Sprott Physical Gold Trust stock sat below NAV with 99.76 percent gold

Published on 10/14/2026 at 02:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

PHYS held 3,751,666 ounces at September 30, 2026. Sprott Physical Gold Trust stock was last USD 31.43 versus USD 42.07 high.

Gold holdings and trust metrics

CEFConnect listed 99.76 percent of the portfolio in gold bars as of September 30, 2026.
The trust held 3,751,666 ounces of gold at September 30, 2026.
Sprott Physical Gold Trust stock was last at USD 31.43 on October 13, 2026.
Total investment exposure stood at USD 15.5 billion as of October 9, 2026.

PHYS, CA85207H1047, Illustration mit AI erstellt.

Sprott Physical Gold Trust stock sat below net asset value with 99.76 percent of its portfolio in gold bars as of September 30, 2026. CEFConnect listed gold bars worth USD 15.6 billion and cash of USD 36.97 million, giving the trust a concentrated exposure to bullion rather than operating-company earnings.

Reported holdings and assets

On September 30, 2026, PHYS held 3,751,666 ounces of gold, according to CanAm Bullion. The same source reported a 0.39 percent management expense ratio and described the units as exchange-traded securities backed by London Good Delivery bars held at the Royal Canadian Mint.

CEFConnect showed total investment exposure of USD 15,542.199 million and 485,693,718 common shares as of October 9, 2026. Its 12-month total return on net asset value was 7.05 percent on that date, while the trust reported no regular distribution frequency.

What backs the trust?

The answer is physical bullion, but the market price can diverge from the value of that bullion. CEFConnect listed a share price of USD 31.70 against a USD 32.00 net asset value as of October 9, 2026, a discount of 2.50 percent. The discount is a central feature of PHYS because it is a closed-end trust rather than a conventional operating company.

Sprott reported on October 8, 2026, that gold bullion closed at USD 4,157.41 on September 30 after falling 6.31 percent during that month, while third-quarter gold gained 3.73 percent. That backdrop matters for PHYS because the trust's asset value is driven primarily by allocated gold rather than by revenue, operating profit or dividends.

Stock valuation and market date

PHYS was last at USD 31.43 on the NYSE Arca on October 13, 2026 at 4:00 p.m. ET. The same market snapshot placed its 52-week range at USD 29.30 to USD 42.07 and its market capitalization at USD 15.0 billion, leaving the last price 25.30 percent below the 52-week high. The trust's structure therefore leaves investors balancing bullion exposure against changes in the market discount to net asset value.