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Sprott Physical Gold & Silver Trust
The Sprott Physical Gold & Silver Trust trades on the NYSE, designed by Eric Sprott's Toronto-based asset manager to solve a specific investor anxiety:...
Sprott Physical Gold & Silver Trust
The Sprott Physical Gold & Silver Trust trades on the NYSE, designed by Eric Sprott's Toronto-based asset manager to solve a specific investor anxiety: the gap between paper gold exposure and physical ownership. Unlike an ETF backed by derivatives, the trust holds allocated bars in the Royal Canadian Mint, with a redemption feature that allows large unitholders to take delivery of metal. The structure emerged from the post-2008 distrust of synthetic gold products, an era that cemented Eric Sprott's reputation as a vocal gold advocate. The trust's strategy is one of pure custody and bullion acquisition. It holds a mix of gold and silver bars, with the precise ratio drifting based on net asset value and market conditions. Sprott Asset Management periodically sells units through at-the-market offerings when the shares trade above NAV, using the proceeds to acquire additional bullion. These offerings are a primary source of growth for the vehicle, which does not engage in active mining, streaming contracts, or private placements. The physical metal is audited semi-annually, with bar lists published on the trust's website. In April 2023, the trust completed a roughly $50 million at-the-market equity program that ran from December 2021, adding bullion when the gold-silver ratio offered what the manager described as a favorable entry point. The vehicle's operational footprint is small, relying on Sprott Asset Management's Toronto staff — led by CEO John Ciampaglia — and external vaulting and audit providers. Eric Sprott, who founded the firm in 1981 and sold it in 2013, remains a significant unitholder and a focal point for retail investors seeking a credible steward for bullion assets. What distinguishes the trust is its redemption mechanism, a rare feature among physically backed funds. Unitholders holding at least the minimum threshold can exchange units for physical bullion on a monthly basis, bypassing the cash-settlement conventions of most gold ETFs. That architecture places the trust closer to a direct-ownership vault receipt than a standard fund, a distinction that appeals to allocators who treat gold not as a short-term inflation hedge but as a permanent portfolio component.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, Ontario, Canada
Principals
John Ciampaglia
CEO of Sprott Asset Management
Sector focus
Frequently asked questions
What does the Sprott Physical Gold & Silver Trust actually hold?
The trust holds London Good Delivery gold and silver bars stored in the Royal Canadian Mint vault. The metal is fully allocated — the trust holds title to specific bars listed by serial number in semi-annual audits. There is no exposure to gold futures, mining equities, or unallocated pool accounts.
How can a unitholder redeem units for physical metal?
Unitholders who hold enough units to meet a minimum threshold — typically representing a full London Good Delivery bar — may redeem directly for physical bullion on a monthly redemption date. This is a rare structural feature that distinguishes the trust from most gold-backed ETFs, which settle only in cash. The redemption option is exercised through the unitholder's broker and the trust's transfer agent.
How does the trust issue new units and grow its bullion holdings?
When the trust's units trade at a premium to net asset value, Sprott Asset Management may execute at-the-market equity offerings. The proceeds purchase additional physical bullion, which increases the metal backing per unit and grows the trust's asset base. The program is disclosed quarterly and does not require a prospectus supplement for each sale.
What is Eric Sprott's ongoing role with the trust?
Eric Sprott founded Sprott Asset Management in 1981 and served as the firm's public face in gold markets for decades. He sold the asset management business in 2013 but remains a large, vocal unitholder of the physical trust and other Sprott vehicles. John Ciampaglia now runs the trust's day-to-day operations as CEO of the management company.
How does the trust's structure differ from the GLD or IAU ETFs?
Most physically backed gold ETFs hold metal in allocated or unallocated accounts with custodian banks and have no mechanism for unitholders to take delivery. The Sprott Physical Gold & Silver Trust holds exclusively allocated bars, publishes bar lists, and grants a formal redemption right to physical metal. It is structured as a closed-end fund, not an open-end ETF, and it does not use a trust structure dependent on a single custodian bank.
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