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. [4]
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. [5]
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. [6]
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. [7]
Spot silver slipped 4.6% to $75.47 per ounce, retreating from an all-time high of $83.62 hit earlier on Monday. [8]
“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. [9]
Silver has gained 181% year-to-date, outshining gold, which is up 72% so far in 2025, Reuters said. [10]
CEF ended Friday at $48.97, up 3.75% on the day, and had traded as high as $49.00. [11]
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. [12]
Sprott said the trust held 1,235,974 ounces of gold and 51,767,761 ounces of silver as of the same update. [13]
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. [14]
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. [15]
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. [16]
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. [17]
References
1. stockanalysis.com, 2. www.reuters.com, 3. sprott.com, 4. stockanalysis.com, 5. www.reuters.com, 6. sprott.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. stockanalysis.com, 12. sprott.com, 13. sprott.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. sprott.com
