The Sprott Physical Gold Trust (TSX: PHYS) is looking to buy more gold. The entity this morning announced that it has updated its current at-the-market program to issue up to US$1.0 billion of units in the trust.
Proceeds from those issuances would then in turn be used to acquire further physical gold.
Sales of the new units are to be made on both the Toronto Stock Exchange and NYSE Arca, while distribution of the units will be conducted under an amended sales agreement between Sprott Asset Management and a handful of agents across Canada and the US, including Cantor Fitzgerald & Co and BMO Capital Markets.
The offering is being conducted under a prospectus supplement dated April 11, 2025.
The intent to acquire more gold by the Trust follows the precious metal hitting new all time highs in recent days, with gold this morning hitting a new all time high of $3,235.34 an ounce on the spot markets.
The Trust currently holds 3.5 million ounces of gold with a total net asset value of $11.25 billion.
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