Sprott is a financial services firm that specializes in managing ETFs, mutual funds and physical trusts in the mining and metals space
Gold and silver are having a solid year. As of Oct. 8, gold is up 26.8 per cent year-to-date, and silver has increased by 28.2
Sprott’s ticker is up 32.8 per cent year-to-date, and the second-quarter results have been buoyed by precious metal trends. Revenues, cash flows and net income were strong, and the top- and bottom-line figures handily surpassed consensus analyst estimates. Assets under management hit a record high of $31.1-billion, up from $25.4-billion in the same quarter last year. Management fees were down slightly, however, from 0.5 per cent to 0.47 per cent.
Fast forward to the present day, and gold and silver are in high demand. The doldrums of 2016 are long forgotten by most investors, and for many who do remember, it feels more like ancient history than the opposite end of an underlying megatrend. To that end, in July we sold roughly half our position in Sprott at $63.01; this translated into a capital gain of 155 per cent, plus dividends along the way.
Insider selling and valuations aside, there are compelling reasons to keep holding, which is why we continue to own half of the original position. The organization’s fundamentals are sound, and many of the features that underpinned the thesis in 2016 remain in place.
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