ETF Trends
ETF Trends

Sprott Physical Gold Trust (NYSEArca: PHYS) after Monday’s closing bell said it has launched a follow-on offering of up to $340 million.

The net proceeds from the offering will be used to acquire physical gold bullion, according to a press release.

Sprott Physical Gold Trust, which held a secondary public offering last year and has more than $1 billion in assets, is unique because it allows redemption in bullion. [Sprott Gold ETF Sheds Light on Investor Sentiment.]

Sprott Physical Gold Trust is just one of several gold exchange traded funds (ETFs) that are having an impact on the precious-metals markets.

SPDR Gold Shares (NYSEArca: GLD) rose Monday but the real standout in the metals complex was iShares Silver Trust (NYSEArca: SLV). [Silver ETF Leads Monday’s Precious-Metals Rally.]

For full disclosure, Tom Lydon’s clients own GLD and SLV.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.