Insights
Sprott Insights offers unique analyses and perspectives from the firm’s leading experts on key topics in precious metals and critical materials.
Special Report
Gold’s Post-Election Correction Comes as No Surprise
We see gold's post-election pullback as a healthy consolidation, affirming our bullish outlook. Post-election market dislocations, historically tied to political outcomes, may present a strategic buying opportunity in precious metals and mining equities.
Sprott Critical Materials Monthly
Batteries and Minerals Driving Global Electrification
Batteries and energy storage continue to underpin electrification trends, solidifying their role as a cornerstone in the global shift toward sustainable energy. Support is being strengthened by strategic investments from governments and corporations, and resilient demand for critical minerals like lithium, copper and nickel.
Sprott Uranium Report
Big Tech Targets Nuclear Energy to Support AI Ambitions
Big tech is turning to nuclear energy to fuel the massive power needs of AI-driven data centers. They're striking bold deals to develop small modular reactors (SMRs), sparking a surge in uranium demand and helping to support clean energy innovation. At the same time, global uranium supply remains inadequate to meet both current and future reactor requirements.
Sprott Q3 Precious Metals Report
Gold and Silver Enjoy Continued Rally
Gold and silver prices surged in Q3 2024, driven by central bank buying and macroeconomic factors. While gold experienced a historic price increase, silver's price was influenced by both its precious metal value and industrial demand. YTD through September 30, gold is up 27.71% and silver has gained 30.95%.
Sprott Critical Materials Monthly
U.S. Electricity Grid Remakes Itself to Meet Surging AI-Led Power Demand
Demand for electricity over the next decade will put pressure on the U.S. power grid to keep pace. New investment in power-hungry industrial facilities is driving demand, especially the data centers that support artificial intelligence (AI), U.S. reshoring initiatives and the steady electrification of the transport sector.
Sprott Gold Report
The Stage Is Set
We believe gold mining equities are poised for growth, as they remain undervalued despite rising gold prices. Western investors have largely ignored gold, but any shift has the potential to push gold prices higher, which will likely benefit miners. In our view, the current market displays the signs of an early-stage bull market.
Sprott Uranium Report
Uranium Markets Shake Off Summer Doldrums
The uranium market has faced short-term volatility, including price declines driven by geopolitical tensions and economic concerns. Despite these challenges, the long-term outlook remains strong. Supply uncertainties from key producers like Kazakhstan and Russia are contributing to this volatility, but the fundamental supply-demand imbalance suggests further growth potential.
Special Report
Gold Tops $2,500: A Technical View
Gold has surged above the psychological $2,500 level, driven by factors not easily explained by traditional market variables, suggesting possible central bank or sovereign activity rather than usual market dynamics.
Sprott Critical Materials Monthly
The Unstoppable Rise of Renewable Energy
Renewable energy is rapidly replacing fossil fuels as costs decrease and efficiencies improve with increased deployment, making it much cheaper than traditional energy sources. This shift, driven by the exponential growth of renewables, electrification, and efficiency, is expected to significantly alter global power dynamics as fossil fuels are phased out.
Special Report
The AI Revolution and Data Centers: A New Frontier in Energy Demand
Significant investments in AI-related tech stocks have helped push the S&P 500 Index to record highs this year. The rapid growth of AI is significantly increasing the energy demands of data centers, which is likely to lead to a surge in demand for critical materials.
Special Report
Lithium: Short-Term Opportunities for a Long-Term Trend
This might be an ideal moment to re-evaluate lithium miners given their potential to benefit as the global energy transition continues. The current dip in the price of lithium miners presents a potential short-term opportunity, given the strong future demand and supply imbalance.
Sprott Uranium Report
Uranium Case Strengthens
The uranium spot price has remained range-bound between $85 and $95 per pound, and ended the first half at $85.34 (June 30, 2024). Uranium miners fell in June, but bounced back in early July, outperforming the commodity YTD.
Sprott Gold Report
U.S. Dollar: Decline and Fall
Gold’s breakout may signify more than one might infer from the continuing lack of interest. Inflows into the precious metals mining space have the potential to generate compelling outcomes.
Sprott Q2 Precious Metals Report
Gold’s Record-Setting Quarter and Silver’s Resurgence
Gold gained 12.79% YTD by June 30, supported by central bank buying. Silver closed Q2 at $29.14, boosted by gold's breakout and global monetary expansion.
Sprott Critical Materials Monthly
Fourth Industrial Revolution Fuels Global Competition for Critical Minerals
The fourth industrial revolution (4IR) is driving unprecedented change. Its dominated by AI, robotics, IoT, genetic engineering and quantum computing. 4IR technologies need critical minerals, fueling a new commodity supercycle.
Sprott Uranium Report
Uranium Miners Lead Market Higher
YTD the uranium spot price has stabilized between $85-$95 per pound after an 88.54% rise in 2023, indicating a healthy correction in a bullish cycle. Uranium miners' performance improved, matching spot price gains.
Sprott Critical Materials Monthly
A New Copper Supercycle Is Emerging
The copper market is entering a new supercycle. Demand is surging as countries invest in clean energy and protect their access to copper, while supply is constrained by a lack of new mine development.
Sprott Silver Report
Silver’s Critical Role in the Clean Energy Transition
Silver is crucial in the shift to cleaner energy, vital for solar panels and EVs, which reduce greenhouse gases. New technologies like AI have increased demand, while overall silver supply has declined.
Sprott Critical Materials Monthly
AI's Critical Impact on Electricity and Energy Demand
The rise of AI and data centers will boost global electricity demand, challenging power grids but benefiting clean energy sources like nuclear. This trend will also increase demand for copper.
Special Report
The Case for Investing in Nickel Miners
Nickel's future is bright due to its role in net-zero goals. Stricter regulations and government support for EVs are driving demand, benefiting nickel mining companies in the long run.
Special Report
Nuclear Revival: A Resurgence for Uranium Miners
Rising global nuclear energy commitments make uranium a compelling investment. Despite a slight dip in spot prices, there's potential for growth.
Sprott Uranium Report
Miners Ignore Softer Uranium Price
In March, the uranium market saw mixed results: spot prices fell, but miners' stocks rose due to a positive long-term outlook. We believe the uranium bull market has more room to grow.
Sprott Critical Materials Monthly
Battery Storage Is the Technological Cornerstone for a Sustainable Energy Future
The energy sector has experienced a remarkable transformation, primarily driven by the rapid growth and integration of renewable energy sources. Central to this transition is the advancement of battery storage technology.
Sprott Gold Report
What Does the Gold Price Breakout Mean?
The breakout in gold prices since February has been largely ignored by mainstream investors. Gold bullion’s breakout is significant in that it represents the positive resolution of a three-year consolidation.
Sprott Q1 Precious Metals Report
Gold Is on the Rise and Reaches All-Time High
Gold reached an all-time closing high and is up 8.09% YTD (as of 3/31/2024) after rising 13.10% in 2023. We believe several factors are in place for gold to move higher, such as strong central bank buying.
Sprott Uranium Report
Uranium Bull Market Takes a Healthy Pause
Uranium markets pulled back in February after a rapid rise—in our view, this is a healthy pause in the ongoing uranium bull market. News from Kazatomprom and Cameco reinforce uranium markets' structural supply deficit.
Sprott Critical Materials Monthly
Global Investment Pours into Renewable Energy
February was lackluster for critical materials, but the backdrop remains very positive. The global commitment to clean energy hit a new milestone in 2023 as investment surged to an unprecedented $1.77 trillion.
Special Report
Copper: Wired for the Future
The demand for copper in energy grids, electric vehicles and clean energy technologies, combined with diminishing ore grades and limited inventories, underscores copper's growing importance.
White Paper
Copper: The Red Metal's Central Role in Powering Our Net-Zero Carbon Future
In the U.S. alone, copper is a crucial element in nearly 7 million miles of electrical wires. This white paper introduces the trends that are driving copper markets and copper miners, and explains our positive outlook.
Sprott Uranium Report
Uranium Price Returns to Triple Digits
Uranium price surged 11% in January, fueled in part by Kazatomprom's cut in guidance for 2024 production. Junior uranium miners were top performers , climbing 18.78%.
Sprott Critical Materials Monthly
The Emerging Renewable Energy Economy
The era of renewable energy is emerging and beginning to reshape power generation. Recent trends suggest that this is a fundamental transformation powered by the fall in renewable energy costs.
Sprott Outlook
What a Year for Uranium and Nuclear Energy
2023 provided the long-awaited inflection point for the uranium contracting cycle. Long-term security of supply concerns, fanned by lingering geopolitical risks and the challenges of expanding primary production, are likely the key themes to watch.
Sprott Critical Materials Monthly
Lithium-Ion Technology Solidifies Lead in EV Battery Stakes
The long-term trajectory for EVs is positive despite the recent slowdown. Lithium-ion batteries (LIBs) are the preferred battery technology for EVs, thanks to their superior technical properties.
Sprott Uranium Report
Higher Uranium Prices Allow Miners to Resume Production
The uranium price increased in October, reaching a 12-year high at $74.48 per pound. A growing supply deficit is helping to support higher price levels as the West focuses on reshoring supply chains.
Sprott Critical Materials Monthly
Energy Security and the Shifting Focus from Oil to Critical Minerals
As the U.S. advances in its pursuit of clean energy, it is strategically redirecting its energy security emphasis from oil to critical minerals, and diminish the influence of oil geopolitics and petrostates such as Russia.
Sprott Q3 Precious Metals Report
Central Banks Support Gold & Solar PV Demand Buoys Silver
Gold demand from sovereigns and central banks remains unwavering. Over the past decade, China has been committed to bolstering its gold reserves to enhance its economic and geopolitical standings.
Sprott Critical Materials Monthly
Silver Demand Grows as Solar Leads Renewables
Uranium's performance helped the energy transition complex close higher in September. From a macro outlook, solar panels are emerging as a critical player in the global energy transition.
Sprott Uranium Report
Uranium Rally Gains Power in September
Uranium and uranium mining stocks posted their best month in two years, as the price of U3O8 reached a 12-year high. YTD as of 9/30/23, physical uranium has risen 51.88% and uranium mining equities have gained 23.93%.
Special Report
Pro-Nuclear Sentiment Ignites Uranium Opportunities
The global nuclear power industry is experiencing a revival. Geopolitical events and a surge in energy demand have shifted sentiment positively, with countries investing in new nuclear reactor builds, restarts and extensions.
Sprott Uranium Report
Strong Fundamentals Anchor Uranium's Rise
Uranium and uranium mining stocks had a strong month in August. YTD as of 8/31/2023, spot uranium and uranium mining stocks have climbed 25.49% and 21.52%, respectively, outperforming the frothy S&P 500.
Sprott Critical Materials Monthly
U.S. Taking Center Stage in Cleantech Investment
Uranium had a strong August, contrasting with the decline of most energy transition metals due to China's economic troubles. The investment capital spurred by the U.S. Inflation Reduction Act (IRA) is turning the U.S. into a cleantech powerhouse.
Special Report
Electric Vehicles and the Growing Opportunity for Lithium Miners
Electric vehicle (EV) adoption has surged in recent years, creating unprecedented demand for lithium, a critical component of EV batteries.
Sprott Critical Materials Monthly
EV Battery Independence and the New U.S. Manufacturing Supercycle
Energy transition metals miners posted strong results in June, with uranium mining equities leading the group. The U.S. is entering the early stages of a manufacturing supercycle driven by massive energy transition investment.
Special Uranium Report
Key Facts about Spent Nuclear Fuel
Chemical reactions of fossil-fuel plants release more radiation into the environment than the operation of nuclear energy plants — 10 times more. Most nuclear-industry waste is relatively low in radioactivity, and only a small amount is produced. Estimates put the total waste from a nuclear reactor supplying one person's electricity needs for a year at the size of a standard brick.
Sprott Uranium Report
Uranium Remains Resilient, While Threats of Nationalism Rattle Equities
The U3O8 uranium spot price has posted a healthy 12.99% year-to-date return as of May 31, and continued to show strength and diversification relative to other commodities.
Sprott Precious Metals Report
Geopolitical Risks Enhance Gold’s Role as a Reserve Asset
Gold attempted to breakout above $2,050 in early May before drifting lower as the U.S. debt-ceiling drama deepened and the U.S. dollar strengthened. At the same time, global central banks have been accumulating gold at a record pace.
Sprott Critical Materials Monthly
The West Moves to Weaken China's Hold
Lithium and lithium miners staged a sharp rebound rally in May and were the positive exception among critical minerals. The sector was weighed down by China's faltering recovery, ongoing global growth concerns and the U.S. debt ceiling drama.
Special Report
In Gold We Trust Report 2023 - Showdown
"In our opinion, the term showdown is an apt description of the current situation, in which economic, political and social developments are on the brink of a fundamental change of course. The current situation is also unique because we are not dealing with a singular showdown. Multiple escalations are occurring simultaneously and have the potential to further inflame each other."
White Paper
A New Era: How Critical Minerals are Driving the Global Energy Transition
Critical minerals are essential for the global energy transition as we gradually phase out CO2-intensive energy sources with cleaner sources, including nuclear, solar, wind, hydro and geothermal energy and greater use of electric vehicles (EVs).
Sprott Precious Metals Report
Gold Rides Higher on Recession Fears
The gold market continues to be bullish as the probability of a recession rises, regional banking stress resurfaces and the Fed seems determined " get inflation down to 2%, over time".
Sprott Critical Materials Monthly
Nationalization and Surging M&A Highlight Secular Strength
The long-term secular growth outlook for energy transition materials got several boosts in April. Chile's decision to nationalize its lithium reserves reinforces the metal's role as a global strategic economic asset.
Sprott Uranium Report
Uranium’s April Breakthrough
The U3O8 uranium spot price climbed 6.01% in April, reacting positively to China's ambitious plans to expand its nuclear energy capacity. Global acceptance of nuclear energy has increased and positive momentum is building within the uranium industry.
Sprott Critical Materials Monthly
How Deglobalization is Changing the Dynamics of Securing Critical Minerals
As deglobalization accelerates, unfettered access to critical minerals is not likely to last. The old system of free and fair access to commodities, including critical minerals, is moving toward one marked by interregional competition, and unstable availability and pricing.
Special Report
A Bullion "Moat" for Your Portfolio
In Q1 2023, precious metals bullion and equities showed strong YTD momentum, with gold closing above the psychologically important $2,000 per ounce mark and silver reaching $25. Gold/silver mining equities also posted notable gains.
Sprott Uranium Report
Uranium Proves Resilient in March
The U3O8 uranium spot price fell slightly in March. YTD through 3/31/2023, uranium has gained 4.93%, demonstrating resilience relative to other commodities.
Sprott Precious Metals Report
Gold Bulls Run Faster as Fed Tackles Banking Crisis
Gold posted a solid Q1 2023 gain of 7.96%, and is now up 21.38% from last autumn's low (9/26/22) following the most aggressive central bank purchases in decades and gold investment flows catalyzed by the U.S. banking crisis.
Sprott Gold Report
Is My Money Safe?
"The yellow metal has no counterparty risk (unlike all other financial instruments including bank deposits and government bonds), is highly liquid and has an unbroken record of retaining value in absolute terms and relative to financial assets."
Sprott Critical Materials Monthly
Has the Next Commodities Supercycle Begun?
As the global energy transition "arms race" heats up, the drive to secure supply is fast becoming more important than price. All signs indicate the 40-year bond bull market has likely ended and the next great secular bull market in commodities has begun.
Sprott Uranium Report
Uranium‘s Mixed February
Uranium miners made headlines with significantly sized uranium contracts that reflect higher demand for long-term supply commitments. Uranium market fundamentals are the most positive in over a decade and are likely to continue to be the primary performance driver.
Sprott Precious Metals Report
First Gold Dip Since Central Bank Buying Spree
Gold fell in February, closing the month at $1,827 in a correction characterized by a stall in buying, but not selling. Global central banks have been buying gold at record rates; more than three times their long-term averages.
Sprott Critical Materials Monthly
Critical Materials Start 2023 With a Bang
We believe we are in the early stages of an energy transition materials secular bull market and favorable supply-demand dynamics are likely going forward. The upward revision in global growth, the timing effect of the China credit impulse and the surprise ending of China's zero-COVID policy have provided a tailwind for the metals market.
Sprott Uranium Report
Uranium‘s January Jump
Looking ahead, we believe the uranium bull market still has a long way to run. Over the long term, increased demand in the face of an uncertain uranium supply is likely to support a sustained bull market.
Sprott Precious Metals Report
Strong China Demand Boosts Gold Rally
January was another positive month for gold bullion. We saw strong gold buying from China, with estimated tonnes purchased at the highest level since 2017.
Sprott Uranium Report
Key Trends for 2023 and December Recap
Three key themes for uranium markets in 2023: 1) increased emphasis on energy security worldwide; 2) higher conversion/enrichment prices may boost spot uranium prices; and 3) the global energy transition supports the case for nuclear power.
Sprott Precious Metals Report
2023 Top 10 Watch List
This year’s top 10 list offers Sprott’s thoughts on what will likely drive markets in the coming year and decade, from a macro perspective and the vantage of our asset classes: Precious Metals and Energy Transition Materials.
Sprott Gold Report
Connecting a Few Dots
Gold was an effective hedge in 2022, returning -0.28% for the bear market year. The yellow metal outperformed the S&P 500 Index, which declined 18.11%. Gold mining equities also outpaced the S&P 500.
Sprott Uranium Report
The Optimistic News Continues
While the price of U3O8 uranium has lagged since May 2022, conversion and enriched uranium prices have significantly appreciated. We believe that current demand, coupled with a shift away from Russian suppliers, is likely to support a higher U3O8 uranium spot price.
Sprott Precious Metals Report
Gold Higher After Peak Fed Hawkishness
Gold and gold mining equities posted strong results in November, up 8.26% and 16.79%, respectively. Silver gained 15.81%. Risk assets were catalyzed higher by the Fed's signal that it would slow the pace of rate hikes.
Sprott Uranium Report
Uranium's October Optimism
The U3O8 uranium spot price climbed 8.32% in October. Our positive outlook is supported by the unprecedented number of announcements for nuclear power plant restarts, life extensions and new builds that are all creating demand for uranium.
Sprott Precious Metals Report
Fed Pivot FOMO and Financial Instability
The tough year continued in October for many asset classes, including gold and other precious metals. Gold demand, however, was strong in Q3 2022 as long-term investors took advantage of lower prices to build positions.
Sprott Uranium Report
Uranium's September Setback
September was tough on uranium, which was negatively impacted by the month's drawdowns. We believe the uranium bull market remains intact, especially given that many countries are facing energy shortages and rocketing costs.
Sprott Gold Report
The Dollar, Safe Haven or Leaky Lifeboat?
"The parabolic rise in the dollar contains the seeds of its own demise. The façade of dollar strength foretells a comeuppance for all currencies in the form of a steep devaluation in terms of gold."
Sprott Precious Metals Report
Things are Breaking
Since Q2 2020, gold has held above $1,700 but in mid-September, a significant risk-off wave occurred, breaking nearly every risk asset lower. The primary causes were higher than expected inflation data forcing yields (especially real yields) and the USD higher, two important gold drivers.
Sprott Uranium Report
Uranium’s August Glow
Uranium, both physical uranium and mining equities, had standout performance in August, in contrast to the weak results posted by the broader markets. We believe uranium's gains reflect the growing acceptance of nuclear power among global governments as they seek alternatives to meet ambitious energy transition and security goals.
Sprott Precious Metals Report
Summer Doldrums for Gold & Silver
It’s been a summer of doldrums for many asset classes. Precious metals lost ground as a liquidity crunch took hold in response to market declines and volatility. Gold declined 3.11% and silver fell 11.62%.
White Paper
Unearthing Opportunity: Uranium Miners and the Global Clean Energy Transition
Energy infrastructure and commodity markets are coming into high focus. A new wave of technological changes geared towards higher energy efficiency is underway. We believe that nuclear energy and uranium miners are poised to benefit from this shift.
Sprott Uranium Report
Dawn of a New Nuclear Renaissance?
The Sprott Physical Uranium Trust (“SPUT”, TSX: U.U ($US); U.UN ($CA)) was launched just over a year ago in July 2021. While we were optimistic about the prospects for uranium, we could not foresee the tectonic shifts in the uranium sector that followed the launch and SPUT’s significant impact.
UxC Weekly Article Reprint
SPUT: One Year Later
When SPUT began trading in late July 2021, there were many questions about how it would affect the uranium market. With 12 months of trading now behind us, we can confidently state that SPUT has dramatically altered the spot uranium market with far-reaching effects on much of the industry.
Sprott Precious Metals Report
Signs of Capitulation Everywhere
July was another difficult month for most asset categories and was characterized by selling capitulation into exhaustion. Much more aggressive Fed rate hike expectations relative to other global central banks were a significant cause of U.S. dollar (USD) strength and rising real yields, which adversely affected gold.
Sprott Gold Report
Inflation, No Quick Fix
If the Fed is to abandon the practice of inflating financial assets, which would represent a secular shift in direction, substantial deflation lies ahead from which the purchasing power of gold is expected increase in real terms.
Sprott Monthly Report
Gold Holds in Worst First Half in Decades
Gold continued to perform as a safe haven store of value in what has been one of the most challenging six-month periods for markets in decades. Gold has managed to stay above the $1,800 support level despite the broader market carnage.
Sprott Monthly Report
Gold, Steady in its Purpose
May saw selling across most asset classes and scant appetite for safe haven assets such as gold. However, gold bullion has outperformed many other asset classes YTD and continues to do its job.
Special Report
In Gold We Trust Report 2022 - Stagflation 2.0
Just as we predicted the current wave of inflation in 2020 without going far out on a limb, we are also not going out on a limb with our announcement of persistent stagflation.
Sprott Silver Report
Silver Demand and Supply Trends to Watch
Silver is historically undervalued relative to gold and offers an attractive investment opportunity. Silver market fundamentals are strong, given that declining supply trends cannot keep up with rising, longer-term demand.
Sprott Gold Report
April Pressures Risk Assets
Gold held in ETFs has increased sharply this year as the safe-haven flight continues. April was tough on many investment sectors, with the S&P 500 Index down 8.80%, the Nasdaq Composite Index declining 13.37% and U.S. Treasury bonds falling 3.10%.
Sprott Gold Report
Putin’s Gambit
The price of gold has been treading water for 10 years while the investment fundamentals have improved dramatically. That is why, in our opinion, significant upside lies ahead for gold and related equities.
Sprott Monthly Report
Gold Investment Demand Returns
Gold posted its all-time highest quarterly close on March 31, 2022, ending a volatile month that helped gold climb above $2,070 on March 8. While gold may have climbed back to its highs on safe-haven flows, other positive gold supports are definitely in play.
Industry Insight
Palladium: An introduction for Platinum and Palladium Investors
Read the latest intel on Palladium from the World Platinum Investment Council. The spectacular increase in the price of palladium since 2016, in particular during 2019, attracted widespread interest from investors, industrial users of palladium and market commentators. It also highlighted the importance of understanding the palladium market when considering an investment in palladium or platinum.
Sprott Monthly Report
Gold Bullion Breaks Out on Safe-Haven Flight
Gold bullion is up 4.36% YTD through February 28, 2022, and silver bullion has increased 4.90%. Gold mining equities rallied. Investors sought safe-haven assets given the heightened concerns over rising interest rates and the escalation of the Russia-Ukraine conflict.
Sprott Monthly Report
Fed Applies Hawkish Shock Treatment
Gold reached a high of $1,848 in January, but slid following the Fed's exceptionally hawkish statements at the January FOMC meeting. Market risks are rising and we believe that gold, as it did in 2018, is likely to stage a breakout given its safe haven characteristics.
Sprott Monthly Report
2022 Top 10 Watch List
Based on historic patterns, gold's lengthy consolidation indicates that prices have the potential to rally sharply and quickly in the coming year. We explain why in our List of Top 10 things to watch for gold investors.
Sprott Gold Report
Waiting for the Pivot
With Fed policy taking a more hawkish turn, the fire hose of liquidity that has fueled market mania is being turned off. At this moment, it appears that confidence in the Fed and attraction to gold are binary.
Special Uranium Report
Why Nuclear Power Plant Life Extensions & Uprates Matter (...SMRs are in Early Stages)
Research and development on small modular nuclear reactors (SMRs) are underway globally and generating tremendous buzz. But SMRs are not likely to contribute meaningful amounts of carbon-free power for another decade.
Investment Risks and Important Disclosure
Relative to other sectors, precious metals and natural resources investments have higher headline risk and are more sensitive to changes in economic data, political or regulatory events, and underlying commodity price fluctuations. Risks related to extraction, storage and liquidity should also be considered.
Gold and precious metals are referred to with terms of art like store of value, safe haven and safe asset. These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not carry a high risk of loss relative to other asset classes, any asset may lose value, which may involve the complete loss of invested principal.
Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary, and opinions are unique and may not be reflective of any other Sprott entity or affiliate. Forward-looking language should not be construed as predictive. While third-party sources are believed to be reliable, Sprott makes no guarantee as to their accuracy or timeliness. This information does not constitute an offer or solicitation and may not be relied upon or considered to be the rendering of tax, legal, accounting or professional advice.