白银市场正在经历一场历史性的狂飙，其剧烈的价格波动与极端的散户参与度，使其呈现出类似Meme 股的市场特征。 据道琼斯市场数据显示，周一全美市场成交最活跃的两只标的均为白银ETF。其中，排在首位的是 ProShares UltraShort Silver ETF，其换手量接近8亿股，表明在银价飙升之际，大量投资者正押注这波 涨势将迅速降温。紧随其后的是iShares Silver Trust，成交量超过3.77亿股。 这种极端的交易活动伴随着标的资产价格的暴涨。自2025年1月1日以来，白银期货已累计上涨230%。 这一涨幅不仅远超黄金、铂金和钯金，更引发了与白银相关的ETF及期权合约交易量飙升至历史最高水 平。与此同时，社交媒体关注度飙升至2011年以来最高。 市场策略师指出，尽管白银具有工业用途，但近期价格的剧烈波动已脱离基本面，更多是由动能和公众 情绪驱动。分析人士将其与GameStop等Meme股现象相提并论，认为这种忽视基本面的疯狂买入行为， 反映了当前市场中一旦趋势形成、资金便会迅速跟风涌入的投资生态。 ETF交易量刷新纪录 随着白银涨势激起散户投资者的强烈兴趣，相关ETF的交易量在周一呈现爆炸式 ...

Core Insights - Palm Valley Capital Fund experienced a 0.66% appreciation in Q4 2025, underperforming the S&P SmallCap 600's 1.70% gain and the Morningstar Small Cap Total Return Index's 3.12% rise [1] - The Fund increased its allocation to Treasury bills from 74.1% to 76.3% during the quarter, while equity holdings rose by 1.12% [1] - Investments in precious metals, particularly silver, significantly influenced the Fund's performance, with silver being the largest allocation for several years [1] Fund Performance - The Fund's performance in Q4 was positively impacted by the strong price action in silver and gold, attributed to the nation's fiscal and monetary policies [3] - Physical silver shortages led to a significant price increase in Q4, with silver and gold reaching record levels [3] - The Fund sold its position in Sprott Physical Silver Trust (NYSEAMERICAN:PSLV) near the end of the quarter, indicating a strategic shift away from reliance on metals as a hedge [3] Key Holdings - Sprott Physical Silver Trust (NYSEAMERICAN:PSLV) was highlighted as a key stock, closing at $26.87 per share on January 6, 2026, with a market capitalization of $15.609 billion [2]

Core Insights - Sprott Inc. reported a significant increase in Assets Under Management (AUM), reaching $35.1 billion as of March 31, 2025, which is an 11% increase from $31.5 billion at the end of 2024, driven by rising gold prices and strong inflows into physical gold and silver strategies [2][4][7] AUM Highlights - AUM growth was attributed to over $3.1 billion in market value appreciation and approximately $407 million in net inflows during the first quarter of 2025 [2][4] - As of May 2, 2025, AUM further increased to $36.5 billion, reflecting an additional $816 million in net inflows and $629 million in market value appreciation [2][7] Revenue Highlights - Management fees for the quarter were $40 million, up 9% from $36.6 million in Q1 2024, primarily due to higher average AUM [8] - Net fees also increased by 9% to $35.6 million compared to $32.7 million in the same quarter last year [8] - Commission revenues decreased significantly by 73% to $0.3 million, attributed to a lack of at-the-market activity in critical materials [8] Expense Highlights - Net compensation expense rose by 8% to $17.5 million, driven by higher incentive compensation linked to increased net fee generation [8] - SG&A expenses slightly decreased by 1% to $4.1 million, mainly due to lower marketing costs [8] Earnings Summary - Net income for the quarter was $12 million ($0.46 per share), a 3% increase from $11.6 million ($0.45 per share) in Q1 2024 [8] - Adjusted EBITDA was reported at $21.9 million ($0.85 per share), up 11% from $19.8 million ($0.78 per share) in the same quarter last year [8] Dividend Announcement - The Board of Directors declared a quarterly dividend of $0.30 per share on May 6, 2025 [9] Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments, with a diverse product suite that includes Exchange Listed Products, Managed Equities, and Private Strategies [35]