Sprott Physical Gold

PHYS

Market cap $17.3B

Key Takeaways While energy investments of all kinds have struggled amid conflict in the Middle East, uranium might offer a compelling long-term opportunity. Sprott Asset Management CEO John Ciampaglia noted that uranium's fundamentals remain sound, and that it remains far harder to substitute or replace than other metals investors tend to allocate towards.

Gold's recent drop from $5,600 to $4,400 is a classic liquidity story where investors are selling their most liquid winners to raise cash. Geopolitical conflict in Iran has disrupted the energy-driven reserve flows that previously fueled central bank gold buying.

Silver is entering its sixth consecutive year of a structural supply deficit, as global production fails to keep pace with the massive demand required for the clean energy transition and AI infrastructure.

Despite falling below $5,000 recently, it could be an opportune time to strike and purchase the dip in gold prices. Fundamental demand drivers could continue to push the precious metal higher through the rest of the year.

Gold and silver remain in a secular bull market, with recent pullbacks presenting attractive entry points for long-term investors. Structural demand-supply imbalances, particularly surging investment and central bank demand, underpin the bullish thesis for both metals. Investor allocations to gold and silver remain historically low, suggesting the trade is far from crowded and has significant upside potential.

Sprott Physical Gold Trust is a Closed-End Trust, or CEF, with the objective of physically holding gold with an expense ratio of 0.41%. SPDR® Gold Shares ETF and iShares Gold Trust ETF have leaner structures, but they do not diverge that much in terms of absolute returns. A first growth driver is central bank demand and the increase in private flows.

Sprott Physical Gold Trust is rated a Strong Buy for 2026, offering direct exposure to physical, allocated gold bullion in London. Gold surged over 73% in 2025, reaching uncharted highs above $4,500/oz, driven by central bank buying and fiat currency debasement. PHYS closely tracked gold's performance, rising 72.94% in 2025, with minimal drag from its 0.41% management fee covering storage and insurance.

Gold prices hit an apex in October before taking a breather as 2025 winds down — a chance for investors to buy the dip. This could be a golden opportunity to get exposure to a pair of ETFs before another rally ensues: the Sprott Physical Gold Trust (PHYS) and the Sprott Gold Miners ETF (SGDM).

The holiday season not only presents an opportunity to spend time with loved ones, it also allows investors to tilt their portfolios towards assets that can capture short-term upside. One of those is gold.

TORONTO, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Gold Trust (NYSE: PHYS) (TSX: PHYS / PHYS.U) (the “Trust”), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical gold bullion, today announced that it has updated its at-the-market equity program to issue up to U.S.$2 billion of units of the Trust (“Units”) in the United States and Canada.