Sprott Physical Gold & Silver Trust
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.
Liiketoiminta
Osuus liikevaihdostaAllocated physical gold held by the trust as part of its investment mandate.
Allocated physical silver held by the trust as part of its investment mandate.
Cash held for settlement needs, expenses, and portfolio liquidity.
Residual net assets and liabilities not attributable to bullion holdings.
Asiakkaat
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.
Buy trust units for simple exchange-traded exposure to gold and silver.
Use the trust as a liquid precious-metals allocation within managed portfolios.
Buy units for hedging, diversification, or tactical commodity exposure.
Recommend the trust as a listed substitute for direct bullion ownership.
Strategia
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.
The trust’s value proposition depends on direct ownership of physical metals.
Listed units make bullion exposure easier to buy, sell, and hold in portfolios.
A bullion-backed structure relies on clear disclosure of holdings and NAV.
Maantiede
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.
Riskit
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 volatilityVaikutus: KorkeaTodennäköisyys: Korkea
The trust’s value is driven by spot bullion prices, which can move sharply.
Kohdistuu: Net asset value and unit price
- Physical bullion concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen
Nearly all assets are held in two metals across a limited number of locations.
Kohdistuu: Asset security and valuation concentration
- Custody and storage dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
The trust relies on third-party custodians for bullion safekeeping and administration.
Kohdistuu: Operational continuity and asset control
- Market price versus NAV dislocationVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Listed trust units can trade above or below underlying bullion value.
Kohdistuu: Investor returns and liquidity
Kirjanpito
Harkinnanvaraiset erätGold and silver are marked using published price quotations, so reported results track market prices closely.
Vaikutus: Largest driver of income and NAV movement
Performance is affected by both valuation changes on holdings and dispositions.
Vaikutus: Can cause large non-cash swings in quarterly results
The trust expects to distribute taxable income, reducing recorded tax liabilities.
Vaikutus: Limits deferred tax recognition
Bullion transactions are recorded on trade date, affecting timing of reported purchases and sales.
Vaikutus: Impacts period cut-off and comparability
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 28.9.2026