# Sprott Physical Gold & Silver Trust

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Sprott Physical Gold & Silver Trust).

## Overview

Sprott Physical Gold & Silver Trust is a closed-end mutual fund trust that holds allocated physical gold and silver bullion for unitholders. It is organized under Ontario law, with units listed and traded on NYSE Arca and the Toronto Stock Exchange under the CEF ticker family.

## Products & services

• Closed-end trust units backed by physical gold and silver bullion
• Exchange-traded exposure to allocated precious metals
• Long-term bullion holding structure for investors
• Cash and working-capital management for the trust

- **Physical gold bullion** (59.6%) — Allocated physical gold held by the trust as part of its investment mandate.
- **Physical silver bullion** (40.1%) — Allocated physical silver held by the trust as part of its investment mandate.
- **Cash and equivalents** (0.4%) — Cash held for settlement needs, expenses, and portfolio liquidity.
- **Other assets and liabilities** (-0.1%) — Residual net assets and liabilities not attributable to bullion holdings.

- Closed-end trust units backed by physical gold and silver bullion
- Exchange-traded exposure to allocated precious metals
- Long-term bullion holding structure for investors
- Cash and working-capital management for the trust

## Customers

The trust is bought by investors who want listed, physically backed exposure to gold and silver without taking direct custody of bullion. Its unitholder base typically includes retail investors, wealth accounts, and institutions seeking a portfolio hedge or store-of-value allocation. The product is designed for investors that value exchange-traded access, transparency of holdings, and daily liquidity on public exchanges.

- **Retail investors** (primary) — Buy trust units for simple exchange-traded exposure to gold and silver.
- **Wealth management clients** (primary) — Use the trust as a liquid precious-metals allocation within managed portfolios.
- **Institutional investors** (secondary) — Buy units for hedging, diversification, or tactical commodity exposure.
- **Advisors and intermediaries** (secondary) — Recommend the trust as a listed substitute for direct bullion ownership.

- Retail investors seeking exchange-traded precious metals exposure
- Wealth and advisory clients using bullion as a portfolio hedge
- Institutions allocating to gold and silver through listed securities
- Investors who prefer allocated bullion over direct physical ownership

## Geography

The trust is organized in Ontario, Canada, with a registered office in Toronto, while its units trade on NYSE Arca in the United States and on the Toronto Stock Exchange in Canada. Its bullion is custodied in Canada, and the investment product is therefore cross-border: Canadian-domiciled, U.S.-listed, and globally accessible through public markets. Geography matters mainly through listing access, custody location, and the currency/market base used by investors.

- Ontario, Canada domicile under a trust structure
- Toronto registered office and Canadian custody infrastructure
- NYSE Arca listing broadens access for U.S. investors
- TSX listing serves Canadian market participants
- Bullion custody in Canada concentrates operational exposure

## Strategy

The trust’s core strategy is to hold substantially all assets in long-term, unencumbered, fully allocated physical gold and silver bullion. It seeks to provide a secure, convenient, exchange-traded alternative to direct bullion ownership, rather than trading around short-term price moves. Preserving allocated custody, transparency of holdings, and simple market access are central to its positioning.

- **Maintain fully allocated bullion holdings** (long-term) — The trust’s value proposition depends on direct ownership of physical metals.
- **Preserve exchange-traded accessibility** (medium-term) — Listed units make bullion exposure easier to buy, sell, and hold in portfolios.
- **Protect transparency and investor trust** (short-term) — A bullion-backed structure relies on clear disclosure of holdings and NAV.

- Hold substantially all assets in physical gold and silver bullion
- Use fully allocated, unencumbered custody for investor confidence
- Offer exchange-traded access instead of direct bullion ownership
- Avoid short-term speculation in bullion prices
- Maintain simple structure and transparent portfolio reporting

## Risks

The trust is exposed to bullion price volatility because its net asset value is directly linked to gold and silver prices. It also faces concentration and custody risks from holding nearly all assets in a small number of bullion locations, alongside the usual exchange-traded fund risks of liquidity, tracking, and market pricing versus NAV. Operational and regulatory risks arise from custody arrangements, exchange listing requirements, and the trust’s dependence on third-party service providers.

- **Gold and silver price volatility** [high] — The trust’s value is driven by spot bullion prices, which can move sharply.
- **Physical bullion concentration** [high] — Nearly all assets are held in two metals across a limited number of locations.
- **Custody and storage dependence** [high] — The trust relies on third-party custodians for bullion safekeeping and administration.
- **Market price versus NAV dislocation** [medium] — Listed trust units can trade above or below underlying bullion value.

- Bullion price swings directly move net asset value
- Concentration in physical gold and silver creates asset-specific risk
- Custody and storage arrangements are critical to asset security
- Market price can diverge from NAV for exchange-traded units
- Dependence on manager, trustee, and custodian increases operational reliance

## Accounting

The trust measures physical bullion at fair value using published price quotations, so changes in metal prices flow directly through reported unrealized and realized gains or losses. Because the trust is structured to distribute taxable income, it generally does not record income taxes, and most results are sensitive to fair-value marks rather than operating accruals. Investors should also watch concentration disclosures and the valuation basis for bullion, since those drive the reported net asset value.

- **Fair value of physical bullion** — Largest driver of income and NAV movement
- **Realized versus unrealized gains and losses** — Can cause large non-cash swings in quarterly results
- **Taxable income distribution policy** — Limits deferred tax recognition
- **Trade-date recognition** — Impacts period cut-off and comparability

- Fair-value accounting makes bullion price moves flow into earnings
- Unrealized gains and losses dominate reported performance
- Trade-date accounting affects when purchases and sales are recognized
- Tax treatment generally avoids deferred tax balances
- NAV depends on published bullion quotations and valuation conventions

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*Last updated: 2026-09-28T12:14:07.649964+00:00*