Sprott Physical Gold and Silver Trust (CEF) 40-F 30 Mar 20 2019 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Document and Entity Information [Abstract]
Document Type	40-F
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	Sprott Physical Gold & Silver Trust
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	194,827,300
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001726122
Amendment Flag	false

Statements of comprehensive inc

Statements of comprehensive income (loss) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income
Net realized losses on redemptions and sales of gold and silver bullion	$ (16,397,754)	$ (39,637,898)
Other capital gains realized		151,166
Change in unrealized gains (losses) on bullion	455,535,945	(195,868,677)
Other income		10,510
Total income	439,138,191	(235,344,899)
Expenses
Management fees (note 8)	11,015,243	11,608,891
Bullion storage fees	7,284,987	6,356,297
Sales tax	369,712	2,478,354
Legal fees	96,353	388,867
Unitholder reporting costs	217,629	203,452
Listing and regulatory filing fees	339,836	204,868
Administrative fees	186,891	159,369
Audit fees	134,288	123,959
Independent Review Committee fees	11,045	30,528
Custodial fees	11,444	22,179
Trustee fees	3,770	3,822
Income tax		16,842
Net foreign exchange (gains) losses	(767)	57,277
Total expenses	19,670,431	21,654,705
Net income (loss) and comprehensive income (loss)	$ 419,467,760	$ (256,999,604)
Weighted average number of Units	196,664,619	231,835,309
Increase (decrease) in total equity from operations per Unit	$ 2.13	$ (1.11)

Statements of financial positio

Statements of financial position - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash	$ 1,252,702	$ 179,724
Gold bullion	1,933,002,024	1,816,233,356
Silver bullion	1,026,685,129	991,819,401
Total assets	2,960,939,855	2,808,232,481
Current liabilities
Accounts payable	1,157,126	1,515,439
Total liabilities	1,157,126	1,515,439
Equity
Unitholders' capital	2,733,096,689	3,020,725,601
Unit premiums and reserves	62,184	2,447
Retained earnings (deficit)	226,623,856	(214,011,006)
Total equity (note 7)	2,959,782,729	2,806,717,042
Total liabilities and equity	$ 2,960,939,855	$ 2,808,232,481
Total equity per Unit	$ 15.19	$ 13.03

Statements of changes in equity

Statements of changes in equity - USD ($)	Unitholders' Capital	Retained Earnings (Deficit)	Unit Premiums and Reserves	Total
Balance as (in number of units) at Dec. 31, 2017	1
Balance as at Dec. 31, 2017	$ 10			$ 10
Units issued on acquisition of CFCL (in number of units)	252,156,002
Units issued on acquisition of CFCL	$ 3,537,320,923			3,537,320,923
Cost of redemption of Units (note 7) (in number of units)	(36,825,227)
Cost of redemption of Units (note 7)	$ (516,595,332)			(473,604,287)
Cost of redemption of Units (note 7)		$ 42,988,598	$ 2,447
Net income (loss) for the year		(256,999,604)		(256,999,604)
Balance as (in number of units) at Dec. 31, 2018	215,330,776
Balance as at Dec. 31, 2018	$ 3,020,725,601	(214,011,006)	2,447	2,806,717,042
Cost of redemption of Units (note 7) (in number of units)	(20,503,476)
Cost of redemption of Units (note 7)	$ (287,628,912)			(266,402,073)
Cost of redemption of Units (note 7)		21,167,102	59,737
Net income (loss) for the year		419,467,760		419,467,760
Balance as (in number of units) at Dec. 31, 2019	194,827,300
Balance as at Dec. 31, 2019	$ 2,733,096,689	$ 226,623,856	$ 62,184	$ 2,959,782,729

Statements of cash flows

Statements of cash flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income (loss) for the year	$ 419,467,760	$ (256,999,604)
Adjustment to reconcile net income (loss) for the year to net cash from operating activities
Realized losses on redemptions and sales of bullion	16,397,754	39,637,898
Change in unrealized (gains) losses on bullion	(455,535,945)	195,868,677
Net changes in operating assets and liabilities
Increase (decrease) in accounts payable	(358,313)	980,858
Net cash used in operating activities	(20,028,744)	(20,512,171)
Cash flows from investing activities
Sales of bullion	23,265,316	14,362,530
Net cash provided by investing activities	23,265,316	14,362,530
Cash flows from financing activities
Payments on redemption of Units (note 7)	(2,163,594)	(902,448)
Net cash used in financing activities	(2,163,594)	(902,448)
Net increase (decrease) in cash during the year	1,072,978	(7,052,089)
Cash at beginning of the year	179,724	10
Cash received on CFCL acquisition		7,231,803
Cash at end of the year	$ 1,252,702	$ 179,724

Trust specific information

Trust specific information	12 Months Ended
	Dec. 31, 2019
Financial Risk, Management and Objectives
Trust specific information	(in U.S. dollars) Financial Risk Management (note 6) 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 bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and does not speculate with regard to short-term changes in gold 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 year ended December 31, 2019 and 2018 is presented as follows: December 31, 2019 December 31, 2018 $ $ Balance at beginning of year 2,808,052,757 – Physical bullion acquired from CFCL – 3,530,623,701 Sales (23,265,316) (14,362,530) Redemptions for physical bullion (264,238,479) (472,701,839) Realized losses on sales and redemptions for physical bullion (16,397,754) (39,637,898) Change in unrealized gains (losses) 455,535,945 (195,868,677) Balance at end of year 2,808,052,757 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. Market Risk a) Other Price Risk If the market value of gold increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $29.6 million (December 31, 2018: $28.1 million); conversely, if the value of gold bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same amount. b) Currency Risk As at December 31, 2019, approximately $184,000 (December 31, 2018: $1,416,000) of the Trust’s liabilities were denominated in Canadian dollars. As a result, a 1% change in the exchange rate between the Canadian and U.S. Dollars would have no material impact to the Trust. Concentration Risk The Trust’s risk is concentrated in physical gold and silver bullion, whose value constitutes 65.3% and 34.7% respectively of total equity as at December 31, 2019 (64.8% and 35.3% respectively as at December 31, 2018). Management Fees (note 8) The Trust pays the Manager a monthly management fee equal to 1/12 of 0.40% of the value of net assets of the Trust (determined in accordance with the Trust’s trust agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. 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 of 0.65% of the value of the net assets of the Trust, the management fee payable to the Manager for such month will be reduced by the amount of such excess up to the gross amount of the management fee earned by the Manager from the Trust for such month. Any such reduction in the management fee will not be carried forward or remain payable to the Manager in future months. The Manager did not waive any amounts payable for during the year ended December 31, 2019 and 2018. In calculating the expenses of the Trust for purposes of the expense cap, the following will be excluded: any applicable taxes payable by the Trust or to which the Trust may be subject, and any extraordinary expenses of the Trust . Tax Loss Carryforwards As of the taxation year ended December 31, 2019, the Trust had capital losses available for tax purposes of $Nil. (2018: $Nil) Related Party Disclosures (note 8) There have been no other transactions between the Trust and its related parties during the reporting period, other than management fees as discussed above . Acquisition On January 16, 2018 Sprott successfully completed its previously announced acquisition of the common shares of Central Fund of Canada Limited ("CFCL") and the right to administer and manage CFCL's assets. The transaction was implemented pursuant to a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Alberta), subject to the satisfaction of customary conditions, including receipt of regulatory, securities commission and stock exchange approvals, Alberta court approval and the approval by the class A and common shareholders of CFCL on November 30, 2017. Under the arrangement, CFCL's class A shareholders are now unitholders of the newly-created Sprott Physical Gold and Silver Trust. On January 16, 2018 the Trust began trading on the New York Stock Exchange and the Toronto Stock Exchange under the symbols “CEF” and “CEF.U”, respectively. Pursuant to the arrangement described above, CFCL’s Class A shares were exchanged for 252,156,003 units of the Trust on January 16, 2018. Assets transferred were 1,663,144 ounces of gold and 75,224,102 ounces of silver, $7,232,002 in cash and $273,002 of other assets. Total accrued liabilities were $807,573. Subsequent Events The changing economic climate as a result of the Coronavirus (COVID ‐ 19) may have an impact on the Trust’s future operating results and financial position. The impact from these changes is undeterminable at the date of this report.

Organization of the Trusts

Organization of the Trusts	12 Months Ended
	Dec. 31, 2019
Organization of the 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 and CIBC 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 2J1. 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 and as further amended and restated as of February 1, 2010 March 3, 2010 PHYS, PHYS.U Sprott Physical Silver Trust June 30, 2010, as amended and restated as of October 1, 2010 October 28, 2010 PSLV, PSLV.U Sprott Physical Platinum and Palladium Trust December 23, 2011, as amended and restated as of June 6, 2012 December 19, 2012 SPPP, SPPP.U Sprott Physical Gold & Silver Trust 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, 2019. These financial statements were authorized for issue by the Manager on March 30, 2020 .

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2019
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 Net Assets 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 dollar unless otherwise indicated .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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 Trust: 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 business day following the date the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an 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. New Standards issued IFRS 16, Leases (“IFRS 16”): IFRS 16 was issued by IASB in January 2016 and was effective for annual periods beginning on or after January 1, 2019. IFRS 16 establishes principals for the recognition, measurement, presentation and disclosure of leases. The standard introduces a single lessee accounting model that requires, generally speaking, the recognition of most lease assets on the balance sheet as opposed to off-balance sheet in the financial statement notes. The transition to IFRS 16 did not result in any material changes to the Trusts’s financial statements. All other accounting policies, judgments, and estimates described in the annual audited financial statements have been applied consistently to these financial statements unless otherwise noted.

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
	Dec. 31, 2019
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 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 parameters 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, 2019
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 Level 2 Level 3 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 values of cash, accounts receivable and accounts payable approximate their fair values due to their short-term nature .

Financial Risk, Management and

Financial Risk, Management and Objectives	12 Months Ended
	Dec. 31, 2019
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 set out 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 liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such 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-day advance notice to the Trusts. Each Trust’s liquidity risk is minimal, since it’s primary investment is physical bullion, which trades in a highly liquid market. All of the Trusts’ financial liabilities, including due to brokers, accounts payable and management fees payable have maturities of less than three months . Concentration risk Each Trust’s risk is concentrated in the physical bullion of precious metals .

Unitholders' Capital

Unitholders' Capital	12 Months Ended
	Dec. 31, 2019
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% of the Net Asset Value (“NAV”) of the redeemed Units on the last business day of the month in which the redemption request is processed. A unitholder redeeming Units for physical bullion will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical bullion for Units that are being redeemed and the applicable bullio n storage in-and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i) the volume-weighted average trading price of the Units traded on the NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the TSX for the last five business days of the month in which the redemption request is processed and (ii) the NAV of the redeemed Units as of 4:00 p.m., Eastern Standard time, on the last business day of the month in which the redemption request is processed. 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% reduction to the redemption price for Units redeemed for cash as described above) and the retained earnings account based on the allocated portion attributable to the redemption. 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, excluding all liabilities represented by outstanding Units, if any) calculated using the value of physical gold bullion based on the end-of-day price provided by a widely recognized pricing service . 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, 2019
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, 2019
Independent Review Committee ("IRC")
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, 2019
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, 2019
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 business day following the date the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an 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.
New Standards issued	New Standards issued IFRS 16, Leases (“IFRS 16”): IFRS 16 was issued by IASB in January 2016 and was effective for annual periods beginning on or after January 1, 2019. IFRS 16 establishes principals for the recognition, measurement, presentation and disclosure of leases. The standard introduces a single lessee accounting model that requires, generally speaking, the recognition of most lease assets on the balance sheet as opposed to off-balance sheet in the financial statement notes. The transition to IFRS 16 did not result in any material changes to the Trusts’s financial statements. All other accounting policies, judgments, and estimates described in the annual audited financial statements have been applied consistently to these financial statements unless otherwise noted.

Organization of the Trusts (Tab

Organization of the Trusts (Tables)	12 Months Ended
	Dec. 31, 2019
Organization of the Trusts
Organization of the Trusts	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 and as further amended and restated as of February 1, 2010 March 3, 2010 PHYS, PHYS.U Sprott Physical Silver Trust June 30, 2010, as amended and restated as of October 1, 2010 October 28, 2010 PSLV, PSLV.U Sprott Physical Platinum and Palladium Trust December 23, 2011, as amended and restated as of June 6, 2012 December 19, 2012 SPPP, SPPP.U Sprott Physical Gold & Silver Trust October 26, 2017 January 16, 2018 CEF, CEF.U

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Measurements
Fair Value Measurements for reconciliation of bullion holdings	December 31, 2019 December 31, 2018 $ $ Balance at beginning of year 2,808,052,757 – Physical bullion acquired from CFCL – 3,530,623,701 Sales (23,265,316) (14,362,530) Redemptions for physical bullion (264,238,479) (472,701,839) Realized losses on sales and redemptions for physical bullion (16,397,754) (39,637,898) Change in unrealized gains (losses) 455,535,945 (195,868,677) Balance at end of year 2,808,052,757

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Dec. 31, 2019USD ($)
Summary of Significant Accounting Policies
Capital losses available for tax purposes

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Jan. 16, 2018USD ($)ozshares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Reconciliation of changes in fair value measurement, assets [abstract]
Balance at beginning of year		$ 991,819,401
Realized losses on sales and redemptions for physical bullion		16,397,754	$ 39,637,898
Change in unrealized gains (losses)		(455,535,945)	195,868,677
Balance at end of year		1,026,685,129	991,819,401
CFCL
Acquisition
Units Issued During Period Units Acquisitions | shares	252,156,003
Ounces of gold transferred | oz	1,663,144
Ounces of silver transferred | oz	75,224,102
Cash transferred	$ 7,232,002
Other assets transferred	273,002
Accrued liabilities	$ 807,573
Recurring fair value measurement
Reconciliation of changes in fair value measurement, assets [abstract]
Balance at beginning of year		2,808,052,757
Physical bullion acquired from CFCL			3,530,623,701
Sales		(23,265,316)	(14,362,530)
Redemptions for physical bullion		(264,238,479)	(472,701,839)
Realized losses on sales and redemptions for physical bullion		(16,397,754)	(39,637,898)
Change in unrealized gains (losses)		455,535,945	(195,868,677)
Balance at end of year		$ 2,959,687,153	$ 2,808,052,757

Financial Risk, Management an_2

Financial Risk, Management and Objectives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of risk management strategy related to hedge accounting [line items]
Liabilities	$ 1,157,126	$ 1,515,439
Concentration Risk
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of physical gold bullion that constitutes total equity	65.30%	64.80%
Percentage of physical silver bullion that constitutes total equity	34.70%	35.30%
Liquidity Risk
Disclosure of risk management strategy related to hedge accounting [line items]
Number of days for advance notice required	15 days
Canada | Currency Risk
Disclosure of risk management strategy related to hedge accounting [line items]
Liabilities	$ 184,000	$ 1,416,000
Scenario Member | Other Price Risk
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage increase in market value of gold	1.00%
Percentage decrease in market value of gold	1.00%
Increase (decrease) in equity	$ 29,600,000	$ 28,100,000
Scenario Member | Canada
Disclosure of risk management strategy related to hedge accounting [line items]
Percent change in the exchange rate between the Canadian and U.S. Dollars	1.00%

Unitholders' Capital (Details)

Unitholders' Capital (Details)	12 Months Ended
	Dec. 31, 2019
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%

Related Party Disclosures (Deta

Related Party Disclosures (Details)	12 Months Ended
	Dec. 31, 2019
Management Fees
Monthly management fee	8.33%
Percent value of net assets of the Trust	0.40%
Monthly expense including management fee	8.33%
Threshold percent value of net assets of trust to calculate management fee	0.65%