Sprott Physical Gold and Silver Trust
CEF.TO
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- Sprott Physical Gold and Silver Trust (CEF.TO) is a closed-end investment trust that provides investors with exposure to physical gold and silver bullion, holding fully allocated London Good Delivery bars stored in secure vaults. The Trust offers units traded on the Toronto Stock Exchange, enabling direct investment in precious metals without the associated storage, insurance, or transportation costs typically borne by individual investors; it maintains a policy of no lending of bullion or use of leverage, derivatives, or other financial instruments. Established in 2010 and managed by Sprott Asset Management LP from its headquarters in Toronto, Canada, the Trust operates primarily in North America with bullion held in vaults located in Canada. The Trust's core holdings consist of physical gold and silver bullion, with allocation determined by market conditions and investor demand; as of the latest reports, it holds substantial quantities of both metals, redeemable in-kind for large unitholders subject to minimum redemption amounts. It caters to institutional and retail investors seeking a convenient, tax-efficient vehicle for precious metals exposure in Canada, where units qualify for favorable tax treatment as compared to physical ownership. In recent developments, the Trust announced a strategic name change to Sprott Gold and Silver Trust in late 2024 to better reflect its dual-commodity focus and enhance brand clarity amid growing investor interest in diversified precious metals; this rebranding, effective December 2025, accompanies expanded distribution efforts through additional broker-dealer partnerships in the U.S. and Europe. Additionally, in 2025, the Trust completed a significant unit issuance raising over CAD 200 million to increase its bullion holdings in response to elevated gold and silver prices, marking its largest capital raise since inception and supporting portfolio growth without diluting existing unitholders excessively. These changes position the Trust for sustained expansion in a volatile commodities market.