The widening discount to NAV (5.8% vs 3.8% a year ago) suggests potential arbitrage opportunity for active traders, but the trust's performance is entirely driven by gold and silver spot prices. Monitor precious metals price trends for directional cues on CEF unit price.
Price Chart
Executive Summary
Sprott Physical Gold & Silver Trust filed its interim report for Q1 2026, showing net income of $630.3 million, driven by unrealized gains of $375.8 million and realized gains of $265.6 million on bullion. Net assets grew to $9.36 billion ($50.62/unit) from $9.07 billion ($47.48/unit) at year-end 2025, reflecting higher gold and silver prices. The trust returned 6.6% for the quarter, underperforming spot gold (+8.1%) but outperforming spot silver (+4.9%).
Key Facts
- Net income of $630.3 million for Q1 2026 vs $915.5 million in Q1 2025
- Net assets of $9,361.7 million ($50.62/unit) as of March 31, 2026, up from $9,065.0 million ($47.48/unit) at Dec 31, 2025
- Trust returned 6.6% vs spot gold +8.1% and spot silver +4.9% for the quarter
- Issued 540,132 units for $27.4 million via ATM program; redeemed 6,549,531 units for $361.0 million in bullion
- Units traded at an average 5.8% discount to NAV vs 3.8% in Q1 2025
- Management expense ratio improved to 0.45% from 0.46% in FY2025
Financial Impact
Net income of $630.3 million for Q1 2026; net assets increased by $296.7 million from Dec 31, 2025
Risk Factors
- Trust performance trails spot gold due to management fees and discount volatility
- Continued net redemptions (6.5M units redeemed vs 0.5M issued) signal potential selling pressure
- Concentration risk in gold and silver bullion with no hedging
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001999371-26-010566 |
| Document: cef-6k_033126.htm | 0001999371-26-010566 |
| Document: 0001999371-26-010566-index-headers.html | 0001999371-26-010566 |
| Document: 0001999371-26-010566-index.html | 0001999371-26-010566 |
| Document: 0001999371-26-010566.txt | 0001999371-26-010566 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 19w ago | Institutional Cluster | $43.55 $41.08 | ▼ −5.67% | ▼ −7.45% | $39.17 (−10.06%) |
May 12, 2026 23w ago | 6-K | $51.91 $43.28 | ▼ −16.62% | ▼ −16.01% | $39.17 (−24.54%) |
US Market Status
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