Skip to contentHome page Seeking Alpha - Power to InvestorsCanadaDec. 31, 2025 1:15 PM ETSprott Physical Gold Trust (PHYS), PHYS:CAXAUUSD:CURMike Fay6.46K FollowersCommentsSprott Physical Gold Trust remains a cautious Buy after robust gold demand and resilient ETF inflows in 2025.PHYS offers a compelling value proposition, trading at a 1.6% discount to NAV and benefiting from Sprott's sector expertise.ETF demand for gold surged 134% year-over-year, reversing four years of outflows and offsetting softer central bank buying.PHYS's 12% holdings growth lags larger peers, but its structure and discount justify overweight gold exposure in traditional accounts.Despite the positives, there are warning signs from important Gold ratios and potential technical exhaustion.FOTOKITA/iStock via Getty ImagesIn early September, I covered the Sprott Physical Gold Trust (PHYS) for Seeking Alpha and reiterated a Buy call for the fund. My thinking at that time was that shareholders should have avoided getting "tooThis article was written byMike Fay6.46K FollowersFormer media research analyst. Main coverage areas are crypto, BTC miners, metal, and media equities. I'm not an investment advisor. I just share what I do with my own capital and why. Outside of Seeking Alpha, I also write the Heretic Speculator newsletter over at Substack.Analyst’s Disclosure:I/we have a beneficial long position in the shares of XAUUSD:CUR, PHYS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.I'm not an investment advisor.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.CommentsTo ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.Is this happening to you frequently? Please report it on our feedback forum.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.