Core Insights - Gold has shown resilience until recent tariff escalations, leading to a 2.43% decline in SPDR Gold Trust (GLD) despite a 19.1% year-to-date gain and a 75.96% return over the past year [2][7] - The SPDR Gold Trust holds $174.1 billion in net assets and has a 0.40% net expense ratio, making it a leading vehicle for gold investment in the U.S. market [3][7] - Retail sentiment shifted from bullish to neutral during the recent selloff, indicating a reconsideration of investment strategies rather than a complete abandonment of gold [3] Economic Factors - Real interest rates are identified as the most significant factor influencing GLD's performance over the next year, with the current 10-year Treasury yield at 4.09%, down from 4.29% [4] - Core PCE inflation index rose to 127.92 in December 2025, up from 125.27 in March 2025, suggesting that if tariffs increase goods prices while the Fed maintains rates, gold could benefit from compressed real yields [5] - Analysts from HSBC and UBS have set targets for gold prices based on scenarios involving rate cuts, which are not guaranteed [5] Market Dynamics - The Fed's dot plot and monthly Core PCE releases are critical indicators to watch, as a rise in the 10-year yield towards 4.58% could exert significant pressure on GLD [6]

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].