While the gold market tends to dominate the precious metals discourse, it's silver that is currently consuming investors' attention at this hour. In early October, silver reached a historical threshold, climbing to $50 per ounce and smashing the previous record set in April 2011. At the time, enthusiasm centered on the Federal Reserve and rising wagers of a dovish monetary policy.In some ways, the upside narrative featured a touch of cynicism. Mechanically, an interest rate cut implies a lower cost of borro ...

Core Insights - The global supply chain crisis is exacerbated by the high demand for critical resources driven by technological advancements, particularly in artificial intelligence [1] - Silver prices have reached a record high of over $50 per ounce, indicating a shift in market dynamics that favors industrial applications over traditional safe-haven assets like gold [2] - European leaders are increasingly focused on securing critical resources amid geopolitical tensions, particularly regarding the mining sector's reliance on imports [3][4] Industry Overview - The European Union imports approximately 50% of its copper concentrate, highlighting vulnerabilities in resource security amid geopolitical divides, especially between the U.S. and China [4] - Nations are recognizing the need to adapt to the rapid technological changes and the associated demand for critical resources, moving away from previous reliance on commodity-producing markets [5] - Canada is proactively forming strategic alliances to secure critical resources, reflecting the urgency of addressing supply chain challenges in the context of digitalization [6] Investment Opportunities - The Sprott Critical Materials ETF (SETM) offers investors access to a range of critical materials essential for global energy needs, despite the volatility associated with the commodities market [7][8] - The ETF is positioned to benefit from a projected 169% increase in global electricity demand by 2050, driven by technological advancements and the growth of the global middle class [8] - The SETM ETF includes leading resource and energy companies such as MP Materials, Albemarle, and Cameco, providing diversification to mitigate risks associated with individual stocks [9] Performance Metrics - Since the beginning of the year, the SETM ETF has gained nearly 74%, with an 81% increase over the past six months, although it has faced recent market value erosion [11] - The ETF's price action is currently attempting to maintain levels above key moving averages, indicating ongoing volatility and market interest [11]

Core Viewpoint - The long-term potential for gold remains strong despite short-term fluctuations, driven by geopolitical uncertainties and economic conditions, while the recent U.S. government shutdown adds to market volatility [1][3][4]. Group 1: Market Analysis - Huatai Futures indicates that the U.S. ADP employment numbers for October increased by 42,000, significantly surpassing the expected 30,000, while the previous month's data was revised down by 29,000, suggesting a slowdown in overall labor demand [1]. - New Lake Futures reports that overnight precious metal prices rebounded, with London spot gold closing around $3,980 per ounce, and silver returning to the $48 per ounce mark, indicating a potential support level for precious metals [2]. - CITIC Securities highlights that historical trends show gold prices are closely linked to geopolitical turmoil and weak U.S. economic performance, with current risks not being significant [3]. Group 2: Economic Indicators - The ISM services PMI for October rose by 2.4 points to 52.4, marking an eight-month high, which exceeded expectations of 50.8, while the new orders index jumped by 5.8 points to 56.2, the highest in a year [1]. - FXStreet analysts note that better U.S. employment data has strengthened the dollar, impacting precious metals negatively, although uncertainties from the government shutdown may still push gold prices higher [3]. Group 3: Long-term Outlook - Sprott Inc. suggests that while gold prices may consolidate in the short term, there is significant long-term upside potential, with geopolitical and economic uncertainties continuing to support gold and silver prices [4]. - The ongoing trend of central bank gold purchases, combined with global monetary expansion and de-dollarization, is expected to sustain upward pressure on precious metal prices [2].

Core Viewpoint - Sprott Asset Management has announced an update to its at-the-market equity program, allowing the issuance of up to U.S.$2 billion in units of the Sprott Physical Gold Trust, aimed at investing in physical gold bullion [1][4]. Group 1: Equity Program Details - The updated at-the-market equity program will be executed under an amended sales agreement, with participation from various agents including Cantor Fitzgerald and BMO Capital Markets [2][3]. - Sales of units will occur on the NYSE Arca and the Toronto Stock Exchange at prevailing market prices, with the U.S. agents restricted to U.S. marketplaces [3]. - The Trust will determine the volume and timing of distributions at its discretion, intending to use proceeds to acquire physical gold bullion [4]. Group 2: Offering Documents - The offering is made under a prospectus supplement dated October 29, 2025, which is part of the Trust's registration statement filed with the SEC [5]. - The U.S. and Canadian prospectus supplements are available on the SEC and SEDAR+ websites, respectively [5]. Group 3: Company Background - Sprott Asset Management is a subsidiary of Sprott Inc., specializing in precious metals and critical materials investments, with a focus on Exchange Listed Products and Managed Equities [8]. - The Trust's investment objectives and strategies, along with management fees, are detailed in its annual information form for the year ended December 31, 2024 [9].

过去一周黄金遭遇猛烈抛售，而随着美联储即将下调基准利率，投资者可能正错失逢低吸纳这一贵金属 的良机。鉴于市场预期美联储将在年底前再次降息，他们或许还将获得新的入场机遇。 资产管理和关键材料公司Sprott Inc.高级执行合伙人瑞安·麦金泰尔（Ryan McIntyre）指出，价格回调虽 难以避免，但黄金"仍处于长期增长的有利位置"。他强调："全球信任体系持续瓦解，正推动对独立于 其他资产与机构的资产需求。" 他在接受MarketWatch采访时进一步表示，许多西方经济体（尤其是赤字高企、联邦债务庞大的美国） 的财政前景岌岌可危，随着主权风险上升，这可能在中长期内继续"支撑黄金走势"。 周二，纽约商品交易所最活跃的12月黄金期货合约收报每盎司3983.10美元，下跌0.9%，连续三个交易 日走低。自10月20日创下4359.40美元历史收盘高点以来，金价已回调近9%。道琼斯市场数据显示，本 月黄金累计涨幅仍接近3%，年内涨幅更是高达51%。 他向MarketWatch阐释："全球资本意识到自身对美元配置过度而对黄金配置不足，因此我们预期，在经 过近期泡沫挤压后，以所有法币计价的黄金价格将继续攀升。" 美联储最 ...

Core Insights - The recent performance of silver has been noteworthy, with a significant year-to-date increase of 61.39% as of September 30, marking the highest prices in over 15 years [2][3] - Silver is highlighted as a valuable addition to investment portfolios, offering diversification benefits, especially when combined with gold and gold mining equities [2][3] Silver's Performance and Potential - Silver's price increase is attributed to chronic underinvestment and supply deficits, alongside its dual role as both a monetary and industrial metal [3] - The potential for silver to catch up in value is emphasized, suggesting that disciplined management and improved balance sheets in gold miners position them favorably compared to previous cycles [3] Investment Vehicles - The Sprott Silver Miners & Physical Silver ETF (SLVR) has shown strong performance, with a net asset value (NAV) increase of 48.97% over the last three months as of September 30 [4] - The Sprott Active Gold & Silver Miners ETF (GBUG) has also performed well, with a NAV increase of 48% over the same period, providing exposure to both gold and silver miners [5]

Core Viewpoint - The traditional 60/40 portfolio is losing relevance as investors shift towards a 60/20/20 allocation, with increased emphasis on alternative assets like gold and bitcoin [1][3]. Group 1: Portfolio Allocation Changes - Investors are moving away from the traditional 60/40 portfolio due to stocks and bonds moving in the same direction too often, and bonds no longer providing the expected protection against inflation and geopolitical risks [2]. - The new allocation model consists of 60% in stocks, 20% in fixed income, and 20% in alternative assets, reflecting a significant reduction in fixed income's role [1][3]. Group 2: Gold's Rising Importance - Gold has transitioned from a marginal hedge to a core holding in investment portfolios, recently reaching a record high above $4,300 and increasing over 60% since the beginning of the year [3]. - Factors driving gold's rise include central bank demand, de-dollarization, geopolitical tensions, and what is termed "the debasement trade" [3]. Group 3: Gold ETFs Performance - Gold ETFs have seen significant performance increases, with SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) up approximately 11% this month [4]. - September marked the largest monthly inflows into gold ETFs ever, with nearly $11 billion, and SPDR Gold Shares alone attracted over $4 billion [4]. - Total assets moved into gold funds this year have exceeded $38 billion, indicating strong investor interest [4].

Core Insights - The North Shore Global Uranium Mining Index (URNMX) is undergoing modifications to enhance liquidity and improve ETF tracking, following its acquisition by VettaFi [1][2] Index Methodology Changes - The index targets companies that allocate at least 50% of their assets to uranium mining activities, including mining, exploration, and production [2] - Changes include adjustments to security eligibility, weighting, and the timing of index reconstitution and rebalances, effective after the close of trading on December 19, 2025 [2][3] Security Eligibility and Weighting - New securities must have a minimum free-float market capitalization of USD $125 million, up from USD $40 million, while existing holdings require a minimum of USD $100 million [5] - A minimum average daily value traded (ADVT) of USD $100,000 is required for new securities, with a buffer of USD $75,000 for existing holdings [5] - The index will now use free-float weighting for market capitalization eligibility and has increased the maximum weight cap for a single security from 15% to 20% [5]

Core Insights - The surge in precious metals, particularly gold, has been a dominant trend in the commodities market this year, with gold prices surpassing $4,100 per ounce recently, driven by expectations of Federal Reserve rate cuts and economic uncertainty due to the U.S. government shutdown [1][3]. Group 1: Market Dynamics - The rising gold prices are partly supported by increasing expectations for aggressive monetary easing from the Federal Reserve, which lowers the holding costs for gold and encourages self-directed traders to invest [3]. - There is a notable trend of global central banks, institutional investors, and individual investors reallocating funds from U.S. Treasury securities to gold, contributing to the upward momentum in precious metal prices [3][5]. Group 2: Economic Signals - The increase in gold prices reflects heightened uncertainty and risk in the market, indicating concerns over long-term U.S. dollar assets and short-term Treasury securities, which have traditionally been major reserve assets [5]. - Bank of America has raised its price forecasts for gold and silver, predicting gold to reach $5,000 per ounce and silver to reach $65 per ounce by 2026, marking a significant bullish outlook [7]. Group 3: Supply and Demand Factors - Factors such as the expanding U.S. fiscal deficit and rising debt levels are expected to continue driving gold prices higher in the coming year [9]. - Silver is anticipated to face a structural supply shortage for the fifth consecutive year, which may support higher silver prices, although there are warnings of overbought conditions for both gold and silver, suggesting potential volatility [9].

Core Viewpoint - Sprott Asset Management has announced an update to its at-the-market equity program, allowing the issuance of up to U.S.$250 million in units of the Sprott Physical Platinum and Palladium Trust, aimed at investing in physical platinum and palladium bullion [1][4]. Group 1: Equity Program Details - The updated at-the-market equity program will be executed under an amended sales agreement with various agents, including Cantor Fitzgerald and BMO Capital Markets [2][3]. - Sales of units will occur on the NYSE Arca and the Toronto Stock Exchange at prevailing market prices, with the timing and volume of sales determined at the Trust's discretion [3][4]. - Proceeds from the program will be utilized to acquire physical platinum and palladium bullion, aligning with the Trust's investment objectives [4]. Group 2: Offering Documents - The offering is made pursuant to a prospectus supplement dated October 10, 2025, which is part of the Trust's registration statement filed with the SEC [5]. - The U.S. and Canadian prospectus supplements are available on the SEC and SEDAR+ websites, respectively [5]. Group 3: Company Background - Sprott Asset Management is a subsidiary of Sprott Inc., specializing in precious metals and critical materials investments, with a focus on in-depth knowledge and experience in the sector [8][9]. - The Trust's investment strategies include Exchange Listed Products, Managed Equities, and Private Strategies [8].