10-Q: GraniteShares Gold Trust Q3 2026 Results

GraniteShares Gold Trust reports a 6.8% increase in net asset value for Q3 2026, driven by a 6.97% rise in gold prices.

Summary

• The GraniteShares Gold Trust reported a net asset value (NAV) of $1,593,242,746 as of March 31, 2026, an increase of 6.8% from December 31, 2025.
• This increase was primarily driven by a 6.97% rise in the price of gold during the quarter, from $4,307.95 to $4,608.35.
• The number of outstanding shares decreased slightly by 0.1% to 35,100,000.
• Net assets increased by $101,342,616 for the quarter, attributed to an unrealized gain on gold bullion and gains from metal sales to cover expenses and redemptions, partially offset by sponsor fees.
• For the nine months ended March 31, 2026, the NAV increased by 44.11% to $1,593,242,746, largely due to a 40.18% increase in gold prices.
• During this nine-month period, the number of shares outstanding increased by 2.9% to 35,100,000, resulting from 39 creation orders and 19 redemption orders.
• The net increase in net assets for the nine-month period was $443,528,965, driven by unrealized gains on gold and gains from metal sales, less sponsor fees.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing positively due to the strong performance driven by gold price appreciation, aligning with the Trust's investment objective. The slight decrease in shares outstanding and ongoing sponsor fees are minor considerations against the overall positive results.

Positives

• Significant increase in Net Asset Value (NAV) by 6.8% in Q3 2026, reaching $1,593,242,746.
• Strong performance over the nine months ended March 31, 2026, with NAV increasing by 44.11%.
• The value of the Trust's investment in gold bullion increased substantially, reflecting positive market movements.
• Net asset value per share increased from $42.45 to $45.39 in Q3 2026.
• The Trust's investment in gold bullion saw a change in unrealized appreciation of $89,760,616 for the quarter and $424,477,371 for the nine-month period.
• The number of shares outstanding increased by 2.9% over the nine-month period, indicating investor interest in creations.

Negatives

• A slight decrease in the number of outstanding shares by 0.1% in Q3 2026.
• Sponsor fees, though managed, represent an ongoing expense impacting NAV per share growth relative to gold price increases.
• The net asset value per share increased less than the price of gold on a percentage basis due to sponsor fees in Q3 2026.
• The net asset value per share increased less than the price of gold on a percentage basis due to sponsor fees for the nine-month period.

Risks

• The value of an investment in the Shares is expected to decline proportionately if the price of gold declines.
• Global gold supply and demand factors, including producer forward selling, central bank actions, and production costs, can affect gold prices.
• Investor expectations regarding inflation, currency exchange rates, and interest rates can influence gold prices.
• Investment and trading activities of hedge funds and commodity funds can impact gold prices.
• Global or regional political, economic, or financial events and situations can materially affect the Trusts financial position and results of operations.
• There is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the general objective of the Trust to reflect the performance of the price of gold, less expenses.

Management Comments

• The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in gold.
• The Trustee will endeavor to sell the smallest amounts of gold needed to pay expenses in order to minimize the Trusts holdings of assets other than gold.
• The Sponsor has evaluated tax positions and determined no reserves for uncertain tax positions are required.
• The Sponsor does not intend to waive any part of its fee at this time.

Industry Context

StockSavvy.ai notes that the GraniteShares Gold Trust's performance is directly tied to the price of gold, a key commodity influenced by macroeconomic factors such as inflation, interest rates, and geopolitical events. The Trust's structure as an investment company holding physical gold bullion means its results will mirror gold market movements, with sponsor fees being the primary expense impacting net returns.

Comparison to Industry Standards

• The Trust's expense ratio of 0.17% (annualized) is competitive within the gold ETF industry. For example, the SPDR Gold Shares (GLD) has an expense ratio of 0.40%, and iShares Gold Trust (IAU) has an expense ratio of 0.25%.
• The Trust's objective of reflecting the price of gold is standard for physically-backed gold ETFs.
• The valuation methodology using LBMA PM Gold Price is a widely accepted industry standard for pricing physical gold.

Legal Proceedings

• None.

Related Party Transactions

• A fee is paid to the Sponsor (GraniteShares LLC) for services, accrued daily at an annualized rate of 0.1749% of the adjusted daily net asset value and paid monthly.
• The Sponsor assumes administrative and marketing expenses, including trustee fees, custodian fees, listing fees, SEC registration fees, printing, mailing, audit, and legal expenses (up to $100,000 per annum).
• Affiliates of the Trustee may act as Authorized Participants or trade gold/shares for their own accounts or customer accounts.

Stakeholder Impact

• Shareholders: Directly benefit from the increase in the Net Asset Value per Share due to the rise in gold prices. Potential dilution from share redemptions is minimal.
• Sponsor: Receives fees for services and assumes certain administrative costs, benefiting from the Trust's assets under management.
• Trustee and Custodian: Receive fees for their services in administering and safeguarding the Trust's assets.

Next Steps

• The Trustee will continue to evaluate gold held by the Trust and determine net asset value and NAV daily.
• The Sponsor will continue to oversee the performance of the Trustee and service providers.
• The Trust will continue to issue and redeem Shares in exchange for gold with Authorized Participants.
• The Trust will continue to accrue and pay Sponsor fees monthly.

Key Dates

Recommendation

The filing indicates expected results based on gold price movements, with no significant deviations or new information that would warrant a change in investment strategy. The Trust continues to perform as designed, tracking the price of gold. Investors seeking exposure to gold would likely maintain their positions, while those looking for growth beyond commodity prices would not find new catalysts here.

Keywords

GraniteShares Gold Trust, 10-Q, Gold Bullion, ETF, SEC Filing, Quarterly Report, Net Asset Value, Gold Price, Investment Company, Commodities