares only with Authorized Participants in exchange for gold and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “BAR”.

Valuation of Gold; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value of the Trust and the NAV. The Trustee values the gold held by the Trust using that day’s LBMA Gold Price PM. If there is no announced LBMA Gold Price PM on a business day, the Trustee is authorized to use that day’s LBMA Gold Price AM. Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the gold and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity and Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

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, 2023 the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below, the Trust describes the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended December 31, 2023

The Trust’s net asset value increased from $883,519,519 on September 30 to $960,483,199 on December 31, 2023, a 8.71% increase. The increase in the Trust’s net asset value was due to a 10.26% increase of gold price from $1,870.50 on September 30, 2023 to $2,062.40 on December 31, 2023. The gold price increase was negatively affected by a decrease in the number of shares outstanding from 47,750,000 to 47,100,000 over this period. The net 650,000 shares decrease was a result of 11 creation orders and 24 redemption orders (50,000 shares per creation and redemption).

The 10.22% increase in the Trust’s net asset value per share, from $18.50 on September 30, 2023 to $20.39 on December 31, 2023 is directly related to the 10.26% increase in the price of gold.

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 $406,153 for the quarter, or 0.044% of the Trust’s average weighted net assets of $923,656,201 during the quarter. The net asset value per share of $20.55 on December 28, 2023, was the highest during the quarter, compared with a low during the quarter of $17.99 on October 4, 2023.

Net increase in net assets resulting from operations for the quarter ended December 31, 2023 was $89,567,431, resulting primarily from an unrealized gain on investment in gold bullion of $84,042,332, increased by a gain of $5,931,252 on metal sold to cover redemption orders and Sponsor’s fees but reduced by the Sponsor’s fees of $406,153. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Six Months Ended December 31, 2023

The Trust’s net asset value increased from $935,811,456 on June 30, 2023 to $960,483,199 on December 31, 2023, a 2.64% increase. The increase in the Trust’s net asset value over this period was affected by a reduction in the number of shares outstanding from 49,450,000 to 47,100,000, a 4.75% decrease. The 2,350,000 shares decrease was the net result of 16 creation orders and 63 redemption orders (50,000 shares per creation and redemption order). The impact of the net redemption activity on the Trust’s net asset value was reduced by the positive change in the price of gold, which increased by 7.85% from $1,912.25 on June 30, 2023 to $2,062.40 on December 31, 2023.

The 7.77% increase in the Trust’s net asset value per share, from $18.92 at June 30, 2023 to $20.39 at December 31, 2023 is directly related to the 7.85% increase in the price of gold.

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 $815,309 for the period, or 0.088% of the Trust’s average weighted net assets of $926,875,134 during the six-month period. The net asset value per share of $20.55 on December 28, 2023, was the highest during the period, compared with a low during the quarter of $17.99 on October 4, 2023.

Net increase in net assets resulting from operations for the 6 months period ending December 31, 2023, was $69,179,039, resulting from an unrealized gain on investment in gold bullion of $59,757,186, increased by a gain of $10,237,162 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $815,309. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and to Audit Committee of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

There has been no change in the internal control over financial reporting that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider the factors discussed in Part I, Page 8 “Risk Factors” in our prospectus dated April 25, 2022, filed pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission, file number 333-263774, which could materially affect our business, financial condition or future results. The risks described in the prospectus are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) For the three months ended December 31, 2023: 24 baskets were redeemed.

Period	Total Baskets Redeemed		Total Shares Redeemed		Average ounces of gold per Share
October 2023		4		200,000		0.0098914
November 2023		20		1,000,000		0.0098896
December 2023		0		-		-
Total		24		1,200,000		0.0098898

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(a)		Exhibits
31.1		Chief Executive Officer and Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Chief Accounting Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Chief Executive Officer and Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Chief Accounting Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculations Document
101.DEF		Inline XBRL Taxonomy Extension Definition Document
101.LAB		Inline XBRL Taxonomy Extension Labels Document
101.PRE		Inline XBRL Taxonomy Presentation Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

	GraniteShares LLC
	Sponsor of the GraniteShares Gold Trust
	(Registrant)

Date: February 02, 2024	/s/ William Rhind
	William Rhind*
	CEO and CFO

Date: February 02, 2024	/s/ Benoit Autier
	Benoit Autier*
	Chief Accounting Officer

*The Registrant is a trust and the persons are signing in their capacities as officers of GraniteShares LLC, the Sponsor of the Registrant.

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

AND CHIEF FINANCIAL OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William Rhind, certify that:

1. I have reviewed this Report on Form 10-Q of GraniteShares Gold Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 02, 2024	/s/ William Rhind
	William Rhind*
	Chief Executive Officer and Chief Financial Officer

* The Registrant is a trust and Mr. Rhind is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant

Exhibit 31.2

CERTIFICATION OF THE CHIEF ACCOUNTING OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Benoit Autier, certify that:

1. I have reviewed this Report on Form 10-Q of GraniteShares Gold Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 02, 2024	/s/ Benoit Autier
	Benoit Autier*
	Chief Accounting Officer

* The Registrant is a trust and Mr. Autier is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of GraniteShares Gold Trust (the “Company”) on Form 10-Q for the quarter ended December 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date February 02, 2024	/s/ William Rhind
	William Rhind*
	Chief Executive Officer and Chief Financial Officer

*The Registrant is a trust and Mr. Rhind is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date February 02, 2024	/s/ Benoit Autier
	Benoit Autier*
	Chief Accounting Officer

*The Registrant is a trust and Mr. Autier is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant.

Cover - shares	6 Months Ended
Cover - shares	Dec. 31, 2023	Feb. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30
Entity File Number	001-38195
Entity Registrant Name	GRANITESHARES GOLD TRUST
Entity Central Index Key	0001690437
Entity Tax Identification Number	82-6393903
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	c/o GraniteShares Inc
Entity Address, Address Line Two	222 Broadway, 21st Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10038
City Area Code	(646)
Local Phone Number	876-5096
Title of 12(b) Security	Shares
Trading Symbol	BAR
Security Exchange Name	NYSEArca
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,500,000

Statements of Assets and Liabilities - USD ($)
$ in Thousands

Dec. 31, 2023

Jun. 30, 2023

Assets

Investment in gold bullion, at fair value

^[1]

$ 960,623

$ 935,950

Total Assets

960,623

935,950

Liabilities

Fees payable to Sponsor

140

139

Total Liabilities

140

139

Net Assets

$ 960,483

$ 935,811

Shares issued and outstanding

^[2]

47,100,000

49,450,000

Net asset value per Share

$ 20.39

$ 18.92

[1]	Cost of investment in gold bullion: $752,005 and $787,089, respectively.
[2]	No

Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Schedule of Investments [Abstract]
Cost of investment in gold bullion	$ 752,005	$ 787,089
Shares authorized	Unlimited	Unlimited

Schedules of Investments $ in Thousands	Dec. 31, 2023 USD ($) oz	Jun. 30, 2023 USD ($) oz
Investment in Gold bullion \| oz	465,779.227	489,449.928
Cost	$ 752,005	$ 787,089
Fair Value	$ 960,623	$ 935,950
Percentage of Net Assets	100.01%	100.01%
Fair Value	$ (140)	$ (139)
Percentage of Net Assets	(0.01%)	(0.01%)
Fair Value	$ 960,483	$ 935,811
Percentage of Net Assets	100.00%	100.00%
Gold Bullion [Member]
Investment in Gold bullion \| oz	465,779.227	489,449.928
Cost	$ 752,005	$ 787,089
Fair Value	$ 960,623	$ 935,950
Percentage of Net Assets	100.01%	100.01%

Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Expenses
Sponsor fees	$ 406	$ 378	$ 815	$ 774
Total expenses	406	378	815	774
Net investment loss	(406)	(378)	(815)	(774)
Net realized gain (loss) from:
Gold bullion sold to pay expenses	66	25	135	65
Gold bullion distributed for the redemption of Shares	5,865	3,562	10,102	10,681
Net realized gain (loss)	5,931	3,587	10,237	10,746
Net change in unrealized appreciation (depreciation)	84,042	66,572	59,757	(17,355)
Net realized and unrealized gain (loss)	89,973	70,159	69,994	(6,609)
Net increase (decrease) in net assets resulting from operations	$ 89,567	$ 69,781	$ 69,179	$ (7,383)
Net increase (decrease) in net assets per share, basic	$ 1.90	$ 1.39	$ 1.44	$ (0.14)
Net increase (decrease) in net assets per share, diluted	$ 1.90	$ 1.39	$ 1.44	$ (0.14)
Weighted average number of shares, basic	47,260	50,136	48,000	51,180
Weighted average number of shares, diluted	47,260	50,136	48,000	51,180

Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Assets – beginning of the period	$ 883,520	$ 831,601	$ 935,811	$ 996,127
Creations of 550,000, 1,600,000, 800,000 and 1,600,000 shares respectively	10,948	26,767	15,733	26,767
Redemptions of 1,200,000, 2,400,000, 3,150,000 and 7,500,000 shares respectively	(23,552)	(41,360)	(60,240)	(128,722)
Net investment loss	(406)	(378)	(815)	(774)
Net realized gain (loss) from gold bullion sold to pay expenses	66	25	135	65
Net realized gain (loss) from gold bullion distributed for redemptions	5,865	3,562	10,102	10,681
Net change in unrealized appreciation (depreciation) on investment in gold bullion	84,042	66,572	59,757	(17,355)
Net Assets – end of period	$ 960,483	$ 886,789	$ 960,483	$ 886,789

Statements of Changes in Net Assets (Unaudited) (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Creation of shares	550,000	1,600,000	800,000	1,600,000
Redemption of shares	1,200,000	2,400,000	3,150,000	7,500,000

Financial Highlights (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Net asset value per Share at beginning of period

$ 18.50

$ 16.57

$ 18.92

$ 18.01

Net investment gain (loss)

^[1]

(0.01)

(0.02)

Net realized and unrealized gain (loss) on investment in gold bullion

1.90

1.39

1.49

(0.04)

Net change in net assets from operations

1.89

1.38

1.47

(0.06)

Net asset value per Share at end of period

20.39

17.95

20.39

17.95

Market value per Share at end of period

$ 20.39

$ 18.05

$ 20.39

$ 18.05

Total return ratio, at net asset value

^[2]

10.22%

8.33%

7.77%

(0.33%)

Total return ratio, at market price

11.54%

9.59%

7.26%

0.78%

Net assets ($000’s)

$ 960,483

$ 886,789

$ 960,483

$ 886,789

Ratio to average net assets

Net investment loss

^[3]

(0.17%)

Expenses

^[3]

0.17%

[1]	Calculated using the average shares outstanding method.
[2]	Percentage not annualized.
[3]	Percentage annualized.

Organization

6 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

The fiscal year end for the Trust is June 30.

Undefined capitalized terms shall have the meaning as set forth in the Trust’s registration statement.

Basis of Accounting and Significant Accounting Policies

6 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Accounting and Significant Accounting Policies

2. Basis of Accounting and Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust.

2.1 Custody and Fair Valuation of Gold

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

December 31, 2023

Level 1

Level 2

Level 3

Investment in Gold

960,623

–

Total

960,623

–

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

June 30, 2023

Level 1

Level 2

Level 3

Investment in Gold

935,950

–

Total

935,950

–

There were no transfers between Level 1 and other Levels for the period ended December 31, 2023 and year ended June 30, 2023.

2.2 Expenses, realized gains and losses

As of period ended December 31, 2023, the fees payable to the Sponsor was $139,878. As of year, ended June 30, 2023, the fees payable to the Sponsor were $139,167.

2.3. Gold Receivable and Payable

2.4 Creations and Redemptions of Shares

2.5 Income Taxes

Investment in Gold

6 Months Ended

Dec. 31, 2023

Schedule of Investments [Abstract]

Investment in Gold

3. Investment in Gold

Changes in ounces of gold and their respective values for the period ended December 31, 2023:

Schedule of Investment in Gold

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2023		489,449.928			935,950
Gold bullion contributed		7,911.894			15,733
Gold bullion distributed		(31,582.595	)		(50,817	)
Change in unrealized appreciation (depreciation)		-			59,757
Ending balance as of December 31, 2023		465,779.227			960,623

Changes in ounces of gold and their respective values for the fiscal year ended June 30, 2023:

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2022		548,305.419			996,271
Gold bullion contributed		40,604.943			75,035
Gold bullion distributed		(99,460.434	)		(158,308	)
Change in unrealized appreciation (depreciation)		-			22,952
Ending balance as of June 30, 2023		489,449.928			935,950

Related parties – Sponsor and Trustee

6 Months Ended

Dec. 31, 2023

Related parties – Sponsor and Trustee

4. Related parties – Sponsor and Trustee

Concentration of risk

6 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Concentration of risk

5. Concentration of risk

Indemnification

6 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Indemnification

6. Indemnification

Subsequent events

6 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent events

7. Subsequent events

Basis of Accounting and Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Custody and Fair Valuation of Gold

2.1 Custody and Fair Valuation of Gold

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

December 31, 2023

Level 1

Level 2

Level 3

Investment in Gold

960,623

–

Total

960,623

–

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

June 30, 2023

Level 1

Level 2

Level 3

Investment in Gold

935,950

–

Total

935,950

–

There were no transfers between Level 1 and other Levels for the period ended December 31, 2023 and year ended June 30, 2023.

Expenses, realized gains and losses

2.2 Expenses, realized gains and losses

As of period ended December 31, 2023, the fees payable to the Sponsor was $139,878. As of year, ended June 30, 2023, the fees payable to the Sponsor were $139,167.

Gold Receivable and Payable

2.3. Gold Receivable and Payable

Creations and Redemptions of Shares

2.4 Creations and Redemptions of Shares

Income Taxes

2.5 Income Taxes

Basis of Accounting and Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Trust’s Investments at Fair Value

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

December 31, 2023

Level 1

Level 2

Level 3

Investment in Gold

960,623

–

Total

960,623

–

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

June 30, 2023

Level 1

Level 2

Level 3

Investment in Gold

935,950

–

Total

935,950

–

Investment in Gold (Tables)

6 Months Ended

Dec. 31, 2023

Schedule of Investments [Abstract]

Schedule of Investment in Gold

Changes in ounces of gold and their respective values for the period ended December 31, 2023:

Schedule of Investment in Gold

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2023		489,449.928			935,950
Gold bullion contributed		7,911.894			15,733
Gold bullion distributed		(31,582.595	)		(50,817	)
Change in unrealized appreciation (depreciation)		-			59,757
Ending balance as of December 31, 2023		465,779.227			960,623

Changes in ounces of gold and their respective values for the fiscal year ended June 30, 2023:

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2022		548,305.419			996,271
Gold bullion contributed		40,604.943			75,035
Gold bullion distributed		(99,460.434	)		(158,308	)
Change in unrealized appreciation (depreciation)		-			22,952
Ending balance as of June 30, 2023		489,449.928			935,950

Schedule of Trust’s Investments at Fair Value (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Jun. 30, 2023

Jun. 30, 2022

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total

$ 960,623

^[1]

$ 935,950

^[1]

$ 996,271

Fair Value, Inputs, Level 1 [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total

960,623

935,950

Fair Value, Inputs, Level 2 [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total

Fair Value, Inputs, Level 3 [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total

Gold [Member] | Fair Value, Inputs, Level 1 [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total

960,623

935,950

Gold [Member] | Fair Value, Inputs, Level 2 [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total

Gold [Member] | Fair Value, Inputs, Level 3 [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total

[1]	Cost of investment in gold bullion: $752,005 and $787,089, respectively.

Basis of Accounting and Significant Accounting Policies (Details Narrative)	3 Months Ended		6 Months Ended
	Dec. 31, 2023 USD ($) oz	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) oz shares	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)
Accounting Policies [Abstract]
Percentage of allocated gold available to sale	100.00%	99.84%	100.00%	99.84%
Fee paid to sponsor percentage			0.1749%
Fees payable to sponsor	$ 139,878		$ 139,878		$ 139,167
Other expenses	$ 0	$ 0	$ 0	$ 0
Minimum block of shares issued redeemed \| shares			50,000
Transaction fee for creations and redemptions			$ 500
Trust unallocated account \| oz	430		430
Income tax examination description			As of December 31, 2023, the 2023, 2022 and 2021 tax years remain open for examination