Sprott Physical Silver Trust Dossier - Source-backed chat

Sprott Physical Silver Trust

PSLVNYSE

SectorFinancials

IndustryAsset Management

Beta (adjusted)0.66

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $19.60Price as of 1 Oct 2026

Data confidenceNot applicable

Market Cap $12.4B

Enterprise Value $12.2B

Shares Outstanding 557.1M diluted

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Sprott Physical Silver Trust provides direct exchange-traded exposure to fully allocated physical silver, but it is a commodity vehicle rather than an operating company: investment results are driven principally by silver prices, expenses, and the units' premium or discount to net asset value. The latest issuer disclosure reviewed reported 215,405,617 ounces held at July 31, 2026. The issuer also reported a since-inception NAV-per-unit range of $4.46 to $18.86 and a premium/discount range of +33.91% to -10.34%, underscoring substantial commodity and market-price volatility.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

A decline in silver prices, compounded by discount widening toward or beyond the issuer-reported historical low, produces material unit-price downside. Ongoing expenses further reduce NAV per unit over time.

Base CaseCentral scenario

Silver remains volatile, and the units broadly follow changes in bullion NAV after expenses while periodically trading at a discount.

Bull CaseUpside scenario

Stronger silver prices and sustained demand for physical exposure increase bullion NAV, while a stable or narrowing discount allows the units to participate more fully. The trust's at-the-market program can support additional bullion purchases when issuance conditions are favorable.

Key Investment Merits

The trust holds unencumbered, fully allocated London Good Delivery silver bars, providing direct physical-silver exposure without requiring investors to arrange personal storage.
Issuer disclosure reported 215,405,617 ounces of silver held as of July 31, 2026, indicating a large physical-bullion pool.
Unitholders may request monthly physical redemption, subject to minimum requirements, and the trust has a US$2.0 billion at-the-market issuance program that can facilitate additional bullion purchases.

Key Investment Risks

The trust does not operate a diversified business; its value is highly sensitive to the price of silver.
Units can trade materially away from NAV: the issuer reported a since-inception premium/discount range of +33.91% to -10.34% through July 31, 2026.
The reported 0.51% management expense ratio creates recurring NAV drag.
Physical redemption is impractical for many retail holders because PSLV requires sufficient units to equal ten 1,000-ounce silver bars.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.