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Item 1. Financial Statements

2024-05-08 compared with 2024-02-02 · 213 added, 248 removed, 78 unchanged (86% of the section changed)

Financial Statements

Statements of Assets and Liabilities

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

of Assets and Liabilities

March 31, 2024 (unaudited) and June 30, 2023

Amounts in 000’s of US$, except share and per share data

December 31, 2023

March 31, 2024

June 30, 2023

Investment in gold bullion, at fair value (1)

3 unchanged sentences

Net asset value per Share

Cost of investment in gold bullion:

of investment in gold bullion:

$731,734 and $787,089, respectively.

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

% of Net Assets

par value, unlimited amount authorized.

Notes to the Financial Statements

of Investments

March 31, 2024 (unaudited) and June 30, 2023

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

March 31, 2024 (unaudited)

Total investment

1 unchanged sentence

June 30, 2023

Ounces of gold

% of Net Assets

Total investment

Liabilities in excess of other assets

See Notes to the Financial Statements

Statements of Operations (Unaudited)

For the three and six months ended December 31, 2023

Notes to the Financial Statements

of Operations (unaudited)

the three and nine months ended March 31, 2024 and 2023

Amounts in 000’s of US$, except per share data

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

March 31, 2024

March 31, 2023

Total expenses

10 unchanged sentences

Weighted average number of shares (in 000’s)

See Notes to the Financial Statements

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended December 31, 2023

Notes to the Financial Statements

of Changes in Net Assets (unaudited)

the three and nine months ended March 31, 2024 and 2023

Amounts in 000’s of US$

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Three Months Ended

Nine Months Ended

March 31, 2024

Nine Months Ended

March 31, 2023

Net Assets – beginning of the period

3 unchanged sentences

Net realized gain (loss) from gold bullion sold to pay expenses

Net realized gain (loss) from gold bullion distributed for redemptions

Net realized gain (loss) from gold bullion distributed for redemption

Net change in unrealized appreciation (depreciation) on investment in gold bullion

Net Assets – end of period

See Notes to the Financial Statements

Financial Highlights (Unaudited)

For the three and six months ended December 31, 2023

Notes to the Financial Statements

Highlights (unaudited)

the three and nine months ended March 31, 2024 and 2023

Per Share Performance

(for a Share outstanding throughout each period)

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

March 31, 2024

March 31, 2023

Net asset value per Share at beginning of period

Net investment gain (loss) (1)

Net investment loss (1)

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

1 unchanged sentence

Net asset value per Share at end of period

Market value per Share at end of period

Total return ratio, at net asset value (2)

Marlet Value per Share at end of period

return ratio, at net asset value (2)

Total return ratio, at market price

2 unchanged sentences

Net investment loss (3)

Calculated using the average shares outstanding method.

Percentage not annualized.

Percentage annualized.

See Notes to the Financial Statements

Notes to the Financial Statements (Unaudited)

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.

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.

Basis of Accounting and Significant Accounting

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

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.

using the average shares outstanding method.

not annualized.

Notes to the Financial Statements

to the Financial Statements (unaudited)

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.

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.

fiscal year end for the Trust is June 30.

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

Basis of Accounting and Significant Accounting Policies

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.

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.

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

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:

Unadjusted quoted prices in active markets

for identical assets or liabilities that the Trust has the ability to access.

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.

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:

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.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United

Kingdom vaulting premises 97.29% and 99.96% of gold is allocated gold in the form of good delivery gold bars as of March 31, 2024 and 2023,

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.

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.

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.

820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value.

The three levels of inputs are

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

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

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.

of Trust’s Investments at Fair Value

December 31, 2023

March 31, 2024

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

(Amounts in 000’s of US$)

December 31, 2023

March 31, 2024

Investment in Gold

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

June 30, 2023

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

(Amounts in 000’s of US$)

1 unchanged sentence

Investment in Gold

There were no transfers between Level 1 and other

Levels for the period ended December 31, 2023 and year ended June 30, 2023.

were no transfers between Level 1 and other Levels for the period ended March 31, 2024 and year ended June 30, 2023.

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.

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.

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.

of period ended March 31, 2024, the fees payable to the Sponsor was $ 144,413 .

As of year, ended June 30, 2023, the fees payable to the

Sponsor were $ 139,167 .

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 endeavor 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 and nine months ended March 31, 2024 and 2023.

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.

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.

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.

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

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.

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.

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.

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

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.

of December 31, 2023, the 2023, 2022 and 2021 tax years remain open for examination .

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.

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.

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 income, gains, losses and deductions to the Internal Revenue Service

on that basis.

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 March 31, 2024 and June 30, 2023.

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

Open tax years are those years that are open for examination by the relevant income taxing authority.

of March 31, 2024, the 2023, 2022, 2021 and 2020 tax years remain open for examination.

Investment in Gold

Changes in ounces of gold and their respective values

for the period ended December 31, 2023:

in ounces of gold and their respective values for the nine months ended March 31, 2024.

of Investment in Gold

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of December 31, 2023

Changes in ounces of gold and their respective values

for the fiscal year ended June 30, 2023:

Ending balance as of March 31, 2024

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

6 unchanged sentences

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.

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.

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

Presently, the Sponsor does not intend to waive any part of its fee.

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.

Concentration of risk

In accordance with Statement of Position No.

Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business activity is the investment in gold bullion.

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;

(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.

(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.

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.

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.

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.

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements