Sprott Physical Silver Trust

PSLV

Market cap $17.4B

Silver has been on a tremendous bull run in 2026.

TORONTO, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Silver Trust (NYSE: PSLV) (TSX: PSLV / PSLV.U) (the “Trust”), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical silver bullion, today announced that the Trust has updated its at-the-market equity program (“ATM Program”) to issue an additional U.S.$1 billion of units of the Trust (“Units”) in the United States and Canada pursuant to a prospectus supplement dated December 11, 2025 (the “Prospectus Supplement”) to the short form base shelf prospectus dated May 1, 2025 (the “Base Shelf Prospectus”). Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on EDGAR at the SEC's website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca. Distributions will no longer be made under previous ATM Program prospectus supplements, including the prospectus supplement dated May 2, 2025.

December may just be getting started, but things are certainly not looking very chilly for silver prices.  Thus far, the winter season seems to be moving in favor of the precious metal.

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.

In cases where an asset is in the midst a strong rally, investors are typically gripped with the fear that they already missed out on the major move. That doesn't appear to be the case with gold, which should be approached with a strategic allocation strategy in mind as opposed to simply chasing gains.

Earlier this October, silver entered an unusual and rare deep backwardation where the spot market rose to a gap of $2.88 above the futures market. While there were geopolitical and international circumstances that triggered the occurrence, it also revealed that the paper futures market has reached its limits with capping prices.

Realizing the importance of critical minerals to meet future  energy demands, the White House has made strategic investments in certain companies. These include MP Materials, Lithium Americas Corp, and Trilogy Metals Inc.

The Federal Reserve's recent rate cut of 25 basis points could amplify gold's current rally. Prices have already broken through the $3,700 price mark, and another record high could hinge upon how aggressive rate cuts will be in the coming months.

The prospect of interest rate cuts this month and through the rest of the year is elevating prices for gold, but silver is also benefiting. The precious/industrial metal crossed the $40 price mark in the first week of September, which it hasn't done since 2011.