NEW YORK, December 29, 2025, 04:50 ET — Premarket
- Sprott Physical Gold and Silver Trust units were down 1.7% in premarket trading after a sharp gain in the prior session. 1
- Gold and silver pulled back from fresh records as investors took profits, pressuring precious-metals vehicles. 2
- Sprott last reported the trust at a roughly 3.8% discount to net asset value, a gap that can widen or narrow with demand for the units. 3
Sprott Physical Gold and Silver Trust units were down 1.74% in premarket trading on Monday at $48.12. 1
The move mirrors a pullback in precious metals after silver briefly topped $80 an ounce and hit an all-time high earlier in the session, while gold eased from near-record levels. 2
The trust is a closed-end vehicle that holds physical gold and silver bullion, offering investors exchange-traded exposure to the metals. Unlike an ETF, a closed-end trust can trade above or below its net asset value, or NAV, depending on supply and demand for the units. 3
Spot gold was down 1.7% at $4,455.34 per ounce as of 0707 GMT, after hitting a record high of $4,549.71 on Friday, Reuters reported. 2
Spot silver slipped 4.6% to $75.47 per ounce, retreating from an all-time high of $83.62 hit earlier on Monday. 2
“A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot,” said Tim Waterer, chief market analyst at KCM Trade. 2
Silver has gained 181% year-to-date, outshining gold, which is up 72% so far in 2025, Reuters said. 2
CEF ended Friday at $48.97, up 3.75% on the day, and had traded as high as $49.00. 1
Sprott’s latest published figures showed a net asset value of $50.93 per unit as of Dec. 26, versus a NYSE Arca closing price of $48.97 — a 3.84% discount to NAV. 3
Sprott said the trust held 1,235,974 ounces of gold and 51,767,761 ounces of silver as of the same update. 3
Traders are also watching the U.S. interest-rate outlook, with investors looking for clues from the Federal Reserve’s December meeting minutes due Tuesday. 2
The Fed cut its main funds rate to a range of 3.5% to 3.75% this month, and money markets are pricing two further quarter-point cuts by September, Reuters reported. 4
Gold pays no interest, so it often benefits when yields fall and investors expect easier monetary policy. Monday’s sharp swings underscored how quickly sentiment can turn after a year-end surge. 2
For CEF holders, the next test is whether bullion stabilizes — and whether the trust’s discount to NAV narrows as buyers return, or widens if profit-taking accelerates into the open. 3
