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.
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