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CNBC
4 days ago
- Business
- CNBC
Gold trounced treasuries, dollar, but biggest precious metals bull market trade may be moving
Precious metals have been on a tear this year, with gold, silver and platinum all posting returns above 20%, as the alternative asset class that has long been an investor safe haven during times of market volatility. With gold recently hitting all-time highs, and silver reaching a price level on Tuesday that was its highest since 2011, and platinum up over 35% year-to-date, all have trounced the traditional U.S. financial system based safe-haven assets — treasuries and the U.S. dollar. What's taking place is a combination of the safe-haven trade occurring at the same time as concerns about the U.S. deficit and the de-dollarization wave among foreign central banks amid political shifts since President Trump's election and a global realignment of interests. Gold is up about 27% so far in 2025, "yet U.S. treasuries are kind of meandering around and it's not really providing the same safe haven experience that treasuries and the U.S. dollar traditionally played," said Sprott Asset Management CEO John Ciampaglia on a recent edition of CNBC's ETF Edge. In some respects, gold's movement has aspects of the non-traditional, acting a little more like "digital gold" — i.e. bitcoin — with the safe-haven metal moving up alongside the cryptocurrency. If that's the case, Jan Van Eck, CEO of ETF and mutual fund company VanEck, says that gold has some catching up to do with its new rival. "Thirty-seven million Americans own exposure to gold," he said on "ETF Edge" alongside Ciampaglia. "Guess how many own exposures to bitcoin? 50 million Americans," he said, citing the results from one recent survey. "That makes a lot of sense to me, because people look at those as a store value. And over the last couple of years a lot of the appreciation has gone into bitcoin," Van Eck said. The S&P 500 posted two consecutive years of 25 percent-plus returns in 2023 and 2024. While the S&P is fighting to hold onto gains this year amid the sharp swings in the stock market, this is the second consecutive year gold is up 25 percent-plus. "Last year was a real unusual year where gold went up over 25%. We're already at that mark year-to-date," Ciampaglia said. One reason for continued momentum in the metal he cited is the fact that most of the buying in gold has been among foreign central banks diversifying away from U.S. government-linked assets that have long been safe havens. Now, Ciampaglia says, "people are starting to reallocate to gold, but it is still a very small number of the population." Year-to-date, the two biggest gold ETFs, SPDR Gold Shares and iShares Gold Trust, have taken in over $11 billion, according to data from among the top 25 ETFs for flows, with the SPDR Gold Shares' near $7 billion in assets No. 13 overall in the ETF industry. But he says investors should be looking as much, if not more, at silver and platinum, where thinks some of the next bigger moves may be centered among the precious metals boom. Even though platinum has posted stellar numbers this year, he called it and silver a "catch-up" trade that still has room to run, a view that was reflected in silver's trading chart on Tuesday, when it hit a level it has not seen since 2012. "For both those metals, they are just getting out of the starting block," Ciampaglia said on the ETF Edge podcast segment. "Think about the price of silver ... it was at $50 an ounce at its all-time high in 2011, so it is a long way off the all-time high." Silver was trading above $37 on Tuesday. The recent divergence between the price of gold and price of silver is another reason for investors to consider the relative opportunity, according to Ciampaglia. One common metric investors use to compare the trading opportunity is the price of an ounce of gold compared to the price of an ounce of silver, which has recently been as high as 100 to 1. It's come down in recent trading but not near its long-term average of 60 to 1, he said. That divergence will always exist, Ciampaglia said, because silver is not held by central banks to the extent of gold, and its "hybrid" use, which includes industrial applications, recently has been weighed down by the trade war and tariffs. But silver is an important metal due to its high conductivity across many different applications in electronics, renewable energy such as solar panels, and in health care equipment, he said. Even as the U.S. solar market goes over a cliff due to changes being contemplated in tax credits in the GOP tax bill, Ciampaglia said supply and demand in the global silver market has been in a deficit over the last few years and investors are "starting to wake up" to this imbalance. The single biggest driver of silver demand in the last few years has been the deployment of solar capacity, but even if the U.S. market pulls back, Ciampaglia said it has been China leading the way and leading to demand for silver given its conductivity benefits as a paste inside photovoltaic panels and ability to excite electrons. "We think somewhere in the neighborhood of 20% of global supply has been repurposed to fit that and China is really focused on all forms of energy," he said. He added that in a bull market for precious metals, gold will always be the first mover when financial fears become foremost for investors, but silver can "slingshot right by it," he said, and that is scenario he thinks could play out over the rest of the year. "Silver is the one starting to show much better strength technically, and we're starting to see shortages in market, and that can have a knock-on effect and investors finally allocate capital to the sector," he said. "We're seeing inflows to most silver ETFs and until recently that has been absent," he added. In fact, over the past three months, the iShares Silver Trust has taken in more than $1 billion from investors, according to ETF Action data. Platinum, Ciampaglia said, has been in a similar price dynamic to silver even with its big gains this year, "very depressed for a long time, but in the last few months it has broken out," he said. A persistent supply deficit, similar to silver, is part of the reason for platinum to get a new look from investors, especially when the price of gold runs up so much over a multi-year period, Ciampgalia said. When the price of gold becomes very lofty, and when the market sees signs of the gold buying frenzy in markets such as China where consumers are big buyers of gold jewelry, some substitution activity begins and people start buying platinum jewelry. The structural market deficit combined with the increase in demand has been responsible for the big move up in a short period of time for platinum, Ciampaglia said. Another trend in the global economy that supports platinum, he said, is the slowdown in EV adoption. Platinum is important for catalytic converters (so is palladium) and as the auto market dials down its pace of EV production, and the combustion engine and diesel are poised to be in the market for longer than many had forecast, there will be more demand for platinum and palladium as part of the equipment used to improve the quality of exhaust, Ciampaglia said. Disclaimer
Yahoo
13-06-2025
- Business
- Yahoo
Sprott Physical Platinum and Palladium Trust Updates Its 'At-the-Market' Equity Program
TORONTO, June 12, 2025 (GLOBE NEWSWIRE) -- Sprott Asset Management LP ('Sprott Asset Management'), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Platinum and Palladium Trust (NYSE: SPPP) (TSX: SPPP / SPPP.U) (the 'Trust'), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical platinum and palladium bullion, today announced that it has updated its at-the-market equity program to issue up to U.S.$100 million of units of the Trust ('Units') in the United States and Canada. Distributions under the at-the-market equity programs in the United States and Canada (together, the 'ATM Program') will be completed in accordance with the terms of an amended and restated sales agreement (the 'Sales Agreement') dated December 6, 2024, as amended on May 2, 2025, between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald & Co. ('Cantor'), Cantor Fitzgerald Canada Corporation ('Cantor Canada'), Virtu Americas LLC ('Virtu'), Virtu Canada Corp. ('Virtu Canada'), BMO Capital Markets Corp. ('BMO'), BMO Nesbitt Burns Inc. ('BMO Canada'), Canaccord Genuity LLC ('Canaccord' and, together with Cantor, Virtu and BMO, the 'U.S. Agents') and Canaccord Genuity Corp. ('Canaccord Canada' and, together with Cantor Canada, Virtu Canada and BMO Canada, the 'Canadian Agents' and, together with the U.S. Agents, the 'Agents'). The Sales Agreement is available on EDGAR at the United States Securities and Exchange Commission's (the 'SEC') website at and the SEDAR+ website maintained by the Canadian Securities Administrators at Sales of Units through the Agents, acting as agent, will be made through 'at the market' issuances on the NYSE Arca ('NYSE') and the Toronto Stock Exchange ('TSX') or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. Agents are registered as dealers in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agents may only sell Units on marketplaces in Canada. The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust's sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical platinum and palladium bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions. The offering under the ATM Program is being made pursuant to a prospectus supplement dated June 12, 2025 (the 'U.S. Prospectus Supplement') to the Trust's U.S. base prospectus (the 'U.S. Base Prospectus') included in its registration statement on Form F-10 (the 'Registration Statement') (File No. 333-287978) filed with the SEC on June 12, 2025, and pursuant to a prospectus supplement dated June 12, 2025 (the 'Prospectus Supplement') to the Trust's Canadian short form base shelf prospectus dated June 12, 2025 (the 'Base Shelf Prospectus' and together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the 'Offering Documents'). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program. Listing of the Units sold pursuant to the ATM Program on the NYSE and the TSX has been approved by the NYSE and the TSX, as applicable, subject to all applicable listing requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction. About Sprott and Sprott Asset ManagementSprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott's common shares are listed on the NYSE and the TSX under the symbol 'SII'. About the TrustImportant information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the Trust's annual information form for the year ended December 31, 2024 (the 'AIF'). Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results. Caution Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, 'forward-looking statements'). Forward-looking statements in this press release include, without limitation, investor demands for Units, statements regarding the ATM Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the platinum and palladium market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Offering Documents, as updated by the Trust's continuous disclosure filings, which are available at and All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law. For more information: Glen WilliamsManaging DirectorInvestor and Institutional Client RelationsDirect: 416-943-4394gwilliams@
CNBC
12-06-2025
- Business
- CNBC
Gold's furious rally has cooled off, but these strategists say it's just a breather
The rally in gold has taken a back seat to other areas of the market in the past several weeks, but at least two strategists remain firmly bullish on what comes next. The spot price of gold has surged 29% this year, but the yellow metal has not made a new high in more than a month. That pause has come even as other precious metals, such as silver and palladium , have jumped. XAU= YTD mountain Gold has been one of the top performing assets in 2025. Paul Wong, a market strategist at Sprott Asset Management, told CNBC that this is likely a short-term break in the latest gold rally, caused by reduced fears around tariffs. "I think we're probably consolidating before the summer rally," Wong said. Joni Teves, UBS precious metals strategist, echoed that sentiment in a Wednesday note. "In spite of the pause in gold's uptrend for now, market sentiment appears reasonably unconcerned about the prospect of further consolidation in the near term. High levels of uncertainty around U.S. tariffs, fiscal policy and the Fed's consequent response reinforce the appeal to diversify portfolios, wherein gold stands out as an attractive option," Teves said. Gold is in a multi-year uptrend, boosted by several factors. For one thing, foreign governments and central banks have been buying gold in large quantities in part to diversify away from the U.S. dollar as the reserve currency of choice. Gold is also seen as a defensive asset, which makes it attractive when fears around global growth and the U.S. budget deficit flare up. Notably, the rally for gold this year has come alongside a sharp decline in the strength of the U.S. dollar . On Thursday, the ICE U.S. Dollar Index hit its lowest level in more than 3 years. "The main thing to look at really is the U.S. dollar, which continues to be very weak," Wong said. — CNBC's Michael Bloom contributed reporting.
CNBC
11-06-2025
- Business
- CNBC
ETF Edge: Gold, uranium, private credit and the rush into alternative assets
John Ciampaglia, Sprott Asset Management CEO, and Jan Van Eck, VanEck and Associates CEO, join Dom Chu on 'ETF Edge' on how investors are turning to alternative assets like gold and private credit to get yield and where the sectors are set to go from here.
CNBC
11-06-2025
- Business
- CNBC
Uranium is having a 'glow up' moment… will it last?
John Ciampaglia, Sprott Asset Management CEO, and Jan Van Eck, VanEck and Associates CEO, join Dom Chu on 'ETF Edge' to discuss the opportunity for uranium and where the asset goes from here.
