Sprott Physical Gold and Silver Trust (CEF) 40-F 18 Mar 22 2021 FY Annual report (Canada) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2021shares
Entity Addresses [Line Items]
Document Type	40-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-38346
Entity Registrant Name	SPROTT PHYSICAL GOLD AND SILVER TRUST
Entity Central Index Key	0001726122
Entity Tax Identification Number	98-1399794
Entity Incorporation, State or Country Code	A6
Entity Address, Address Line One	Suite 2600, South Tower
Entity Address, Address Line Two	Royal Bank Plaza
Entity Address, Address Line Three	200 Bay Street
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5J 2J1
Title of 12(b) Security	Units
Trading Symbol	CEF
Security Exchange Name	NYSEArca
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	220,737,797
ICFR Auditor Attestation Flag	true
Auditor Name	KPMG LLP
Auditor Location	Toronto, Ontario
Auditor Firm ID	85
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	850 Library Avenue, Suite 204
Entity Address, City or Town	Newark
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19711
City Area Code	302
Local Phone Number	738-6680
Contact Personnel Name	Puglisi & Associates

Statements of comprehensive inc

Statements of comprehensive income (loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income
Net realized gains (losses) on redemptions and sales of gold and silver bullion	$ 10,784	$ 759
Change in unrealized gains (losses) on gold and silver bullion	(300,318)	1,026,156
	(289,534)	1,026,915
Expenses
Management fees (note 8)	16,695	14,766
Bullion storage fees	1,921	1,686
Sales tax	1,471	1,311
Legal fees	378	321
Unitholder reporting costs	194	162
Listing and regulatory filing fees	187	165
Administrative fees	174	262
Audit fees	127	176
Independent Review Committee fees	14	12
Custodial fees	2	5
Trustee fees	4	5
Net foreign exchange gains (losses)	(1)	1
	21,166	18,872
Net income (loss) and comprehensive income (loss)	$ (310,700)	$ 1,008,043
Weighted average number of Units	220,847,830	209,428,881
Increase (decrease) in total equity from operations per Unit	$ (1.41)	$ 4.81

Statements of financial positio

Statements of financial position - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash	$ 679	$ 1,400
Gold bullion	2,695,659	2,827,417
Silver bullion	1,398,098	1,594,588
Total assets	4,094,436	4,423,405
Liabilities
Accounts payable	62	125
Total liabilities	62	125
Equity
Unitholders’ capital	3,183,333	3,191,809
Unit premiums and reserves	91	80
Retained earnings (deficit)	914,188	1,234,584
Underwriting commissions and issue expenses	(3,238)	(3,193)
Total equity (note 7)	4,094,374	4,423,280
Total liabilities and equity	$ 4,094,436	$ 4,423,405
Total equity per Unit	$ 18.55	$ 19.95

Statements of changes in equity

Statements of changes in equity - USD ($) $ in Thousands	Issued capital [member]	Retained earnings [member]	Underwriting Commissions And Issue Expenses [Member]	Unit Premiums And Reserves [Member]	Total
Balance at Dec. 31, 2019	$ 2,733,097	$ 226,624		$ 62	$ 2,959,783
Balance (in number of units) at Dec. 31, 2019	194,827,300
Proceeds from issuance of Units (note 7)	$ 458,997				458,997
Proceeds from issuance of Units (in number of units) (note 7)	26,901,734
Cost of redemption of Units (note 7)	$ (285)	(83)		18	(350)
Cost of redemption of Units (note 7) (in number of units)	(20,335)
Net income (loss) and comprehensive income (loss) for the year		1,008,043			1,008,043
Underwriting commissions and issue expenses			(3,193)		(3,193)
Balance at Dec. 31, 2020	$ 3,191,809	1,234,584	(3,193)	80	4,423,280
Balance (in number of units) at Dec. 31, 2020	221,708,699
Proceeds from issuance of Units (note 7)	$ 18,593				18,593
Proceeds from issuance of Units (in number of units) (note 7)	958,693
Cost of redemption of Units (note 7)	$ (27,069)	(9,696)		11	(36,754)
Cost of redemption of Units (note 7) (in number of units)	(1,929,595)
Net income (loss) and comprehensive income (loss) for the year		(310,700)			(310,700)
Underwriting commissions and issue expenses			(45)		(45)
Balance at Dec. 31, 2021	$ 3,183,333	$ 914,188	$ (3,238)	$ 91	$ 4,094,374
Balance (in number of units) at Dec. 31, 2021	220,737,797

Statements of cash flows

Statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss) for the year	$ (310,700)	$ 1,008,043
Adjustment to reconcile net income (loss) for the year to net cash from operating activities
Net realized (gains) losses on redemptions and sales of gold and silver bullion	(10,784)	(759)
Change in unrealized (gains) losses on gold and silver bullion	300,318	(1,026,156)
Net changes in operating assets and liabilities
Increase (decrease) in accounts payable	(63)	(1,032)
Net cash provided by (used in) operating activities	(21,229)	(19,904)
Cash flows from investing activities
Purchases of gold and silver bullion	(2,786)	(440,262)
Sales of gold and silver bullion	7,942	5,043
Net cash provided by (used in) investing activities	5,156	(435,219)
Cash flows from financing activities
Proceeds from issuance of Units (note 7)	18,593	458,997
Payments on redemption of Units (note 7)	(3,196)	(534)
Underwriting commissions and issue expenses	(45)	(3,193)
Net cash provided by (used in) financing activities	15,352	455,270
Net increase (decrease) in cash during the year	(721)	147
Cash at beginning of the year	1,400	1,253
Cash at end of the year	$ 679	$ 1,400

Trust specific information

Trust specific information	12 Months Ended
	Dec. 31, 2021
Trust Specific Information
Trust specific information	Financial Risk Management (note 6) Trust specific information Investment Objective The investment objective of the Trust is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold and silver bullion without the inconvenience that is typical of a direct investment in physical bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold and silver bullion and does not speculate with regard to short-term changes in gold and silver prices. The Trust will only purchase and expects only to own “Good Delivery Bars” as defined by the London Bullion Market Association (“LBMA”), with each bar purchased being verified against the LBMA source. Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note 6 of the Generic Notes. Fair Value Measurements The reconciliation of bullion holdings for the years ended December 31, 2021 and 2020 is presented as follows: December 31, 2021 December 31, 2020 ​ $ ​ $ ​ Balance at beginning of year 4,422,005 ​ 2,959,687 ​ Purchases 2,786 ​ 440,262 ​ Sales (7,942 ) (5,043 ) Redemptions for physical bullion (33,558 ) 184 ​ Realized gains (losses) on sales and redemptions for physical bullion 10,784 ​ 759 ​ Change in unrealized gains (losses) (300,318 ) 1,026,156 ​ Balance at end of year 4,093,757 ​ 4,422,005 ​ Realized gains (losses) on physical bullion include both realized gains (losses) on sales of physical bullion, and realized gains (losses) occurring upon unitholder redemptions for physical bullion. The cost as at December 31, 2021 and 2020 for physical gold bullion was $ 2,078,227 2,100,112 1,030,025 1,036,069 Market Risk a) Other Price Risk If the market value of gold and silver bullion increased by 1 40.9 million 44.2 million 1 b) Currency Risk As at December 31, 2021, approximately $ 242 82 1 ​ Concentration Risk The Trust’s risk is concentrated in physical gold and silver bullion held across three locations, whose value constitutes 65.8% of total equity for 26.3% 7.8% 63.9% 36.0% Management Fees (note 8) The Trust pays the Manager a monthly management fee equal to 1 / 12 0.40 Also, the Manager has agreed that if the expenses of the Trust, including the management fee, at the end of any month exceed an amount equal to 1 / 12 0.65 Tax Loss Carryforwards As of the taxation year ended December 31, 2021, the Trust had capital losses available for tax purposes of $ nil nil Related Party Disclosures (note 8) During the reporting period, the Trust paid the Manager management fees, as discussed above. Other Risk The changing economic and market climate as a result of COVID-19 has led to the Manager’s implementation of its business continuity plan. The Manager’s portfolio managers, enterprise shared services teams and key outsourced service providers are fully operational. The exact long-term impacts of COVID-19 are undeterminable at the date of this report.

Organization of the Trusts

Organization of the Trusts	12 Months Ended
	Dec. 31, 2021
Organization Of Trusts
Organization of the Trusts	1. Organization of the Trusts Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Platinum and Palladium Trust and Sprott Physical Gold and Silver Trust (collectively, the ‘‘Trusts” and each a ‘‘Trust’’) are closed-end mutual fund trusts created under the laws of the Province of Ontario, Canada, pursuant to trust agreements. Sprott Asset Management LP (the “Manager”) acts as the manager of the Trusts. RBC Investor Services Trust, a trust company organized under the laws of Canada, acts as the trustee of the Trusts. RBC Investor Services Trust also acts as custodian on behalf of the Trusts for the Trusts’ assets other than physical bullion. The Royal Canadian Mint acts as custodian on behalf of the Trusts for the physical bullion owned by the Trusts. The Trusts’ registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2Jl. The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the “Units”). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the ‘‘NYSE Arca”) and the Toronto Stock Exchange (the “TSX’’). The date of inception and trading symbols of each of the Trusts is as follows. Trust Trust Agreement date Initial Public Offering date NYSE Arca and TSX symbols , respectively Sprott Physical Gold Trust August 28, 2009, as amended and restated as of December 7, 2009, February 1, 2010, February 27, 2015 and November 13, 2020 March 3, 2010 PHYS, PHYS.U Sprott Physical Silver Trust December 31, 2010, as amended and restated as of October 1, 2010, February 27, 2015 and November 13, 2020 October 28, 2010 PSLV, PSLV.U Sprott Physical Platinum and December 23, 2011, as amended and restated as of June 6, 2012 December 19, 2012 SPPP, SPPP.U Sprott Physical Gold & October 26, 2017 January 16, 2018 CEF, CEF.U The financial statements of each of the Trusts are as at and for the year ended December 31, 2021. These financial statements were authorized for issue by the Manager on March 18, 2022.

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2021
Basis Of Preparation
Basis of Preparation	2. Basis of Preparation These financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and include estimates and assumptions made by the Manager that may affect the reported amounts of assets, liabilities, income, expenses and the reported amounts of changes in equity during the reporting period. Actual results could differ from those estimates. The financial statements have been prepared on a going concern basis using the historical cost convention, except for physical bullion and financial assets and financial liabilities held at fair value through profit or loss, which have been measured at fair value. The financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary Of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trusts: Physical bullion Investments in physical bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards 40 Investment Property fair value model as IAS 40 is the most relevant standard to apply. Investment transactions in physical bullion are accounted for on the same business day the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an weighted average cost basis. Other assets and liabilities Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost. Income taxes In each taxation year, the Trusts will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trusts intend to distribute their taxable income to unitholders at the end of every fiscal year and therefore the Trusts themselves would not have any income tax liability. Functional and presentation currency Each Trust’s functional and presentation currency is the U.S. Dollar. Each Trusts’ performance is evaluated and its liquidity is managed in U.S. Dollars. Therefore, the U.S. Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
	Dec. 31, 2021
Critical Accounting Estimates And Judgments
Critical Accounting Estimates and Judgments	4. Critical Accounting Estimates and Judgments The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Trusts have made in preparing the financial statements: Estimation uncertainty For income tax purposes, the Trusts generally treat gains from the disposition of bullion as capital gains, rather than income, as the Trusts intend to be long-term passive holders of bullion, and generally dispose of their holdings in bullion only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has, however, expressed its opinion that gains (or losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather than as capital gains, although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. The Trusts based their assumptions and estimates on information available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Trusts. Such changes are reflected in the assumptions when they occur.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Fair Value Measurements	5. Fair Value Measurements The Trusts use a three-tier hierarchy as a framework for disclosing fair value based on inputs used to value their investments. The fair value hierarchy has the following levels: Level 1 Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trusts have the ability to access at the measurement date; Level 2 Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and Level 3 Prices. inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). Physical bullion is measured at fair value. The fair value measurement of all bullion falls within Level 1 of the hierarchy, and is based on published price quotations. All fair value measurements are recurring. The carrying value of cash, accounts receivable, prepaid assets, accounts payable, and due to broker, where applicable, approximate their fair values due to their short-term nature.

Financial Risk, Management and

Financial Risk, Management and Objectives	12 Months Ended
	Dec. 31, 2021
Financial Risk Management And Objectives
Financial Risk, Management and Objectives	6. Financial Risk, Management and Objectives The Trusts’ objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trusts’ activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Trusts have investment guidelines that set out their overall business strategies, their tolerance for risk and their general risk management philosophy, as noted in each Trust’s offering documents. The Trusts’ Manager is responsible for identifying and controlling risks. The Trusts are exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk arising from the bullion that they hold. Only certain risks of the Trusts are actively managed by the Manager, as the Trusts are passive investment vehicles. Significant risks that are relevant to the Trusts are discussed below. Refer to the Notes to financial statements — Trust specific information of each Trust for specific risk disclosures. Price risk Price risk arises from the possibility that changes in the market price of each Trust’s investments, which consist almost entirely of bullion, will result in changes in fair value of such investments. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trusts do not hedge their exposure to interest rate risk as that risk is minimal. Currency risk Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. Each Trust’s assets, substantially all of which consist of an investment in bullion, are priced in U.S. dollars. Some of the Trusts’ expenses are payable in Canadian dollars. Therefore, the Trusts are exposed to currency risk, as the value of their assets and liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such assets and liabilities, however, are short term in nature and are not significant in relation to the net assets of the Trusts, and, as such, exposure to foreign exchange risk is limited. The Trusts do not enter into currency hedging transactions. ​ Credit risk Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trusts primarily incur credit risk when entering into and settling bullion transactions. It is each Trust’s policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trusts’ counterparties, such as bullion dealers, by reviewing their financial statements when available, regulatory notices and press releases. The Trusts seek to minimize credit risk relating to unsettled transactions in bullion by only engaging in transactions with bullion dealers with high creditworthiness. The risk of default is considered minimal, as payment for bullion is only made against the receipt of the bullion by the custodian. Liquidity risk Liquidity risk is defined as the risk that the Trusts will encounter difficulty in meeting obligations associated with financial liabilities and redemptions. Liquidity risk arises because of the possibility that the Trusts could be required to pay their liabilities earlier than expected. The Trusts are also subject to redemptions for both cash and bullion on a regular basis. The Trusts manage their obligation to redeem units when required to do so and their overall liquidity risk by only allowing for redemptions monthly, which require 15 Concentration risk Each Trust’s risk is concentrated in the physical bullion of precious metals.

Unitholders_ Capital

Unitholders’ Capital	12 Months Ended
	Dec. 31, 2021
Unitholders Capital
Unitholders’ Capital	7. Unitholders’ Capital The Trusts are authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. The Trusts’ capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trusts’ capital is provided in their Statements of changes in equity. Under the trust agreements of each Trust, Units may be redeemed at the option of the unitholder on a monthly basis for physical bullion or cash. Units redeemed for physical bullion will be entitled to a redemption price equal to 100 95 five When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders’ capital is reduced by an amount equal to the stated or assigned value of the Units. The difference between the redemption price and the stated or assigned values of the Units is allocated to the Unit premiums and reserves account (equal to the 5 The Trusts’ units are classified as equity on the Statements of financial position, since the Trusts’ units meet the criteria in IAS 32, Financial Instruments: Presentation (“IAS 32”) for classification as equity. ​ Net Asset Value NAV is defined as a Trust’s net assets (fair value of total assets less fair value of total liabilities) calculated using the value of physical bullion based on the end-of-day price provided by a widely recognized pricing source. Capital management As a result of the ability to issue, repurchase and resell Units of the Trusts, the capital of the Trusts as represented by the Unitholders’ capital in the Statements of financial position can vary depending on the demand for redemptions and subscriptions to the Trusts. The Trusts are not subject to externally imposed capital requirements and have no legal restrictions on the issue, repurchase or resale of redeemable Units beyond those included in their trust agreements. The Trusts may not issue additional Units except (i) if the net proceeds per Unit to be received by the Trusts are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution. Each Trusts’ objectives for managing capital are: • To invest and hold substantially all of the Trust’s assets in physical bullion; and • To maintain sufficient liquidity to meet the expenses of each Trust, and to meet redemption requests as they arise. Refer to “Financial risk, management and objectives” (Note 6) for the policies and procedures applied by the Trusts in managing their capital.

Related Party Disclosures

Related Party Disclosures	12 Months Ended
	Dec. 31, 2021
Related Party Disclosures
Related Party Disclosures	8. Related Party Disclosures The Trusts pay the Manager a monthly management fee, calculated and accrued daily and payable monthly in arrears on the last day of each month. Management fees are unique to each Trust and are subject to applicable taxes.

Independent Review Committee (_

Independent Review Committee (“IRC”)	12 Months Ended
	Dec. 31, 2021
Independent Review Committee
Independent Review Committee (“IRC”)	9. Independent Review Committee (“IRC”) In accordance with National Instrument 81-107, Independent Review Committee for Investment Funds (“NI 81-107”), the Manager has established an IRC for a number of funds managed by it, including the Trusts. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including the Trusts. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trusts. Each fund subject to IRC oversight pays a share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI 81-107.

Personnel

Personnel	12 Months Ended
	Dec. 31, 2021
Personnel
Personnel	10. Personnel The Trusts did not employ any personnel during the period, as their affairs were administered by the personnel of the Manager and/or the Trustee, as applicable.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary Of Significant Accounting Policies
Physical bullion	Physical bullion Investments in physical bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards 40 Investment Property fair value model as IAS 40 is the most relevant standard to apply. Investment transactions in physical bullion are accounted for on the same business day the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an weighted average cost basis.
Other assets and liabilities	Other assets and liabilities Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost.
Income taxes	Income taxes In each taxation year, the Trusts will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trusts intend to distribute their taxable income to unitholders at the end of every fiscal year and therefore the Trusts themselves would not have any income tax liability.
Functional and presentation currency	Functional and presentation currency Each Trust’s functional and presentation currency is the U.S. Dollar. Each Trusts’ performance is evaluated and its liquidity is managed in U.S. Dollars. Therefore, the U.S. Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

Trust specific information (Tab

Trust specific information (Tables)	12 Months Ended
	Dec. 31, 2021
Trust Specific Information
The reconciliation of bullion holdings for the years ended December 31, 2021 and 2020 is presented as follows:	The reconciliation of bullion holdings for the years ended December 31, 2021 and 2020 is presented as follows: December 31, 2021 December 31, 2020 ​ $ ​ $ ​ Balance at beginning of year 4,422,005 ​ 2,959,687 ​ Purchases 2,786 ​ 440,262 ​ Sales (7,942 ) (5,043 ) Redemptions for physical bullion (33,558 ) 184 ​ Realized gains (losses) on sales and redemptions for physical bullion 10,784 ​ 759 ​ Change in unrealized gains (losses) (300,318 ) 1,026,156 ​ Balance at end of year 4,093,757 ​ 4,422,005 ​

Organization of the Trusts (Tab

Organization of the Trusts (Tables)	12 Months Ended
	Dec. 31, 2021
Organization Of Trusts
The date of inception and trading symbols of each of the Trusts is as follows.	The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the “Units”). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the ‘‘NYSE Arca”) and the Toronto Stock Exchange (the “TSX’’). The date of inception and trading symbols of each of the Trusts is as follows. Trust Trust Agreement date Initial Public Offering date NYSE Arca and TSX symbols , respectively Sprott Physical Gold Trust August 28, 2009, as amended and restated as of December 7, 2009, February 1, 2010, February 27, 2015 and November 13, 2020 March 3, 2010 PHYS, PHYS.U Sprott Physical Silver Trust December 31, 2010, as amended and restated as of October 1, 2010, February 27, 2015 and November 13, 2020 October 28, 2010 PSLV, PSLV.U Sprott Physical Platinum and December 23, 2011, as amended and restated as of June 6, 2012 December 19, 2012 SPPP, SPPP.U Sprott Physical Gold & October 26, 2017 January 16, 2018 CEF, CEF.U

The reconciliation of bullion h

The reconciliation of bullion holdings for the years ended December 31, 2021 and 2020 is presented as follows: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Realized gains (losses) on sales and redemptions for physical bullion	$ 10,784	$ 759
Change in unrealized gains (losses)	(300,318)	1,026,156
Recurring fair value measurement [member]
IfrsStatementLineItems [Line Items]
Balance at beginning of year	4,422,005	2,959,687
Purchases	2,786	440,262
Sales	(7,942)	(5,043)
Redemptions for physical bullion	(33,558)	184
Realized gains (losses) on sales and redemptions for physical bullion	10,784	759
Change in unrealized gains (losses)	(300,318)	1,026,156
Balance at end of year	$ 4,093,757	$ 4,422,005

Trust specific information (Det

Trust specific information (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Physical gold bullion cost	$ 2,078,227	$ 2,100,112
Physical silver bullion cost	$ 1,030,025	1,036,069
Percent value of net assets of the Trust	0.40%
Threshold percent value of net assets of trust to calculate management fee	0.65%
Capital losses available for tax purposes	$ 0	0
Currency risk [member]
IfrsStatementLineItems [Line Items]
Other assets and accounts payable	$ 242	$ 82
Concentration Risk [Member]
IfrsStatementLineItems [Line Items]
Percentage of physical gold bullion that constitutes total equity	65.80%	63.90%
Percentage of physical silver bullion that constitutes total equity		36.00%
Concentration Risk Location One [Member]
IfrsStatementLineItems [Line Items]
Percentage of physical silver bullion that constitutes total equity	26.30%
Concentration Risk Location Two [Member]
IfrsStatementLineItems [Line Items]
Percentage of physical silver bullion that constitutes total equity	7.80%
Scenario [Member]
IfrsStatementLineItems [Line Items]
Percent change in the exchange rate between the Canadian and U.S. Dollars	1.00%
Scenario [Member] | Other price risk [member]
IfrsStatementLineItems [Line Items]
Percentage increase in market value of gold	1.00%
Percentage increase in market value of silver	1.00%
Increase (decrease) in equity	$ 40,900	$ 44,200
Percentage decrease in market value of gold	1.00%
Percentage decrease in market value of silver	1.00%

Financial Risk, Management an_2

Financial Risk, Management and Objectives (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Liquidity risk [member]
IfrsStatementLineItems [Line Items]
Number of days for advance notice required	15 days

Unitholders_ Capital (Details N

Unitholders’ Capital (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Unitholders Capital
Redemption price percentage	100.00%
Redemption price percentage for Units redeemed for cash	95.00%
Period of last business days in month in which redemption request processed	5 days
Percentage reduction to the redemption price	5.00%