Sprott Physical Gold and Silver Trust
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- Sprott Physical Gold and Silver Trust (CEF: NYSE Arca; CEF.U.CA/TSX: TSX) is a closed-end mutual fund trust that invests and holds substantially all of its assets in physical gold and silver bullion in London Good Delivery bar form. The Trust provides a secure, convenient, exchange-traded investment alternative for investors seeking exposure to physical precious metals without the logistical challenges of direct ownership; units are redeemable for physical bullion subject to minimum thresholds, fully allocated and unencumbered, with storage at the Royal Canadian Mint. As of December 16, 2025, the Trust holds approximately 1,235,974 ounces of gold and 51,767,761 ounces of silver, representing a total net asset value of $8.62 billion, with gold comprising the majority allocation. Founded through the January 2018 acquisition of Central Fund of Canada Limited by Sprott Inc., which restructured assets into the current Trust configuration listed on NYSE Arca and TSX (in USD and CAD), the Trust is managed by Sprott Asset Management LP, with RBC Investor Services as trustee and custodian for non-bullion assets. Headquartered at 200 Bay Street, Suite 2700, Toronto, Ontario, Canada, it targets retail and institutional investors focused on precious metals as a portfolio diversifier amid inflation, geopolitical risks, and liquidity stresses. The Trust maintains a low management expense ratio of 0.48% and emphasizes long-term holdings without short-term price speculation. In December 2024, the Trust expanded its at-the-market (ATM) equity program to $250 million by adding U.S. and Canadian sales agents, enabling unit issuances at prevailing market prices to fund additional physical gold and silver acquisitions in line with its investment objective. This followed prior ATM updates and reflects ongoing capital management amid strong performance, with year-to-date NAV returns exceeding 70% through November 2025 driven by gold and silver price surges. No major acquisitions, partnerships, or product launches beyond routine bullion purchases have been reported in the last 1-2 years; operations remain geographically centered in Canada for custody and administration, with global investor access via major exchanges.