<SEC-DOCUMENT>0001558370-21-003325.txt : 20210322
<SEC-HEADER>0001558370-21-003325.hdr.sgml : 20210322
<ACCEPTANCE-DATETIME>20210322171832
ACCESSION NUMBER:		0001558370-21-003325
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		65
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210322
DATE AS OF CHANGE:		20210322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Gold & Silver Trust
		CENTRAL INDEX KEY:			0001726122
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				981399794
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38346
		FILM NUMBER:		21762145

	BUSINESS ADDRESS:	
		STREET 1:		200 BAY STREET, SOUTH TOWER, SUITE 2600
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		(416) 943-8099

	MAIL ADDRESS:	
		STREET 1:		200 BAY STREET, SOUTH TOWER, SUITE 2600
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>cef-20201231x40f.htm
<DESCRIPTION>40-F
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:14:55 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:4.47%;padding-right:4.47%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:1pt;padding-top:1pt;border-bottom:1.0pt solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:17pt;font-weight:bold;">UNITED STATES&#160;SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">WASHINGTON,&#160;D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:17pt;font-weight:bold;">FORM&#160;40-F</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><font style="font-family:'Times New Roman';font-size:11pt;">&#9723;</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:11pt;font-weight:bold;">REGISTRATION STATEMENT PURSUANT TO SECTION&#160;12 OF THE SECURITIES EXCHANGE ACT OF&#160;1934</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 36pt;"><font style="font-size:3pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">OR</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><font style="font-family:'Times New Roman';font-size:11pt;">&#8999;</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:11pt;font-weight:bold;">ANNUAL REPORT PURSUANT TO SECTION&#160;13(a)&#160;OR 15(d)&#160;OF THE SECURITIES EXCHANGE ACT OF&#160;1934</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:49.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:49.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">For the fiscal year ended December&#160;31, 2020</b></p></td><td style="vertical-align:bottom;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:49.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Commission file number&#160;001-38346</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:17pt;font-weight:bold;">SPROTT PHYSICAL GOLD AND SILVER TRUST</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Exact name of Registrant as specified in its charter)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Not Applicable</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Translation of Registrant&#8217;s Name into English (if&#160;applicable))</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:31.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:31.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Province of Ontario, Canada</b><br>(Province or other jurisdiction<br>of incorporation or organization)</p></td><td style="vertical-align:middle;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">1040</b><br>(Primary Standard Industrial<br>Classification Code<br>Number (if&#160;applicable))</p></td><td style="vertical-align:middle;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">98-1399794</b><br>(I.R.S. Employer Identification<br>Number (if&#160;applicable))</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Suite&#160;2600, South Tower</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Royal Bank Plaza</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">200&#160;Bay Street</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Toronto, Ontario</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Canada, M5J&#160;2J1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Address and telephone number of Registrant&#8217;s principal executive offices)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Puglisi&#160;&amp; Associates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">850 Library Avenue, Suite&#160;204</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Newark, Delaware 19711</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">(302)&#160;738-6680</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Name, address (including zip code) and telephone number (including area code) of agent for service in the United&#160;States)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Securities registered or to be registered pursuant to Section&#160;12(b)&#160;of the Act<b style="font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:31.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:31.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title of each class</b></p></td><td style="vertical-align:bottom;width:2%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading Symbol</b></p></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:7pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of each exchange on which registered</b></p></td></tr><tr><td style="vertical-align:top;width:31.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">Units</p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">CEF</p></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">NYSE Arca</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Securities registered or to be registered pursuant to Section&#160;12(g)&#160;of the Act:<b style="font-weight:bold;">&#160;None</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Securities for which there is a reporting obligation pursuant to Section&#160;15(d)&#160;of the&#160;Act:<b style="font-weight:bold;">&#160;None</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt 0pt 0pt 36pt;">For annual reports, indicate by check mark the information filed with this Form:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 36pt;"><font style="font-size:3pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt 0pt 0pt 36pt;"><font style="font-family:'Times New Roman';">&#8999;</font> Annual Information Form&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family:'Times New Roman';">&#8999;</font> Audited annual financial statements</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 36pt;"><font style="font-size:3pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual&#160;report:</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">221,708,699</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">Indicate by check mark whether the Registrant (1)&#160;has filed all reports required to be filed by Section&#160;13 or&#160;15(d)&#160;of the Exchange Act during the preceding 12&#160;months (or for&#160;such shorter period that the Registrant was required to file such reports) and (2)&#160;has been subject to such filing requirements for the past 90&#160;days.</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Yes&#160;&#160;&#160;<font style="font-family:'Times New Roman';">&#8999;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">No&#160;&#160;&#160;<font style="font-family:'Times New Roman';">&#9723;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule&#160;405 of Regulation S-T 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Act.&#160;&#160;<font style="font-family:'Times New Roman';">&#9723;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. <font style="font-family:'Times New Roman';">&#8999;</font> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 42.5pt 0pt 0pt;"><font style="font-size:3pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">&#8224;The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:1pt;padding-top:15pt;border-bottom:3.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:0pt;text-align:center;margin:0pt;"><font style="font-size:0pt;line-height:1.19;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.47%;margin-right:4.47%;margin-top:30pt;page-break-after:always;width:91.06%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">ANNUAL INFORMATION FORM</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">The Annual Information Form&#160;of the Registrant for the fiscal year ended December&#160;31, 2020 is filed as Exhibit&#160;99.5 to&#160;this annual report on Form&#160;40-F, and is incorporated 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Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">CERTIFICATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">See Exhibits&#160;99.1, 99.2, 99.3 and&#160;99.4 to this Annual Report on Form&#160;40-F.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">DISCLOSURE CONTROLS AND PROCEDURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p 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Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective in ensuring that information required to be disclosed by the Registrant in reports that it files with or submits to the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) is recorded, processed, summarized and reported within the time periods required.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">No changes were made in the Registrant&#8217;s internal control over financial reporting or in other factors during the period covered by this annual report on Form&#160;40-F that have materially affected or are reasonably likely to materially affect the 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Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">None.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">NOTICE PURSUANT TO REGULATION BTR</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">None.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">AUDIT COMMITTEE FINANCIAL EXPERT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Pursuant to the provisions of Rule&#160;10A-3 under the Exchange Act and Rule&#160;5.3 of NYSE Arca, the Registrant is not required to have, and does not have, an audit committee.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">CODE OF ETHICS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New 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The following table presents fees for professional services rendered by KPMG&#160;LLP to the Registrant for the audit of the Registrant&#39;s financial statements for the year ended December&#160;31, 2020 and the period ended Decemebr 31, 2019, and fees billed for other services rendered by KPMG&#160;LLP during periods from January&#160;1, 2020 to December&#160;31, 2020, and from January 1, 2019 to December 31, 2019. 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Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Year Ended </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Year Ended </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">December&#160;31,&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">December&#160;31,&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Audit Fees(1)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">$</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 223,650</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">$</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 181,250</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Audit-related Fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Tax Fees(2)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 17,609</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 18,373</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">All Other Fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:70.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Total</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">$</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 241,259</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">$</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 199,623</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="0.75" width="25.0%" style="background-color:#000000;color:#000000;height:1px;position:relative;top:0.6em;border:none;margin:0pt;" align="left"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">NOTES:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Consist of fees related to statutory audits, related audit work in connection with registration statements, prospectus filings and other filings with various regulatory authorities, quarterly reviews of interim financial statements, French translation and performing inventory count procedures.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Consist of fees for tax consultation and compliance services, including indirect taxes.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">OFF-BALANCE SHEET ARRANGEMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">The Registrant has no off-balance sheet arrangements as defined by Form&#160;40-F under the Exchange Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">The Registrant has no long-term contractual obligations to be disclosed pursuant to General Instruction&#160;B.12 of Form&#160;40-F.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">IDENTIFICATION OF THE AUDIT COMMITTEE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Pursuant to the provisions of Rule&#160;10A-3 under the Exchange Act and Rule&#160;5.3 of NYSE Arca, the Registrant is not required to have, and does not have, an audit committee.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 0pt 144pt;"><b style="font-weight:bold;">FORWARD-LOOKING STATEMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">A number of statements in the documents incorporated by reference in this Form&#160;40-F constitute &#8220;forward-looking statements&#8221; within the meaning of the U.S.&#160;Private Securities Litigation Reform Act of 1995. Please refer to disclosure under the heading &#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221; in the Annual Information Form&#160;of the Registrant for the year ended December&#160;31, 2020, dated March&#160;22, 2021, incorporated herein and forming an integral part of this document, for a discussion of risks, uncertainties and assumptions that could cause actual results to vary from those forward-looking statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">INTERACTIVE DATA FILE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">The Interactive Data File for the fiscal year ended December 31, 2020 is filed as Exhibit 101 to this annual report on Form 40-F, and is incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">MINE SAFETY DISCLOSURE </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:14pt 0pt 0pt 0pt;">The Registrant is not required to disclose the information required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">UNDERTAKING </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form&#160;40-F arises; or transactions in said securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">CONSENT TO SERVICE OF PROCESS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:14pt 0pt 0pt 0pt;">The Registrant has previously filed a Form F-X in connection with the class of securities in relation to which the obligation to file this annual report arises.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;">Any changes to the name or address of the agent for service of process of the Registrant shall be communicated promptly to the Commission by an amendment to the Form F-X referencing the file number of the Registrant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="font-weight:bold;line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">EXHIBIT&#160;INDEX</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.1</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex991facf6b.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Certificate of the Chief Executive Officer under Section&#160;302 of the Sarbanes-Oxley Act of 2002.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.2</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex992c35775.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Certificate of the Chief Financial Officer under Section&#160;302 of the Sarbanes-Oxley Act of 2002.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.3</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex993e136d8.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Certificate of the Chief Executive Officer under Section&#160;906 of the Sarbanes-Oxley Act of 2002.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.4</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex99412ee55.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Certificate of the Chief Financial Officer under Section&#160;906 of the Sarbanes-Oxley Act of 2002.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.5</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex995f054f5.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Annual Information Form&#160;of the Registrant dated March 22, 2021.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.6</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex99628fd11.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:justify;">Audited financial statements of the Registrant and notes thereto and Reports of Independent Registered Public Accounting Firm thereon, and Management&#8217;s Discussion and Analysis of the Registrant for the year ended December&#160;31, 2020 dated March 22, 2021.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.7</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex99731eb8c.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Management&#8217;s Report on Internal Control Over Financial Reporting.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.8</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex998b41b47.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Attestation Report of KPMG&#160;LLP.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">99.9</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;" href="cef-20201231ex9991b83c0.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Consent of KPMG&#160;LLP, </font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Independent Registered Public Accounting Firm</font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">.</font></a></p></td></tr><tr><td style="vertical-align:top;width:4.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:top;width:92.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">101.INS</p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">XBRL Instance Document</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">101.SCH</p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">XBRL Taxonomy Extension Schema</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">101.CAL</p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">XBRL Taxonomy Extension Calculation Linkbase</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">101.DEF</p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">XBRL Taxonomy Extension Definition Linkbase</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">101.LAB</p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">XBRL Taxonomy Extension Label Linkbase</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:8.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">101.PRE</p></td><td style="vertical-align:top;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:85.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">XBRL Taxonomy Extension Presentation Linkbase</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form&#160;40-F and&#160;has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:99.97%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:3.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:46.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">SPROTT PHYSICAL GOLD AND SILVER TRUST</b></p></td></tr><tr><td style="vertical-align:top;width:49.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">By:</b></p></td><td style="vertical-align:top;width:46.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Sprott Asset Management&#160;LP, by its general partner<br>Sprott Asset Management&#160;GP&#160;Inc., as manager of<br>Sprott Physical Gold and Silver Trust</b></p></td></tr><tr><td style="vertical-align:top;width:49.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Date: March 22, 2021</p></td><td style="vertical-align:top;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">/s/ John Ciampaglia </p></td></tr><tr><td style="vertical-align:top;width:49.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">John Ciampaglia </p></td></tr><tr><td style="vertical-align:top;width:49.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><i style="font-style:italic;">Chief Executive Officer</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:avoid;width:79.41%;border-width:0;"></body></html>
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<DOCUMENT>
<TYPE>EX-99.1
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<DESCRIPTION>EX-99.1
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:15:05 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 99.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 4.59pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.4pt 0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4.65pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">I, John Ciampaglia, certify that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">1.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">I have reviewed this annual report on Form 40-F of Sprott Physical Gold and Silver Trust (the &#8220;Trust&#8221;);</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">2.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">3.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the periods presented in this report;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">4.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">The Trust&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Trust and have:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:9.5pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">evaluated the effectiveness of the Trust&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">disclosed in this report any change in the Trust&#8217;s internal control over financial reporting that occurred during the period covered by this annual report that has materially affected or is reasonably likely to materially affect, the Trust&#8217;s internal control over financial reporting.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">5.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">The Trust&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Trust&#8217;s auditors and the audit committee of the Trust&#8217;s board of directors (or persons performing the equivalent function):</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust&#8217;s ability to record, process, summarize and report financial information; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust&#8217;s internal control over financial reporting.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: March 22, 2021</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.44pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:11.6pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ John Ciampaglia</p></td><td style="vertical-align:top;width:25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="3" style="padding:0pt;"></td></tr><tr style="height:11.6pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">John Ciampaglia</p></td></tr><tr style="height:11.3pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Principal Executive Officer</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>cef-20201231ex992c35775.htm
<DESCRIPTION>EX-99.2
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:15:13 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 99.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 4.59pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.4pt 0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 4.65pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">I, Varinder Bhathal, certify that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">1.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">I have reviewed this annual report on Form 40-F of Sprott Physical Gold and Silver Trust (the &#8220;Trust&#8221;);</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">2.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">3.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the periods presented in this report;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">4.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">The Trust&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Trust and have:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0.55pt;margin-top:0pt;">a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0.55pt;margin-top:0pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:9.5pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">evaluated the effectiveness of the Trust&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">disclosed in this report any change in the Trust&#8217;s internal control over financial reporting that occurred during the period covered by this annual report that has materially affected or is reasonably likely to materially affect, the Trust&#8217;s internal control over financial reporting.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">5.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">The Trust&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Trust&#8217;s auditors and the audit committee of the Trust&#8217;s board of directors (or persons performing the equivalent function):</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust&#8217;s ability to record, process, summarize and report financial information; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0.05pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust&#8217;s internal control over financial reporting.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: March 22, 2021</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;">/s/</font> Varinder Bhathal</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Varinder Bhathal</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Principal Financial Officer</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>cef-20201231ex993e136d8.htm
<DESCRIPTION>EX-99.3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:15:22 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 99.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 4.59pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.44pt 0pt;"><b style="font-weight:bold;">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION<br>PURSUANT TO 18 U.S.C. SECTION 1350</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">In connection with this Annual Report of Sprott Physical Gold and Silver Trust (the &#8220;Trust&#8221;) on Form 40-F for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, John Ciampaglia, Principal Executive Officer of Sprott Asset Management LP, the Manager of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(2)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">This certification is made solely for the purposes of 18 U.S.C. Section 1350, and not for any other purpose. A signed original of this written statement has been provided to the Trust and will be retained by the Trust and furnished to the SEC or its staff upon request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Date: March 22, 2021</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;">/s/ John Ciampaglia</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;">John Ciampaglia</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;">Principal Executive Officer</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:15:30 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 99.4</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PRINCIPAL FINANCIAL OFFICER CERTIFICATION </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PURSUANT TO 18 U.S.C. SECTION 1350</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">In connection with this Annual Report of Sprott Physical Gold and Silver Trust (the &#8220;Trust&#8221;) on Form 40-F for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Varinder Bhathal, Principal Financial Officer of Sprott Asset Management LP, the Manager of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">(2)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">This certification is made solely for the purposes of 18 U.S.C. Section 1350, and not for any other purpose. A signed original of this written statement has been provided to the Trust and will be retained by the Trust and furnished to the SEC or its staff upon request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Date: March 22, 2021</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:99.82%;" align="center"><tr style="height:11.6pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:24.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Varinder Bhathal</p></td><td style="vertical-align:top;width:24.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="3" style="padding:0pt;"></td></tr><tr style="height:11.6pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:49.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Varinder Bhathal</p></td></tr><tr style="height:11.3pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:49.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Principal Financial Officer</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:15:50 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 108pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.5</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 108pt 0pt;"><img src="cef-20201231ex995f054f5001.jpg" alt="Graphic" style="display:inline-block;height:47.99pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:263.21pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">ANNUAL INFORMATION FORM</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">for the fiscal year ended December 31, 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">SPROTT PHYSICAL GOLD AND SILVER TRUST</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 36pt 0pt;"><b style="font-size:11pt;font-weight:bold;">(the &#8220;Trust&#8221;)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">March 22</b><b style="font-size:11pt;font-weight:bold;">, 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">TABLE OF CONTENTS</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#CAUTIONARYSTATEMENTREGARDINGFORWARDLOOKI"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#CURRENCY_403937"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">CURRENCY</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#THETRUST_811147"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">THE TRUST</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#HistoryandDevelopmentoftheTrust_865154"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">History and Development of the Trust</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#InvestmentObjectivesoftheTrust_66184"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Investment Objectives of the Trust</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">3</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#InvestmentStrategiesoftheTrust_268682"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Investment Strategies of the Trust</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">3</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#BorrowingArrangements_680689"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Borrowing Arrangements</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">3</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#INVESTMENTRESTRICTIONSANDOPERATINGRESTRI"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">INVESTMENT RESTRICTIONS AND OPERATING RESTRICTIONS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">4</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#OVERVIEWOFTHEGOLDSECTOR_89377"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">OVERVIEW OF THE GOLD SECTOR</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">6</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#IntroductiontotheGoldIndustryanditsParti"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Introduction to the Gold Industry and its Participants</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">6</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#SourcesofGoldSupply_626636"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Sources of Gold Supply</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">6</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#SourcesofGoldDemand_4914"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Sources of Gold Demand</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">7</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#OperationoftheGoldMarket_539255"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Operation of the Gold Market</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">9</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#RationaleforInvestinginGold_416639"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Rationale for Investing in Gold</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">12</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#OVERVIEWOFTHESILVERSECTOR_318589"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">OVERVIEW OF THE SILVER SECTOR</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">13</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#IntroductiontotheSilverIndustryanditsPar"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Introduction to the Silver Industry and its Participants</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">13</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#SourcesofSilverSupply_628022"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Sources of Silver Supply</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">14</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#SourcesofSilverDemand_321785"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Sources of Silver Demand</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">15</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#OperationoftheSilverMarket_83635"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Operation of the Silver Market</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">17</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#RationaleforanInvestmentinSilver_706731"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Rationale for an Investment in Silver</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">21</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#DESCRIPTIONOFUNITS_792919"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">DESCRIPTION OF UNITS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">21</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#General_384100"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">General</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">21</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#MeetingsofUnitholders_424491"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Meetings of Unitholders</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">22</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#UnitholderLiability_222447"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Unitholder Liability</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">24</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#UnitholderReporting_868098"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Unitholder Reporting</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">24</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#CALCULATIONOFNETASSETVALUE_895196"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">CALCULATION OF NET ASSET VALUE</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">24</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#CalculationofClassNetAssetValueandClassN"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Calculation of Class Net Asset Value and Class Net Asset Value per Unit</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">27</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#PerUnit_287317"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Suspension of Calculation of Net Asset Value Per Unit</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">29</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#ReportingofNetAssetValue_7445"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Reporting of Net Asset Value</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">29</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#MARKETFORTHEUNITS_538451"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">MARKET FOR THE UNITS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">29</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#REDEMPTIONOFUNITS_774335"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">REDEMPTION OF UNITS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">30</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#RedemptionsforPhysicalGoldandSilverBulli"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Redemptions for Physical Gold and Silver Bullion</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">30</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#RedemptionsforCash_361471"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Redemptions for Cash</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">33</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#CanadianTaxImplicationsofRedemption_3923"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Canadian Tax Implications of Redemption</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">34</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#SuspensionofRedemptions_994536"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Suspension of Redemptions</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">34</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#SuspensionofCalculationofNetAssetValuePe"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Suspension of Calculation of Net Asset Value Per Unit</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">35</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#RESPONSIBILITYFOROPERATIONOFTHETRUST_591"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">RESPONSIBILITY FOR OPERATION OF THE TRUST</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">35</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#TheManager_311790"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">The Manager</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">35</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#TheTrustee_254520"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">The Trustee</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">44</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#Custodians_698988"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Custodians</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">54</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#Auditors_824646"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Auditors</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">57</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#TransferAgentandRegistrar_984918"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Transfer Agent and Registrar</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">57</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#ValuationAgent_259321"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Valuation Agent</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">58</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#PRINCIPALHOLDERSOFSECURITIES_529787"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">PRINCIPAL HOLDERS OF SECURITIES</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">59</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#TRUSTGOVERNANCE_822071"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">TRUST GOVERNANCE</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">59</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#Generally_795975"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Generally</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">59</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#IRC_297785"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">IRC</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">59</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#FEESANDEXPENSES_284296"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">FEES AND EXPENSES</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">60</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#FeesandExpensesPayablebytheTrust_191752"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Fees and Expenses Payable by the Trust</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">61</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- i -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#FeesandExpensesPayableDirectlybyUnithold"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Fees and Expenses Payable Directly by Unitholders</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">62</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#DISTRIBUTIONPOLICY_294399"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">DISTRIBUTION POLICY</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">62</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#DistributionofNetIncomeandNetRealizedCap"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Distribution of Net Income and Net Realized Capital Gains to Unitholders</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">62</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#AdditionalDistributionsDesignationsDeter"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Additional Distributions, Designations, Determinations, Allocations and Elections</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">63</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#WithholdingTaxes_352532"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Withholding Taxes</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">63</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#IncomeTaxStatements_232057"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Income Tax Statements</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">64</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#UnclaimedInterestDividendsorDistribution"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Unclaimed Interest, Dividends or Distributions</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">64</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#MATERIALINCOMETAXCONSIDERATIONS_774648"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">MATERIAL INCOME TAX CONSIDERATIONS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">65</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#MaterialUSFederalIncomeTaxConsiderations"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Material U.S. Federal Income Tax Considerations</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">65</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#MaterialCanadianFederalIncomeTaxConsider"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Material Canadian Federal Income Tax Considerations</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">70</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#SIFTTrustRules_70262"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">SIFT Trust Rules</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">73</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#CanadianTaxationofUnitholders_699150"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Canadian Taxation of Unitholders</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">74</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#RISKFACTORS_774964"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">RISK FACTORS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">78</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#REMUNERATIONOFDIRECTORSOFFICERSTRUSTEEAN"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">REMUNERATION OF DIRECTORS, OFFICERS, TRUSTEE AND THE IRC</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">91</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#MATERIALCONTRACTS_199771"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">MATERIAL CONTRACTS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">91</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#LEGALANDADMINISTRATIVEPROCEEDINGS_531204"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">LEGAL AND ADMINISTRATIVE PROCEEDINGS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">92</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#TERMINATIONOFTHETRUST_57765"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">TERMINATION OF THE TRUST</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">92</font></p></td></tr><tr><td style="vertical-align:top;width:95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a href="#EXEMPTIONSANDAPPROVALS_392327"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">EXEMPTIONS AND APPROVALS</font></a></p></td><td style="vertical-align:top;width:5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">94</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- ii -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</b><a name="CAUTIONARYSTATEMENTREGARDINGFORWARDLOOKI"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The statements contained in this annual information form that are not purely historical are forward-looking statements. The Trust&#8217;s forward-looking statements include, but are not limited to, statements regarding its or its management&#8217;s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words &#8220;anticipates&#8221;, &#8220;believe&#8221;, &#8220;continue&#8221;, &#8220;could&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;intends&#8221;, &#8220;may&#8221;, &#8220;might&#8221;, &#8220;plan&#8221;, &#8220;possible&#8221;, &#8220;potential&#8221;, &#8220;predicts&#8221;, &#8220;project&#8221;, &#8220;should&#8221;, &#8220;would&#8221; and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The forward-looking statements contained in this annual information form are based on the current expectations and beliefs of the Trust and Sprott Asset Management LP (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Manager</b><font style="font-size:11pt;">&#8221;) concerning future developments and their potential effects on the Trust. There can be no assurance that future developments affecting the Trust will be those that it or the Manager has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Trust&#8217;s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading &#8220;Risk Factors&#8221;. Should one or more of these risks or uncertainties materialize, or should any of the Trust&#8217;s or the Manager&#8217;s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Each of the Trust and the Manager undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">CURRENCY</b><a name="CURRENCY_403937"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Unless otherwise noted herein, all references to &#8220;$&#8221;, &#8220;U.S.$&#8221; or &#8220;dollars&#8221; are to the currency of the United States of America (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">United States</b><font style="font-size:11pt;">&#8221; or the &#8220;</font><b style="font-size:11pt;font-weight:bold;">U.S.</b><font style="font-size:11pt;">&#8221;) and all references to &#8220;Cdn$&#8221; or &#8220;Canadian dollars&#8221; are to the currency of Canada. On March 11, 2021, the daily rate of exchange as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was U.S.$1.00 equals Cdn$1.2561.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">THE TRUST</b><a name="THETRUST_811147"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">History and Development of the Trust</b><a name="HistoryandDevelopmentoftheTrust_865154"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">On October 2, 2017, Sprott Inc. announced that it entered into an agreement with Central Fund of Canada Limited (&#8220;</font><b style="font-size:11pt;font-weight:bold;">CFCL</b><font style="font-size:11pt;">&#8221;), CFCL&#8217;s administrator (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Administrator</b><font style="font-size:11pt;">&#8221;), and the controlling shareholders of CFCL and the Administrator, to acquire the common shares of CFCL and the right to administer and manage CFCL&#8217;s assets by way of plan of arrangement (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Arrangement</b><font style="font-size:11pt;">&#8221;). The Arrangement involved, among other things, </font><font style="font-size:11pt;">all of the assets and liabilities of CFCL (other than its historical administration agreement) being transferred to the Trust </font><font style="font-size:11pt;">and CFCL&#8217;s class A shareholders becoming unitholders of the Trust by receiving one unit of the Trust in exchange for each class A share of CFCL.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In connection with the Arrangement, the Trust was established on October 26, 2017 under the laws of the Province of Ontario, Canada, pursuant to a trust agreement between the Trust&#8217;s settlor, the Manager and RBC Investor Services Trust (&#8220;</font><b style="font-size:11pt;font-weight:bold;">RBC Investor Services</b><font style="font-size:11pt;">&#8221; or the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Trustee</b><font style="font-size:11pt;">&#8221;), as trustee, dated as of October 26, 2017, as amended on September 17, 2018 (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Trust Agreement</b><font style="font-size:11pt;">&#8221;). </font><font style="font-size:11pt;">On January 16, 2018, </font><font style="font-size:11pt;">the Arrangement was completed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 1 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">On June 11, 2018, the Manager, for and on behalf of the Trust, entered into an amendment agreement of a precious metals storage and custody agreement with the Mint to amend the previous agreement thereof dated January 16, 2018 (together, the &#8216;&#8216;</font><b style="font-size:11pt;font-weight:bold;">Gold and Silver Storage Agreement&#8217;&#8217;</b><font style="font-size:11pt;">), setting out the revised terms and conditions pursuant to which the Mint agrees to store the Trust&#8217;s physical gold bullion and silver bullion at the premises of the Mint and/or any other safe storage facility located in Canada or abroad used by the Mint, including the facility of a sub-custodian. For further details concerning the Gold and Silver Storage Agreement, see &#8220;Responsibility for Operation of the Trust - Custodians - Custodian for the Trust&#8217;s Physical Gold and Silver Bullion&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">On September 17, 2018, pursuant to the terms of the Trust Agreement, the Manager amended the Trust Agreement to reflect an administrative change related to the increased costs and logistical demands associated with delivering bullion within 10 business days in certain circumstances in connection with redemptions of physical bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">On March 1, 2019, the Trust entered into a sales agreement, as amended on January 29, 2020 (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Sales Agreement</b><font style="font-size:11pt;">&#8221;) with Cantor Fitzgerald &amp; Co. (&#8220;</font><b style="font-size:11pt;font-weight:bold;">Cantor</b><font style="font-size:11pt;">&#8221;) whereby the Trust may, in its sole discretion and subject to its operating and investment restrictions, offer and sell trust units through an &#8220;at the market offering&#8221; program (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">ATM Program</b><font style="font-size:11pt;">&#8221;) in transactions on the NYSE Arca or any other existing trading market for the units of the Trust in the United States or to or through a market maker in the United States pursuant to a registration statement filed with the U.S. Securities and Exchange Commission and a prospectus supplement to a short form base shelf prospectus filed with the Ontario Securities Commission, as principal regulator, and with each of the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada. Under the Sales Agreement, the Trust will pay to Cantor in cash, upon each sale of Placement Units, an amount equal to up to 3.0% of the aggregate gross proceeds from each sale of Placement Units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">On March 1, 2019, pursuant to the ATM Program, the Trust offered for sale trust units of the Trust having an aggregate sale price of up to $260,000,000 by way of a prospectus supplement dated March 1, 2019 to a final base shelf prospectus dated February 25, 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">On March 22, 2019, the Mint provided notice to the Trust respecting an increase in withdrawal fees of up to 1.5% for physical gold bullion and up to 2.5% physical silver bullion for gold and silver withdrawn from the Trust&#8217;s account at the Mint.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">During the period from January 1, 2019 to December 31, 2019 there were no trust units sold or issued through the ATM Program.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">On January 29, 2020, the Trust, Cantor and Virtu Americas LLC (&#8220;</font><b style="font-size:11pt;font-weight:bold;">Virtu</b><font style="font-size:11pt;">&#8221;) entered into an amendment agreement to the Sales Agreement (&#8220;</font><b style="font-size:11pt;font-weight:bold;">Amendment No. 1 to Sales Agreement</b><font style="font-size:11pt;">&#8221;) pursuant to which, among other things, Virtu became a sales agent of trust units on and subject to the terms and conditions of the Sales Agreement, as amended.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">On January 29, 2020, the Trust amended and restated its prospectus supplement dated March 9, 2019 to a final base shelf prospectus dated February 25, 2019 to, among other things, reflect the terms and conditions of the Amendment No. 1 to the Sales Agreement. </font><font style="font-size:11pt;">26,726,734</font><font style="font-size:11pt;"> trust units of the Trust were sold pursuant to such prospectus supplement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">On November 20, 2020, the Trust entered into an amended and restated sales agreement dated November 20, 2020 (the &#8220;Amended and Restated Sales Agreement&#8221;) with the Manager, Cantor Fitzgerald &amp; Co. (&#8220;CF&amp;Co&#8221;), Virtu Americas LLC (&#8220;Virtu&#8221; and together with CF&amp;Co, the &#8220;U.S. Agents&#8221;) and Virtu ITG Canada Corp. (together with the U.S. Agents, the &#8220;Agents&#8221;) relating to trust units offered by the prospectus</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 2 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">supplement and the accompanying prospectus. The Amended and Restated Sales Agreement superseded and replaced the Sales Agreement, as amended by Amendment No. 1 thereto dated January 29, 2020 (the &#8220;Original Agreement&#8221;), between the Trust, the Manager and the U.S. Agents. In accordance with the sales agreement the Trust may distribute trust units having an aggregate offering price of up to US$980,000,000 through the Agents . As at December 31, 2020, 175,000 </font><font style="font-size:11pt;">trust units of the Trust were sold pursuant to such prospectus supplement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">During the period from January 1, 2020 to December 31, 2020, the Trust sold an aggregate of 26,901,734 units of the Trust through the ATM Program.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust&#8217;s office is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1. The Manager&#8217;s office is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1 and its telephone number is (416) 943 8099 or toll free at 1 855</font><b style="font-size:11pt;font-weight:bold;">-</b><font style="font-size:11pt;">943</font><b style="font-size:11pt;font-weight:bold;">-</b><font style="font-size:11pt;">8099. The Trustee is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3. The custodian for the Trust&#8217;s physical gold and silver bullion, the Royal Canadian Mint (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Mint</b><font style="font-size:11pt;">&#8221;), is located at 320 Sussex Drive, Ottawa, Ontario, Canada K1A 0G8, and the custodian for the Trust&#8217;s assets other than physical gold and silver bullion, RBC Investor Services, is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Investment Objectives of the Trust</b><a name="InvestmentObjectivesoftheTrust_66184"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust was created in connection with the Arrangement and to invest and hold substantially all of its assets in physical gold bullion and silver bullion. Many investors are unwilling to invest directly in physical gold bullion and silver bullion due to inconveniences such as transaction, handling, storage, insurance and other costs that are typical of a direct investment in physical gold and silver bullion. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion and silver bullion without the inconvenience that is typical of a direct investment in physical gold bullion and silver bullion. The Trust invests primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and silver bullion and will not speculate with regard to short-term changes in gold and silver prices. The Trust does not anticipate making regular cash distributions to unitholders. The Trust holds no assets that are subject to special arrangements arising from their illiquid nature (to the extent that any such assets are held, in compliance at all times with the Investment and Operating Restrictions (as defined below)).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Investment Strategies of the Trust</b><a name="InvestmentStrategiesoftheTrust_268682"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust is expressly prohibited from investing in units or shares of other investment funds or collective investment schemes other than money market mutual funds and then only to the extent that its interest does not exceed 10% of the total net assets of the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust may not borrow funds except under limited circumstances as set out in National Instrument 81-102 &#8211; </font><i style="font-size:11pt;font-style:italic;">Investment Funds</i><font style="font-size:11pt;"> (&#8220;</font><b style="font-size:11pt;font-weight:bold;">NI 81-102</b><font style="font-size:11pt;">&#8221;) and, in any event, not in excess of 10% of the total net assets of the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Borrowing Arrangements</b><a name="BorrowingArrangements_680689"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust has no borrowing arrangements in place and is unleveraged. The Trust has historically not used leverage and the Manager has no intention of doing so in the future (save for the short-term borrowings to settle trades). Unitholders will be notified of any changes to the Trust&#8217;s use of leverage.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 3 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">INVESTMENT RESTRICTIONS AND OPERATING RESTRICTIONS</b><a name="INVESTMENTRESTRICTIONSANDOPERATINGRESTRI"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Mutual funds are subject to certain restrictions and practices contained in securities legislation, including NI 81-102, which are designed in part to ensure that investments of the mutual fund are diversified and relatively liquid and to ensure the proper administration of the mutual fund. Subject to the specific exceptions from NI 81-102 set out under &#8220;Exemptions and Approvals&#8221; of this annual information form, the Trust is managed in accordance with these restrictions and practices.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In making investments on behalf of the Trust, the Manager is subject to certain investment and operating restrictions (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Investment and Operating Restrictions</b><font style="font-size:11pt;">&#8221;), which are set out in the Trust Agreement. The Investment and Operating Restrictions may not be changed without the prior approval of unitholders by way of an extraordinary resolution, which must be approved, in person or by proxy, by unitholders holding units representing in aggregate not less than 66</font><sup style="font-size:8.25pt;vertical-align:top;">2</sup><font style="font-size:11pt;">/</font><sub style="font-size:8.25pt;vertical-align:sub;">3</sub><font style="font-size:11pt;">% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than 66</font><sup style="font-size:8.25pt;vertical-align:top;">2</sup><font style="font-size:11pt;">/</font><sub style="font-size:8.25pt;vertical-align:sub;">3</sub><font style="font-size:11pt;">% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, unless such change or changes are necessary to ensure compliance with applicable laws, regulations or other requirements imposed from time to time by applicable securities regulatory authorities. See &#8220;Responsibility for Operation of the Trust &#8211; The Trustee &#8211; Unitholder Approval&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Investment and Operating Restrictions provide that the Trust:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will invest in and hold a minimum of 90% of the total net assets of the Trust in physical gold and silver bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical gold and silver bullion (in London Good Delivery bar form or otherwise), gold or silver coins, debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard &amp; Poor&#8217;s or its successors or assigns or P-1(or its equivalent, or higher) by Moody&#8217;s Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, cash or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term &#8220;</font><b style="font-size:11pt;font-weight:bold;">short-term</b><font style="font-size:11pt;">&#8221; means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of additional offerings or prior to the distribution of the assets of the Trust. Pursuant to the Exemptive Relief (as defined in the section entitled &#8220;Exemptions and Approvals&#8221;) the Trust is permitted to invest up to 100% of its net assets, taken at market value of the time of purchase, in physical gold or silver bullion. See &#8220;Exemptions and Approvals&#8221;;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will not invest in gold or silver certificates or other financial instruments that represent gold or silver or that may be exchanged for gold or silver;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will store all physical gold and silver bullion owned by the Trust at the Mint (including at a facility located in Canada leased by the Mint for this purpose) or in the treasury vaults of</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 4 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;"><font style="font-size:11pt;">a Schedule I Canadian chartered bank or an affiliate or division thereof in Canada on a fully allocated basis, provided that the physical gold or silver bullion held in London Good Delivery bar form may be stored with a custodian only if the physical gold and silver bullion will remain London Good Delivery while with that custodian;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will not hold any property described in paragraphs (a) and (c) through (j) (inclusive) of the definition of &#8220;taxable Canadian Property&#8221; in subsection 248(1) of the </font><i style="font-size:11pt;font-style:italic;">Income Tax Act (Canada)</i><font style="font-size:11pt;"> (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Tax Act</b><font style="font-size:11pt;">&#8221;);</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(e)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will not purchase, sell or hold derivatives;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(f)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will not issue units except: (i) if the net proceeds per unit to be received by the Trust are not less than 100% of the most recently calculated net asset value (&#8220;</font><b style="font-size:11pt;font-weight:bold;">NAV</b><font style="font-size:11pt;">&#8221;) per unit 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;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(g)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will ensure that no part of the stored physical gold and silver bullion may be delivered out of safekeeping by the Mint or, if the physical gold and silver bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Mint or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(h)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will ensure that no director or officer of the Manager or the Manager&#8217;s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical gold and silver bullion storage vaults without being accompanied by at least one representative of the Mint or, if the physical gold or silver bullion is held by another custodian, that custodian, as the case may be;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will ensure that the physical gold and silver bullion remains unencumbered;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(j)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will inspect or cause to be inspected the stored physical gold and silver bullion periodically on a spot inspection basis and, together with a representative of the Trust&#8217;s duly appointed firm of external auditors, physically audit each bar annually to confirm the bar number;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(k)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">will not guarantee the securities or obligations of any person other than the Manager, and then only in respect of the activities of the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(l)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a &#8220;mutual fund trust&#8221; within the meaning of the Tax Act;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(m)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(n)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections 94, 94.1 or 94.2 of the Tax Act;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(o)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign affiliate of the Trust for purposes of the Tax Act; and</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 5 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(p)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for specified investment flow-through (&#8220;</font><b style="font-size:11pt;font-weight:bold;">SIFT</b><font style="font-size:11pt;">&#8221;) trusts as provided for in section 122 of the Tax Act (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">SIFT Rules</b><font style="font-size:11pt;">&#8221;).</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">OVERVIEW OF THE GOLD SECTOR</b><a name="OVERVIEWOFTHEGOLDSECTOR_89377"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Introduction to the Gold Industry and its Participants</b><a name="IntroductiontotheGoldIndustryanditsParti"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The participants in the world gold market may be classified in the following sectors: the mining and producer sector, the banking sector, the official sector, the investment sector and the manufacturing sector.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The mining and producer sector includes mining companies that specialize in gold production, mining companies that produce gold as a by-product of other production (such as copper or silver producers), scrap merchants and recyclers. The banking sector is composed of bullion banks that provide a variety of services to the gold market and its participants, thereby facilitating interactions between other parties. Services provided by bullion banks include traditional banking products as well as physical gold purchases and sales, hedging and risk management, inventory management for industrial users and consumers, mine financing, and gold deposit and loan instruments. The official sector includes the activities of the various central banking operations of gold-holding countries. According to statistics released by the World Gold Council, central banks are estimated to have held approximately 35,231 tonnes of gold reserves as of December 2020. &#160;Under the current Central Bank Gold Agreement, which was renewed by 19 central banks on August 7, 2009 and took effect on September 26, 2009, 19 central banks have agreed to sell, in total, not more than 400 tonnes per year in the aggregate, and not more than 2,000 tonnes over the life of the five-year agreement. The investment sector includes the investment and trading activities of both professional and private investors and speculators. &#160;These participants range from large hedge funds and mutual funds to day-traders on futures exchanges and retail level coin collectors. &#160;Finally, the manufacturing sector represents all the commercial and industrial users of gold for whom gold is a daily part of their business. The jewellery industry is a large industrial user of gold. &#160;Other industrial users of gold include the electronics and dental industries.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Sources of Gold Supply</b><a name="SourcesofGoldSupply_626636"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Sources of gold supply include both mine production and recycling or mobilizing of existing above-ground stocks. The largest portion of gold supplied into the market annually is from gold mine production. The second largest source of annual gold supply is from gold scrap, which is gold that has been recovered from jewellery and other fabricated products and converted back into marketable gold. From 2000 to 2009, sales by the official sector, which includes central banks, outstripped official sector purchases, creating additional supply of gold into the marketplace. However, since 2010, the official sector has been a net buyer of gold and has thus contributed to the net demand of gold. Net producer hedging accelerates the sale of physical gold and can therefore impact, positively or negatively, supply in a given year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Mine production</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Mine production includes gold produced from both primary deposits and secondary deposits, where the gold is recovered as a by-product metal from other mining activities. Since 2010, the amount of new gold that is mined each year has been substantially lower than the level of physical demand. For example, from 2010 to 2016, new mine production was approximately 69% of the total demand. In 2020, mine supply met 93% of total demand. The shortfall in total supply has been met by additional supplies from existing above</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 6 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">ground stocks, predominantly coming from the recycling of fabricated gold products, official sector sales and net producer hedging.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Gold Scrap</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Gold scrap is gold that has been recovered from fabricated products, melted, refined and cast into bullion bars for subsequent resale into the gold market. The predominant source of gold scrap is recycled jewellery, the supply of which is largely a function of price and economic circumstances. Other sources of gold scrap include electrical wiring and dental implants.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Official sector sales</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Historically, central banks, other governmental agencies and multi-lateral institutions have retained gold as a strategic reserve asset. However, over the past two decades, the official sector has been a net seller of gold to the private sector. &#160;According to Gold Fields Mineral Services Ltd. (&#8220;</font><b style="font-size:11pt;font-weight:bold;">GFMS</b><font style="font-size:11pt;">&#8221;), the official sector has supplied an average of 442&#160;tonnes of gold per year from 2000 to 2009, inclusive. In 2010, however, the official sector once again became a net purchaser of gold for the first time since 1988. Official sector net purchases of gold have continued from 2011 to 2020. Gold&#8217;s price performance, safe haven characteristics and concerns over the safety of the major reserve currencies (the dollar, euro and yen) are the primary reasons for this shift. The official sector is expected to continue to play an important role in the dynamics of the gold market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Net producer hedging</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Net producer hedging creates incremental supply in the market by accelerating the timing of the sale of unmined gold. A mining company wishing to protect itself from the risk of a decline in the gold price may elect to sell some or all of its anticipated production for delivery at a future date. A bullion dealer accepting such a transaction will finance it by borrowing an equivalent quantity of gold (typically from a central bank), which is immediately sold into the market. The bullion dealer then invests the cash proceeds from that sale of gold and uses the yield on these investments to pay the gold mining company the premium available on gold for future delivery (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">contango</b><font style="font-size:11pt;">&#8221;). When the mining company delivers the gold it has contracted to sell to the bullion dealer, the dealer returns the gold to the lender or rolls the loan forward in order to finance similar transactions in the future. While over time the hedging transactions involve no net increase in the supply of gold to the market, they do accelerate the timing of the sale of gold sold prior to production, which has an impact on the balance between supply and demand at any given time.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Sources of Gold Demand</b><a name="SourcesofGoldDemand_4914"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Demand for gold is driven primarily by demand for jewellery, which is used for adornment and, in much of the developing world, as an investment. Retail investment and industrial applications represent increasingly important, though relatively small, components of overall demand. Retail investment is measured as customer purchases of bars and coins. Gold bonding wire and gold-plated contacts and connectors are the two most frequent uses of gold in industrial applications. Gold demand is widely dispersed throughout virtually all countries in the world. While there are seasonal fluctuations in the levels of demand for gold (especially jewellery) in many countries, variations in the timing of such fluctuations in different countries mean that seasonal changes in demand do not have a significant impact on the global gold price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Jewellery</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 7 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The primary source of gold demand is gold jewellery. The motivation for jewellery purchases differs in various regions of the world. In the industrialized world, gold jewellery tends to be purchased purely for adornment purposes, while gold&#8217;s attributes as a store of value and a means of saving provide an additional motivation for jewellery purchases in much of the developing world. Price and economic factors, such as available wealth and disposable income, are the primary factors in jewellery demand. Jewellery purchased purely for adornment purposes is generally of lower caratage or purity, but with greater added value in terms of design input and improved finishes. In those parts of the world where the additional motivation of savings or investment applies to the purchase of jewellery (such as Asia, the Indian subcontinent and the Middle East), gold jewellery is generally of higher caratage, and the purchase price more closely reflects the value of the gold contained in each item.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Retail and institutional investment</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Retail and institutional investment demand covers coins and bars meeting the standards for investment gold adopted by the European Union, extended to include medallions of no less than 99% purity, and bars or coins which are likely to be worn as jewellery in certain countries. Retail investment is measured as net purchases by the ultimate customer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Electronics, dentistry and other industrial and decorative applications</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Gold bonding wire and gold-plated contacts and connectors are the two most frequent uses of gold in electronics. Other uses include high-melting point gold alloy solders and gold thick film pastes for hybrid circuits. In conservative and restorative dentistry, gold is generally alloyed with other noble metals and with base metals for inlay and onlay fillings, crown and bridgework and porcelain veneered restorations. Increasingly, pure gold electroforming is being used for dental repairs. Other industrial applications of gold include the use of thin gold coatings on table and enamel ware for decorative purposes and on glasses used in the construction and aerospace industries to reflect infrared rays. Small quantities are also used in various pharmaceutical applications, including the treatment of arthritis, and in medical implants. Future applications for gold catalysts are in pollution control, clean energy generation and fuel cell technology. In addition, work is under way on the use of gold in cancer treatment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">World Gold Supply and Demand and End-Use Consumption</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Gold is a physical asset that is primarily accumulated, rather than consumed. As a result, virtually all the gold that has ever been mined still exists today in one form or another.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The following table summarizes the historical supply and demand for gold:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 8 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">World Gold Supply and Demand (January 2010 &#8211; December 2020)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="cef-20201231ex995f054f5002.jpg" alt="Graphic" style="display:inline-block;height:164.97pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:467.94pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Source: World Gold Council.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Operation of the Gold Market</b><a name="OperationoftheGoldMarket_539255"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">The global trade in gold consists of over-the-counter (&#8220;</font><b style="font-size:11pt;font-weight:bold;">OTC</b><font style="font-size:11pt;">&#8221;) transactions in spot, forwards, and options and other derivatives, together with exchange traded futures and options.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Over-the-Counter Market</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">The OTC gold market includes spot, forward and option and other derivative transactions conducted on a principal-to-principal basis. While this is a global 24-hour per day market, its main centers are London, New York and Zurich. Thirteen members of the London Bullion Market Association (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">LBMA</b><font style="font-size:11pt;">&#8221;), the London based trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the London bullion market, act as OTC market makers, and most OTC market trades are cleared through London. The LBMA plays an important role in setting OTC gold trading industry standards. The LBMA&#8217;s &#8220;London Good Delivery Lists&#8221; identify approved refiners of gold. In the OTC market, gold that meets the specifications for weight, dimensions, fineness (or purity), identifying marks (including the assay stamp of an LBMA-acceptable refiner) and appearance set forth in &#8220;The Good Delivery Rules for Gold and Silver Bars&#8221; published by the LBMA are &#8220;London Good Delivery Bars&#8221;. A London Good Delivery Bar (typically called a &#8220;400 ounce bar&#8221;) must contain between 350 and 430 fine troy ounces of gold (1 troy ounce = 31.1034768 grams), be of a minimum fineness (or purity) of 995 parts per 1000 (99.5%), be of good appearance and be easy to handle and stack. The fine gold content of a gold bar is calculated by multiplying the gross weight of the bar by the fineness of the bar.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">London Bullion Market</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Although the market for physical gold is distributed globally, most OTC market trades are cleared through London. In addition to coordinating market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of the LBMA is its involvement in the promotion of refining standards by maintenance of the &#8220;London Good Delivery Lists&#8221;, which are the lists of LBMA accredited smelters and assayers of gold. The LBMA also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 9 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Twice daily during London trading hours there is a &#8220;fix&#8221; which provides reference gold prices for that day&#8217;s trading. These are referred to as the morning (A.M.) London fix and afternoon (P.M.) London fix. Many long-term contracts will be priced on the basis of either the morning (A.M.) or afternoon (P.M.) London fix, and market participants will usually refer to one or the other of these prices when looking for a basis for valuations. The London fix was replaced with a new system operated by ICE Benchmark Administration on April 1, 2015.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Futures Exchanges</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">The most significant gold futures exchanges are the COMEX, operated by Commodities Exchange, Inc., a subsidiary of New York Mercantile Exchange, Inc., and the Tokyo Commodity Exchange (&#8220;</font><b style="font-size:11pt;font-weight:bold;">TOCOM</b><font style="font-size:11pt;">&#8221;). The COMEX is the largest exchange in the world for trading metals futures and options and has been trading gold since 1974, while the TOCOM has been trading gold since 1982.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Market Regulation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The global gold markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain trade associations have established rules and protocols for market practices and participants. In the United Kingdom, responsibility for the regulation of the financial market participants, including the major participating members of the LBMA, falls under the authority of the United Kingdom&#8217;s Financial Services Authority (&#8220;</font><b style="font-size:11pt;font-weight:bold;">FSA</b><font style="font-size:11pt;">&#8221;), as provided by the Financial Services and Markets Act 2000 (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">FSM Act</b><font style="font-size:11pt;">&#8221;). Under the FSM Act, all U.K.-based banks, together with other investment firms, are subject to a range of requirements, including fitness and properness, capital adequacy, liquidity, and systems and controls. The FSA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation of spot, commercial forwards, and deposits of gold and silver not covered by the FSM Act is provided for by The London Code of Conduct for Non-Investment Products, which was established by market participants in conjunction with the Bank of England.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Participants in the U.S. OTC market for gold are generally regulated by their existing market regulators. For example, participating banks are regulated by the banking authorities. In the United States, Congress created the Commodity Futures Trading Commission (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">CFTC</b><font style="font-size:11pt;">&#8221;) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The CFTC regulates market participants and has established rules designed to prevent market manipulation, abusive trade practices and fraud. The CFTC requires that any trader holding an open position of more than 100 lots (i.e., 10,000 ounces) in any one contract month on COMEX must declare his or her identity, the nature of his or her business (hedging, speculative, etc.) and the existence and size of his or her positions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Market integrity on the TOCOM is preserved by the TOCOM&#8217;s authority to perform financial and operational surveillance on its members&#8217; trading activities, scrutinize positions held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and other derivative markets&#8217; prices. To act as a Futures Commission Merchant Broker, which is a required certification for a broker that intends to trade in commodities and commodity futures, a broker must obtain a license from Japan&#8217;s Ministry of Economy, Trade and Industry METI. METI establishes the rules for operation of TOCOM and administers the exchange and its members through legal requirements and various supervisory functions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 10 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Historical Price Movement and Analysis</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Fluctuations in the price of gold are expected to influence the price of the units. Unitholders should be aware of the historical movements in gold prices and understand what events and forces may have caused these movements to occur. The following chart displays the historical performance of gold.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;"><img src="cef-20201231ex995f054f5003.jpg" alt="Graphic" style="display:inline-block;height:217pt;left:0%;padding-bottom:0.5pt;position:relative;top:0pt;width:463.5pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Source: Bloomberg, December 31, 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">An investment in the Trust will not replicate the performance of spot gold prices, due to the fees and expenses associated with the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">From March 2001 to August 2011, gold experienced strong price appreciation. Interest in gold accelerated following the great financial crisis (&#8221;GFC&#8221;) in 2008 as investors sought safe-haven investments from falling stock, credit and real estate markets. In response to the GFC, many central bank initiated experimental monetary policies like quantitative easing and zero interest rates to stimulate economic growth and deflation. In this environment, gold performed exceptional well.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In early 2013, the gold price reversed course as bond yields surged, resulting from the Federal Reserve&#39;s (Fed) announcement of future&#160;tapering&#160;of its policy of quantitative easing. The price for gold eventually bottomed at the end of 2015.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A new bull market in gold commenced in January 2016 on growing concerns about zero and negative interest rate policies and exploding government debt levels in a number of key economies. In mid-2019, the gold price broke through technical resistance levels when the Federal Reserve unexpectedly did a U-turn and reverted back to &#8216;easy&#8217; money policies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In 2020, there was a surge of interest in gold as the spot price had its eighth-best annual return in 50 years. During the first half of 2020, gold was benefitted from investors seeking safety from the economic fallout caused by the COVID-19 pandemic. While during the second half, the impact of the global COVID-19</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 11 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">pandemic catalyzed the U.S. Federal Reserve to move towards MMT (modern money theory) style policies, zero interest rate policies (ZIRP), QE (quantitative easing) Infinity, average inflation targeting (AIT).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Rationale for Investing in Gold</b><a name="RationaleforInvestinginGold_416639"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Gold ownership may help to protect a portfolio from inflation, deflation, stagflation, systemic failure, financial collapse and currency devaluation. Investors may purchase gold because of the view that, unlike other investments, gold&#8217;s tangible physical properties, negative correlation to other asset classes and use as an inflation hedge provide a way to reduce the risk of a portfolio.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Unlike traditional stocks, bonds and money market instruments, gold is an asset whose price generally is independent of earnings, future growth or promised payments due to its certain physical and tangible properties. These properties allow gold to be converted into other goods and investments, which may provide investors with more immediate liquidity than alternative investments. Unlike paper-backed assets, gold cannot be created at will. Many investors also see gold as a store of value in times of uncertainty and market duress because it generally is independent of country, industry and company specific issues.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Low correlation with other asset classes</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Gold&#8217;s low historical correlation with other major asset classes has been held to offer an investor the opportunity to diversify across a portfolio&#8217;s risk spectrum. Over the long-term, gold has historically retained value more effectively than other assets. Although gold is a commodity and an investment asset, it tends to move independently of other key asset classes and commodities, especially during times of crisis.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Gold as an investment has demonstrated a sustained, long-term low correlation to the S&amp;P 500 index, widely regarded as the standard for measuring the performance of large-cap U.S. companies. The following table displays gold&#8217;s correlation with various equity indices (a value of 1 would indicate a perfect correlation and a value of &#8722;1 would indicate a perfect inverse correlation):</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Correlation of Gold </i><sup style="font-size:8.25pt;font-style:italic;font-weight:bold;vertical-align:top;">(1)</sup></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:79.92%;" align="center"><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:40.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:11pt;">Correlation of Gold Relative to</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">1 year</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">3 year</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">5 year</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">10 year</font></p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:40.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:11pt;">S&amp;P 500 Index</font><sup style="font-size:8.25pt;vertical-align:top;">2</sup></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.299</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.130</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.035</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.084</font></p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:40.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:11pt;">S&amp;P/TSX Composite Index</font><sup style="font-size:8.25pt;vertical-align:top;">2</sup></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.263</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.114</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.042</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.224</font></p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:40.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:11pt;">MSCI EAFE Index</font><sup style="font-size:8.25pt;vertical-align:top;">2</sup></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.068</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.071</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.014</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.131</font></p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:40.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:11pt;">S&amp;P/TSX Global Gold Index</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.719</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.771</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.821</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">0.779</font></p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:40.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:11pt;">US 10yr Treasury Yield</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">-0.135</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">-0.283</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">-0.434</font></p></td><td style="vertical-align:top;white-space:nowrap;width:14.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">-0.301</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Source: Bloomberg, December 31, 2020. (Monthly correlations used for calculation purposes.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Notes:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:9pt;">(1)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:9pt;">1 indicates a perfect correlation; &#8722;1 indicates a perfect inverse correlation. &#160;Correlations are calculated using monthly returns.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:9pt;">(2)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:9pt;">The total return numbers for the indices are represented by the following: for the S&amp;P 500, the S&amp;P 500 Total Return Index; for the S&amp;P/TSX Composite Index, the S&amp;P/TSX Composite Total Return Index; for the MSCI EAFE Index, the MSCI EAFE Gross Daily Total Return Index; and for the S&amp;P/TSX Global Gold Index, the S&amp;P/TSX Global Gold Total Return Index.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 12 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Use as an inflation and U.S. dollar hedge</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Historically, gold has been viewed as an effective hedge against a decrease in the value of the U.S. dollar and inflation. Gold has maintained its long-term value, as measured by purchasing power, more effectively than most currencies and fixed assets. In 1971, the U.S. moved away from the gold standard. As gold prices have generally increased during times of U.S. dollar decline and during inflationary periods, gold may provide a hedge against money creation and purchasing power erosion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Historically, there is an approximate one-for-one relationship between the price of gold and the general price level in the United States, where a 1% rise in U.S. inflation has resulted in a corresponding 1% rise in the long-term price of gold. However, short-run gold prices have demonstrated much more volatility, and tend to fluctuate in response to any number of changes in the supply and demand forces, along with a number of other factors. These factors include political and financial shocks, as well as short-run changes in the U.S. inflation rate, inflation volatility, credit risk, the U.S. dollar trade weighted exchange rate, the gold lease rate and the relative beta for gold.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">OVERVIEW OF THE SILVER SECTOR</b><a name="OVERVIEWOFTHESILVERSECTOR_318589"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Introduction to the Silver Industry and its Participants</b><a name="IntroductiontotheSilverIndustryanditsPar"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The participants in the world silver industry may be classified by the following sectors: the mining and producer sector; the banking sector; the investment sector; the fabrication and manufacturing sector; and the official sector.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The mining and producer sector includes mining companies that specialize in silver production, mining companies that produce silver as a by-product of other production (such as lead, zinc, copper or gold), and scrap merchants and recyclers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The banking sector is composed of bullion banks that provide a variety of services to the silver market and its participants, thereby facilitating interactions between other parties. Services provided by bullion banks include providing traditional banking products as well as mine financing, physical silver purchases and sales, hedging and risk management, inventory management for both industrial users and consumers and silver leasing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The investment sector includes the investment and trading activities of both professional and private investors and speculators. These participants range from large hedge funds and mutual funds to day traders, as well as retail level coin collectors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The fabrication and manufacturing sector represents all the commercial and industrial users of silver for which silver is a daily part of their businesses. Industrial applications comprise the largest use of silver. The jewellery and silverware sector is the second largest, followed by the photographic industry (although the latter has been declining over the past several years as a result of the widespread adoption of digital photography).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Finally, the official sector includes the activities of the various central banking operations of silver holding countries. Unlike gold, there are no official statistics published by the International Monetary Fund, Bank of International Settlements, or national banks on silver holdings by national governments. The main reason for this is that, unlike gold, silver is generally not recognized as a core reserve asset. According to the World Silver Survey 2019, GFMS estimates that, based on proprietary information collected through its research, at the end of 2018 governments held silver bullion stocks totalling 89.1 million ounces.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 13 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Sources of Silver Supply</b><a name="SourcesofSilverSupply_628022"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Sources of silver supply include both mine production and recycling or mobilizing of existing above-ground stocks. The largest portion of silver supplied into the market annually is from mine production. The second largest source of annual silver supply is from silver scrap, which is silver that has been recovered from jewellery, photography and other fabricated products and converted back into marketable silver. Net sales by the official sector were non-existent in 2016. Finally, net producer hedging accelerates the sale of physical silver and can therefore impact, positively or negatively, supply in a given year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Mine production</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Mine production includes silver produced from both primary deposits and secondary deposits. Secondary deposits refer to mining operations where the silver is recovered as a by-product metal from other mining activities. For example, during the years from 2011 to 2018 (inclusive), mine production met approximately 83% of the total demand. The shortfall in total supply has been met by supplies from existing above-ground stocks, predominantly coming from the recycling of fabricated silver products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Silver is different from gold in that more than two-thirds of silver mine supply is a by-product of other metal mining (lead, zinc, copper or gold) with primary silver production comprising 30% of global mine output. Thus, a significant portion of annual silver supply can be said to be relatively independent of the price of silver.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following pie chart depicts silver output by source metal for 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-size:11pt;font-style:italic;text-decoration:underline;text-decoration-color:#000000;">Silver Mine Supply by Source</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;"><img src="cef-20201231ex995f054f5004.jpg" alt="Graphic" style="display:inline-block;height:231.5pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:361pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9pt;">Source: Thomson</font> Reuters GFMS World Silver Survey 2019</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 14 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Silver Scrap</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Silver scrap refers to silver that has been recovered from fabricated products, melted, refined and cast into bullion bars for subsequent resale into the silver market. Recycling supply has been decreasing from 232.61 million ounces in 2011 to 169 million ounces in 2019, as a low price for silver discourages scrap sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Historically, central banks, other governmental agencies and multi-lateral institutions have retained gold and, to a lesser extent, silver strategic reserve assets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Sources of Silver Demand</b><a name="SourcesofSilverDemand_321785"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Silver has significant demand rooted in diverse sectors with traditional, industrial and emerging applications. Silver was one of the earliest metals to be used as a medium of exchange and is one of the world&#8217;s most broadly used metals with many practical applications. Silver has a number of unique properties that make it an essential component in several industrial applications. These unique properties restrict silver&#8217;s substitution in most applications.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Demand for silver is driven primarily by three uses: (i) industrial; (ii) consumer; and (iii) investment. In addition, net producer hedging can periodically contribute to demand.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Industrial</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Silver is used in industrial and manufacturing application due to its strength, malleability and ductility, electrical and thermal conductivity, sensitivity to and high reflectance of light and its ability to endure extreme temperature ranges. Industrial uses of silver can range from high tech applications, including medical equipment, to plumbing hardware. Silver is also used as a catalyst for the manufacture of commonly used chemicals such as ethylene oxide and formaldehyde. Many batteries are also manufactured with silver alloys, due to silver&#8217;s superior power-weight characteristics. Recently, however, silver-oxide batteries are being replaced with lithium-ion batteries in cellular phones and lap-top computers, due to environmental and safety concerns. Silver is also used in the manufacturing of mirrors and lenses. Silver&#8217;s light reflective ability allows it to be used as an energy efficient glaze and for ultraviolet filtering in eye glasses. Silver paints and coatings are used in circuit boards to utilize silver&#8217;s conductive properties and in medical applications due to silver&#8217;s anti-bacterial qualities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Consumer</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Consumer uses of silver, such as the fabrication of jewellery and silverware, use silver&#8217;s lustre, resistance to tarnishing and malleability. Silver is a visibly clean, attractive and strong metal ideal for contact with food and mouth. It is one of the most chemically inert of metals and does not react with acids present in fruit, fish and sauces, etc. Hence, it is a popular choice for making tableware (cutlery, flatware and hollowware) for daily use such as dinner knives, forks and spoons, serving dishes, drinking vessels and tea and coffee services.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Investment</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Investment demand for silver has held steady from 2003, with the most significant investment demand coming from silver exchange traded funds (&#8220;</font><b style="font-size:11pt;font-weight:bold;">ETFs</b><font style="font-size:11pt;">&#8221;) and bullion funds. The emergence of these investment vehicles has made it easier to purchase bullion for investors, who traditionally had to rely on purchasing coins and silver bullion directly. The Manager believes that the appeal of silver as a store of value in times of uncertainty and inflation has served as a catalyst for investment demand and growth of these relatively new investment vehicles.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 15 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Net producer hedging</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Net producer hedging can create incremental supply in the market by accelerating the timing of the sale of un-mined silver. A mining company wishing to protect itself from the risk of a decline in the price of silver may elect to sell some or all of its anticipated production for delivery at a future date. A bullion dealer accepting such a transaction will finance it by borrowing an equivalent quantity of silver, which is immediately sold into the market. The bullion dealer then invests the cash proceeds from that sale of silver and uses the yield on these investments to pay the mining company the premium available on silver for future delivery. When the mining company delivers the silver it has contracted to sell to the bullion dealer, the dealer returns the silver to the lender or rolls the loan forward in order to finance similar transactions in the future. While over time hedging transactions involve no net increase in the supply of silver to the market, they do accelerate the timing of the sale of silver sold prior to production, which has an impact on the balance between supply and demand at any time in the paper marketplace. 2012 saw a shift to producer de-hedging.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Silver supply</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following table sets forth a summary of the world silver supply and demand from 2011 to 2019:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 16 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;text-decoration:underline;text-decoration-color:#000000;">World Silver Supply and Demand</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 24pt 0pt;"><font style="font-size:11pt;"><img src="cef-20201231ex995f054f5005.jpg" alt="Graphic" style="display:inline-block;height:370.5pt;width:468pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 24pt 0pt;"><font style="font-size:11pt;">Source: GFMS, Refinitiv/World Silver Survey 2019</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Operation of the Silver Market</b><a name="OperationoftheSilverMarket_83635"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The global trade in silver consists of Over-the-Counter (&#8220;</font><b style="font-size:11pt;font-weight:bold;">OTC</b><font style="font-size:11pt;">&#8221;) transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures and options.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Over-the-Counter Market</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The OTC silver market includes spot, forward, and option and other derivative transactions conducted on a principal-to-principal basis. While this is a global, nearly 24-hour per day market, its main centres are London (the biggest venue), New York and Zurich.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Thirteen members of the LMBA, the London-based trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the London bullion market, act as OTC market-makers, and most OTC market trades are cleared through London. The LBMA plays an</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 17 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">important role in setting OTC silver trading industry standards. Members of the London bullion market typically trade with each other and with their clients on a principal-to-principal basis. All risks, including those of credit, are between the two parties to a transaction. This is known as an OTC market, as opposed to an exchange-traded environment. Unlike a futures exchange, where trading is based around standard contract units, settlement dates and delivery specifications, the OTC market allows flexibility. It also provides confidentiality, since transactions are conducted solely between the two principals involved.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the OTC market, silver that meets the specifications for weight, dimensions, fineness (or purity), identifying marks (including the assay stamp of an LBMA-acceptable refiner) and appearance set forth in &#8220;The Good Delivery Rules for Gold and Silver Bars&#8221; published by the LBMA are &#8220;London Good Delivery Bars&#8221;. A London Good Delivery Bar must contain between 750 ounces and 1,100 ounces of silver with a minimum fineness (or purity) of 999.0 parts per 1,000. A London Good Delivery Bar must also bear the stamp of one of the refiners listed on the LBMA-approved list.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">London Bullion Market</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Although the market for physical silver is distributed globally, as noted above most OTC market trades are cleared through London. In addition to coordinating market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of the LBMA is its involvement in the promotion of refining standards by maintenance of the &#8220;London Good Delivery Lists&#8221;, which are the lists of LBMA accredited smelters and assayers of silver. The LBMA also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The London fix for the price of silver ceased to exist after August 14, 2014, as one of the three member banks terminated its participation in the fixing of the silver spot price after that day. The London fix was replaced by the LBMA Silver Price, which is set each day at noon London time through an electronic, auction-based mechanism operated by CME Group Inc. and administered and governed by Thompson Reuters Corp. Currently, five price participants have been accredited by the LBMA to contribute to the LBMA Silver Price through participation in auctions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Futures Exchanges</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The most significant silver futures exchanges are the COMEX, operated by Commodities Exchange, Inc., a subsidiary of New York Mercantile Exchange, Inc., and TOCOM. Futures exchanges seek to provide a neutral, regulated marketplace for the trading of derivatives contracts for commodities. Futures contracts are defined by the exchange for each commodity. For each commodity traded, this contract specifies the precise quality and quantity standards. The contract&#8217;s terms and conditions also define the location and timing of physical delivery. An exchange does not buy or sell those contracts, but seeks to offer a transparent forum where members, on their own behalf or on the behalf of customers, can trade the contracts in a safe, efficient and orderly manner. During regular trading hours at COMEX, the commodity contracts are traded through open outcry; a verbal auction in which all bids, offers and trades must be publicly announced to all members. Electronic trading is offered by the exchange after regular market hours. Except for brief breaks to switch between open outcry and electronic trading in the evening and the morning, silver futures trade 24 hours a day, five business days a week.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Market Regulation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The global silver markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain trade associations have established rules and protocols for market practices and participants. The major participants in the London bullion market are supervised by the FSA. Under the FSMA and associated rules and regulations, all banks and investment firms in the United</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 18 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Kingdom are subject to a range of requirements relating to capital adequacy, liquidity and systems and controls. Conduct of business in the London bullion market may fall under one of two regimes, depending upon the type of business. The FSA is responsible for (among other things) the conduct of &#8220;regulated activities&#8221; as defined under the FSMA. For the bullion market, this covers trading in derivatives for investment purposes. The rules applicable to investment firms conducting regulated activities are set out in the FSA&#8217;s Handbook of Rules and Guidance&#8212;particularly, in the Principles for Business, Market Conduct, Conduct of Business Sourcebook, Senior Management Arrangements, Systems and Controls and Client Assets modules. For derivatives trading in circumstances that are not covered by FSMA, guidelines for the conduct of business are set out in the United Kingdom&#8217;s Non-Investment Products Code (&#8220;</font><b style="font-size:11pt;font-weight:bold;">NIPs Code</b><font style="font-size:11pt;">&#8221;). Market practitioners representing the foreign exchange, money and bullion markets in conjunction with the Bank of England have drawn up the NIPs Code. The NIPs Code has no statutory underpinning (except where it refers to existing legal requirements), but non-compliance (depending on the circumstances, seriousness, frequency and duration of the incidents) may raise issues such as the integrity or competence of a market participant, which are relevant to the FSA&#8217;s authorization requirements (this could be pertinent if the market participant in question is regulated by the FSA).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Participants in the US OTC market for silver are generally regulated by their existing market regulators. For example, participating banks are regulated by the banking authorities. In the United States, Congress created the CFTC in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The CFTC regulates market participants and has established rules designed to prevent market manipulation, abusive trade practices and fraud. The CFTC requires that any trader holding an open position that meets the deemed reporting level must declare his or her identity, the nature of his or her business (hedging, speculative, etc.) and the existence and size of his or her positions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Market integrity on the TOCOM is preserved by the TOCOM&#8217;s authority to perform financial and operational surveillance on its members&#8217; trading activities, scrutinize positions held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and other derivative markets&#8217; prices. To act as a Futures Commission Merchant Broker, which is a required certification for a broker that intends to trade in commodities and commodity futures, a broker must obtain a license from Japan&#8217;s Ministry of Economy, Trade and Industry, or METI. METI establishes the rules for operation of TOCOM and administers the exchange and its members through requirements of law and various supervisory functions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Historical Price Movement and Analysis</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Fluctuations in the price of silver are expected to influence the price of the units. Investors should be aware of the historical movements in silver prices and understand what events and forces may have caused these movements to occur. The following chart illustrates the changes in spot silver prices from December 31, 2002 through December 31, 2020:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 19 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;text-decoration:underline;text-decoration-color:#000000;">Spot Silver Price (US$/oz) (December 31, 2002 &#8211; December 31,2020)</i><sup style="font-size:8.25pt;font-style:italic;vertical-align:top;">(1)</sup></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;"><img src="cef-20201231ex995f054f5006.jpg" alt="Graphic" style="display:inline-block;height:217pt;left:0%;padding-bottom:0.5pt;position:relative;top:0pt;width:460pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Source: Bloomberg, December 31, 2020</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The information provided in this chart is historical and should not be taken as an indication of the future price of silver.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">From 2002 to 2011, the price of silver generally followed an upward trend due to a number of factors. Among such factors were the decline in the US dollar against other currencies, the poor performance of major equity markets, including in the United States, a surge in investment demand in commodities as an asset class generally, ongoing strength in fabrication demand and the low level of forward selling by mining companies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">From June 2005 to April 2011, silver experienced strong price appreciation. Interest in silver accelerated following the great financial crisis (&#8221;GFC&#8221;) in 2008 as investors sought the safe-haven of precious metals from falling stock, credit and real estate markets. In response to the GFC, many central bank initiated experimental monetary policies like quantitative easing and zero interest rates to stimulate economic growth and deflation. In this environment, silver performed exceptional well.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In early 2011, the silver price reversed course as investors took profits. Losses were further exacerbated when bond yields surged in April 2013, resulting from the Federal Reserve&#39;s (Fed) announcement of future&#160;tapering&#160;of its policy of quantitative easing. The price for silver eventually bottomed at the end of 2015.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Silver rallied with gold in 2016 on growing concerns about zero and negative interest rate policies and exploding government debt levels in a number of key economies. Silver turned lower caught in the crossfire of the U.S. China trade war. While silver is a monetary metal, it is used extensively in industrial applications such as solar panels which are largely manufactured in China.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 20 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Rationale for an Investment in Silver</b><a name="RationaleforanInvestmentinSilver_706731"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Silver has Broad and Growing Industrial Uses</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Silver has incredible physical properties that make it useful in technology. Silver has the highest electrical and heat conductivity making it ideal for technology. Silver is also a key element in the production of solar panels. Solar energy is growing quickly as countries increase their focus on renewable energy sources to combat greenhouse gas emissions. Silver also possesses anti-bacterial qualities making it ideal for medical applications. Silver&#8217;s numerous industrial uses differentiate it from gold in that it is strongly correlated to global economic growth.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Silver is a Monetary Metal</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Silver is also extremely rare compared to other metals, making it a good store of value. Growing wealth in emerging markets in recent years has spurred investment in silver as an alternative form of currency.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Use as an inflation and US dollar hedge</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Historically, silver has been viewed as an effective hedge against a decrease in the value of the US dollar and inflation. Silver, as with gold, has maintained its long-term value, as measured by purchasing power, more effectively than most currencies and fixed assets. As silver prices have generally increased during times of US dollar decline and during inflationary periods, silver may provide a hedge against money creation and purchasing power erosion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Silver is Inexpensive Relative to Gold</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The gold/silver ratio, which measures the relative prices between the two metals, is at an extreme level compared to historical levels. The higher the ratio, the more expensive gold is to silver. As at December 31, 2020, the gold ratio stands at approximately 72 which means that gold is 72 times more expensive than silver. The last time this ratio was this high was in February 1991.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">DESCRIPTION OF UNITS</b><a name="DESCRIPTIONOFUNITS_792919"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">General</b><a name="General_384100"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Currently, the Trust has issued only one class or series of units. Provided that the New Class or Series Approval Requirement (as described under &#8220;Responsibility for Operation of the Trust &#8211; The Trustee &#8211; Unitholder Approval&#8221;) has been satisfied, the Trust is authorized to issue an unlimited number of units in one or more classes and series of a class. Each unit of a class or series of a class represents an undivided ownership interest in the net assets of the Trust attributable to that class or series of a class of units. Units are transferable and redeemable at the option of the unitholder in accordance with the provisions set forth in the Trust Agreement. All units of the same class or series of a class have equal rights and privileges with respect to all matters, including voting, receipt of distributions from the Trust, liquidation and other events in connection with the Trust. Units and fractions thereof are issued only as fully paid and non-assessable. Units have no preference, conversion, exchange or pre-emptive rights. Each whole unit of a particular class or series of a class entitles the holder thereof to a vote at meetings of unitholders where all classes vote together, or to a vote at meetings of unitholders where that particular class or series of a class of unitholders votes separately as a class.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 21 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust may not issue additional units of the class except: (i) if the net proceeds per unit to be received by the Trust are not less than 100% of the most recently calculated NAV per unit 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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Meetings of Unitholders</b><a name="MeetingsofUnitholders_424491"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Each unitholder is entitled to one vote for each whole unit held by the unitholder. Meetings of unitholders will be held by the Manager or the Trustee at such time and on such day as the Manager or the Trustee may from time to time determine for the purpose of considering the matters required to be placed before such meetings in accordance with the Trust Agreement or applicable laws and for the transaction of such other related matters as the Manager or the Trustee determines. Unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement may requisition a meeting of unitholders by giving a written notice to the Manager or the Trustee setting out in detail the reason(s) for calling and holding such a meeting. The Trustee will, upon the written request of the Manager or the unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, requisition a meeting of unitholders, provided that in the event of a request to call a meeting of unitholders made by such unitholders the Trustee will not be obligated to call any such meeting until it has been satisfactorily indemnified by such unitholders against all costs of calling and holding such meeting. Unless otherwise required by applicable securities laws or stock exchange rules, the Trust need only hold meetings of unitholders as described above and is not required to hold annual or other periodic meetings.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Meetings of unitholders will be held at the principal office of the Trust or elsewhere in the municipality in which its office is located or, if the Manager so determines, at any other place in Canada. Notice of the time and place of each meeting of unitholders will be given not less than 21 days before the day on which the meeting is to be held to each unitholder of record at 4:00 p.m., Toronto time, on the day on which the notice is given. Notice of a meeting of unitholders will state the general nature of the matters to be considered by the meeting. A meeting of unitholders may be held at any time and place without notice if all the unitholders entitled to vote thereat are present in person or represented by proxy or, if those not present or represented by proxy waive notice of, or otherwise consent to, such meeting being held.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A quorum for the transaction of business at any meeting of unitholders will be at least two unitholders holding not less than 5% of the outstanding units on such date present in person or represented by proxy and entitled to vote thereat. &#160;If a quorum is not present at a meeting within 30&#160;minutes after the time fixed for the meeting, the meeting, if convened on the requisition of unitholders, shall be cancelled but in any other case shall be adjourned to such place and time on a date fixed by the chairman of the meeting not later than 14&#160;days thereafter (which for greater certainty can be at a later time on the date of the originally scheduled meeting) at which adjourned meeting the unitholders present in person or represented by proxy shall be deemed to constitute a quorum. &#160;The chairman at a meeting of unitholders may, with the consent of the meeting and subject to such conditions as the meeting may decide, adjourn the meeting from time to time and from place to place.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">At any meeting of unitholders every person will be entitled to vote who, as of the end of the business day immediately preceding the date of the meeting, is entered in the register of the Trust, unless in the notice of meeting and accompanying materials sent to unitholders in respect of the meeting a record date is established for persons entitled to vote thereat. The Trust is permitted to establish a record date for distributions in accordance with the policies of the Toronto Stock Exchange (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">TSX</b><font style="font-size:11pt;">&#8221;) and NYSE Arca pursuant to the Exemptive Relief. See &#8220;Exemptions and Approvals&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 22 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">For the purpose of determining the unitholders who are entitled to receive notice of and to vote at any meeting or any adjournment thereof, or for the purpose of any action other than as provided in the Trust Agreement for valuation, computation and distribution of net income and net realized capital gains, any other additional distributions, and taxes, the Manager may fix a date not more than 60 days nor fewer than 30 days prior to the date of any meeting of unitholders or other action as a record date for the determination of unitholders entitled to receive notice of and to vote at such meeting, or any adjournment thereof, or to receive such distributions or to be treated as unitholders of record for purposes of such other action, and any unitholder who was a unitholder at the time so fixed will be entitled to receive notice of and to vote at, such meeting, or any adjournment thereof, or to be treated as a unitholder of record for purposes of such other action, even though he or she has since that date disposed of his or her units and no unitholder becoming such after that date will be entitled to receive notice of and to vote at such meeting, or any adjournment thereof, or to be treated as a unitholder of record for purposes of such other action.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">At any meeting of unitholders, any unitholder entitled to vote thereat may vote by proxy and a proxy need not be a unitholder, provided that no proxy may be voted at any meeting unless it has been placed on file with the Manager, or with such other agent of the Trust as the Manager may direct, prior to the commencement of such meeting. If approved by the Manager, proxies may be solicited naming the Manager as proxy and the cost of such solicitation will be paid out of the property of the Trust. When any unit is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such unit, but if more than one of them is present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote will not be received in respect of such unit. The instrument appointing any proxy will be in such form and executed in such manner as the Manager may from time to time determine.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">At any meeting of unitholders every question will, unless otherwise required by the Trust Agreement or applicable laws, be determined by an ordinary resolution on the question which must be approved by the vote, in person or by proxy, of unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement. See &#8220;Responsibility for Operation of the Trust &#8211; The Trustee &#8211; Unitholder Approval&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Subject to the provisions of the Trust Agreement or applicable laws, any question at a meeting of unitholders will be decided by a show of hands unless a poll thereon is required or demanded. Upon a show of hands every person who is present and entitled to vote will have one vote. If demanded by any unitholder at a meeting of unitholders or required by applicable laws, any question at such meeting will be decided by a poll. Upon a poll each person present will be entitled, in respect of the units which the unitholder is entitled to vote at the meeting upon the question, to one vote for each whole unit held and the result of the poll so taken will be the decision of the unitholders upon the said question.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A resolution in writing forwarded to all unitholders entitled to vote on such resolution at a meeting of unitholders and signed by the requisite number of unitholders required to obtain approval of the matter addressed in such resolution is as valid as if it had been passed at a meeting of unitholders in accordance with the Trust Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any resolution passed in accordance with the Trust Agreement will be binding on all unitholders and their respective heirs, executors, administrators, other legal representatives, successors and assigns, whether or not such unitholder was present or represented by proxy at the meeting at which such resolution was passed and whether or not such unitholder voted against such resolution.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 23 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unitholder Liability</b><a name="UnitholderLiability_222447"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust Agreement provides that no unitholder will be held to have any personal liability as a unitholder and that there will be no resort to the unitholder&#8217;s private property for satisfaction of any obligation or claim arising out of or in connection with any contract or obligation of any of the Trust, the Manager or the Trustee or any obligation that a unitholder would otherwise have to indemnify the Trustee for any personal liability incurred by the Trustee as such, but rather, only the Trust&#8217;s assets are intended to be liable and subject to levy or execution for such satisfaction. If the Trust acquires any investments subject to existing contractual obligations, the Manager, or the Trustee on the direction of the Manager, as the case may be, will use its best efforts to have any obligations modified so as to achieve disavowal of contractual liability. Further, the Trust Agreement provides that the Manager will cause the operations of the Trust to be conducted, with the advice of counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on the unitholders of claims against the Trust and will, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the Trust to carry insurance for the benefit of the unitholders in such amounts as it considers adequate to cover any such foreseeable non-contractual or non-excluded contractual liability.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unitholder Reporting</b><a name="UnitholderReporting_868098"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager sends annually to unitholders a request form the unitholder may use to instruct the Manager to deliver a copy of the audited annual financial statements of the Trust within 90 days of each fiscal year-end as well as unaudited interim financial statements of the Trust within 60 days of the end of each interim period. Within 45 days of the end of each fiscal quarter, the Manager will make also available to unitholders an unaudited quarterly summary of the assets of the Trust and the value of net assets of the Trust as of the end of such quarter.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">CALCULATION OF NET ASSET VALUE</b><a name="CALCULATIONOFNETASSETVALUE_895196"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The calculation of the value of net assets of the Trust is the responsibility of the Manager, who may consult with the Trust&#8217;s valuation agent, the Mint and the Trust&#8217;s custodians. Pursuant to a valuation services agreement, the Manager appointed RBC Investor Services as valuation agent to calculate the value of the net assets of the Trust and the Class Net Asset Value (as hereinafter defined) for each class or series of a class of units as of 4:00 p.m., Toronto time, on each business day. In addition, the Manager may calculate the value of the net assets of the Trust, the Class Net Asset Value and the NAV per unit at such other times as the Manager deems appropriate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to the Trust Agreement, the value of the net assets of the Trust will be determined for the purposes of subscriptions and redemptions as of 4:00&#160;p.m. (Toronto time) on each business day in U.S. dollars. &#160;The value of the net assets of the Trust determined on the last day of each year that is also a valuation date of the Trust will include all income, expenses of the Trust or any other items to be accrued to December 31 of such year and since the last calculation of the NAV or the Class Net Asset Value per unit (as hereinafter defined), for the purpose of the distribution of net income and net realized capital gains of the Trust to unitholders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The value of the net assets of the Trust as of 4:00&#160;p.m. (Toronto time) on each business day is the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such date an amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding units, if any) as of such date. &#160;The value of net assets per unit is determined by dividing the value of the net assets of the Trust on a date by the total number of units then outstanding on such date. Subject to directions from the Manager as required, the value of the net assets of the Trust as of the valuation time on a date is determined by the Trust&#8217;s valuation agent in accordance with the following:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 24 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The assets of the Trust are deemed to include the following property:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all physical gold and silver bullion owned by or contracted for the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all cash on hand or on deposit, including any interest accrued thereon adjusted for accruals deriving from trades executed but not yet settled;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all bills, notes and accounts receivable;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all interest accrued on any interest-bearing securities owned by the Trust other than interest, the payment of which is in default; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(v)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">prepaid expenses.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The market value of the assets of the Trust is determined as follows:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the value of physical gold and silver bullion is its market value based on the price provided by a widely recognized pricing service as directed by the Manager (as described below) and, if such service is not available, such physical gold and silver bullion is valued at a price provided by another pricing service as determined by the Manager, in consultation with the valuation agent;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the value of any cash on hand or on deposit, bills, demand notes, accounts receivable, prepaid expenses, and interest accrued and not yet received, is deemed to be the full amount thereof unless the Manager determines that any such deposit, bill, demand note, account receivable, prepaid expense or interest is not worth the full amount thereof, in which event the value thereof is deemed to be such value as the Manager determines to be the fair value thereof;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">short-term investments including notes and money market instruments are valued at cost plus accrued interest;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the value of any security or other property for which no price quotations are available or, in the opinion of the Manager (which may delegate such responsibility to the Trust&#8217;s valuation agent under the valuation services agreement), to which the above valuation principles cannot or should not be applied, will be the fair value thereof determined from time to time in such manner as the Manager (or the Trust&#8217;s valuation agent, as the case may be) will from time to time provide; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(v)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the value of all assets and liabilities of the Trust valued in terms of a currency other than the currency used to calculate the value of the net assets of the Trust is converted to the currency used to calculate the value of the net assets of the Trust by applying the rate of exchange obtained from the best available sources to the Trust&#8217;s valuation agent as agreed upon by the Manager including, but not limited to, the Trustee or any of its affiliates.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The liabilities of the Trust are calculated on a fair value basis and deemed to include the following:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all bills, notes and accounts payable;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 25 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all fees (including management fees) and administrative and operating expenses payable and/or accrued by the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all contractual obligations for the payment of money or property, including distributions of net income and net realized capital gains of the Trust, if any, declared, accrued or credited to the unitholders but not yet paid on the day before the valuation date as of which the value of the net assets of the Trust is being determined;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all allowances authorized or approved by the Manager or the Trustee for taxes or contingencies; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(v)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all other liabilities of the Trust of whatsoever kind and nature, except liabilities represented by outstanding units.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;"><font style="font-size:11pt;">The Trust currently uses the silver spot price provided by Bloomberg Finance L.P. (&#8220;</font><b style="font-size:11pt;font-weight:bold;">Bloomberg</b><font style="font-size:11pt;">&#8221;) under the symbol SILV COMDTY (USD). &#160;According to information received from Bloomberg, SILV COMDTY (USD) is a composite price for silver that is calculated according to a set algorithm by Bloomberg from data provided to Bloomberg by third party contributors. &#160;If the Manager deems it necessary, the Manager may determine, without prior notice, that a different widely recognized pricing service should be used to calculate the value of silver bullion set forth in (b)(i) above.</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">For the purposes of determining the market value of any security or property pursuant to paragraph (b) above to which, in the opinion of the Trust&#8217;s valuation agent in consultation with the Manager, the above valuation principles cannot be applied (because no price or yield equivalent quotations are available as provided above, or the current pricing option is not appropriate, or for any other reason), is the fair value as determined in such manner by the Trust&#8217;s valuation agent in consultation with the Manager and generally adopted by the marketplace from time to time, provided that any change to the standard pricing principles as set out above will require prior consultation and written agreement with the Manager. For greater certainty, fair valuing an investment comprising the property of the Trust may be appropriate if:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">market quotations do not accurately reflect the fair value of an investment;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">an investment&#8217;s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">a trading halt closes an exchange or market early; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">other events result in an exchange or market delaying its normal close.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(e)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">For the purposes of determining the value of physical gold and silver bullion, the Manager relies solely on weights provided to the Manager by third parties. The Manager, the Trustee or the Trust&#8217;s valuation agent are not required to make any investigation or inquiry as to the accuracy or validity of such weights.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(f)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Portfolio transactions (investment purchases and sales) are reflected in the first computation of the value of the net assets of the Trust made after the date on which the transaction becomes binding.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 26 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(g)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The value of the net assets of the Trust and NAV on any day are deemed to be equal to value of the net assets of the Trust (or per unit, as the case may be) on such date after accrual of all fees, including management fees, and after processing of all subscriptions and redemptions of units in respect of such date.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(h)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The value of the net assets of the Trust and the NAV determined by the Manager (or, if so delegated under the valuation services agreement, the Trust&#8217;s valuation agent) in accordance with the provisions of the Trust Agreement is conclusive and binding on all unitholders.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The Manager and any investment manager retained by the Manager may determine such other rules regarding the calculation of the value of the net assets of the Trust and the NAV which they deem necessary from time to time, which rules may deviate from International Financial Reporting Standards (&#8220;</font><b style="font-size:11pt;font-weight:bold;">IFRS</b><font style="font-size:11pt;">&#8221;).</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Calculation of Class Net Asset Value and Class Net Asset Value per Unit</b><a name="CalculationofClassNetAssetValueandClassN"></a></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The net asset value for a particular class or series of a class of units (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Class Net Asset Value</b><font style="font-size:11pt;">&#8221;), as of 4:00 p.m., Toronto time, on each business day will be determined for the purposes of subscriptions and redemptions in accordance with the following calculation:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Class Net Asset Value last calculated for that class or series of a class; plus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the increase in the assets attributable to that class or series of a class as a result of the issue of units of that class or series of a class or the redesignation of units into that class or series of a class since the last calculation; minus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the decrease in the assets attributable to that class or series of a class as a result of the redemption of units of that class or series of a class or the redesignation of units out of that class or series of a class since the last calculation; plus or minus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the proportionate share of the net change in non-portfolio assets attributable to that class or series of a class since the last calculation; plus or minus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(v)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the proportionate share of market appreciation or depreciation of the portfolio assets attributable to that class or series of a class since the last calculation; minus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(vi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the proportionate share of the common expenses and applicable taxes of the Trust (other than expenses that are specifically chargeable to a particular class) allocated to that class or series of a class since the last calculation; minus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(vii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any expenses of the Trust (including management fees) that are specifically chargeable to a particular class or series of a class allocated to that class or series of a class since the last calculation.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">A unit of a class or series of a class of the Trust being issued or a unit that has been redesignated as a part of that class or series of a class will be deemed to become outstanding as of the next calculation of the applicable Class Net Asset Value immediately following the date at which the applicable Class Net Asset Value per unit that is the issue price or redesignation basis of such unit is determined, and the issue price received or receivable</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 27 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;"><font style="font-size:11pt;">for the issuance of the unit will then be deemed to be an asset of the Trust attributable to the applicable class or series of a class.</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">A unit of a class or series of a class of the Trust being redeemed or a unit that has been redesignated as no longer being a part of that class or series of a class will be deemed to remain outstanding as part of that class or series of a class until immediately following the valuation date as of which the applicable Class Net Asset Value per unit that is the redemption price or redesignation basis of such unit is determined; thereafter, the redemption price of the unit being redeemed, until paid, will be deemed to be a liability of the Trust attributable to the applicable class or series of a class and the unit which has been redesignated will be deemed to be outstanding as a part of the class or series of a class into which it has been redesignated.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">On any valuation date that a distribution is paid to unitholders of a class or series of a class of units, a second Class Net Asset Value will be calculated for that class or series of a class, which will be equal to the first Class Net Asset Value calculated on that valuation date minus the amount of the distribution. The second Class Net Asset Value will be used for determining the Class Net Asset Value per unit on such valuation date for purposes of determining the issue price and redemption price for units on such valuation date, as well as the redesignation basis for units being redesignated into or out of such class or series of a class, and units redeemed or redesignated out of that class or series of a class as of such valuation date will participate in such distribution while units subscribed for or redesignated into such class or series of a class as of such valuation date will not.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(e)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The Class Net Asset Value per unit of a particular class or series of a class of units as of any date is the quotient obtained by dividing the applicable Class Net Asset Value as of such date by the total number of units of that class or series of a class outstanding at such valuation date. This calculation will be made without taking into account any issuance, redesignation or redemption of units of that class or series of a class to be processed by the Trust immediately after the valuation time of such calculation on that valuation date. The Class Net Asset Value per unit for each class or series of a class of units for the purpose of the issue of units or the redemption of units will be calculated on each valuation date by or under the authority of the Manager (which may delegate such responsibility to the Trust&#8217;s valuation agent under the valuation services agreement) as of the valuation time on every valuation date as fixed from time to time by the Manager, and the Class Net Asset Value per unit so determined for each class or series of a class will remain in effect until the valuation time as of which the Class Net Asset Value per unit for that class or series of a class is next determined.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">For the purposes of the foregoing disclosure the following capitalized terms have the meanings set forth below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">&#8220;</font><b style="font-size:11pt;font-weight:bold;">Net change in non-portfolio assets</b><font style="font-size:11pt;">&#8221; on a date means:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the aggregate of all income accrued by the Trust as of that date, including cash dividends and distributions, interest and compensation since the last calculation of Class Net Asset Value or Class Net Asset Value per unit, as the case may be; minus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the common expenses of the Trust (other than expenses that are specifically chargeable to a particular class or series of a class) to be accrued by the Trust as of</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 28 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 108pt;"><font style="font-size:11pt;">that date which have been accrued since the last calculation of Class Net Asset Value or Class Net Asset Value per unit, as the case may be; plus or minus</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any change in the value of any non-portfolio assets or liabilities stated in any foreign currency accrued on that date since the last calculation of Class Net Asset Value or Class Net Asset Value per unit, as the case may be, including, without limitation, cash, accrued dividends or interest and any receivables or payables; plus or minus</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any other item accrued on that date determined by the Manager to be relevant in determining the net change in non-portfolio assets.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">&#8220;</font><b style="font-size:11pt;font-weight:bold;">Proportionate share</b><font style="font-size:11pt;">&#8221;, when used to describe: (i) an amount to be allocated to any one class or series of a class of the Trust, means the total amount to be allocated to all classes or series of classes of the Trust multiplied by a fraction, the numerator of which is the Class Net Asset Value of such class or series of a class and the denominator of which is the value of the net assets of the Trust at such time; and (ii) a unitholder&#8217;s interest in or share of any amount, means, after an allocation has been made to each class or series of a class as provided in clause (i), that allocated amount multiplied by a fraction, the numerator of which is the number of units of that class or series of a class registered in the name of that unitholder and the denominator of which is the total number of units of that class or series of a class then outstanding (if such unitholder holds units of more than one class or series of a class, then such calculation is made in respect of each class or series of a class and aggregated).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The calculation of the value of the net assets of the Trust and the NAV for each class or series of a class of units as of the valuation time on each valuation date is for the purposes of determining subscription prices and redemption values of units and not for the purposes of accounting in accordance with IFRS. The value of the net assets of the Trust calculated in this manner will be used for the purpose of calculating the Manager&#8217;s and other service providers&#8217; fees and will be published net of all paid and payable fees.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Suspension of Calculation of Net Asset Value Per Unit</b><a name="PerUnit_287317"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">During any period in which the right of unitholders to request a redemption of their units for physical gold and silver bullion and/or cash is suspended, the Manager, on behalf of the Trust, will direct the Trust&#8217;s valuation agent to suspend the calculation of the value of the net assets of the Trust, the NAV, the Class Net Asset Value and the net asset value per unit for each class or series of a class of units. During any such period of suspension, the Trust will not issue or redeem any units. As noted in &#8220;Redemption of Units &#8211; Suspension of Redemptions&#8221;, in the event of any such suspension or termination thereof, the Manager will issue a press release announcing the suspension or the termination of such suspension, as the case may be.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Reporting of Net Asset Value</b><a name="ReportingofNetAssetValue_7445"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The value of the net assets of the Trust and the NAV is updated on a daily basis or as determined by the Manager in accordance with the Trust Agreement and is made available as soon as practicable at no cost on the Trust&#8217;s website (www.sprottphysicalbullion.com) or by calling the Manager at (416) 943-8099 or toll free at 1-855-943-8099 (9:00 a.m. to 5:00 p.m., Toronto time). Information contained in, or connected to, the Manager&#8217;s website is not incorporated into, and does not form part of, this annual information form.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">MARKET FOR THE UNITS</b><a name="MARKETFORTHEUNITS_538451"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust&#8217;s units are traded on NYSE Arca under the symbol &#8220;CEF&#8221;. The Trust&#8217;s units are also traded on the TSX under the symbols &#8220;CEF&#8221; (Canadian dollar-denominated) and &#8220;CEF.U&#8221; (U.S. dollar-</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 29 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">denominated). Purchases of units can be made on NYSE ARCA and the TSX pursuant to the Exemptive Relief. See &#8220;Exemptions and Approvals&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following table sets forth, for the periods indicated, the reported high and low daily trading prices and the monthly average trading volume of the trust units on the TSX (as reported by TSX) and the NYSE ARCA (as reported by NYSE ARCA) for 2020.</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:102.7%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:17.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:11.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:7.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:8.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:8.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:7.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:7.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:11.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:11.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:10.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:17.2%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></th><th colspan="3" style="font-weight:normal;text-align:left;vertical-align:bottom;width:26.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NYSE ARCA</b></p></th><th colspan="6" style="font-weight:normal;text-align:left;vertical-align:bottom;width:56.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TSX</b></p></th></tr><tr><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;"><b style="font-weight:bold;">Calendar Period</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">High</b><br><b style="font-size:9pt;font-weight:bold;">(US$)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Low</b><br><b style="font-size:9pt;font-weight:bold;">(US$)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average</b><br><b style="font-weight:bold;">Volume</b><sup style="font-size:6pt;font-weight:bold;vertical-align:top;">(1)</sup></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">High</b><br><b style="font-size:9pt;font-weight:bold;">(US$)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Low</b><br><b style="font-size:9pt;font-weight:bold;">(US$)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average</b><br><b style="font-weight:bold;">Volume</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">High<br>(Cdn$)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Low (Cdn$)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average</b><br><b style="font-weight:bold;">Volume</b></p></th></tr><tr style="height:12pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">January 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.44</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.72</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">137,042</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.39</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.74</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,603</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20.43</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.13</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19,774</p></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">February 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.15</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.53</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">159,543</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.17</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.55</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,677</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.51</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.50</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">52,870</p></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">March 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.89</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">11.95</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">465,713</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.88</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">12.13</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">6,524</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.87</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.20</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">95,668</p></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">April 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.01</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.40</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">256,880</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.04</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.45</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3,470</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">22.54</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20.37</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">61,438</p></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">May 2019</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.54</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.30</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">157,143</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.55</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.32</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2,192</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">23.02</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.51</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">49,221</p></td></tr><tr style="height:12.6pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">June 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.90</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.76</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">126,207</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.74</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.80</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3,567</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">23.02</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.17</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">42,742</p></td></tr><tr style="height:13.9pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">July 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.96</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.65</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">284,479</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.95</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.74</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,164</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26.73</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">22.75</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">67,896</p></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">August 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.46</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.13</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">325,127</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.24</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.20</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3,445</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">28.60</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">25.40</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">96,281</p></td></tr><tr style="height:13.9pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">September 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.44</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.72</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">137,042</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.39</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.74</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,603</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20.43</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.13</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19,774</p></td></tr><tr style="height:13.9pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">October 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.15</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.53</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">159,543</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.17</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.55</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,677</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.51</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.50</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">52,870</p></td></tr><tr style="height:13.9pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">November 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.89</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">11.95</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">465,713</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.88</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">12.13</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">6,524</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21.87</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.20</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">95,668</p></td></tr><tr style="height:13.9pt;"><td style="vertical-align:top;width:17.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;">December 2020</p></td><td style="vertical-align:middle;width:11.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.01</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.40</p></td><td style="vertical-align:middle;width:8.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">256,880</p></td><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.04</p></td><td style="vertical-align:middle;width:7.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14.45</p></td><td style="vertical-align:middle;width:7.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3,470</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">22.54</p></td><td style="vertical-align:middle;width:11.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20.37</p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">61,438</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 0pt 18pt;">Note:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 18pt;"><font style="font-size:8pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">(1) Includes volume traded on other United&#160;States exchanges and trading markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">REDEMPTION OF UNITS</b><a name="REDEMPTIONOFUNITS_774335"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Subject to the terms of the Trust Agreement and the Manager&#8217;s right to suspend redemptions in the circumstances described below, units may be redeemed at the option of a unitholder in any month for physical gold and silver bullion or cash. All redemptions will be determined using U.S. dollars, regardless of whether the redeemed units were acquired on NYSE Arca or the TSX. Redemption requests will be processed on the last business day of the applicable month.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Redemptions for Physical Gold and Silver Bullion</b><a name="RedemptionsforPhysicalGoldandSilverBulli"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Unitholders may redeem units for physical gold and silver bullion, provided the redemption request is for the Minimum Bullion Redemption Amount. units redeemed for physical gold and silver bullion will have a redemption value equal to the aggregate value of the NAV per unit of the redeemed units on the last day of the month on which NYSE Arca is open for trading in the month during which the redemption request is processed. Certain expenses described below will be subtracted from the value of the redeemed units and the resulting amount the unitholder will receive (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Redemption Amount</b><font style="font-size:11pt;">&#8221;). The amount of physical gold and silver bullion a redeeming unitholder is entitled to receive will be determined by the Manager, who will allocate the Redemption Amount to physical gold and silver bullion in direct proportion to the value of physical gold and silver bullion held by the Trust at the time of redemption (each, a &#8220;</font><b style="font-size:11pt;font-weight:bold;">Bullion Redemption Amount</b><font style="font-size:11pt;">&#8221;). The quantity of each particular metal delivered to a redeeming unitholder will be dependent on the applicable Bullion Redemption Amount and the number and individual weight of London Good Delivery bars of that metal that are held by the Trust on the redemption date. A &#8220;London Good</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 30 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Delivery bar&#8221; of gold weighs between 350 and 430 troy ounces (generally, most bars weigh between 390 and 410 troy ounces). A &#8220;London Good Delivery bar&#8221; of silver weighs between 750 and 1,000 troy ounces (approximately 23 to 34 kilograms) and usually are approximately 1,000 troy ounces. A redeeming unitholder may not receive physical gold and silver bullion in the proportions then held by the Trust and, if the Trust does not have a London Good Delivery bar of a particular metal in inventory of a value equal to or less than the applicable Bullion Redemption Amount, the redeeming unitholder will not receive any of that metal. The ability of a unitholder to redeem units for physical gold and silver bullion may be limited by the number of London Good Delivery bars held by the Trust at the time of redemption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any Bullion Redemption Amount in excess of the value of the London Good Delivery bar or an integral multiple thereof of the particular metal to be delivered to the redeeming unitholder will be paid in cash, as such excess amount will not be combined with any excess amounts in respect of the other metal for the purpose of delivering additional physical gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A unitholder redeeming units for gold and silver 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 gold and silver bullion for units that are being redeemed and the applicable fees charged by the Mint in connection with such redemption, including but not limited to gold and silver storage in-and-out fees, transfer fees, pallet repackaging fees and pallet banding fees. For delivery in the continental U.S. and Canada, delivery expenses are currently estimated to be $5 per troy ounce of gold and $0.50 per troy ounce of silver at current rates. Current gold storage in-and-out fees are approximately $4 per bar with a minimum charge of $50, transfer fees are approximately $50, repackaging fees are approximately $50 and banding fees (steel) are approximately $2.50 per strap (with banding fees (poly) being approximately $2.00 per strap). Current silver storage in-and-out fees are approximately $5 per bar and transfer fees are approximately $50. &#160;All of any such portion of such fees may be subject to applicable sales taxes, such as GST/HST, and the redeeming unitholder will be solely responsible for the payment of any such applicable sales taxes charged by the Mint in connection with the redemption. </font><font style="font-size:11pt;">On March 22, 2019, the Mint provided notice to the Trust respecting an increase in withdrawal fees of up to 1.5% for physical gold bullion and up to 2.5% physical silver bullion for gold and silver withdrawn from the Trust&#8217;s account at the Mint.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Notwithstanding the foregoing, unitholders that are constituted and authorized as UCITS or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving physical gold and silver bullion may only redeem units for cash.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">From the completion of the Arrangement until the date of this annual information form, 57,232,323 units have been redeemed for physical gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Procedure to Redeem for Physical Gold and Silver Bullion</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A unitholder that owns a sufficient number of units who desires to exercise redemption privileges for physical gold and silver bullion must do so by instructing his, her or its broker, who must be a direct or indirect participant of CDS or DTC, to deliver to the registrar and transfer agent of the Trust, TSX Trust Company, on behalf of the unitholder a written notice (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Bullion Redemption Notice</b><font style="font-size:11pt;">&#8221;), of the unitholder&#8217;s intention to redeem units for physical gold and silver bullion (the transfer agent is permitted to directly accept redemption requests pursuant to the Exemptive Relief. See &#8220;Exemptions and Approvals&#8221;). A Bullion Redemption Notice must be received by the transfer agent no later than 4:00 p.m. (Toronto time) on the 15th day of the month in which the Bullion Redemption Notice will be processed or, if such day is not a business day, then on the immediately following day that is a business day. Any Bullion Redemption Notice received after such time will be processed in the next month. Any Bullion Redemption Notice must include a valid signature guarantee to be deemed valid by the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 31 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Except as provided under &#8220;Redemption of Units &#8211; Suspension of Redemptions&#8221; &#160;below, by instructing a broker to deliver to the transfer agent a Bullion Redemption Notice, the unitholder will be deemed to have irrevocably surrendered the unitholder&#8217;s units for redemption and appointed such broker to act as the unitholder&#8217;s exclusive settlement agent with respect to the exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such exercise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Once a Bullion Redemption Notice is received by the transfer agent, the transfer agent, together with the Manager, will determine whether such Bullion Redemption Notice complies with the applicable requirements including a Minimum Bullion Redemption Amount and contains delivery instructions that are acceptable to the armored service transportation carrier. If the transfer agent and the Manager determine that the Bullion Redemption Notice complies with all applicable requirements, it will provide a notice to such redeeming unitholder&#8217;s broker confirming that the Bullion Redemption Notice was received and determined to be complete.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any Bullion Redemption Notice delivered to the transfer agent regarding a unitholder&#8217;s intent to redeem units that the transfer agent or the Manager, in their sole discretion, determines to be incomplete, not in proper form, not duly executed or not for a Minimum Bullion Redemption Amount, or in an amount that cannot be satisfied based on the bar sizes of physical gold and silver bullion owned by the Trust shall for all purposes be void and of no effect, and the redemption privilege to which it relates shall be considered for all purposes not to have been exercised thereby. If the transfer agent and the Manager determine that the Bullion Redemption Notice does not comply with the applicable requirements, the transfer agent will provide a notice explaining the deficiency to the unitholder&#8217;s broker.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If the Bullion Redemption Notice is determined to have complied with the applicable requirements as set out above, the transfer agent and the Manager will determine on the last business day of the applicable month the amount of physical gold and silver bullion and the amount of cash that will be delivered to the redeeming unitholder. Also on the last business day of the applicable month, the redeeming unitholder&#8217;s broker will deliver the redeemed units to CDS or DTC, as the case may be, for cancellation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Because London Good Delivery bars vary in weight, the transfer agent and the Manager have some discretion on the amount of physical gold and silver bullion the redeeming unitholder will receive based on the weight of gold and silver bars owned by the Trust and the amount of cash necessary to cover the expenses associated with the redemption and delivery that must be paid by the redeeming unitholder. The amount of physical gold and silver bullion a redeeming unitholder may be entitled to receive will be determined by the Manager by allocating the Redemption Amount between the applicable Bullion Redemption Amounts in addition to meeting the requirement for a minimum aggregate redemption amount. Once such determination has been made, the transfer agent will inform the broker through which the unitholder has delivered its Bullion Redemption Notice of the amount of physical gold and silver bullion and cash that the redeeming unitholder will receive.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Based on instructions from the Manager, the Mint will release the requisite amount of physical gold and silver bullion from its custody to the armored transportation service carrier. See </font><i style="font-size:11pt;font-style:italic;">&#8220;</i><font style="font-size:11pt;">Redemption of Units &#8211; Transporting the Gold and Silver from the Mint to the Redeeming Unitholder&#8221;. As directed by the Manager, any cash to be received by a redeeming unitholder in connection with a redemption of units for physical gold and silver bullion will be delivered or caused to be delivered by the Manager to the unitholder&#8217;s brokerage account. </font><font style="font-size:11pt;">The Trust is permitted to pay the redemption price later than three business days after calculating the NAV per unit pursuant to the Exemptive Relief. See &#8220;Exemptions and Approvals&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 32 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Transporting the Gold and Silver from the Mint to the Redeeming Unitholder</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A unitholder redeeming units for physical gold and silver bullion will receive the physical gold and silver bullion from the Mint. Physical gold and silver bullion received by a unitholder as a result of a redemption of units will be delivered by armored transportation service carrier pursuant to delivery instructions provided by the unitholder to the Manager, provided that the delivery instructions are acceptable to the armoured transportation service carrier. The armored transportation service carrier will be engaged by or on behalf of, and the costs in connection therewith, will be borne by the redeeming unitholder. Such physical gold and silver bullion can be delivered: (i) to an account established by the unitholder at an institution located in North America authorized to accept and hold London Good Delivery bars; (ii) in the United States, to any physical address (subject to approval by the armored transportation service carrier); (iii) in Canada, to any business address (subject to approval by the armored transportation service carrier); and (iv) outside of the United States and Canada, to any address approved by the armored transportation service carrier. Physical gold and silver bullion delivered to an institution located in North America authorized to accept and hold London Good Delivery bars will likely retain its London Good Delivery status while in the custody of such institution; physical gold and silver bullion delivered pursuant to a unitholder&#8217;s delivery instruction to a destination other an institution located in North America authorized to accept and hold London Good Delivery bars will no longer be deemed London Good Delivery once received by the unitholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Costs associated with the redemption of units and the delivery of physical gold and silver bullion will be borne by the redeeming unitholder, and current rates are estimated to be approximately C$5 per troy ounce of gold and C$0.50 per troy ounce of silver for delivery to addresses in the continental United States and Canada. The fee per troy ounce could differ depending on the delivery location. Also, the redeeming unitholder will be responsible for reimbursing the Trust for fees charged to the Trust by the Mint, including but not limited to in-and-out fees and administrative fees. Unitholders interested in redeeming units for physical gold and silver bullion should contact the Manager for current costs associated with the delivery of such bullion pursuant to the unitholder&#8217;s delivery instructions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Once the physical gold and silver bullion representing the redeemed units has been placed with the armored transportation service carrier, the Mint will no longer bear the risk of loss of, and damage to, such physical gold and silver bullion. In the event of a loss after the physical gold and silver bullion has been placed with the armored transportation service carrier, the unitholder will not have recourse against the Trust or the Mint.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Redemptions for Cash</b><a name="RedemptionsforCash_361471"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Unitholders whose units are redeemed for cash will be entitled to receive a redemption price per unit equal to 95% of the lesser of: (i) the volume-weighted average trading price of the units traded on NYSE Arca or, if trading has been suspended on NYSE Arca, the volume-weighted average trading price of the units traded on the TSX, for the last five days on which the respective exchange is open for trading for the month in which the redemption request is processed; and (ii) the NAV of the redeemed units as of 4:00 p.m., Toronto time, on the last day of such month on which NYSE Arca is open for trading. The redemption price is permitted to be less than 100% of the NAV per unit pursuant to the Exemptive Relief. See &#8220;Exemptions and Approvals&#8221;. Cash redemption proceeds will be transferred to a redeeming unitholder approximately three business days after the end of the month in which such redemption request is processed by the Trust. From the completion of the Arrangement until the date of this annual information form, 116,715units have been redeemed for cash.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 33 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Procedure to Redeem for Cash</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">To redeem units for cash, a unitholder must instruct the unitholder&#8217;s broker to deliver a notice to redeem units for cash (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Cash Redemption Notice</b><font style="font-size:11pt;">&#8221;) to the transfer agent (the transfer agent is permitted to accept redemption requests pursuant to the Exemptive Relief. See &#8220;Exemptions and Approvals&#8221;). A Cash Redemption Notice must be received by the transfer agent no later than 4:00 p.m., Toronto time, on the 15th day of the month in which the Cash Redemption Notice will be processed or, if such day is not a business day, then on the immediately following day that is a business day. Any Cash Redemption Notice received after such time will be processed in the next month. Any Cash Redemption Notice must include a valid signature guarantee to be deemed valid by the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Except as provided under &#8220;Redemption of Units &#8211; Suspension of Redemptions&#8221; below, by instructing a broker to deliver to the transfer agent a Cash Redemption Notice, the unitholder will be deemed to have irrevocably surrendered his, her or its units for redemption and appointed such broker to act as his, her or its exclusive settlement agent with respect to the exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such exercise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any Cash Redemption Notice delivered to the transfer agent regarding a unitholder&#8217;s intent to redeem units that the transfer agent or the Manager determines to be incomplete, not in proper form or not duly executed will for all purposes be void and of no effect and the redemption privilege to which it relates will be considered for all purposes not to have been exercised thereby. For each Cash Redemption Notice, the transfer agent will notify the redeeming unitholder&#8217;s broker that such Cash Redemption Notice has been deemed insufficient or accepted and duly processed, as the case may be.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Upon receipt of the Cash Redemption Notice, the transfer agent and the Manager will determine on the last business day of the applicable month the amount of cash that will be delivered to the redeeming unitholder. Also on the last business day of the applicable month, the redeeming unitholder&#8217;s broker will deliver the redeemed units to CDS or DTC, as the case may be, for cancellation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Canadian Tax Implications of Redemption</b><a name="CanadianTaxImplicationsofRedemption_3923"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to the Trust Agreement, the Manager, in its sole discretion, may allocate and, where applicable, designate to a unitholder who has redeemed units during a year an amount equal to any net income or net realized capital gains realized by the Trust for the year as a result of the disposition of any of the Trust&#8217;s property to satisfy the </font><font style="font-size:11pt;">Bullion </font><font style="font-size:11pt;">Redemption Notice or the Cash Redemption Notice, as the case may be, given by such unitholder or such other amount that is determined by the Manager to be reasonable. See &#8220;Material Income Tax Considerations&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Suspension of Redemptions</b><a name="SuspensionofRedemptions_994536"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager, on behalf of the Trust, may suspend the right of unitholders to request a redemption of their units or postpone the date of delivery or payment of the redemption proceeds (whether physical gold and silver bullion and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having jurisdiction, where required, for any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the Manager to determine the value of the assets of the Trust or the redemption amount for the units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the event of any such suspension, the Manager will issue a press release announcing the suspension and will advise the Trustee, the Trust&#8217;s valuation agent and any other agents appointed by the Manager, as applicable. The suspension may apply to all requests for redemption received prior to the suspension, but as for which payment has not been made, as well as to all requests received while the suspension is in effect.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 34 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">All unitholders making such requests will be advised by the Manager of the suspension and that the redemption will be effected at a price determined on the first valuation date that the net asset value per unit is calculated following the termination of the suspension. All such unitholders will have, and will be advised that during such suspension of redemptions that they have, the right to withdraw their requests for redemption. The suspension will terminate in any event on the first business day on which the condition giving rise to the suspension has ceased to exist or when the Manager has determined that such condition no longer exists, provided that no other condition under which a suspension is authorized then exists, at which time the Manager will issue a press release announcing the termination of the suspension and will advise the Trustee, the Trust&#8217;s valuation agent and any other agents appointed by the Manager, as applicable. Subject to applicable Canadian and U.S. securities laws, any declaration of suspension made by the Manager, on behalf of the Trust, will be conclusive.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Suspension of Calculation of Net Asset Value Per Unit</b><a name="SuspensionofCalculationofNetAssetValuePe"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">During any period in which the right of unitholders to request a redemption of their units for physical gold and silver bullion and/or cash is suspended, the Manager, on behalf of the Trust, will direct the Trust&#8217;s valuation agent to suspend the calculation of the value of the net assets of the Trust, the NAV, the Class Net Asset Value and the net asset value per unit for each class or series of a class of units. During any such period of suspension, the Trust will not issue or redeem any units. In the event of any such suspension or termination thereof, the Manager will issue a press release announcing the suspension or the termination of such suspension, as the case may be.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">RESPONSIBILITY FOR OPERATION OF THE TRUST</b><a name="RESPONSIBILITYFOROPERATIONOFTHETRUST_591"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Manager</b><a name="TheManager_311790"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to the Trust Agreement and the management agreement between the Trust and Sprott Asset Management LP dated as of October 26, 2017 (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Management Agreement</b><font style="font-size:11pt;">&#8221;), the Manager acts as the manager of the Trust. The Manager is a limited partnership formed and organized under the laws of the Province of Ontario, Canada, pursuant to the </font><i style="font-size:11pt;font-style:italic;">Limited Partnerships Act </i><font style="font-size:11pt;">(Ontario) by declaration dated September 17, 2008. The general partner of the Manager is Sprott Asset Management GP Inc. (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">GP</b><font style="font-size:11pt;">&#8221;), which is a corporation incorporated under the laws of the Province of Ontario, Canada, on September 17, 2008. The general partner is a wholly-owned subsidiary of Sprott Inc., which is a corporation incorporated under the laws of the Province of Ontario, Canada, on February 13, 2008. Sprott Inc. is also the sole limited partner of the Manager. Sprott Inc. is a public company listed on the TSX and the New York Stock Exchange under the symbol &#8220;SII&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">As of December 31, 2020, the Manager, together with its affiliates and related entities, had assets under management totaling approximately U.S.$17.4 billion, and provided management and investment advisory services to many entities, including private investment funds, discretionary managed accounts, and management of certain companies through its subsidiary, Sprott Consulting LP. The Manager also acts as manager of the Sprott Physical Gold Trust, the Sprott Physical Silver Trust and </font><font style="font-size:11pt;">the Sprott Physical Platinum and Palladium Trust, all being closed-end mutual fund trusts whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of their assets in physical gold bullion, silver bullion, or platinum or palladium. The Manager also acts</font><font style="font-size:11pt;"> as sub-advisor for Canadian public mutual funds that invests in physical gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The corporate structure of Sprott Inc. and its material subsidiaries are as indicated in the following chart:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 35 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;"><img src="cef-20201231ex995f054f5007.jpg" alt="Graphic" style="display:inline-block;height:336pt;width:468pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Notes:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">(1)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">Sprott Resource Lending, which is incorporated under the federal laws of Canada, is the general partner of the Lending Funds.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">(2)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">Sprott Canada Holdings Inc. is incorporated under the Business Corporations Act (Ontario) (the &#8220;OBCA&#8221;).</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">(3)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">Sprott Capital Partners GP Inc., which is incorporated under the OBCA, is the general partner of Sprott Capital Partners LP</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">(4)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">Sprott Asset Management GP Inc. which is incorporated under the OBCA, is the general partner of Sprott Asset Management LP.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">(5)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;text-align:justify;"><font style="font-size:8pt;">Sprott U.S. Holdings Inc. was formed to acquire Rule Investment, Inc. (which in turn owns Sprott Global Resource Investments, Ltd.), SAM USA and RCIC. Sprott U.S. Holdings Inc. exists under the laws of the State of Delaware. Rule Investment, Inc., Sprott Global Resource Investments, Ltd. and SAM USA exist under the laws of the State of California. RCIC exists under the laws of the State of Nevada</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The registered office of the Manager is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1. Further contact information of the Manager is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="font-size:11pt;">Tel: (416) 943-8099<br>Fax: (416) 977-9555<br>Email: invest@sprott.com<br>Website: </font><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">www.sprott.com</u><font style="font-size:11pt;"><br></font><font style="font-size:11pt;">Toll free number: 1-855-943-8099</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The names, places of residence and present positions held by the directors and officers of the Manager and/or of the GP are listed below.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 36 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><th style="background-color:#cccccc;font-weight:normal;text-align:left;vertical-align:top;width:24.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Name and<br>Municipality of<br>Residence</b></p></th><th style="background-color:#cccccc;font-weight:normal;text-align:left;vertical-align:top;width:16.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Position with<br>the Manager</b></p></th><th style="background-color:#cccccc;font-weight:normal;text-align:left;vertical-align:top;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Position with<br>the GP</b></p></th><th style="background-color:#cccccc;font-weight:normal;text-align:left;vertical-align:top;width:41.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Principal Occupation</b></p></th></tr><tr><td style="vertical-align:top;width:24.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">John Ciampaglia</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Caledon, Ontario,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Canada</font></p></td><td style="vertical-align:top;width:16.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Executive Officer and Director</font></p></td><td style="vertical-align:top;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Executive Officer and Director</font></p></td><td style="vertical-align:top;width:41.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Chief Executive Officer of the Manager and the GP.</font></p></td></tr><tr><td style="vertical-align:top;width:24.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Kevin Hibbert</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Toronto, Ontario,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Canada</font></p></td><td style="vertical-align:top;width:16.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Director</font></p></td><td style="vertical-align:top;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Director</font></p></td><td style="vertical-align:top;width:41.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Chief Financial Officer of Sprott Inc.</font></p></td></tr><tr><td style="vertical-align:top;width:24.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Whitney George</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Darien, Connecticut,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">USA</font></p></td><td style="vertical-align:top;width:16.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Investment Officer and Director</font></p></td><td style="vertical-align:top;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Investment Officer and Director</font></p></td><td style="vertical-align:top;width:41.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Chief Investment Officer of the Manager and the GP</font></p></td></tr><tr><td style="vertical-align:top;width:24.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Varinder Bhathal</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Toronto, Ontario,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Canada</font></p></td><td style="vertical-align:top;width:16.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Financial Officer</font></p></td><td style="vertical-align:top;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Financial Officer</font></p></td><td style="vertical-align:top;width:41.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Managing Director of Finance and Investment Operations of Sprott Inc.</font></p></td></tr><tr><td style="vertical-align:top;width:24.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Lara Misner</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Toronto, Ontario,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="font-size:11pt;">Canada</font></p></td><td style="vertical-align:top;width:16.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Compliance Officer</font></p></td><td style="vertical-align:top;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Chief Compliance Officer</font></p></td><td style="vertical-align:top;width:41.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Chief Compliance Officer of the Manager and the GP.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Mr. Hibbert served as the Vice-President, Finance of Sprott Inc. from January 2014 to December 4, 2015. Prior thereto, he served as the Director, Finance of the Royal Bank of Canada.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Mr. Ciampaglia has served as the Chief Executive Officer of the Manager since August 1, 2017.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Mr. George has served as the Chief Investment Officer of the Manager since December 5, 2018.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Ms. Bhathal previously served as the Vice President of Finance for Sprott Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Ms. Misner joined the Manager in June 2020 as Chief Compliance Officer. &#160;She has over 25 years of investment industry experience and prior to joining the manager was the Chief Compliance Officer of WisdomTree Asset Management Canada and Purpose Investments.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Duties and Services Provided by the Manager</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is responsible for the day-to-day business and administration of the Trust, including management of the Trust&#8217;s portfolio and all clerical, administrative and operational services. The Trust maintains a public website that contains information about the Trust and the units. The internet address of the website is www.sprottphysicalbullion.com. This internet address is provided here only as a convenience to you, and the information contained on or connected to the website is not incorporated into, and does not form part of, this annual information form.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The long-time experience in the gold and silver industries of the Manager, its predecessor, Sprott Asset Management Inc., and its affiliates has permitted them to gain an extensive knowledge base in the business of gold and silver, including buying, selling, valuing, pricing, securing or storing gold, silver or gold or silver-related assets. At least 90% physical gold and silver bullion purchased by the Trust is or will be London Good Delivery bars. Based on compliance procedures established by the Manager over time, once the Trust has agreed to purchase gold and silver bars and the order is executed, on delivery each bar is individually checked against its serial number.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 37 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Powers and Duties of the Manager</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to the Trust Agreement and Management Agreement, the Manager has the full authority and exclusive power to manage and direct the business and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services and all clerical, administrative and operational services.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In particular, the Manager has the following responsibilities with respect to the Trust:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to determine the investment objectives and strategies applicable to the Trust, including any restrictions on investments which it deems advisable and to implement such investment objective, strategy and restrictions, provided that the investment objective, strategy and restrictions applicable to the Trust must concur with those set forth in the Trust Agreement or any current disclosure document or like offering document of the Trust, or in any amendment thereto, or the Management Agreement, and provided further that any material change in such investment objective, strategy and restrictions will be subject to the consent or approval of the unitholders in the manner provided for in the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to ensure that the Trust complies with applicable laws, including those relating to the investment of the property of the Trust, the distribution of the units and applicable stock exchange listing requirements;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to monitor the performance of the physical gold and silver bullion and other property of the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to provide services in respect of the Trust&#8217;s daily operations, including the processing of and determination of procedures applicable to subscriptions and redemptions of units (including the acceptance and rejection of subscriptions, </font><font style="font-size:11pt;">Bullion </font><font style="font-size:11pt;">Redemption Notices and Cash Redemption Notices) and to submit such subscriptions, </font><font style="font-size:11pt;">Bullion </font><font style="font-size:11pt;">Redemption Notices and Cash Redemption Notices to the transfer agent for processing, and any other services not otherwise specifically contemplated by the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(v)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to offer units for sale to prospective purchasers including the power and authority to enter into arrangements regarding the distribution and sale of units, and other arrangements relating to the right to charge fees of any nature or kind (including, without limitation, sales commissions, redemption fees, distribution fees and transfer fees) in connection with the distribution or sale of units. Any such fees may be deducted from the amount of a subscription, redemption proceeds or a distribution if not paid separately by a unitholder;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(vi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to determine from time to time the form of certificates that will represent the units;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(vii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to conduct or cause to be conducted the day-to-day correspondence and administration of the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(viii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to provide to the Trust, adequate for carrying on the undertaking and business of the Trust, all requisite office accommodation, office facilities and personnel, telephone and telecommunication services, stationery, office supplies, statistical and research services, record-keeping services, bookkeeping and internal</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 38 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 108pt;"><font style="font-size:11pt;">accounting and audit services in respect of the operations of the Trust and other usual and ordinary office services that may be required to properly and efficiently carry out its duties set forth in the Trust Agreement and the Management Agreement;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ix)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to provide to the Trust all other administrative and other services and facilities required by the Trust in relation to the unitholders and be responsible for all aspects of the Trust&#8217;s relationship with unitholders, including the preparation for and holding of meetings of unitholders, and other services for the provision of information to unitholders;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(x)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to establish general matters of policy and governance of the Trust subject, where specifically provided in the Trust Agreement, to the approval of the Trustee;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to establish the Trust&#8217;s operating expense budgets and to authorize the payment of actual operating expenses incurred;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to appoint the auditors and to change the auditors of the Trust (with prior consent of the Trustee and independent review committee (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">IRC</b><font style="font-size:11pt;">&#8221;) and after providing notice to the unitholders);</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xiii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to maintain the accounting records for the Trust and to cause the financial statements of the Trust to be audited for each fiscal year;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xiv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to appoint the bankers of the Trust and to establish banking procedures to be implemented by the Trustee;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to appoint the Mint to hold the physical gold and silver bullion and RBC Investor Services to hold property of the Trust other than the physical gold and silver bullion, all of which appointments will be subject to the approval of the Trustee and any applicable securities authorities having jurisdiction over the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xvi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to calculate the value of net assets of the Trust, the NAV, the value of the net assets of a class and the net asset value per unit of such class in accordance with the Trust Agreement, to appoint the Trust&#8217;s valuation agent and to review the valuation of the property of the Trust as calculated by such valuation agent on each business day and, from time to time, consider the appropriateness of the valuation policies adopted by the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xvii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to appoint a transfer agent and distribution disbursing agent (which may be the transfer agent or an affiliate thereof) to make distributions of net income and net realized capital gains and other distributions in accordance with the Trust Agreement and to pay cash redemption proceeds in accordance with the Trust Agreement on behalf of the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xviii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to authorize, negotiate, enter into and execute all agreements, instruments or other documents relating to the affairs of the Trust including, without limitation, any loan agreement, granting of a security interest and supporting documentation, or to perform any act or deed which the Manager deems necessary or advisable in the best interests of the Trust;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 39 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xix)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to apply for listing of the units on NYSE Arca, the TSX and/or other recognized stock exchange(s) and to prepare, execute and file with the appropriate securities regulatory authorities or stock exchanges any other documents that are required or appropriate under relevant securities legislation or stock exchange rules and regulations in respect of the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xx)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to prepare, execute and file with the appropriate securities regulatory authorities the prospectus or similar offering document, annual information forms, management reports of fund performance or such other continuous disclosure documents relating to the Trust, and any amendments thereto, as may be required under applicable securities legislation;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to prepare, certify, execute and distribute to unitholders and file with the securities regulatory authorities and applicable tax authorities all such documents as may be necessary or desirable in connection with the issue, sale and distribution of units, including such interim financial statements, audited annual financial statements, reports to unitholders and other disclosure as may be required under applicable securities legislation, and to make all designations, elections, determinations, allocations and applications under the Tax Act as the Manager considers to be reasonable in the circumstances;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to determine and compute for distribution purposes the net income and net realized capital gains of the Trust and determine when, to what extent, and in what manner distributions will be made payable to unitholders, as well as determine whether distributions are payable out of the income, dividends received from taxable Canadian corporations, capital gains, capital or otherwise of the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxiii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to authorize the issuance of additional units pursuant to the Trust Agreement and the consolidation of the units outstanding after such a distribution;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxiv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to direct the transfer agent regarding the allotment and issue of units in accordance with the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to accept or reject any units tendered for redemption in accordance with the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxvi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">on or before March 31 in each year, other than a leap year in which case on or before March 30 in such year, to prepare and deliver to unitholders the information pertaining to the Trust, including all distributions and allocations which is required by the Tax Act or which is necessary to permit unitholders to complete their individual tax returns for the preceding year;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxvii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">on or before March 31 in each year, other than a leap year in which case on or before March 30 in such year, and such other date(s) in each year, to prepare and deliver to the appropriate taxation authorities in Canada and the United States, all relevant tax filings and/or returns for the Trust that are required by applicable laws;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxviii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">as set forth in full in the Trust Agreement, within 45 days from the end of each taxable year of the Trust, to provide unitholders with all information necessary to enable unitholders or beneficial owners of units, as applicable, to elect to treat the</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 40 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 108pt;"><font style="font-size:11pt;">Trust as a qualified electing fund (a &#8220;</font><b style="font-size:11pt;font-weight:bold;">QEF</b><font style="font-size:11pt;">&#8221;) for U.S. federal income tax purposes, including a completed &#8220;PFIC Annual Information Statement&#8221;;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxix)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to use its best efforts to ensure that the Trust qualifies at all times as a &#8220;unit trust&#8221; pursuant to subsection 108(2) of the Tax Act and a &#8220;mutual fund trust&#8221; pursuant to subsection 132(6) of the Tax Act;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxx)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to keep proper records relating to the performance of its duties as Manager, which records will be accessible for inspection by the Trustee, its agents, or the Manager&#8217;s agents, including the auditors of the Trust, at any time, upon reasonable notice, during ordinary business hours;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxxi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">on or before 90 days following June 30 in each year, to provide the Trustee with an interim certificate of compliance as described in the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxxii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">on or before 90 days following December 31 of each year, to provide the Trustee with a certificate of compliance and a copy of the audited annual financial statements of the Trust, together with the report of the auditors thereon;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxxiii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to delegate any or all of the powers and duties of the Manager contained in the Trust Agreement to one or more agents, representatives, officers, employees, independent contractors or other persons without liability to the Manager except as specifically provided in the Trust Agreement; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(xxxiv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to do all such other acts and things as are incidental to the foregoing, and to exercise all powers which are necessary or useful to carry on the business of the Trust, to promote any of the purposes for which the Trust is formed and to carry out the provisions of the Trust Agreement.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust may terminate immediately the Management Agreement if the Manager is, in the opinion of the Trustee, in material default of its obligations under Management Agreement or the Trust Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the unitholders of the Trust pursuant to the Trust Agreement. In addition, the Trust may terminate immediately the Management Agreement where: (i) the Manager has been declared bankrupt or insolvent or has entered into liquidation or winding-up, whether compulsory or voluntary (and not merely a voluntary liquidation for the purposes of amalgamation or reconstruction); (ii) the Manager makes a general assignment for the benefit of its creditors or otherwise acknowledges its insolvency; or (iii) the assets of the Manager have become subject to seizure or confiscation by any public or governmental authority.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager has the right to resign as Manager of the Trust by giving notice in writing to the Trustee and the unitholders not less than 90 days prior to the date on which such resignation is to take effect. Such resignation will take effect on the date specified in such notice. Notwithstanding the foregoing, no approval of, or notice to, unitholders is required to be provided by the Manager if a change in manager is the result of a reorganization of the current Manager which does not result in a change of control of the then current Manager. The Manager will appoint a successor manager of the Trust, and, unless the successor manager is an affiliate of the Manager, such appointment must be approved by unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement. If, prior to the effective date of the Manager&#8217;s resignation, a successor manager is not appointed or the unitholders do not approve of the appointment of the successor manager as required under the Trust Agreement, the Trust will be terminated and dissolved upon the effective date of resignation of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 41 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">the Manager and, after providing for the liabilities of the Trust, the property of the Trust will be distributed to the unitholders in accordance with the provisions of the Trust Agreement and the Trustee and the Manager will continue to act as trustee and manager, respectively, of the Trust until such property of the Trust has been so distributed. See &#8220;Termination of the Trust&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Standard of Care and Indemnification of the Manager</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is required to exercise the powers and discharge the duties of its office honestly, in good faith and in the best interests of the Trust and in connection therewith will exercise the degree of care, diligence and skill that a reasonably prudent professional manager would exercise in comparable circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager may employ or engage, and rely and act on information or advice received from auditors, underwriters, other distributors, brokers, depositories, the Mint, custodians, electronic data processors, advisors, lawyers and others and will not be responsible or liable for the acts or omissions of such persons or for any other matter, including any loss or depreciation in the value of the net assets of the Trust or any particular asset of the Trust, provided that the Manager acted in good faith in accordance with its standard of care set out in the Trust Agreement in relying on such information or advice. All information provided by the Manager to the Trust or the Trustee will be complete, accurate, and contain no misrepresentations; however, the Manager will be entitled to assume that any information received from the Trustee, the Mint, the custodian, or any sub-custodian, or their respective authorized representatives associated with the day-to-day operation of the Trust is accurate and complete and no liability will be incurred by the Manager as a result of any error in such information or any failure to receive any notices required to be delivered pursuant to the Trust Agreement, except to the extent that any such information provided to, or failure to receive any notices by, the Manager arises or results from the Manager&#8217;s failure to comply with the terms of the Trust Agreement or the Management Agreement in providing any required directions or information related thereto.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager will not be required to devote its efforts exclusively to or for the benefit of the Trust and may engage in other business interests and may engage in other activities similar or in addition to those relating to the activities to be performed for the Trust. In the event that the Manager, its partners, employees, associates and affiliates or any of them now or hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust or of other investment funds, none of them will be under any liability to the Trust or to the unitholders for so acting.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager, its affiliates and agents, and their respective directors, partners, officers and employees will at all times be indemnified and held harmless by the Trust from and against all legal fees, judgments and amounts paid in settlement, actually and reasonably incurred by them in connection with the Manager&#8217;s services provided to the Trust pursuant to the Trust Agreement and the Management Agreement, provided that the Trust has reasonable grounds to believe that the action or inaction that caused the payment of the legal fees, judgments and amounts paid in settlement was in the best interests of the Trust and provided that such person or entities will not be indemnified by the Trust where: (i) there has been negligence, willful misconduct, willful neglect, default, bad faith or dishonesty on the part of the Manager or such other person or entity; (ii) a claim is made as a result of a misrepresentation contained in this or in any prospectus or like offering or disclosure document of the Trust or any document filed in connection with the Trust&#8217;s periodic filing requirements distributed or filed in connection with the issue of the units or applicable securities laws; or (iii) the Manager has failed to fulfill its standard of care or its other obligations in accordance with applicable laws or the provisions as set forth in the Trust Agreement and the Management Agreement, unless in an action brought against the Manager or such persons or entities they have achieved complete or substantial success as a defendant.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 42 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Conflicts of Interest of the Manager</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is responsible for the management, administration and investment management of the portfolio held by the Trust. The Manager provides, and may in the future provide, management investment advisory and/or sub-advisory services to other corporations, limited partnerships or other investment funds or managed accounts in addition to the Trust including, without limitation, the Ninepoint Gold Bullion Fund and the Ninepoint Silver Bullion Fund. In the event that the Manager elects to undertake such activities and other business activities in the future, the Manager and its principals may be subject to conflicting demands in respect of allocating management time, services and other functions. The Manager and its principals and affiliates endeavor to treat each client, investment pool and managed account fairly and not to favor one client, investment pool or managed account over another.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">To avoid any conflict of interest, or the appearance of a conflict of interest, the Manager has adopted a policy pursuant to which any entity or account that is: (a) managed; or (b) for whom investment decisions are made, directly or indirectly, by a person that is involved in the decision-making process of, or has non-public information about, follow-on offerings of the Trust is prohibited from investing in the Trust, and no such decision-making person is permitted to invest in the Trust for that decision-making person&#8217;s benefit, directly or indirectly. In addition, the policy requires that any sales of units of the Trust owned by such persons must be precleared by the IRC.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In executing its duties on behalf of the Trust, the Manager is subject to the provisions of the Trust Agreement, the Management Agreement and the Manager&#8217;s Code of Ethics (a copy of which is available for review upon request at the offices of the Manager), which provide that the Manager will execute its duties in good faith and with a view to the best interests of the Trust and its unitholders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Regulation of the Manager</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is registered with the Ontario Securities Commission as an investment fund manager and a portfolio manager. It is also registered as an investment fund manager, and portfolio manager in certain other provinces. The Manager&#8217;s operations are subject to the rules, regulations and policies of the Canadian Securities Administrators. The distribution of the securities of the various investment funds managed by the Manager is also subject to regulation under the securities legislation of those jurisdictions where such funds are sold.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is subject to regulations that cover all aspects of the securities business, including sales methods, trading practices, use and safekeeping of funds and securities, capital structure, record keeping, conflicts of interest and the conduct of directors, officers and employees. The Ontario Securities Commission, as the Manager&#8217;s principal regulator, has jurisdiction over the Manager and its activities and is empowered to conduct administrative proceedings that can result in censure, fine, the issuance of cease-and-desist orders or the suspension of registration of the Manager or its directors, officers or employees. The Manager is also subject to rules respecting the maintenance of minimum regulatory working capital and insurance. The Manager regularly reviews its policies, practices and procedures to ensure that they comply with current regulatory requirements and employees are routinely updated on all relevant legal requirements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is also subject to Canadian federal and provincial privacy laws regarding the collection, use, disclosure and protection of client information. The </font><i style="font-size:11pt;font-style:italic;">Personal Information Protection and Electronic Documents Act</i><font style="font-size:11pt;"> (Canada) (&#8220;</font><b style="font-size:11pt;font-weight:bold;">PIPEDA</b><font style="font-size:11pt;">&#8221;), which is the Canadian federal privacy legislation governing the private sector, requires that organizations only use personal information for purposes that a reasonable person would consider appropriate in the circumstances and for the purposes for which it is collected. The Trust complies with the applicable requirements of PIPEDA and all applicable provincial personal</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 43 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">information laws. The Manager, on behalf of the Trust, collects personal information directly from the investors or through their financial advisor and/or dealer in order to provide such investor with services in connection with their investment, to meet legal and regulatory requirements and for any other purposes to which such investor may consent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager does not sell, lease, barter or otherwise deal with personal information collected by it with third parties. The Manager carefully safeguards all personal information collected and retained by it and, to that end, restricts access to personal information to those employees and other persons who need to know the information to enable the Manager to provide its services. Employees are responsible for ensuring the confidentiality of all personal information they may access. Annually, each of the Manager&#8217;s employees is required to sign a code of conduct, which contains policies on the protection of personal information.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Trustee</b><a name="TheTrustee_254520"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to the Trust Agreement, RBC Investor Services is the trustee of the Trust. The Trustee is a trust company existing under the laws of Canada. The Trustee has authority to delegate the performance of custody functions to sub-custodians who are members of its international custody network or, with the consent of the Manager, to other persons.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In general, the Trustee, subject only to the specific limitations contained in the Trust Agreement, has the full, absolute, and exclusive power, control and authority over the Trust&#8217;s property to do all such acts and things as it, in its sole judgment and discretion deems necessary or incidental to, or desirable for, the carrying out of any of the purposes of the Trust or conducting the business of the Trust, including varying the investments of the Trust in accordance with the investment objectives, strategies or restrictions of the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Specifically, the Trustee has and may exercise, at any time and from time to time, the following powers and authorities which may or may not be exercised by it in its sole judgment and discretion, and in such manner and upon such terms and conditions as it may from time to time deem proper:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to hold the property of the Trust other than the physical gold and silver bullion that it may acquire exercising the same degree of care which it gives to its own property of a similar kind under its own custody;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to deliver any cash at any time held by it as directed by the Manager to purchase, or otherwise acquire, on behalf of the Trust, physical gold and silver bullion and to retain the same in trust in its capacity as Trustee; provided, however, that the Trustee will have no responsibility for the custody, authenticity or validity of title of any property of the Trust consisting of such physical gold and silver bullion held by the Mint including, without limitation, the weight, amount, purity, contents or any assaying thereof;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">with any cash at any time held by it to purchase, or otherwise acquire, and to sell, on behalf of the Trust, any securities, currencies, assets or other property of the Trust (other than the Trust&#8217;s physical gold and silver bullion) of a kind permitted pursuant to the Trust&#8217;s investment objective, strategy and restrictions and to hold and retain the same in trust in its capacity as Trustee;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to enter into and settle foreign exchange transactions on behalf of the Trust for purposes of facilitating settlement of trades of property of the Trust held by it at any time and any such transactions may be entered into with such counterparties as the Trustee may choose, in its sole discretion, including its affiliates;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 44 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(e)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to sell, convey, exchange for other securities or other property, convert, transfer, assign, pledge, encumber or otherwise dispose of any property of the Trust held by it at any time, by any means considered reasonable by the Trustee and to receive the consideration and grant discharges therefor;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(f)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to commence, defend, adjust or settle suits or legal proceedings in connection with the Trust and to represent the Trust in any such suits or legal proceedings and to keep the Manager informed; provided, however, that the Trustee will not be obliged or required to do so unless it has been indemnified to its satisfaction against all expenses and liabilities sustained or anticipated by the Trustee by reason thereof;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(g)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">subject to applicable securities legislation, to lend money whether secured or unsecured;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(h)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to exercise any conversion privileges, subscription rights, warrants and/or other rights or options available in connection with any property of the Trust at any time held by the Trustee, and to make any payments incidental thereto; to consent to, or otherwise participate in or dissent from, the reorganization, consolidation, amalgamation or merger of any corporation, company or association, or to the sale, mortgage, pledge or lease of the property of any corporation, company or association, or of any of the securities of which may at any time be held by it, and to do any act with reference thereto, including the delegation of discretionary powers, the exercise of options, the making of agreements or subscriptions and the payment of expenses, assessments or subscriptions which it may deem necessary or advisable in connection therewith; to hold any property of the Trust which it may so acquire and generally to exercise any of the powers of any owner with respect to property of the Trust, provided that where direction from the Manager is not provided within the time frame specified by the Trustee in any notice provided in accordance with the Trust Agreement, the Trustee will take no action;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to vote personally, or by general or by limited proxy, any property of the Trust which may be held by it at any time, and similarly to exercise personally or by general or by limited power of attorney any right appurtenant to any property of the Trust held by it at any time, provided that where direction is not provided by the Manager within the time frame as set out in the voting materials forwarded to it in accordance with the Trust Agreement, the Trustee will take no action;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(j)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to incur and pay out of the property of the Trust held by it at any time any charges or expenses and disburse any assets of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustee or the Manager, as the case may be, necessary or incidental to or desirable for the carrying out of any of the purposes of the Trust or conducting the business of the Trust including, without limitation, the management fee, fees payable to the custodians, the valuation agent, and the registrar and transfer agent, custodian settlement fees, any expenses related to the implementation and ongoing operation of an IRC under applicable Canadian securities legislation, brokerage fees and commissions, applicable taxes, or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustee in connection with the Trust or the property of the Trust or upon or against the property of the Trust or any part thereof and for any of the purposes under the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(k)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to renew or extend or participate in the renewal or extension of any property of the Trust held by it at any time, upon such terms as it may deem advisable, and to agree to a reduction in the rate of interest on any property of the trust or of any guarantee pertaining thereto, in</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 45 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;"><font style="font-size:11pt;">any manner and to any extent that it may deem advisable; to waive any default whether in the performance of any covenant or condition of any property of the Trust, or in the performance of any guarantee, or to enforce rights in respect of any such default in such manner and to such extent as it may deem advisable; to exercise and enforce any and all rights of foreclosure, to bid on property on sale or foreclosure with or without paying a consideration therefore and in connection therewith to release the obligation on the covenant secured by such security and to exercise and enforce in any action, suit or proceeding at law or in equity any rights or remedies in respect of any such security or guarantee pertaining thereto;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(l)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to make, execute, acknowledge and deliver any and all deeds, leases, mortgages, conveyances, contracts, waivers, releases of other documents of transfer and any and all other instruments in writing that may be necessary or proper for the accomplishment of any of the powers granted under the Trust Agreement, whether for a term extending beyond the office of the Trustee or beyond the possible termination of the Trust or for a lesser term;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(m)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">in its sole discretion, to advance monies to the Trust for the purposes of settlement of transactions and overdrafts against the property of the Trust held by it at any time, on such terms and conditions as the Trustee may, in its sole discretion, determine, provided that, in order to secure the obligations of the Trust to repay such borrowings, the principal of and interest charged on such borrowing will be paid out of the relevant property of the Trust and will constitute a charge against the relevant property of the Trust until paid;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(n)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to purchase, hold, sell or exercise call or put options on securities, indices of shares or other securities, financial and stock index futures contracts, securities or currency futures or forward contracts or other financial or derivative instruments, all whether or not any such options, indices, contracts or instruments are traded on a regular exchange and in connection therewith to deposit property of the Trust held by it at any time with the counterparty as margin and to grant security interest therein;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(o)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to deposit any property of the Trust, including securities and documents of title held by it under the Trust Agreement, with the custodian, including the Trustee, any of its affiliates, a sub-custodian appointed by the Trustee or a depository;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(p)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to employ in respect of the Trust such counsel, auditors, advisors, agents or other person as the Trustee may deem necessary from time to time for the purpose of discharging its duties under the Trust Agreement and to pay out of the Trust their reasonable expenses and compensation;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(q)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to issue units for consideration and redeem units as set forth in the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(r)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to dispose of any property of the Trust for the purpose of paying obligations of the Trust or for repaying any loan authorized under the Trust Agreement, and the Trustee will give prompt notice to the Manager of any such disposition;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(s)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to hold such portion of the property of the Trust held by it at any time that is uninvested in cash and, from time to time, to retain such cash balances on deposit with the Trustee or any of its affiliates or with a chartered bank or other depository, in such account as the Trustee, in its sole discretion determines, whether or not such deposits will earn interest;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 46 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(t)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to delegate any of the powers and duties of the Trustee to any one or more agents, representatives, officers, employees, independent contractors or other persons without liability to the Trustee except as specifically provided in the Trust Agreement; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(u)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to do all such acts, to take all such proceedings and to exercise all such rights and privileges, although not specifically mentioned under the Trust Agreement, as the Trustee may deem necessary to administer the Trust, and to carry out the purposes of the Trust.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The exercise of any one or more of the foregoing powers or any combination thereof from time to time will not exhaust the rights of the Trustee to exercise such power or powers or combination of them thereafter from time to time.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following powers set forth above can be exercised by the Trustee only on the direction of the Manager: subsections (b), (c), (e), (f), (g), (h), (i), (j) as applicable, (k), (l), (n), and (q), and with respect to subsection (n), to the extent that the Trustee is required to execute any documents relating to such investments which the Trustee did not negotiate or in respect to which the Trustee is not responsible under the Trust Agreement, upon an indemnity being provided from the Manager acceptable to the Trustee in the circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trustee may, in its sole discretion, appoint, employ, invest in, contract or deal with any individual, firm, partnership, association, trust or body corporate with which it may be directly or indirectly affiliated or in which it may be directly or indirectly interested, whether on its own account or for the account of another (in a fiduciary capacity or otherwise) and, without limiting the foregoing, the Trustee may:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">purchase, hold, sell, invest in or otherwise deal with securities or other property of the same class and nature as may be held by the Trust, whether on the Trustee&#8217;s own account or for the account of another (in a fiduciary capacity or otherwise);</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">use in other capacities, knowledge gained in its capacity as Trustee, provided that such use does not adversely affect the interests of the Trust and provided further that the Trustee may not make use of any specific confidential information for its own benefit or advantage that, if generally known, might be expected to affect materially the value of the property of the Trust or the units;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">retain cash balances from time to time on hand in the Trust and pay interest to the Trust on such balances and the Trustee may, in its sole discretion:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">hold the same on a pooled basis and pay interest thereon at the rate from time to time established by the Trustee and paid with respect to cash balances so held for similar accounts; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">hold such cash balances on deposit with a Canadian chartered bank or such other deposit taking institution in any jurisdiction, including itself or its affiliates, in such interest-bearing account as the Trustee, in its sole discretion, may determine; and,</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">provide financial, investment or brokerage services related to any securities which form part of the property of the Trust or to the issuer of any securities forming part of the property of the Trust, invest in the securities or other property of any body corporate with which the Trustee may be directly or indirectly associated, affiliated or interested, or earn profits from any of the activities listed above,</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 47 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">all without being liable to account therefor and without being in breach of the trust established under the Trust Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Standard of Care and Indemnification of the Trustee</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to the Trust Agreement, the Trustee is required to exercise the powers and discharge the duties of its office honestly and in good faith and in connection therewith exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would exercise in comparable circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust Agreement provides that the Trustee will:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">be fully protected in acting upon any instrument, certificate or other writing believed by it to be genuine and to be signed or presented by the proper person or persons;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">be under no duty to make any investigation or inquiry as to any statement contained in any such writing but may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">not be responsible or liable except as provided in accordance with the Trust Agreement for:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(A)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the proper application by any unitholder of any part of its interests in the Trust if payments are made in accordance with written directions of such unitholder as provided in the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(B)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the adequacy of the Trust to meet and discharge any and all payments and liabilities in respect of a unitholder;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(C)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the compliance by any unitholder with the rules under the Tax Act or any applicable laws including limits on investments in non-Canadian securities;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(D)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the validity of title to any Trust assets which the Trustee did not arrange itself to have registered;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(E)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any act or omission (other than an act or omission related solely to the Trustee) required or demanded by any governmental, taxing regulatory or other competent authority in any country in which all or any part of the Trust assets is held or which has jurisdiction over the Trustee, the Manager or the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(F)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any loss or damage of any nature whatsoever resulting from official action, war or threat of war, insurrection or civil disturbance, interruption in postal, telephone, telegraph, telex or other electromechanical communication systems or power supply, or any other factor beyond the Trustee&#8217;s control which obstructs, affects, prohibits or delays the Trustee, its directors, officers, employees or agents in carrying out the responsibilities provided for in the Trust Agreement, in whole or in part;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 48 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(G)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any ongoing monitoring of the investment objectives, strategies or restrictions of the Trust or any risk factor whatsoever related thereto;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(H)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any property of the Trust which it does not hold or which is not directly controlled by it, its affiliates or its appointed agents (including any sub-custodians), including any assets pledged or loaned to a third party or any gold or silver bullion property of the Trust held by the Mint; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(I)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any compliance, reporting or filings in accordance with applicable securities legislation or U.S. tax laws, regulations, rules or policies that apply to the Trust, including for greater certainty the additional trustee duties.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trustee may rely and act upon any statement, report or opinion prepared by or any advice received from the Trust&#8217;s auditors, solicitors or other professional advisors of the Trust and will not be responsible nor held liable for any loss or damage resulting from so relying or acting if the advice was within the area of professional competence of the person from whom it was received, the Trustee acted in good faith in relying thereon and the professional advisor was aware that the Trustee was receiving the advice in its capacity as Trustee of the Trust and the Trustee acted in good faith in relying thereon.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In addition, the Trustee will in no way be responsible for, nor incur any liability based on, the action or failure to act or for acting pursuant to or in reliance on instructions of the Manager, any custodian of the physical gold and silver bullion (if not the Trustee), any custodian of the other assets of the Trust (if not the Trustee), the Trust&#8217;s valuation agent (if not the Trustee), the Trust&#8217;s registrar and transfer agent (if not the Trustee), or any person or organization to whom its responsibilities are delegated pursuant to the Trust Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trustee will not be liable to the Trust or to any unitholder for any loss or damage relating to any matter regarding the Trust, including any loss or diminution in the value of the net assets of the Trust or to any particular asset of the Trust, except to the extent that the Trustee does not meet its standard of care described above. In no event will the Trustee be liable for indirect, consequential or special damages including, but not limited to, loss of reputation, good will or business.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Except to the extent that any such claim has been directly caused by the negligence, willful misconduct or dishonesty on the part of the Trustee, its affiliates, nominees or agents or any of their respective directors, officers and employees or the Trustee&#8217;s failure to meet its standard of care set forth above, the Trustee, its affiliates, nominees and agents and each of their respective directors, officers and employees will at all times be indemnified and held harmless by the Trust and to the extent that the property of the Trust is insufficient for such purpose, by the Manager, from and against:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Trustee&#8217;s duties as Trustee, and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or in relation to the affairs of the Trust.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The commencement of formal legal proceedings will not be a precondition for indemnification under the Trust Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 49 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Except to the extent that any such claim, cost, charge or expense has been directly caused by the negligence, willful misconduct or dishonesty on the part of the Trustee, its affiliates, nominees or agents or any of their respective directors, officers and employees or the Trustee&#8217;s failure to meet its standard of care set forth above, with respect to any references in the Trust Agreement to: (i) distributions being at the discretion of the Trustee acting on the direction of the Manager; or (ii) the Trustee having the power to vary the investments of the Trust in accordance with the Trust&#8217;s investment objective, strategy, and investment and operating restrictions, together with any duties, obligations or responsibilities related thereto, referred to herein as the additional trustee duties, the Manager agrees that:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Trustee will not have any liability with respect to such additional trustee duties; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">in addition to the foregoing indemnity provided to the Trustee under the Trust Agreement, the Manager agrees to indemnify the Trustee and its directors, officers, employees and agents for:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the additional trustee duties; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or in relation to such additional trustee duties,</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">that arise or result from any conflict between such additional trustee duties and the Trustee&#8217;s defined duties, obligations and responsibilities as set out in the Trust Agreement (excluding such additional trustee duties) and agreed upon by the Manager.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">From time to time, in order to provide services to the Manager pursuant to the Trust Agreement, the Trustee may be required to engage sub-custodians in certain markets that the Trustee has identified as being high risk and designated as &#8220;Designated Markets&#8221; in the Trust Agreement. The Trust Agreement contains a list of such Designated Markets, which the Trustee may amend from time to time, subject to the Manager&#8217;s ability to raise any concerns about markets to be added to such list. Currently, the list contains the following </font><font style="font-size:11pt;">ten Designated Markets: Argentina, Bosnia and Herzegovina, Lebanon, Nigeria, Pakistan, Russia, Serbia, Ukraine, Uruguay, and Vietnam</font><font style="font-size:11pt;">. Pursuant to the Trust Agreement, a Designated Market is a market where the risks of engaging a sub-custodian are significantly greater than they would be in more established markets. Under the Trust Agreement, the Trustee is responsible for the negligence and wrongful acts of its sub-custodians. However, where the Trustee engages a sub-custodian in a Designated Market, the Trustee will not be responsible for the negligence or wrongful acts of such sub-custodians and such negligence or wrongful acts will not be considered to be a breach by the Trustee of its standard of care or negligence for the purposes of the Trust Agreement. Notwithstanding the aforementioned, the Trustee has agreed that it will continue to accept responsibility for the selection and ongoing monitoring of its sub-custodians in all markets, except Designated Markets, in accordance with its standard of care. The Manager has agreed that it and any investment manager the Manager engages for the Trust will be responsible for apprising themselves of the specific risks to the Trust involved in the investment and reinvestment of the Trust&#8217;s property in all markets in which such property is located from time to time. The Trustee currently does not intend to engage sub-custodians in these markets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 50 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Resignation or Removal of the Trustee and Successor Trustees</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trustee or any successor trustee may resign as Trustee of the Trust created by the Trust Agreement by giving notice to the unitholders and to the Manager not less than ninety days prior to the date when such resignation takes effect. Such resignation will take effect on the date specified in such notice unless at or prior to such date a successor trustee is appointed by the Manager in which case such resignation will take effect immediately upon the appointment of such successor trustee.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trustee may be removed by the Manager at any time by notice to the Trustee and the unitholders not less than ninety days prior to the date that such removal is to take effect, provided a successor trustee is appointed or the Trust is terminated and dissolved in accordance with the Trust Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the event that the Trustee resigns or is removed or becomes incapable of acting or if for any cause a vacancy occurs in the office of Trustee, a successor trustee will forthwith be appointed by the Manager to fill such vacancy. Following such appointment of a successor trustee, the Trustee will execute and deliver such documents as the Manager may reasonably require for the conveyance of any Trust assets (other than the Trust&#8217;s physical gold or silver bullion) held in the Trustee&#8217;s name to the successor trustee, and will account to the Manager for all of the Trust assets which the Trustee retains as trustee and will thereupon be discharged as trustee.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the event that the Manager fails to appoint a successor to the Trustee, the Trust will be terminated and dissolved upon the effective date of the resignation or removal of the Trustee and, after providing for liabilities of the Trust, the Trust&#8217;s assets will be distributed to the unitholders </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;">. The Trustee will continue to act as trustee of the Trust until such Trust assets have been so distributed. Fees and expenses of the Trustee will be a charge, to the extent permitted by applicable law, on the assets of the Trust or the interests of the unitholders to secure payment thereof. See &#8220;Termination of the Trust&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Amendments to the Trust Agreement</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any provision of the Trust Agreement may be amended, deleted, expanded or varied by the Manager, with the approval of the Trustee, upon notice to unitholders, if the amendment, in the opinion of counsel for either the Trustee or the Manager, does not constitute a material change and does not relate to any of the matters specified below under &#8220;Unitholder Approval&#8221;. Notwithstanding the foregoing, no amendment may be made which adversely affects the pecuniary value of the interest of any unitholder or restricts any protection provided to the Trustee or impacts the responsibilities of the Trustee under the Trust Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust Agreement may also be amended by the Manager without the approval of or notice to unitholders for the following purposes:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to remove any conflicts or other inconsistencies which may exist between any terms of the Trust Agreement and any provisions of any applicable law affecting the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to make any change or correction in the Trust Agreement which is of a typographical nature or is required to cure or correct any ambiguity or defective or inconsistent provision, clerical omission, mistake or manifest error contained therein;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to bring the Trust Agreement into conformity with applicable laws, rules and policies of securities regulatory authorities, stock exchanges on which the units are listed or with current practice within the securities industry, provided that any such amendment does not adversely affect the rights, privileges or interests of any unitholder;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 51 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to maintain, or permit the Manager to take such steps as may be desirable or necessary to maintain the status of the Trust as a &#8220;mutual fund trust&#8221; for the purposes of the Tax Act; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(e)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to provide added protection to unitholders.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Unitholder Approval</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Certain matters relating to the Trust require approval by the unitholders. Such approval may be given at a meeting duly called for that purpose pursuant to the Trust Agreement or by written resolution. Any provision of the Trust Agreement may be amended, deleted, expanded or varied with the approval of the unitholders for the following purposes by resolution passed by an ordinary resolution, which must be approved by the vote, in person or by proxy, of unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, other than items (i), and (ii), which require approval of unitholders by an extraordinary resolution, which must be approved by the vote, in person or by proxy, of unitholders holding units representing in aggregate not less than 66</font><sup style="font-size:8.25pt;vertical-align:top;">2</sup><font style="font-size:11pt;">/</font><sub style="font-size:8.25pt;vertical-align:sub;">3</sub><font style="font-size:11pt;">% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than 66</font><sup style="font-size:8.25pt;vertical-align:top;">2</sup><font style="font-size:11pt;">/</font><sub style="font-size:8.25pt;vertical-align:sub;">3</sub><font style="font-size:11pt;">% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">a change in the fundamental investment objective of the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">a change in the investment and operating restrictions of the Trust, unless such change or changes are necessary to ensure compliance with applicable laws or other requirements imposed from time to time by applicable securities regulatory authorities or stock exchanges on which the units are listed;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">any change in the basis of calculating a fee or expense that is charged to the Trust or directly to its unitholders by the Trust or the Manager in connection with the holding of units which could result in an increase in charges to the Trust or to its unitholders other than a fee or expense charged by a person that is at arm&#8217;s length to the Trust and the Trust has provided written notice to unitholders no later than 60 days before the effective date of such change;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the introduction of a fee or expense to be charged to the Trust or directly to its unitholders by the Trust or the Manager in connection with the holding of units which could result in an increase in charges to the Trust or to its unitholders;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(v)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">a reduction in the frequency of calculating the value of net assets of the Trust, the NAV, the value of the net assets of a class or the net asset value per unit of a class;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(vi)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">a change in the Manager, unless the successor manager is an affiliate of the current Manager or the successor manager occurs primarily as a result of a reorganization of the current Manager;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(vii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Trust undertakes a reorganization with, or transfers its assets to, another investment fund, if: (A) the Trust ceases to continue after the reorganization or</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 52 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 108pt;"><font style="font-size:11pt;">transfer of assets; and (B) the transaction results in the unitholders becoming unitholders in the other investment fund, </font><font style="font-size:11pt;">unless (i) the IRC has approved the change in accordance with NI 81-107, (ii) the Trust is being reorganized with, or its assets are being transferred to, another investment fund to which NI 81-102 and NI 81-107 apply and that is managed by the Manager or its affiliate, (iii) the reorganization or transfer of assets of the Trust complies with the criteria set forth in NI 81-102, and (iv) the disclosure documents disclose that, although the approval of unitholders will not be obtained before making the change, unitholders will be sent a written notice at least 60 days before the effective date of the change;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(viii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Trust undertakes a reorganization with, or acquires assets from, another investment fund, if: (A) the Trust continues after the reorganization or acquisition of assets; (B) the transaction results in the unitholders of the other investment fund becoming unitholders in the Trust; and (C) the transaction would be a material change to the Trust; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ix)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">to create one or more new classes or series of units (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">New Class or Series Approval Requirement</b><font style="font-size:11pt;">&#8221;) and make consequential amendments to the Trust Agreement.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any reorganization or transfer of assets pursuant to clause (vii) or (viii) above, including a transaction approved by the IRC pursuant to clause (vii)(B), must satisfy the following criteria:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the reorganization of the Trust with another investment fund or the transfer of assets must be accomplished on a tax-deferred rollover basis for unitholders and for unitholders of the other investment fund and must be a tax-deferred transaction for U.S. federal income tax purposes for U.S. unitholders and for unitholders of the other investment fund;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the investment fund with which the Trust is reorganized or which receives the Trust&#8217;s assets: (A) is classified as a corporation for U.S. federal income tax purposes; (B) does not take any action inconsistent with its classification as a corporation for U.S. federal income tax purposes; and (C) does not elect to be treated as an entity other than a corporation for such purposes; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the investment fund surviving the reorganization or transfer of assets: (A) within 45 days from the end of each taxable year of the investment fund, determines, or causes to be determined, whether the investment fund was a passive foreign investment company (a &#8220;</font><b style="font-size:11pt;font-weight:bold;">PFIC</b><font style="font-size:11pt;">&#8221;) in such taxable year; (B) provides or causes to be provided to unitholders of the investment fund all information necessary to enable unitholders or beneficial owners of units of the investment fund, as applicable, to elect to treat the investment fund as a QEF for U.S. federal income tax purposes and to comply with any reporting or other requirements incident to such election; and (C) within 45 days from the end of each taxable year of the investment fund in which the investment fund is a PFIC, provides, or causes to be provided, to unitholders or beneficial owners of units of the investment fund, as applicable, a completed &#8220;PFIC Annual Information Statement&#8221; as required by U.S. Treasury Regulations Section 1.1295-1(g) and otherwise complies with the applicable requirements of the U.S. Treasury Regulations.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 53 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In addition, any material amendment, modification or variation in the provisions of or rights attaching to a particular class or series of a class of units must be approved by an extraordinary resolution of the unitholders of that class or series of class of units, as the case may be.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The approval of the Trustee is required for any amendment to the Trust Agreement if the amendment restricts any protection provided to the Trustee or impacts the responsibilities of the Trustee under the Trust Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The auditors of the Trust may not be changed by the Manager unless the IRC has approved the change of auditors in accordance with applicable Canadian securities legislation, and written notice will be sent to unitholders and the Trustee no later than 60 days before the effective date of the change of auditors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Notice of any amendment to the Trust Agreement will be given in writing to unitholders, and any such amendment will take effect on a date specified therein and not less than 60 days after notice of the amendment is given to unitholders, except that the Manager and the Trustee may agree that any amendment will become effective at an earlier date if in the opinion of the Manager and the Trustee an earlier date is desirable, provided such amendment does not adversely affect the rights, privileges or interests of any unitholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Custodians</b><a name="Custodians_698988"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Custodian for the Trust&#8217;s Physical Gold and Silver Bullion</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Mint acts as custodian of the physical gold and silver bullion owned by the Trust pursuant to a precious metals storage agreement between the Manager, for and on behalf of the Trust, and the Mint dated January 16, 2018, as amended on June 11, 2018 (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Gold and Silver Storage Agreement</b><font style="font-size:11pt;">&#8221;). The principal office of the Mint is located at 320 Sussex Drive, Ottawa, Ontario, Canada K1A 0G8. The Mint is permitted to act as the custodian for such purposes pursuant to the Exemptive Relief. See &#8220;Exemptions and Approvals&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Mint stores the Trust&#8217;s physical gold and silver bullion at its facilities or, depending on the quantity of physical gold and silver bullion that the Trust purchases, at a facility located in Canada leased by the Mint for this purpose. The Mint is a Canadian Crown corporation responsible for the minting and distribution of Canada&#8217;s circulation coins. For its services under the Gold and Silver Storage Agreement, which agreement shall continue until terminated by either party, the Mint receives: (a) storage fees per month &#8212; $16.00 per gold bar and $1.60 per silver bar; (b) deposit fees &#8212; $5.00 per gold bar and $2.50 per silver bar; (c) redemption fees &#8212; at the Mint&#8217;s discretion, up to a maximum of 1% of the value of the physical gold bullion and 2% of the value of the physical silver bullion, each as calculated by the Mint using the price of gold and silver as published by the London Bullion Market Association (the &#8216;&#8216;LBMA&#8217;&#8217;) on the day of redemption, plus a $250.00 administrative fee; and (d) withdrawal and transfer fees &#8212; $4.00 per gold bar and $5.00 per silver bar, plus a $50.00 administrative fee. These fees are subject to increase 30 days following delivery of a written notice to that effect in the event of a change beyond the Mint&#8217;s control that increases operating costs incurred by the Mint. Transportation of physical gold and silver bullion to or from the Mint by way of armored transportation service carrier is subject to a separate agreement between the Manager and the Mint, pursuant to which the Trustee is obligated to reimburse the Mint for such transportation costs (except in connection with a redemption of units for physical gold and silver bullion by a unitholder, in which case such costs will be borne by the redeeming unitholder). The Mint has advised the Trust that due to its physical storage capacity constraints in Canada, having regard to the quantity of physical gold and silver that the Trust anticipates purchasing, the Mint may be required to store and hold a portion of the Trust&#8217;s physical gold and silver bullion on a fully allocated basis at vault facilities located in Canada leased by the Mint from a sub-custodian, with the consent of the Manager, for this purpose.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 54 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Under the Gold and Silver Storage Agreement, upon written notice from the Manager, on behalf of the Trust, to the Mint of the Manager&#8217;s intention to have any of the Trust&#8217;s physical gold and silver bullion delivered to the Mint (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">initial notice</b><font style="font-size:11pt;">&#8221;), the Mint receives such physical gold and silver bullion based on a list provided by the Manager in such written notice that specifies the amount, weight in fine troy ounces and gross troy ounces, type, assay characteristics, bar numbers and bar brand(s) of the physical gold and silver bullion to be stored. After verification, the Mint issues a &#8220;Receipt of Deposit&#8221; that confirms the bar numbers and the total weight in troy ounces. The Mint reserves the right to refuse delivery in the event of storage capacity limitations. In the event of a discrepancy arising during the verification process, the Mint will promptly notify the Manager. The Mint keeps the Trust&#8217;s physical gold and silver bullion specifically identified as the Trust&#8217;s property and keeps it physically segregated at all times. The Mint provides a monthly inventory statement, which the Manager reconciles with the Trust&#8217;s records of its physical gold and silver bullion holdings. Upon at least 2 weeks&#8217; prior written notice to the Mint, the Manager has the right to physically count and have the Trust&#8217;s auditors subject the Trust&#8217;s physical gold and silver bullion to audit procedures at the Mint and at any sub-custodian upon request on any Mint business day (which means any day other than a Saturday, Sunday or a holiday observed by the Mint) during the Mint&#8217;s regular business hours, provided that such physical count or audit procedures do not interrupt the routine operation of the Mint&#8217;s facility or any sub-custodian&#8217;s facility, as the case may be. During any such physical count or audit procedures being undertaken with respect to the Trust&#8217;s physical gold and silver bullion, the Mint receives a fee of $500 per hour pursuant to the Gold and Silver Storage Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Upon the Mint&#8217;s receipt and taking into possession and control of any of the Trust&#8217;s physical gold and silver bullion, whether through physical delivery or a transfer of the physical gold and silver bullion from a different customer&#8217;s account at the Mint, the Mint&#8217;s liability commences with respect to such physical gold and silver bullion. The Mint bears all risk of physical loss of, destruction of, or damage to, physical gold and silver bullion of the Trust in the Mint&#8217;s custody (regardless of the location at which the Mint decides to store the physical gold and silver bullion), except in the case of circumstances or causes beyond the Mint&#8217;s reasonable control, including, without limitation, acts or omissions or the failure to cooperate of the Manager, acts or omissions or the failure to cooperate by any third party, fire or other casualty, act of God, strike or labour dispute, war or other violence, or any law, order or requirement of any governmental agency or authority, and has contractually agreed to replace or pay for lost, damaged or destroyed physical gold and silver bullion in the Trust&#8217;s account while in the Mint&#8217;s care, custody and control. The Mint&#8217;s liability terminates with respect to any physical gold and silver bullion upon termination of the Gold and Silver Storage Agreement, whether or not the Trust&#8217;s physical gold and silver bullion remains in the Mint&#8217;s possession and control, upon transfer of such physical gold and silver bullion to a different customer&#8217;s account at the Mint, as requested by the Manager, or at the time such physical gold and silver bullion is remitted to the armored transportation service carrier pursuant to delivery instructions provided by the Manager on behalf of a redeeming unitholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the event of physical loss, damage or destruction of the Trust&#8217;s physical gold and silver bullion in the Mint&#8217;s custody, care and control, the Manager must give written notice to the Mint within five Mint business days after the discovery of any such loss, damage or destruction, but, in the case of loss or destruction of the Trust&#8217;s physical gold and silver bullion, in any event no more than 60 days after the delivery by the Mint to the Manager, on behalf of the Trust, of an inventory statement in which the discrepancy first appears. The Mint will, at its option, either: (i) replace, or restore to its original state in the event of partial damage, as the case may be, the Trust&#8217;s physical gold and silver bullion that was lost, destroyed or damaged as soon as practicable after the Mint becomes aware of said loss or destruction, based on the advised weight and assay characteristics provided in the initial notice; or (ii) compensate the Trust, through the Manager, for the monetary value of the Trust&#8217;s physical gold and silver bullion that was lost or destroyed, within fifteen Mint business days from the date the Mint becomes aware of said loss or destruction, based on the advised weight and assay characteristics provided in the initial notice and the market value of such physical gold and silver bullion that was lost or destroyed, using the first available London fix of the LBMA &#160;from</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 55 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">the date the Mint becomes aware of said loss or destruction. If such notice is not given in accordance with the terms of the Gold and Silver Storage Agreement, all claims against the Mint will be deemed to have been waived. In addition, no action, suit or other proceeding to recover any loss, damage or destruction may be brought against the Mint unless notice of such loss, damage or destruction has been given in accordance with the terms of the Gold and Silver Storage Agreement and unless such action, suit or proceeding shall have been commenced within 12 months from the time such notice is sent to the Mint. The Mint will not be responsible for any special, incidental, consequential, indirect and/or punitive losses and/or damages (including lost profits or lost savings), except as a result of gross negligence or wilful misconduct by the Mint and whether or not the Mint had knowledge that such losses or damages might be incurred.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Mint operates pursuant to the </font><i style="font-size:11pt;font-style:italic;">Royal Canadian Mint Act</i><font style="font-size:11pt;"> (Canada) and is a Canadian Crown corporation. Crown corporations are &#8220;agents of Her Majesty the Queen&#8221; and, as such, their obligations generally constitute unconditional obligations of the Government of Canada. A Crown corporation may be sued for breach of contract or for wrongdoing in tort where it has acted on its own behalf or on behalf of the Crown. However, a Crown corporation may be entitled to immunity if it acts as agent of the Crown rather than in its own right and on its own behalf. Although the Mint has entered into the Gold and Silver Storage Agreement on its own behalf and not on behalf of the Crown, a court may determine that, when acting as custodian of the Trust&#8217;s physical gold and silver bullion, the Mint acted as agent of the Crown, and that the Mint may be entitled to immunity of the Crown. Consequently, a unitholder may not be able to recover for any losses incurred as a result of the Mint&#8217;s acting as custodian of the Trust&#8217;s physical gold and silver bullion. See &#8220;Risk Factors &#8211; Under Canadian law, the Trust and unitholders may have limited recourse against the Mint&#8221;. The Gold and Silver Storage Agreement does not establish a principal and agent relationship, partnership or joint venture between the Mint and the Manager nor does it establish a contractual relationship between the Mint and the unitholders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Mint reserves the right to reject physical gold and silver bullion delivered to it if the physical gold and silver bullion contains a hazardous substance or if the physical gold and silver bullion is or becomes unsuitable or undesirable for metallurgical, environmental or other reasons.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is not responsible for any losses or damages to the Trust arising out of any action or inaction by the Trust&#8217;s custodians or any sub-custodian holding the assets of the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager, with the written consent of the Trustee, has the authority to change the custodial arrangement described above including, but not limited to, the appointment of a replacement custodian and/or additional custodians. Either party may terminate the Gold and Silver Storage Agreement by giving written notice to the other party of its intent to terminate the Gold and Silver Storage Agreement</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;white-space:pre-wrap;"> </font><font style="font-size:11pt;">if:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">other party has committed a material breach of its obligations under the Gold and Silver Storage Agreement that is not cured within 10 Mint business days following the sending of written notice of such material breach;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the other party is dissolved or adjudged bankrupt, or a trustee, receiver or conservator of the party or of its property is appointed, or an application for any of the foregoing is filed; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the other party is in breach of any representation or warranty contained in the Gold and Silver Storage Agreement. The obligations of the Mint include, but are not limited to, maintaining an inventory of the Trust&#8217;s physical gold and silver bullion</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 56 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 108pt;"><font style="font-size:11pt;">stored with the Mint, providing a monthly inventory to the Trust, maintaining the Trust&#8217;s physical gold and silver bullion physically segregated and specifically identified as the Trust&#8217;s property, and taking good care, custody and control of the Trust&#8217;s physical gold and silver bullion. The Trust believes that all of these obligations are material and anticipates that the Manager would terminate the Mint as custodian if the Mint breaches any such obligation and does not cure such breach within 10 Mint business days of the Manager giving written notice to the Mint of such breach.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Notwithstanding the foregoing, either party may, at its sole discretion, terminate the custodial relationship by giving 30 calendar days&#8217; written notice to the other party to that effect.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Mint carries such insurance as it deems appropriate for its businesses and its position as custodian of the Trust&#8217;s physical gold and silver bullion. Based on information provided by the Mint, the Manager believes that the insurance carried by the Mint, together with its status as a Canadian Crown corporation with its obligations generally constituting unconditional obligations of the Government of Canada, provides the Trust with such protection in the event of loss or theft of the Trust&#8217;s physical gold and silver bullion stored at the Mint that is consistent with the protection afforded under insurance carried by other custodians that store gold and silver commercially.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Custodian for the Trust&#8217;s Assets Other Than Physical Gold and Silver Bullion</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">RBC Investor Services acts as the custodian of the Trust&#8217;s assets other than physical gold and silver bullion pursuant to the Trust Agreement. As compensation for the custodial services rendered to the Trust, RBC Investor Services receives such fees as mutually agreed upon with the Manager from time to time, currently approximately $2,500 per year. These fees are paid by the Trust out of the cash reserve held for ongoing expenses and cash redemptions. RBC Investor Services is responsible for the safekeeping of all of the assets of the Trust delivered to it and acts as the custodian of such assets. The Manager, in accordance with applicable law and with the consent of the Trustee, has the authority to change the custodial arrangement described above including, but not limited to, the appointment of a replacement custodian and/or additional custodians. RBC Investor Services carries such insurance as it deems appropriate for its businesses and its position as custodian of the Trust&#8217;s assets. The Trust Agreement does not require RBC Investor Services to carry insurance in connection with any claims the Trust or unitholders may have against RBC Investor Services in its capacity as custodian of the Trust&#8217;s assets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Auditors</b><a name="Auditors_824646"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">KPMG LLP was appointed as the Trust&#8217;s auditors effective as of October 26, 2017 in respect of the financial year of the Trust commencing on such date. KPMG LLP&#8217;s principal office is located at 333 Bay Street, Suite 4600, Toronto, Ontario, M5H 2S5.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The auditors will annually audit the financial statements of the Trust to determine whether they fairly represent, in all material respects, the Trust&#8217;s financial position, financial performance and changes in equity and cash flows in accordance with IFRS.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Transfer Agent and Registrar</b><a name="TransferAgentandRegistrar_984918"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to a transfer agent, registrar and disbursing agent agreement dated November 22, 2017 between TSX Trust Company and the Manager, TSX Trust Company was appointed as the transfer agent and registrar for the units (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Transfer Agent Agreement</b><font style="font-size:11pt;">&#8221;). TSX Trust Company&#8217;s principal office is located</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 57 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">at 200 University Avenue, Suite 300, Toronto, Ontario, Canada M5H 4H1, and the register of units is kept at such address.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Transfer Agent agreement may be terminated by either party to such agreement on 60 days&#8217; notice in writing being given to the other at the address set out in such agreement or at such other subsequent address of which notice has been subsequently given. Notwithstanding the foregoing, the Transfer Agent Agreement may be terminated by TSX Trust Company on 30 days&#8217; notice in writing to the Trust in the event the Trust refuses or fails to pay an invoice for fees and expenses, or other demand for payment issued or made pursuant to such agreement by TSX Trust Company, within 60 days of the original invoice or demand.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">TSX Trust Company receives fees for the transfer agent and registrar-related services provided to the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Valuation Agent</b><a name="ValuationAgent_259321"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">RBC Investor Services has been appointed as valuation agent of the Trust pursuant to a valuation services agreement between the Manager and RBC Investor Services as valuation agent dated as of October 26, 2017 (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Valuation Services Agreement</b><font style="font-size:11pt;">&#8221;). The valuation agent is responsible for providing valuation services to the Trust and calculates the value of the net assets of the Trust and NAV pursuant to the terms of the Valuation Services Agreement. See &#8220;Calculation of Net Asset Value&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In carrying out its duties as valuation agent, the valuation agent is required to exercise the powers and discharge the duties of its office honestly and in good faith and, in connection therewith, must exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Except to the extent any liability arises directly out of the negligence, willful misconduct or lack of good faith of the valuation agent, the valuation agent is not be liable for any act or omission in the course of, or connected with, rendering the services under the Valuation Services Agreement or for loss to, or diminution of, the Trust&#8217;s property. In no event will the valuation agent be liable for any consequential or special damages including, but not limited to, loss of reputation, goodwill or business. The Manager will indemnify and hold harmless the valuation agent, its affiliates and agents, and their respective directors, officers, and employees from and against all taxes, duties, charges, costs, expenses, damages, claims, actions, demands and any other liability whatsoever to which any such persons or entities may become subject, including legal fees, judgments and amounts paid in settlement in respect of anything done or omitted to be done in connection with the valuation services provided under the Valuation Services Agreement, except to the extent incurred as a result of the negligence, willful misconduct or lack of good faith of the indemnified party. Notwithstanding the foregoing, the liability of the valuation agent under the Valuation Services Agreement will in no event exceed the aggregate amount of fees received by the valuation agent from the Manager with respect to the services provided during the immediately preceding twelve months.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Valuation Services Agreement provides that it may be terminated by either party without penalty at any time by providing to the other party 60 days&#8217; prior written notice of such termination unless the parties mutually agree in writing to a different period. Either party may terminate the Valuation Services Agreement immediately upon notice in the event that either party is declared bankrupt or will be insolvent, the assets or the business of either party become liable to seizure or confiscation by a public or governmental authority, or the Manager&#8217;s power and authority to act on behalf of, or to represent, the Trust has been revoked, terminated or is otherwise no longer in full force and effect.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The valuation agent receives fees for the valuation services provided to the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 58 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">PRINCIPAL HOLDERS OF SECURITIES</b><a name="PRINCIPALHOLDERSOFSECURITIES_529787"></a></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">No person or company owns of record or beneficially, directly or indirectly, or is known by the Manager to own beneficially, directly or indirectly, more than 10% of the issued and outstanding units of the Trust.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">No person or company owns of record or beneficially, directly or indirectly, or is known by the Manager to own beneficially, directly or indirectly, more than 10% of the issued and outstanding units of the Manager, other than Sprott Inc. which owns of record approximately 1,342,803,464 units of the Manager, representing 99.99% of the issued and outstanding units of the Manager.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The Trustee, and the directors and senior officers of the Manager beneficially own, in the aggregate: (i)&#160;less than 10% of the issued and outstanding units of the Trust; (ii)&#160;none of the issued and outstanding units of the Manager; and (iii)&#160;none of the voting or equity securities of any person or company that provides services to the Trust or the Manager.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">The members of the IRC do not own, directly or indirectly, any securities of the Manager or any units of the Trust. &#160;Further, none of the IRC members beneficially own, directly or indirectly, any voting or equity securities in any person or company that provides services to the Trust or the Manager.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">TRUST GOVERNANCE</b><a name="TRUSTGOVERNANCE_822071"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Generally</b><a name="Generally_795975"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager has established appropriate policies, procedures and guidelines to ensure the proper management of the Trust. The systems implemented monitor and manage the business and sales practices, risks and internal conflicts of interest relating to the Trust while ensuring compliance with regulatory and corporate requirements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As a foreign private issuer, as defined in Rule 3b-4 under the Securities Exchange Act of 1934, the Trust is permitted to follow certain corporate governance rules of its home country in lieu of the corporate governance rules of NYSE Arca. The Trust complies with the applicable corporate governance rules of NYSE Arca except that the Trust&#8217;s corporate governance practices deviate with respect to its quorum and annual unitholder meeting requirements, which comply with the applicable trust laws of the Province of Ontario, Canada.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager believes that investors in the Trust are not exposed to the adverse effects of short-term trading and therefore the Trust does not restrict short-term trading in units of the Trust. The Manager has no formal or informal arrangements with any person or company to permit short-term trading in units of the Trust by such person or company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">IRC</b><a name="IRC_297785"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In accordance with applicable Canadian securities legislation, the Manager has established an IRC for all mutual funds and non-redeemable investment funds managed by the Manager or any of its affiliates, which includes the Trust. The IRC is composed of three members, each of whom is independent of the Manager and its affiliates, and free from any interest and any business or other relationship which could, or could be reasonably perceived to, materially interfere with the exercise of an IRC member&#8217;s judgment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 59 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager may be subject when managing the mutual funds and non-redeemable investment funds managed by the Manager. The Manager refers all conflict of interest matters to the IRC for its review and/or approval. The Manager has established a written charter for the IRC, which includes its mandate, responsibilities and functions, and the written policies and procedures it will follow when performing its functions, including dealing with conflict of interest matters. The Manager maintains records in respect of these matters and provides assistance to the IRC in carrying out its functions. The IRC conducts regular assessments and provides reports, at least annually, to the Trust and to unitholders in respect of its functions. The report prepared by the IRC is made available on the Trust&#8217;s website (www.sprottphysicalbullion.com) or, at a unitholder&#8217;s request, sent to the unitholder at no cost.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The IRC:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(i)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">reviews and provides input on the Manager&#8217;s written policies and procedures that deal with conflict of interest matters;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(ii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">reviews conflict of interest matters referred to it by the Manager and makes recommendations to the Manager regarding whether the Manager&#8217;s proposed actions in connection with the conflict of interest matter achieve a fair and reasonable result for the Trust;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iii)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">considers and, if deemed appropriate, approves the Manager&#8217;s decision on a conflict of interest matter that the Manager refers to the IRC for approval; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(iv)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">performs such other duties as may be required of the IRC under applicable Canadian securities legislation.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">All fees and expenses of the IRC incurred in connection with its duties with respect to the Trust are paid by the Trust and the IRC has the authority to retain, at the expense of the Trust, independent counsel or other advisors if the IRC deems it appropriate to do so. The members of the IRC are indemnified by the Trust, except in cases of willful misconduct, bad faith, negligence or breach of their standard of care.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The current members of the IRC and their principal occupations are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:bottom;width:66.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Name and Municipality of Residence</b></p></td><td style="vertical-align:bottom;width:33.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Principal Occupation</b></p></td></tr><tr><td style="vertical-align:top;width:66.25%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:33.74%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:66.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Michele </font><font style="font-size:11pt;">D. McCarthy</font><font style="font-size:11pt;"><br></font><font style="font-size:11pt;">Toronto, Ontario, Canada</font></p></td><td style="vertical-align:top;width:33.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Consultant</font></p></td></tr><tr><td style="vertical-align:top;width:66.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Kevin Drynan<br>Toronto, Ontario, Canada</font></p></td><td style="vertical-align:top;width:33.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Consultant</font></p></td></tr><tr><td style="vertical-align:top;width:66.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Fraser Howell<br>Toronto, Ontario, Canada</font></p></td><td style="vertical-align:top;width:33.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Consultant</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">FEES AND EXPENSES</b><a name="FEESANDEXPENSES_284296"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This table lists the fees and expenses that the Trust pays for the continued operation of its business and that unitholders may have to pay if they invest in the Trust. Payment of these fees and expenses will reduce the value of the unitholders&#8217; investment in the Trust. The unitholders will have to pay fees and expenses directly if they redeem their units for physical gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 60 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Fees and Expenses Payable by the Trust</b><a name="FeesandExpensesPayablebytheTrust_191752"></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><th style="font-weight:normal;text-align:left;vertical-align:top;width:30.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Type of Fee</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:69.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Amount and Description</b></p></th></tr><tr><td style="vertical-align:top;width:30.24%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Management Fee: &#160; &#160;</b></p></td><td style="vertical-align:top;width:69.75%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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 Agreement), plus any applicable Canadian taxes (such as GST/HST). The management fee is calculated and accrued daily and is payable monthly in arrears on the last day of each month.</font></p></td></tr><tr><td style="vertical-align:top;width:30.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Operating Expenses: &#160; </b></p></td><td style="vertical-align:top;width:69.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust is responsible for paying the filing and listing fees of the applicable securities authorities and stock exchanges, the fees and expenses payable to the transfer agent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Except as otherwise described in this annual information form, and subject to the expense cap described below, the Trust is responsible for all costs and expenses incurred in connection with the ongoing operation and administration of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the Manager, any investment manager, the Mint, RBC Investor Services as custodian, any sub-custodians, the registrar, the transfer agent and the valuation agent of the Trust; transaction and handling costs for the physical gold and silver bullion; storage fees for the physical gold and silver bullion; custodian settlement fees; counterparty fees; legal, audit, accounting, bookkeeping and record keeping fees and expenses; costs and expenses of reporting to unitholders and conducting unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable securities regulatory authorities and stock exchanges; other administrative expenses and costs incurred in connection with the Trust&#8217;s continuous disclosure public filing requirements and investor relations; any applicable Canadian taxes payable by the Trust or to which the Trust may be subject; interest expenses and borrowing costs, if any; brokerage expenses and commissions; costs and expenses relating to the issuance of units, including fees payable to the Agents upon each sale of Placement Units pursuant to the Sales Agreement; costs and expenses of preparing financial and other reports; any expenses associated with the implementation and ongoing operation of the IRC of the Trust; costs and expenses arising as a result of complying with all applicable laws; and any expenditures incurred upon the termination of the Trust.</font></p></td></tr><tr><td style="vertical-align:top;width:30.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Other Fees and Expenses:</b></p></td><td style="vertical-align:top;width:69.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust is responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to which, the Trustee, the Manager, the Mint, RBC Investor Services as non-bullion custodian, any sub-custodians, the transfer agent or the underwriters for its offerings or the valuation agent and/or any of their respective officers, directors, employees, consultants or agents is entitled to indemnity by the Trust.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 61 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:30.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Type of Fee</b></p></td><td style="vertical-align:top;width:69.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Amount and Description</b></p></td></tr><tr><td style="vertical-align:top;width:30.24%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Expense Cap:</b></p></td><td style="vertical-align:top;width:69.75%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager has contractually 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 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 payable to the Manager in future months.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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 including federal and provincial income taxes, any applicable sales taxes, such as GST/HST, and withholding taxes, and any extraordinary expenses of the Trust.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Fees and Expenses Payable Directly by Unitholders</b><a name="FeesandExpensesPayableDirectlybyUnithold"></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:35.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Type of Fee</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:64.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Amount and Description</b></p></th></tr><tr><td style="vertical-align:top;width:35.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Redemption and Delivery Costs:</b></p></td><td style="vertical-align:top;width:64.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">Except as set forth below, there are no redemption fees payable upon the redemption of units for cash. However, if a unitholder chooses to receive physical gold and silver bullion upon redemption of units, the unitholder will be responsible for expenses, including for greater certainty all applicable sales taxes such as GST/HST thereon, in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical gold and silver bullion for units that are being redeemed and the applicable gold and silver storage in-and-out fees. See &#8220;Redemptions for Physical Gold and Silver Bullion&#8221;.</font></p></td></tr><tr><td style="vertical-align:top;width:35.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Other Fees and Expenses:</b></p></td><td style="vertical-align:top;width:64.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">No other charges will apply. If applicable, the unitholder may be subject to brokerage commissions or other fees associated with trading the units.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">DISTRIBUTION POLICY</b><a name="DISTRIBUTIONPOLICY_294399"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Distribution of Net Income and Net Realized Capital Gains to Unitholders</b><a name="DistributionofNetIncomeandNetRealizedCap"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As of the last business day of each fiscal year or such other time as the Manager otherwise determines, the Manager will determine the net income and net realized capital gains in accordance with the Trust Agreement. The initial distribution policy of the Trust will be to make an annual distribution of such net income and net realized capital gains, if any, to unitholders through a distribution of additional units to the extent that such income or gains is not being allocated to unitholders whose units were redeemed in the year. The Trust does not anticipate making regular cash distributions to unitholders. All distributions are at the discretion of the Trustee, acting on the direction of the Manager.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Distributions, if any, of net income or net realized capital gains will generally be made to unitholders who were unitholders of record as of 5:00 p.m., Toronto time, on the last business day prior to any relevant</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 62 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">distribution date. The amounts to be paid to a unitholder will be the amount of net income or net realized capital gains determined pursuant to the Trust Agreement divided by the total number of units outstanding at 5:00 p.m., Toronto time, on the distribution date multiplied by the number of units held by such unitholder as of 5:00 p.m., Toronto time, on the applicable distribution date. Notwithstanding the foregoing, the Manager may adopt a method of allocating an appropriate proportion of net income and net realized capital gains to unitholders that redeemed units during the year. All distributions, if declared and paid, will be calculated and, if a cash distribution, paid in United States currency.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">It is the intention that the total amount due and payable in any year will not be less than the amount necessary to ensure that the Trust will not be liable for income tax under Part I of the Tax Act for such year after taking into account the Trust&#8217;s entitlement to a capital gains refund, if any, and amounts of realized capital gains or net income that are being allocated to unitholders whose units were redeemed in the year. The Manager may direct that such distribution or payment will be due and payable by the Trust in cash or in additional units. Where distributions are payable in additional units, the Trust&#8217;s registrar or transfer agent, acting on the direction of the Manager, may round up or round down the number of units in order to avoid the Trust issuing fractional units. Any additional units that are issued in this manner will be of the same class or series of a class at a price equal to the NAV as of the valuation time on the applicable distribution date, and the units will be immediately consolidated so that the number of outstanding units following the distribution will equal the number of units outstanding prior to the distribution.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Notwithstanding the foregoing paragraph, where Canadian tax is required to be withheld in respect of a unitholder&#8217;s share of a distribution paid in units, the consolidation will result in such unitholder holding that number of units equal to the product of: (i) the sum of the number of units held by such unitholder prior to the distribution and the number of units received by such unitholder in connection with the distribution (net of the total of the number of whole or fractional units withheld by the Trust to satisfy the Trust&#8217;s withholding obligations and the number of whole or fractional units withheld pursuant to the Trust Agreement on account of the reasonable expenses incurred in respect of the sale of such units withheld on account of withholding taxes); and (ii) a quotient, the numerator of which is the aggregate number of units outstanding prior to the distribution, and the denominator of which is the aggregate number of units that would be outstanding following distribution and before the consolidation if no withholding were required in respect of any part of the distribution payable to any unitholders. Such unitholder will be required to surrender the certificates, if any, representing such unitholder&#8217;s original units in exchange for a certificate representing such unitholder&#8217;s post-consolidation units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Additional Distributions, Designations, Determinations, Allocations and Elections</b><a name="AdditionalDistributionsDesignationsDeter"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In addition to any distributions made to unitholders as described above, on the direction of the Manager, the Trust will at such times and in such manner as directed by the Manager make such additional distributions of monies or properties of the Trust including, without restriction, returns of capital, in such amounts per unit, payable at such time or times and to unitholders of record on such distribution date, as from time to time may be determined by the Manager, and make such designations, determinations, allocations and elections for tax purposes of amounts or portions of amounts which it has received, paid, declared payable or allocated to unitholders and of expenses incurred by the Trust and of tax deductions of which the Trust may be entitled, as the Manager may, in its sole discretion, determine.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Withholding Taxes</b><a name="WithholdingTaxes_352532"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager will deduct or withhold from distributions payable to any unitholder all amounts required by applicable law to be withheld from such distributions, whether such distributions are in the form of cash, additional units or otherwise. In the event of a distribution in the form of additional units, the Manager may sell units of such unitholder to pay such withholding taxes and to pay all reasonable expenses in respect of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 63 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">such sale and the Manager will have the power of attorney of such unitholder to do so. Any such sale will be made in compliance with applicable law on any stock exchange on which the units are then listed and upon such sale, the affected unitholder will cease to be the holder of such units. In the event that the net proceeds of any such sale of a unitholder&#8217;s units exceed the statutory withholding required and the reasonable expenses incurred in respect of such sale, the Manager will remit such excess to the unitholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Income Tax Statements</b><a name="IncomeTaxStatements_232057"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">On or before March 31 in each year, or in the case of a leap year on or before March 30 in such year, if applicable, or as otherwise required, the Manager will prepare and deliver or make available electronically, or cause to be prepared and delivered or be made available electronically, to unitholders information pertaining to the Trust, including all distributions, designations, determinations, allocations and elections, which is required by the Tax Act or which is necessary to permit unitholders to complete their individual income tax returns for the preceding year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the event that amounts that were allocated, distributed or paid to unitholders as capital gains or as non-taxable payments are, for any reason, subsequently determined (including as a result of an assessment or reassessment by any taxation authorities) to have been fully includible in the taxable income of the Trust for the relevant fiscal year, then the Manager shall have the discretion to declare that all or part of such amounts shall be retroactively deemed to have been allocated, distributed and paid to unitholders out of the income of the Trust, and the Manager may issue new or amended tax reporting slips to the relevant unitholders or former unitholders to report any such distributions to them.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Within 45 days from the end of each taxable year of the Trust, the Manager will provide or cause to be provided to unitholders all information necessary to enable unitholders or beneficial owners of units, as applicable, to elect to treat the Trust as a QEF within the meaning of Section 1295 of the U.S. Internal Revenue Code for U.S. federal income tax purposes and to comply with any reporting or other requirements incident to such election, including, but not limited to, providing or causing to be provided to unitholders or beneficial owners of units, as applicable, a completed &#8220;PFIC Annual Information Statement&#8221; as required by U.S. Treasury Regulations Section 1.1295-1(g). The Manager will comply and cause the Trust to comply with all applicable requirements of the U.S. Treasury Regulations necessary to enable unitholders or beneficial owners of units, as applicable, to elect to treat the Trust as a QEF.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unclaimed Interest, Dividends or Distributions</b><a name="UnclaimedInterestDividendsorDistribution"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the event that the Trust&#8217;s registrar or transfer agent holds interest, dividends or other distributions which are unclaimed or which cannot be paid for any reason, the Trust&#8217;s registrar or transfer agent will not be under any obligation to invest or reinvest the same but will administer such unclaimed amounts as directed by the Manager in accordance with applicable laws. Any unitholder making a claim in respect of any amount payable pursuant to the Trust Agreement is required to give notice in writing of such claim to the Trust&#8217;s registrar or transfer agent and/or the Manager no later than the second anniversary of the date on which the amount was payable. Such notice must set out the basis for the claim, the amount claimed and the specific grounds for the claim. The Trust&#8217;s registrar or transfer agent will, unless otherwise required by applicable law, pay over to the Trust any such amounts which have been held for more than six years. The Trust will indemnify and save harmless the Trust&#8217;s registrar or transfer agent, as applicable, in respect of any claim made for such amounts.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 64 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">MATERIAL INCOME TAX CONSIDERATIONS</b><a name="MATERIALINCOMETAXCONSIDERATIONS_774648"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Material U.S. Federal Income Tax Considerations</b><a name="MaterialUSFederalIncomeTaxConsiderations"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following are the material U.S. federal income tax consequences to U.S. Holders (as defined below), of the ownership and disposition of units. This discussion does not purport to deal with the tax consequences of owning units to all categories of investors, some of which, such as dealers in securities, regulated investment companies, tax-exempt organizations, investors whose functional currency is not the U.S. dollar and investors that own, actually or under applicable constructive ownership rules, 10% or more of the units, may be subject to special rules. This discussion does not address U.S. state or local tax, U.S. federal estate or gift tax or foreign tax consequences of the ownership and disposition of units. This discussion deals only with holders who hold the units as a capital asset. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following discussion of U.S. federal income tax matters is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Code</b><font style="font-size:11pt;">&#8221;), judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the U.S. Department of the Treasury (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Treasury Regulations</b><font style="font-size:11pt;">&#8221;), all of which are subject to change, possibly with retroactive effect.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">U.S. Federal Income Tax Classification of the Trust</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust has filed an affirmative election with the Internal Revenue Service (&#8220;</font><b style="font-size:11pt;font-weight:bold;">IRS</b><font style="font-size:11pt;">&#8221;) to be classified as an association taxable as a corporation for U.S. federal income tax purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">U.S. Federal Income Taxation of U.S. Holders</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As used herein, the term &#8220;U.S. Holder&#8221; means a beneficial owner of less than 10% of trust units that is a U.S. citizen or resident for U.S. federal income tax purposes, a U.S. corporation or other U.S. entity taxable as a corporation, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds the units, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. However, a U.S. person that is an individual, trust or estate and that owns units through a partnership generally will be eligible for the reduced rates of taxation described below that are applicable to U.S. Individual Holders (as defined below). If a unitholder is a partner in a partnership holding the units, such unitholder should consult with his, her or its tax advisor.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Distributions</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As discussed under &#8220;Distribution Policy&#8221;, the Trust does not anticipate making regular cash distributions to unitholders. Subject to the PFIC discussion below, any distributions made by the Trust with respect to the units to a U.S. Holder will generally constitute dividends, which will generally be taxable as ordinary income to the extent of the Trust&#8217;s current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of the Trust&#8217;s earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder&#8217;s tax basis in his, her or its units on a dollar-for-dollar basis and thereafter as gain from the disposition of units. Since the Trust will be a PFIC, as described below, dividends paid on the units to a U.S. Holder who is an individual, trust or estate, or a</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 65 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">U.S. Individual Holder, will generally not be treated as &#8220;qualified dividend income&#8221; that is taxable to U.S. Individual Holders at preferential tax rates. Any dividends generally will be treated as foreign source income for U.S. foreign tax credit limitation purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Redemption of Units</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As described under &#8220;Redemption of Units&#8221;, a U.S. Holder may have units redeemed for cash or physical gold and silver bullion. Under Section 302 of the Code, a U.S. Holder generally will be treated as having sold his, her or its units (rather than having received a distribution on the units) upon the redemption of units if the redemption completely terminates or significantly reduces the U.S. Holder&#8217;s interest in the Trust. In such case, the redemption will be treated as described in the relevant section below depending on whether the U.S. Holder makes a QEF election, a mark-to-market election or makes no election and therefore is subject to the Default PFIC Regime (as defined below).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">PFIC Status and Significant Tax Consequences</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Special U.S. federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for U.S. federal income tax purposes. In general, the Trust will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such U.S. Holder held the units, either:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-family:'Symbol';">&#183;</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">at least 75% of the Trust</font><font style="font-family:'Symbol';font-size:11pt;">&#8217;</font><font style="font-size:11pt;">s gross income for such taxable year consists of passive income; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-family:'Symbol';">&#183;</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">at least 50% of the average value of the assets held by the Trust during such taxable year produce, or are held for the production of, passive income.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">For purposes of these tests, &#8220;passive income&#8221; includes dividends, interest, and gains from the sale or exchange of investment property (including commodities). The income that the Trust derives from its sales of physical gold and silver bullion is expected to be treated as passive income for this purpose. Since substantially all of the Trust&#8217;s assets consist of physical gold and silver bullion and the Trust expects to derive substantially all of its income from the sales of physical gold and silver bullion, it is expected the Trust will be treated as a PFIC for each of its taxable years.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Assuming the Trust is a PFIC, a U.S. Holder will be subject to different taxation rules depending on whether the U.S. Holder: (1) makes an election to treat the Trust as a QEF (a &#8220;</font><b style="font-size:11pt;font-weight:bold;">QEF election</b><font style="font-size:11pt;">&#8221;); (2) makes a mark-to-market election with respect to the units, or (3) makes no election and therefore is subject to the Default PFIC Regime. As discussed in detail below, making a QEF election or a mark-to-market election generally will mitigate the otherwise adverse U.S. federal income tax consequences under the Default PFIC Regime. However, the mark-to-market election may not be as favourable as the QEF election because a U.S. Holder generally will recognize income each year attributable to any appreciation in the U.S. Holder&#8217;s units without a corresponding distribution of cash or other property.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Assuming that the Trust is a PFIC, for taxable years beginning on or after March 18, 2010, a U.S. Holder will be required to file an annual report with IRS reporting his, her or its investment in the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Taxation of U.S. Holders Making a Timely QEF Election</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Making the Election.</u><font style="font-size:11pt;"> A U.S. Holder would make a QEF election with respect to any year that the Trust is a PFIC by filing IRS Form 8621 with his, her or its U.S. federal income tax return. The Trust intends to annually provide each U.S. Holder with all necessary information in order to make and maintain a QEF election. A U.S. Holder who makes a QEF election for the first taxable year in which he, she or it owns units, or an Electing Holder, will not be subject to the Default PFIC Regime for any taxable year. We will</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 66 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">refer to an Electing Holder that is a U.S. Individual Holder as a Non-Corporate Electing Holder. A U.S. Holder who does not make a timely QEF election would be subject to the Default PFIC Regime for taxable years during his, her or its holding period in which a QEF election was not in effect, unless such U.S. Holder makes a special &#8220;purging&#8221; election. A U.S. Holder who does not make a timely QEF election is encouraged to consult such U.S. Holder&#8217;s tax advisor regarding the availability of such purging election.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Current Taxation and Dividends.</u><font style="font-size:11pt;"> An Electing Holder must report each year for U.S. federal income tax purposes his, her or its </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s ordinary earnings and the Trust&#8217;s net capital gain, if any, for the Trust&#8217;s taxable year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from the Trust by the Electing Holder. A Non-Corporate Electing Holder&#8217;s </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s net capital gain generally will be taxable at a maximum rate of 28% under current law to the extent attributable to sales of physical gold and silver bullion by the Trust if the Trust has held the gold and silver bullion for more than one year. Otherwise, such gain generally will be treated as ordinary income.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If any holder redeems his, her or its units for physical gold and silver bullion (regardless of whether the holder requesting redemption is a U.S. Holder or an Electing Holder), the Trust will be treated as if it sold physical gold and silver bullion for its fair market value in order to redeem the holder&#8217;s units. As a result, any Electing Holder will be required to currently include in income his, her or its </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s gain from such deemed disposition (taxable to a Non-Corporate Electing Holder at a maximum rate of 28% under current law if the Trust has held the physical gold and silver bullion for more than one year) even though the deemed disposition by the Trust is not attributable to any action on the Electing Holder&#8217;s part. If any holder redeems units for cash and the Trust sells physical gold and silver bullion to fund the redemption (regardless of whether the holder requesting redemption is a U.S. Holder or an Electing Holder), an Electing Holder similarly will include in income his, her or its </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s gain from the sale of the physical gold and silver bullion, which will be taxable as described above even though the Trust&#8217;s sale of physical gold and silver bullion is not attributable to any action on the Electing Holder&#8217;s part. An Electing Holder&#8217;s adjusted tax basis in the units will be increased to reflect any amounts currently included in income under the QEF rules. Distributions of earnings and profits that had been previously included in income will result in a corresponding reduction in the adjusted tax basis in the units and will not be taxed again once distributed. Any other distributions generally will be treated as discussed above under &#8220;Material Income Tax Considerations &#8211; Material U.S. Federal Income Tax Considerations &#8211; U.S. Federal Income Taxation of U.S. Holders &#8211; Distributions&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Income inclusions under the QEF rules described above generally should be treated as foreign source income for U.S. foreign tax credit limitation purposes, but Electing Holders should consult their tax advisors in this regard.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Sale, Exchange or Other Disposition.</u><font style="font-size:11pt;"> An Electing Holder will generally recognize capital gain or loss on the sale, exchange, or other disposition of the units in an amount equal to the excess of the amount realized on such disposition over the Electing Holder&#8217;s adjusted tax basis in the units. Such gain or loss will be treated as long-term capital gain or loss if the Electing Holder&#8217;s holding period in the units is greater than one year at the time of the sale, exchange or other disposition. Long-term capital gains of Non-Corporate Electing Holders currently are taxable at a maximum rate of 15%, or 20% in the case of certain high income Non-Corporate Electing Holders. An Electing Holder&#8217;s ability to deduct capital losses is subject to certain limitations. Any gain or loss generally will be treated as U.S. source gain or loss for U.S. foreign tax credit limitation purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">An Electing Holder that redeems his, her or its units will be required to currently include in income his, her or its </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s gain from the deemed or actual disposition of physical gold and silver bullion, as described above, which will be taxable to a Non-Corporate Electing Holder at a maximum rate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 67 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">of 28% under current law if the Trust has held the physical gold and silver bullion for more than one year. The Electing Holder&#8217;s adjusted tax basis in the units will be increased to reflect such gain that is included in income. The Electing Holder will further recognize capital gain or loss on the redemption in an amount equal to the excess of the fair market value of the physical gold and silver bullion or cash received upon redemption over the Electing Holder&#8217;s adjusted tax basis in the units. Such gain or loss will be treated as described in the preceding paragraph.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Taxation of U.S. Holders Making a Mark-to-Market Election</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Making the Election.</u><font style="font-size:11pt;"> Alternatively, if, as is anticipated, the units are treated as &#8220;marketable stock&#8221;, a U.S. Holder would be allowed to make a mark-to-market election with respect to the units, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations. The units will be treated as marketable stock for this purpose if they are regularly traded on a qualified exchange or other market. The units will be regularly traded on a qualified exchange or other market for any calendar year during which they are traded (other than in </font><i style="font-size:11pt;font-style:italic;">de minimis</i><font style="font-size:11pt;"> quantities) on at least 15 days during each calendar quarter. A qualified exchange or other market means either a U.S. national securities exchange that is registered with the SEC, the NASDAQ, or a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located and which satisfies certain regulatory and other requirements. The Trust believes that both the TSX and NYSE Arca should be treated as a qualified exchange or other market for this purpose.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Current Taxation and Dividends.</u><font style="font-size:11pt;"> If the mark-to-market election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the units at the end of the taxable year over such U.S. Holder&#8217;s adjusted tax basis in the units. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder&#8217;s adjusted tax basis in the units over their fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. Any income inclusion or loss under the preceding rules should be treated as a gain or loss from the sale of units for purposes of determining the source of the income or loss. Accordingly, any such gain or loss generally should be treated as U.S. source income or loss for U.S. foreign tax credit limitation purposes. A U.S. Holder&#8217;s tax basis in his, her or its units would be adjusted to reflect any such income or loss amount. Distributions by the Trust to a U.S. Holder who has made a mark-to-market election generally will be treated as discussed above under &#8220;Material Income Tax Considerations &#8211; Material U.S. Federal Income Tax Considerations &#8211; U.S. Federal Income Taxation of U.S. Holders &#8211; Distributions&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Sale, Exchange or Other Disposition.</u><font style="font-size:11pt;"> Gain realized on the sale, exchange, redemption or other disposition of the units would be treated as ordinary income, and any loss realized on the sale, exchange, redemption or other disposition of the units would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder. Any loss in excess of such previous inclusions would be treated as a capital loss by the U.S. Holder. A U.S. Holder&#8217;s ability to deduct capital losses is subject to certain limitations. Any such gain or loss generally should be treated as U.S. source income or loss for U.S. foreign tax credit limitation purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Finally, a U.S. Holder who does not make either a QEF election or a mark-to-market election for that year, or a Non-Electing Holder, would be subject to special rules (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Default PFIC Regime</b><font style="font-size:11pt;">&#8221;), with respect to: (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the units in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder&#8217;s holding period for the units); and (2) any gain realized on the sale, exchange, redemption or other disposition of the units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 68 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Under the Default PFIC Regime:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-family:'Symbol';">&#183;</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the excess distribution or gain would be allocated rateably over the Non-Electing Holder</font><font style="font-family:'Symbol';font-size:11pt;">&#8217;</font><font style="font-size:11pt;">s aggregate holding period for the units;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-family:'Symbol';">&#183;</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the amount allocated to the current taxable year and any taxable year before the Trust became a PFIC would be taxed as ordinary income; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-family:'Symbol';">&#183;</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any distributions other than &#8220;excess distributions&#8221; by the Trust to a Non-Electing Holder will be treated as discussed above under &#8220;Material Income Tax Considerations &#8211; Material U.S. Federal Income Tax Considerations &#8211; U.S. Federal Income Taxation of U.S. Holders &#8211; Distributions&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Default PFIC Regime would not apply to a pension or profit-sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of the units. If a Non-Electing Holder who is an individual dies while owning the units, such Non-Electing Holder&#8217;s successor generally would not receive a step-up in tax basis with respect to the units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">3.8% Tax on Net Investment Income</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">For taxable years beginning after December 31, 2012, a U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of: (1) the U.S. Holder&#8217;s net investment income for the taxable year; and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000). A U.S. Holder&#8217;s net investment income will generally include dividends distributed by the Trust and capital gains from the sale, redemption or other disposition of the units. This tax is in addition to any income taxes due on such investment income.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Under Treasury Regulations generally effective for taxable years after December 31, 2013, income inclusions under the QEF rules would not be considered &#8220;net investment income&#8221; unless: (1) the Electing Holder holds the units in connection with a trade or business of trading in financial instruments or commodities; or (2) the Electing Holder elects to treat the income inclusion under the QEF rules as &#8220;net investment income&#8221;. If an Electing Holder does not make this election, such holder&#8217;s tax basis in the units would not be increased by the amount of income inclusions under the QEF rules for purposes of calculating &#8220;net investment income&#8221; upon the sale, redemption or other disposition of the units. With respect to a U.S. Holder that has made a mark-to-market election with respect to the units, income inclusions under the mark-to-market election would be included in the calculation of &#8220;net investment income&#8221;. An excess distribution made to a U.S. Holder subject to the Default PFIC Regime would be included in &#8220;net investment income&#8221; to the extent that such distribution constitutes a dividend for U.S. federal income tax purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net investment income to your units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="font-size:11pt;text-decoration:underline;text-decoration-color:#000000;">Foreign Taxes</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Distributions, if any, by the Trust may be subject to Canadian withholding taxes as discussed under &#8220;Material Income Tax Considerations &#8211; Material Canadian Federal Income Tax Considerations &#8211; Canadian</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 69 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Taxation of Unitholders &#8211; Unitholders Not Resident in Canada&#8221;. A U.S. Holder may elect to either treat such taxes as a credit against U.S. federal income taxes, subject to certain limitations, or deduct his, her or its share of such taxes in computing such U.S. Holder&#8217;s U.S. federal taxable income. No deduction for foreign taxes may be claimed by an individual who does not itemize deductions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Backup Withholding and Information Reporting</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Payments made within the United States, or by a U.S. payor or U.S. middleman, of dividends on, or proceeds arising from the sale or other taxable disposition of, units generally will be subject to information reporting and backup withholding, currently at the rate of 28%, if a U.S. Holder fails to furnish its correct U.S. taxpayer identification number (generally on IRS Form W-9), and to make certain certifications, or otherwise fails to establish an exemption. Backup withholding tax is not an additional tax. Rather, a U.S. Holder generally may obtain a refund of any amounts withheld under backup withholding rules that exceed his, her, or its U.S. federal income tax liability by filing a refund claim with the IRS.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">U.S. Holders may be subject to certain IRS filing requirements as a result of holding units in the Trust. For example, a U.S. person who transfers property (including cash) to a foreign corporation in exchange for stock in the corporation is in some cases required to file an information return on IRS Form 926 with the IRS with respect to such transfer. Accordingly, a U.S. Holder may be required to file Form 926 with respect to its acquisition of units in an offering. Depending on the number of units held, acquired or disposed of by a U.S. Holder, the U.S. Holder may also be required to file an information return on IRS Form 5471 with the IRS. U.S. Holders also may be required to file FinCEN Report 114 (Report of Foreign Bank and Financial Accounts) with respect to their investment in the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">U.S.&#160;Holders who are individuals (and&#160;to the extent specified in applicable Treasury Regulations, certain U.S. entities) who hold &#8220;specified foreign financial assets&#8221; (as&#160;defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or&#160;such higher dollar amount as prescribed by applicable Treasury Regulations). Specified foreign financial assets would include, among other assets, the trust units, unless the trust units are held through an account maintained with a U.S.&#160;financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event a U.S.&#160;Holder who is an individual (and&#160;to the extent specified in applicable Treasury regulations, a U.S.&#160;entity) that is required to file IRS Form&#160;8938 does not file such form, the statute of limitations on the assessment and collection of U.S.&#160;federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed. U.S.&#160;Holders should consult their own tax advisors with respect to their reporting obligations under this legislation or any other applicable filing requirements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;text-decoration:underline;text-decoration-color:#000000;">Foreign Account Tax Compliance Act</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Under an Intergovernmental Agreement between the United States and Canada implementing the U.S. Hiring Incentives to Restore Employment Act (the &#8220;HIRE Act&#8221;), the Trust will be required to annually report certain information regarding certain U.S. Holders to Revenue Canada which will automatically provide such information to the IRS. &#160;U.S. Holders are encouraged to consult their tax advisers regarding the HIRE Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Material Canadian Federal Income Tax Considerations</b><a name="MaterialCanadianFederalIncomeTaxConsider"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following is, as of the date hereof, a general description of the principal Canadian federal income tax considerations generally applicable under the Tax Act to the acquisition, holding and disposition of units</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 70 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">by a unitholder. This description is generally applicable to a unitholder who deals at arm&#8217;s length and is not affiliated with the Trust and holds units as capital property. Units will generally be considered capital property to a unitholder unless the unitholder holds the units in the course of carrying on a business of trading or dealing in securities or has acquired the units in a transaction or transactions considered to be an adventure in the nature of trade. Canadian resident unitholders who are not traders or dealers in securities and who might not otherwise be considered to hold their units as capital property may be entitled to have their units (and every other &#8220;Canadian security&#8221; owned by them in that taxation year or any subsequent taxation year) treated as capital property by making the irrevocable election permitted by subsection 39(4) of the Tax Act. Such unitholders should consult their own tax advisors regarding the availability and appropriateness of making this election having regard to their particular circumstances and the anticipated commodity holdings of the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This description is not applicable to a unitholder that is a &#8220;financial institution&#8221;, that is a &#8220;specified financial institution&#8221; or that has elected to determine its Canadian tax results in accordance with the &#8220;functional currency&#8221; rules, or an interest in which is a &#8220;tax shelter investment&#8221; (as all such terms are defined in the Tax Act). </font><font style="font-size:11pt;">This summary does not apply to a unitholder who enters into, or has entered into, a &#8220;synthetic disposition arrangement&#8221; or a &#8220;derivative forward agreement&#8221;, as that term is defined in the Tax Act. </font><font style="font-size:11pt;">This description assumes that the Trust is not subject to a &#8220;loss restriction event&#8221;, as defined in the Tax Act. In addition, this description does not address the deductibility of interest by a unitholder who has borrowed to acquire units. All such unitholders should consult with their own tax advisors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This description is also based on the assumption (discussed below under &#8220;Material Income Tax Considerations &#8211; SIFT Trust Rules&#8221;) that the Trust will at no time be a &#8220;SIFT trust&#8221; as defined in the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This description is based on the current provisions of the Tax Act, the regulations thereunder, all specific proposals to amend the Tax Act and the regulations publicly announced by the Minister of Finance (Canada) prior to the date hereof (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Tax Proposals</b><font style="font-size:11pt;">&#8221;), and an understanding of the current administrative and assessing policies of the Canada Revenue Agency (&#8220;</font><b style="font-size:11pt;font-weight:bold;">CRA</b><font style="font-size:11pt;">&#8221;). There can be no assurance that the Tax Proposals will be implemented in their current form or at all, nor can there be any assurance that the CRA will not change its administrative or assessing practices. This description further assumes that the Trust will comply with the Trust Agreement and that the Manager and the Trust will comply with a certificate issued to Canadian counsel regarding certain factual matters. Except for the Tax Proposals, this description does not otherwise take into account or anticipate any change in the law, whether by legislative, governmental or judicial decision or action, which may affect adversely any income tax consequences described herein, and does not take into account provincial, territorial or foreign tax considerations, which may differ significantly from those described herein.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">This description is not exhaustive of all possible Canadian federal tax considerations applicable to an investment in units. Moreover, the income and other tax consequences of acquiring, holding or disposing of units will vary depending on a taxpayer&#8217;s particular circumstances. Accordingly, this summary is of a general nature only and is not intended to constitute legal or tax advice to any unitholder or prospective purchaser of units. You should consult with your own tax advisors about tax consequences of an investment in units based on your particular circumstances.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">For the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of units (including distributions, adjusted cost base and proceeds of disposition), or transactions of the Trust, must be expressed in Canadian dollars. Amounts denominated in United States dollars must be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada on the day on which the amount first arose (or, if the Bank of Canada ordinarily quotes such a rate, but there is no such rate quoted for that</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 71 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">day, the closest preceding day for which such a rate is quoted) or such other rate of exchange as is acceptable to the CRA.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Qualification as a Mutual Fund Trust</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This description is based on the assumptions that the Trust will qualify at all times as a &#8220;unit trust&#8221; and a &#8220;mutual fund trust&#8221; within the meaning of the Tax Act. The Manager has confirmed that the Trust meets the requirements necessary for it to qualify as a mutual fund trust as of the date hereof, has met the requirements necessary for it to qualify as a mutual fund trust at all relevant times and expects that the Trust will continue to meet the requirements necessary for it to qualify as a mutual fund trust at all times thereafter.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">One of the conditions to qualify as a mutual fund trust for the purposes of the Tax Act is that the Trust has not been established or maintained primarily for the benefit of non-residents unless, at all times, all or substantially all of the Trust&#8217;s property consists of property other than &#8220;taxable Canadian property&#8221;. Physical gold and silver bullion is not &#8220;taxable Canadian property&#8221; or &#8220;specified property&#8221;. Accordingly, based on the investment objectives and investment restrictions, the Trust should not hold any such property.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In addition, to qualify as a mutual fund trust: (i) the Trust must be a Canadian resident &#8220;unit trust&#8221; for purposes of the Tax Act; (ii) the only undertaking of the Trust must be (a) the investing of its funds in property (other than real property or interests in real property); or (b) the acquiring, holding, maintaining, improving, leasing or managing of any real property (or interest in real property) that is capital property of the Trust; or (c) any combination of the activities described in (a) and (b); and (iii) the Trust must comply with certain minimum requirements regarding the ownership and dispersal of units (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">minimum distribution requirements</b><font style="font-size:11pt;">&#8221;). In this connection, the Manager intends to cause the Trust to qualify as a unit trust throughout the life of the Trust; that the Trust&#8217;s undertaking conforms with the restrictions for mutual fund trusts; and that it has no reason to believe at the date hereof that the Trust will not comply with the minimum distribution requirements at all material times.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Canadian Taxation of the Trust</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Each taxation year of the Trust will end on December 31. In each taxation year, the Trust will be subject to tax under Part I of the Tax Act on any income for the year, including net realized taxable capital gains, less the portion thereof that it deducts in respect of the amounts paid or payable in the year to unitholders. An amount will be considered to be payable to a unitholder in a taxation year if it is paid to the unitholder in the year by the Trust or if the unitholder is entitled in that year to enforce payment of the amount. The Trust intends to deduct, in computing its income in each taxation year, such amount in each year as will be sufficient to ensure that the Trust will generally not be liable for income tax under Part I of the Tax Act. The Trust will be entitled for each taxation year to reduce (or receive a refund in respect of) its liability, if any, for tax on its capital gains by an amount determined under the Tax Act based on the redemption of units during the year. Based on the foregoing, the Trust will generally not be liable for income tax under Part I of the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The CRA has expressed the opinion that gains (or losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for purposes of the Tax Act as being derived from an adventure in the nature in trade, so that such transactions give rise to ordinary income rather than capital gains &#8211; although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. In the view of Canadian counsel, the holding by the Trust of physical gold and silver bullion with no intention of disposing of such bullion except </font><i style="font-size:11pt;font-style:italic;">in specie</i><font style="font-size:11pt;"> on a redemption of units likely would not represent an adventure in the nature of trade so that a disposition, on a redemption of units, of physical gold and silver bullion that previously had been acquired with such intention would likely give rise to a</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 72 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">capital gain (or capital loss) to the Trust. As the Manager intends for the Trust to be a long-term holder of physical gold and silver bullion and does not anticipate that the Trust will sell its physical gold and silver bullion (otherwise than where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of physical gold and silver bullion as capital gains (or capital losses), although depending on the circumstances, the Trust may instead include (or deduct) the full amount of such gains or losses in computing its income. If the CRA were to assess or re-assess the Trust on the basis that gains realized on dispositions of physical gold and silver bullion were not on capital account, then the Trust could be required to pay Canadian income tax on such gains under Part I of the Tax Act to the extent such gains were not distributed to unitholders, which could reduce the NAV for all unitholders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust will also be required to include in its income for each taxation year all interest that accrues to it to the end of the year, or becomes receivable or is received by it before the end of the year, except to the extent that such interest was included in computing its income for a preceding taxation year. Upon the actual or deemed disposition of indebtedness, the Trust will be required to include in computing its income for the year of disposition all interest that accrued on such indebtedness from the last interest payment date to the date of disposition except to the extent such interest was included in computing the Trust&#8217;s income for that or another taxation year, and such income inclusion will reduce the proceeds of disposition for purposes of computing any capital gain or loss.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Under the current provisions of the Tax Act, the Trust is entitled to deduct in computing its income reasonable administrative and other operating expenses (other than certain expenses on account of capital) incurred by it for the purposes of earning income (other than taxable capital gains). No assurance can be provided that administration expenses of the Trust will not be considered to be on account of capital. The Trust generally may also deduct from its income for the year a portion of the reasonable expenses incurred by it to issue units. The portion of the issue expenses deductible by the Trust in a taxation year is 20% of the total issue expenses, pro rated where the Trust&#8217;s taxation year is less than 365 days.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Losses incurred by the Trust in a taxation year cannot be allocated to unitholders, but may be deducted by the Trust in future years in accordance with the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">SIFT Trust Rules</b><a name="SIFTTrustRules_70262"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust will be a &#8220;SIFT trust&#8221; as defined in the Tax Act for a taxation year of the Trust if in that year the units are listed or traded on a stock exchange or other public market and the Trust holds one or more &#8220;non-portfolio properties&#8221;, as defined in the Tax Act. If the Trust were a SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends from a taxable Canadian corporation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Physical gold and silver bullion and other property of the Trust will be non-portfolio property if such property is used by the Trust (or by a person or partnership with which it does not deal at arm&#8217;s length within the meaning of the Tax Act) in the course of carrying on a business in Canada. In some circumstances, significant holdings of &#8220;securities&#8221; (the term &#8220;security&#8221; is broadly defined in the Tax Act) of other entities could also be non-portfolio property.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust is subject to investment restrictions, including a prohibition against carrying on any business, that are intended to ensure that it will not be a SIFT trust. The mere holding by the Trust of physical gold and silver bullion as capital property (or as an adventure in the nature of trade) would not represent the use</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 73 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">of such property in carrying on a business in Canada and, therefore, would not by itself cause the Trust to be a SIFT trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Canadian Taxation of Unitholders</b><a name="CanadianTaxationofUnitholders_699150"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Unitholders Resident in Canada</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This part of the general description of the principal Canadian federal income tax considerations is applicable to a unitholder who, for the purposes of the Tax Act and any applicable tax treaty, is, or is deemed to be, resident in Canada at all relevant times (a &#8220;</font><b style="font-size:11pt;font-weight:bold;">Canadian unitholder</b><font style="font-size:11pt;">&#8221;). This portion of the description is primarily directed at unitholders who are individuals. Unitholders who are Canadian resident corporations, trusts or other entities should consult their own tax advisors regarding their particular circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Canadian unitholders will generally be required to include in their income for tax purposes for a particular year the portion of the income of the Trust for that particular taxation year, including net realized taxable capital gains, if any, that is paid or payable to the Canadian unitholder in the particular taxation year, whether such amount is received in additional units or cash. Provided that appropriate designations are made by the Trust, such portion of its net taxable capital gains as is paid or payable to a Canadian unitholder will effectively retain its character and be treated as such in the hands of the unitholder for purposes of the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The non-taxable portion of any net realized capital gains of the Trust that is paid or payable to a Canadian unitholder in a taxation year will not be included in computing the Canadian unitholder&#8217;s income for the year. Any other amount in excess of the income of the Trust that is paid or payable to a Canadian unitholder in such year also will not generally be included in the Canadian unitholder&#8217;s income for the year. However, where such other amount is paid or payable to a Canadian unitholder (other than as proceeds of disposition of units), the Canadian unitholder generally will be required to reduce the adjusted cost base of a unit to the Canadian unitholder by such amount. To the extent that the adjusted cost base of a unit would otherwise be less than zero, the negative amount will be deemed to be a capital gain realized by the Canadian unitholder from the disposition of the unit and the Canadian unitholder&#8217;s adjusted cost base in respect of the unit will be increased by the amount of such deemed capital gain to zero.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Upon the actual or deemed disposition of a unit, including its redemption, a capital gain (or a capital loss) will generally be realized to the extent that the proceeds of disposition of the unit exceed (or are exceeded by) the aggregate of the adjusted cost base of the unit to the Canadian unitholder and any costs of disposition. For the purpose of determining the adjusted cost base to a Canadian unitholder of a unit, when a unit is acquired, the cost of the newly acquired unit will be averaged with the adjusted cost base of all units owned by the Canadian unitholder as capital property that were acquired before that time. For this purpose, the cost of units that have been issued as an additional distribution will generally be equal to the amount of the net income or capital gain distributed to the Canadian unitholder in units. A consolidation of units following a distribution paid in the form of additional units will not be regarded as a disposition of units and will not affect the aggregate adjusted cost base to a Canadian unitholder of units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Under the Tax Act, one-half of capital gains (&#8220;</font><b style="font-size:11pt;font-weight:bold;">taxable capital gains</b><font style="font-size:11pt;">&#8221;), are included in an individual&#8217;s income and one-half of capital losses (&#8220;</font><b style="font-size:11pt;font-weight:bold;">allowable capital losses</b><font style="font-size:11pt;">&#8221;), are generally deductible only against taxable capital gains. Any unused allowable capital losses may be carried back up to three taxation years and forward indefinitely and deducted against net taxable capital gains realized in any such other year to the extent and under the circumstances described in the Tax Act. Capital gains realized by individuals may give rise to alternative minimum tax. If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of redemption proceeds (or any other</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 74 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">amounts) distributed to unitholders, with the result that Canadian resident unitholders could be reassessed by the CRA to increase their taxable income by the amount of such increase.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If, at any time, the Trust delivers physical gold and silver bullion to any Canadian unitholder upon a redemption of a Canadian unitholder&#8217;s units, the Canadian unitholder&#8217;s proceeds of disposition of the units will generally be equal to the aggregate of the fair market value of the distributed physical gold and silver bullion and the amount of any cash received, less any capital gain or income realized by the Trust on the disposition of such physical gold and silver bullion and allocated to the Canadian unitholder. The cost of any physical gold and silver bullion distributed by the Trust </font><i style="font-size:11pt;font-style:italic;">in specie </i><font style="font-size:11pt;">will generally be equal to the fair market value of such physical gold and silver bullion at the time of the distribution. Pursuant to the Trust Agreement, the Trust has the authority to distribute, allocate and designate any income or taxable capital gains of the Trust to a Canadian unitholder who has redeemed units during a year in an amount equal to the taxable capital gains or other income realized by the Trust as a result of such redemption (including any taxable capital gain or income realized by the Trust in distributing physical gold and silver bullion to a unitholder who has redeemed units for such physical gold and silver bullion, and any taxable capital gain or income realized by it before, at or after the redemption on selling physical gold and silver bullion in order to fund the payment of the cash redemption proceeds), or such other amount that is determined by the Trust to be reasonable. The Manager anticipates that the Trust will generally make such an allocation where the Manager determines that the Trust realized a capital gain on such redemption and the Trust had net realized capital gains for that year for which the Trust was not entitled to a capital gains refund (as described under &#8220;Material Income Tax Considerations &#8211; Material Canadian Federal Income Tax Considerations &#8211; Canadian Taxation of the Trust&#8221;). Any such allocations will reduce the redeeming Canadian unitholder&#8217;s proceeds of disposition for the purposes of the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager anticipates that the Trust generally will treat gains as a result of dispositions of physical gold and silver bullion as capital gains (see above under &#8220;Material Income Tax Considerations &#8211; Material Canadian Federal Income Tax Considerations &#8211; Canadian Taxation of the Trust&#8221;) and it anticipates that when the Trust distributes physical gold and silver bullion on the redemption of units by Canadian unitholders, any resulting taxable capital gains of the Trust (to the extent that there are resulting net realized capital gains of the Trust for the related taxation year) for which the Trust is not entitled to a capital gains refund, as described under &#8220;Canadian Taxation of the Trust&#8221; generally will be designated as taxable capital gains of such unitholders. If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of redemption proceeds (or any other amounts) distributed to unitholders, with the result that Canadian unitholders could be reassessed by the CRA to increase their taxable income by the amount of such increase.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">Unitholders Not Resident in Canada</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This portion of the description is applicable to a unitholder who, at all relevant times for purposes of the Tax Act, has not been and is not resident in Canada or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold its units in connection with a business that the unitholder carries on, or is deemed to carry on, in Canada at any time, and is not an insurer or bank who carries on an insurance or banking business or is deemed to carry on an insurance or banking business in Canada and elsewhere (a &#8220;</font><b style="font-size:11pt;font-weight:bold;">Non-Canadian unitholder</b><font style="font-size:11pt;">&#8221;). Prospective non-resident purchasers of units should consult their own tax advisors to determine their entitlement to relief under any income tax treaty between Canada and their jurisdiction of residence, based on their particular circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any amount paid or credited by the Trust to a Non-Canadian unitholder as income of or from the Trust, whether such amount is received in additional units or cash (other than an amount that the Trust has designated in accordance with the Tax Act as a taxable capital gain, and including an amount paid on a</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 75 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">redemption of units to a Non-Canadian unitholder that is designated as a distribution of income in accordance with the Trust Agreement) generally will be subject to Canadian withholding tax at a rate of 25%, unless such rate is reduced under the provisions of an income tax treaty between Canada and the Non-Canadian unitholder&#8217;s jurisdiction of residence. Pursuant to the </font><i style="font-size:11pt;font-style:italic;">Canada United States Income Tax Convention</i><font style="font-size:11pt;">, as amended (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Treaty</b><font style="font-size:11pt;">&#8221;), a Non-Canadian unitholder who is a resident of the United States and entitled to benefits under the Treaty will generally be entitled to have the rate of Canadian withholding tax reduced to 15% of the amount of any distribution that is paid or credited as income of or from the Trust. A Non-Canadian unitholder that is a religious, scientific, literary, educational or charitable organization that is resident in, and exempt from tax in, the United States may be exempt from Canadian withholding tax under the Treaty, provided that certain administrative procedures are observed regarding the registration of such unitholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any amount paid or credited by the Trust to a Non-Canadian unitholder that the Trust has validly designated in accordance with the Tax Act as a taxable capital gain, including such an amount paid on a redemption of units, generally will not be subject to Canadian withholding tax or otherwise be subject to tax under the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust does not presently own any &#8220;taxable Canadian property&#8221; (as defined in the Tax Act) and does not intend to own any taxable Canadian property. However, if the Trust realizes a capital gain on the disposition of a taxable Canadian property and that gain is treated under the Tax Act and in accordance with a designation by the Trust as being distributed to a Non-Canadian unitholder, there may be Canadian withholding tax at the rate of 25% (unless reduced by an applicable tax treaty) on both the taxable and non-taxable portions of the gain.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Any amount in excess of the income of the Trust that is paid or payable by the Trust to a Non-Canadian unitholder (including the non-taxable portion of capital gains realized by the Trust) otherwise generally will not be subject to Canadian withholding tax. Where such excess amount is paid or becomes payable to a Non-Canadian unitholder, otherwise than as proceeds of disposition or deemed disposition of units or any part thereof, the amount generally will reduce the adjusted cost base of the units held by such Non-Canadian unitholder. (However, the non-taxable portion of net realized capital gains of the Trust that is paid or payable to a Non-Canadian unitholder will not reduce the adjusted cost base of the units held by the Non-Canadian unitholder.) If, as a result of such reduction, the adjusted cost base to the Non-Canadian unitholder in any taxation year of units would otherwise be a negative amount, the Non-Canadian unitholder will be deemed to realize a capital gain in such amount for that year from the disposition of units. Such capital gain will not be subject to tax under the Tax Act, unless the units represent &#8220;taxable Canadian property&#8221; to such Non-Canadian unitholder. The Non-Canadian unitholder&#8217;s adjusted cost base in respect of units will, immediately after the realization of such capital gain, be zero.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A disposition or deemed disposition of a unit by a Non-Canadian unitholder, whether on a redemption or otherwise, will not give rise to any capital gain subject to tax under the Tax Act, provided that the unit does not constitute &#8220;taxable Canadian property&#8221; of the Non-Canadian unitholder for purposes of the Tax Act. Units will not be &#8220;taxable Canadian property&#8221; of a Non-Canadian unitholder unless at any time during the 60-month period immediately preceding their disposition by such Non-Canadian unitholder, (i) 25% or more of the issued units were owned by or belonged to one or more of the Non-Canadian unitholder, persons with whom the Non-Canadian unitholder did not deal at arm&#8217;s length, and partnerships in which the Non-Canadian unitholder or persons with whom the Non-Canadian unitholder did not deal at arm&#8217;s length holds a membership interest directly or indirectly through one or more partnerships; and (ii) the units derived directly or indirectly more than 50% of their fair market value from any combination of &#8220;Canadian resource properties&#8221; (which definition in the Tax Act does not include gold or silver bullion), real or immovable property situated in Canada, timber resource properties (as defined in the Tax Act) or options or interests in such properties or the units were otherwise deemed to be taxable Canadian property. Assuming that the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 76 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Trust adheres to its mandate to invest and hold substantially all of its assets in physical gold bullion and silver bullion, the units should not be taxable Canadian property.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Even if units held by a Non-Canadian unitholder were &#8220;taxable Canadian property&#8221;, a capital gain from the disposition of units may be exempted from tax under the Tax Act pursuant to an applicable income tax treaty or convention. A capital gain realized on the disposition of units by a Non-Canadian unitholder entitled to benefits under the Treaty (and who is not a former resident of Canada for purposes of the Treaty) should be exempt from tax under the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Non-Canadian unitholders whose units constitute &#8220;taxable Canadian property&#8221; and who are not entitled to relief under an applicable income tax treaty are referred to the discussion above under &#8220;Material Income Tax Considerations &#8211; Canadian Taxation of Unitholders &#8211; Unitholders Resident in Canada&#8221; relating to the Canadian tax consequences in respect of a disposition of a unit.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager anticipates that the Trust generally will treat gains as a result of dispositions of physical gold and silver bullion as capital gains (see above under &#8220;&#8211; Material Canadian Federal Income Tax Considerations &#8211; Canadian Taxation of the Trust&#8221;) and that it anticipates that when the Trust distributes physical gold and silver bullion on the redemption of units by Non-Canadian unitholders, any resulting taxable capital gains of the Trust (to the extent that there are resulting net realized capital gains of the Trust for the related taxation year) for which the Trust is not entitled to a capital gains refund, as described under &#8220;Material Income Tax Considerations &#8211; Material Canadian Federal Income Tax Considerations &#8211; Canadian Taxation of the Trust&#8221; generally will be designated as taxable capital gains of such unitholders. If such treatment is accepted by the CRA, there will be no Canadian withholding tax applicable to such distributions, and Non-Canadian unitholders will not be subject to tax under the Tax Act on amounts so designated. However, if the CRA were to consider that such gains instead were gains from an adventure in the nature of trade, the distribution of such gains generally would be subject to Canadian withholding tax, as discussed above. Similarly, if the Trust disposed of physical gold and silver bullion (or other assets) at a gain and designated one-half of that gain as a taxable capital gain of a Non-Canadian unitholder who had redeemed units for cash, the full amount of such gain generally would be subject to Canadian withholding tax if the CRA were to treat such gain as being from an adventure in the nature of trade rather than as a capital gain.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Taxation of Registered Plans</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Provided that either (i) the Trust qualifies as a &#8220;mutual fund trust&#8221; within the meaning of the Tax Act or (ii) the units are listed on a &#8220;designated stock exchange&#8221; for purposes of the Tax Act, the units, if issued on the date hereof, will be qualified investments under the Tax Act and the regulations thereunder for </font><font style="font-size:11pt;">trusts governed by registered retirement savings plans (&#8220;</font><b style="font-size:11pt;font-weight:bold;">RRSPs</b><font style="font-size:11pt;">&#8221;), registered retirement income funds (&#8220;</font><b style="font-size:11pt;font-weight:bold;">RRIFs</b><font style="font-size:11pt;">&#8221;), tax-free savings accounts (&#8220;</font><b style="font-size:11pt;font-weight:bold;">TFSAs</b><font style="font-size:11pt;">&#8221;), registered education savings plans, deferred profit sharing plans or registered disability savings plans (collectively, &#8220;</font><b style="font-size:11pt;font-weight:bold;">Registered Plans</b><font style="font-size:11pt;">&#8221;)</font><font style="font-size:11pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Notwithstanding that the units may be qualified investments for TFSAs, RRSPs and RRIFs, the holder of a TFSA or the annuitant under an RRSP or RRIF, as the case may be, will be subject to penalty taxes in respect of the units if such properties are a &#8220;prohibited investment&#8221; (as defined in the Tax Act) for the TFSA, RRSP or RRIF, as applicable. &#160;Units will not generally be a prohibited investment provided that the holder of the TFSA or the annuitant under the RRSP or RRIF, as applicable, deals at arm&#8217;s length with the Trust for purposes of the Tax Act and does not have a &#8220;significant interest&#8221; (within the meaning of the Tax Act) in the Trust. In addition, units will generally not be a &#8220;prohibited investment&#8221; if the units are &#8220;excluded property&#8221; (as defined in the Tax Act) for TFSA&#8217;s, RRSPs or RRIFs. &#160;Holders of TFSAs and annuitants under RRSPs or RRIFs should consult their own tax advisors in this regard.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 77 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Amounts of income and capital gains included in a Registered Plan&#8217;s income are generally not taxable under Part I of the Tax Act, provided that the units are qualified investments for the Registered Plan. &#160;Unitholders should consult their own advisors regarding the tax implications of establishing, amending, terminating or withdrawing amounts from a Registered Plan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">RISK FACTORS</b><a name="RISKFACTORS_774964"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-size:11pt;font-style:italic;">You should consider </i><font style="font-size:11pt;font-style:italic;font-weight:bold;">carefully</font><i style="font-size:11pt;font-style:italic;"> the risks described below before making an investment decision. You should also refer to the other information of the Trust including the Trust&#8217;s financial statements and the related note.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The value of the units relates directly to the value of the gold and silver held by the Trust, and fluctuations in the price of gold and silver could materially adversely affect an investment in the units.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The value of the Trust&#8217;s gold and silver assets is based on the spot price reported for gold and silver bullion, respectively. The price of gold and silver may be affected at any time by many international, economic, monetary and political factors, many of which are unpredictable. These factors include, without limitation:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">a)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">global gold and silver supply and demand, which is influenced by such factors as:</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">i.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">purchases made by gold and silver producers to unwind hedge positions;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">i.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">central bank purchases and sales;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">ii.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">production and cost levels in major gold and silver producing countries; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">iii.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">new production projects;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">investors&#8217; expectations for future inflation rates;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;"> exchange rate volatility of the U.S. dollar, the principal currency in which the prices of gold and silver are generally quoted;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">interest rate volatility; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">e)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;"> unexpected global, or regional, political or economic incidents</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Changing tax, royalty, land and mineral rights ownership and leasing regulations in gold or silver producing countries can also have an impact on market functions and expectations for future gold and silver supply. This can affect share prices of gold and silver mining companies and the relative prices of other commodities, which are both factors that may affect investor decisions in respect of investing in gold and silver.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The Trust does not actively trade gold and silver to take advantage of short-term market fluctuations in the price of gold and silver or generate other income. Accordingly, the Trust&#8217;s long-term performance is dependent on the long-term performance of the price of gold or silver. As a result, an investment in the Trust will yield long term gains only if the value of gold and silver increases in an amount in excess of the Trust&#8217;s expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The trading price of units on NYSE Arca and the TSX is not predictable and may be affected by factors beyond the control of the Trust.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In addition to changes in the price of gold and silver bullion, the trading price of units may be affected by other factors beyond the control of the Trust, which may include the following: macroeconomic developments in North America and globally; market perceptions of attractiveness of physical gold and silver bullion as an investment; the lessening in trading volume and general market interest in the units which may affect a unitholder&#8217;s ability to trade significant numbers of units; and the size of the Trust&#8217;s public float which may limit the ability of some institutions to invest in the units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 78 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">There can be no assurance that the units will trade at, or near, their underlying net asset value.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust cannot predict whether the units will trade above, at or below NAV. The trading price of units may not closely track the price of physical gold and silver bullion, and units may trade at a significant premium or discount from time to time. While it is expected that the ability to redeem units for physical bullion at 100% of NAV (less certain costs) should result in the market price of the units trading close to NAV of the Trust, there can be no assurance that this will occur as the market price of the units will be influenced by a number of factors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Because the Trust does primarily invest in physical gold and silver bullion, an investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust does primarily invest at all times in physical gold and silver bullion. As a result, the Trust&#8217;s holdings are not diversified. Accordingly, the NAV may be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. An investment in the Trust may be deemed speculative and is not intended as a complete investment program. An investment in units should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated with an investment in the Trust. Investors should review closely the objectives and strategy, the Investment and Operating Restrictions and the redemption provisions of the Trust as outlined herein and familiarize themselves with the risks associated with an investment in the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:11pt;font-weight:bold;">The Trust may conduct further offerings of units from time to time, at which time it will offer units at a price that will be at or above NAV at the time of the offering but that may be below the trading price of units on NYSE Arca or TSX at that time.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust may conduct further offerings of units from time to time. The Trust Agreement provides that the net proceeds to the Trust of any offering must be at or above NAV prior to, or upon determining the pricing of, the offering. Follow on offerings of securities of issuers that are traded on an exchange usually are priced below the trading price of such securities at the time of an offering to induce investors to purchase securities in the follow on offering rather than through the exchange on which such securities are traded. Consequently, the price to the public at which such units are offered likely will be below the trading price of units of the Trust on NYSE Arca or TSX at the time of the offering, which may have the effect of lowering the trading price of units immediately after the pricing of such follow on offering. In addition, if and as long as the trading price of the units is below NAV, it is unlikely that the Trust will be able to conduct a further offering of units, because the Trust Agreement governing the Trust provides such units would have to be offered at a price above the trading price of units. The Manager may, from time to time and in its sole discretion, pay some or all of the expenses associated with an offering of units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Significant redemptions of units may affect the liquidity and trading price of units and increase the pro rata expenses per unit.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Redemptions of units in significant amounts could result in a decrease in the trading liquidity of the units and increase the amount of Trust expenses allocated to each remaining unit. Such increased expenses may reduce the NAV and the trading price of the unit.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Any sale of gold and silver by the Trust to pay expenses will reduce the amount of gold and silver represented by each unit on an ongoing basis irrespective of whether the trading price of the units rises or falls in response to changes in the price of gold or silver.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Each outstanding unit represents an equal, fractional, undivided ownership interest in the net assets of the Trust attributable to the units. As the Trust does not expect to generate any net income and will sell physical</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 79 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">gold and silver bullion over time on an as needed basis to pay for its ongoing expenses and to cover certain redemptions, the amount of gold and silver represented by each unit will, and the NAV may, gradually decline over time. This is true even if additional units are issued in future offerings of units by the Trust from time to time, as the amount of gold and silver acquired by the proceeds of any such future offering of units will proportionately reflect the amount of gold and silver represented by such units. Assuming a constant gold and silver price, the trading price of the units is expected to gradually decline relative to the price of gold and silver as the amount of gold and silver represented by the units gradually declines. The units will only maintain their original value if the price of gold or silver increases enough to offset the Trust&#8217;s expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unitholders are not entitled to participate in management of the Trust.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Unitholders will not be entitled to participate in the management or control of the Trust or its operations, except to the extent of exercising their right to vote their units in certain circumstances. Unitholders will not have any input into the Trust&#8217;s daily activities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The rights of unitholders differ from those of shareholders of a corporation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Because the Trust is organized as a trust rather than a corporation, the rights of unitholders are set forth in the Trust Agreement rather than the constating documents and applicable legislation of a corporation, such as, for example, the articles and by-laws and the </font><i style="font-size:11pt;font-style:italic;">Business Corporations Act</i><font style="font-size:11pt;"> (Alberta) (which were in applicable at CFCL prior to the completion of the Arrangement). This means that unitholders will not have the statutory rights normally associated with the ownership of shares of a corporation nor any special rights conferred by the articles of the corporation, as was the case at CFCL. For example, the Trust is not subject to minimum quorum requirements, is not required to hold annual meetings, and has no officers or directors. Unitholders will have the right to vote on matters brought before unitholders in accordance with the Trust Agreement but will not have a right to elect the Manager, although unitholders must approve a change in the Manager, except in specified circumstances. In addition, unitholders will not have the right to bring oppression actions or derivative actions in the name of a corporation, as permitted in accordance with corporate law.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">A redemption of units for cash will likely yield a lesser amount than selling the units on NYSE Arca or the TSX, if such a sale is possible.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Because the cash redemption value of the units is based on 95% of the lesser of: (i) the volume weighted average trading price of the units traded on NYSE Arca or, if trading has been suspended on NYSE Arca, the volume weighted average trading price of the units traded on the TSX, for the last five days on which the respective exchange is open for trading for the month in which the redemption request is processed and (ii) the NAV of the redeemed units as of 4:00p.m. (Toronto time) on the last day of the month on which NYSE Arca is open for trading for the month in which the redemption request is processed, redeeming the units for cash will generally yield a lesser amount than selling the units on NYSE Arca or the TSX, assuming such a sale is possible. You should consider the manner in which the cash redemption value is determined before exercising your right to redeem your units for cash.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Redemption of units for physical bullion will not be available to all unitholders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">A unitholder may only redeem units for physical gold and silver bullion, provided the redemption request is for at least the Minimum Bullion Redemption Amount. Unitholders who wish to exercise redemption privileges for physical gold and silver bullion will not receive the NAV of the units redeemed in physical gold and silver bullion. Unitholders wishing to redeem units for physical gold and silver bullion may not receive bullion in proportion to the value of the physical gold and silver bullion held by the Trust or at all.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 80 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The amount of physical gold and silver bullion a redeeming unitholder is entitled to receive is determined by the Manager by allocating the Redemption Amount between the applicable bullion Redemption Amounts and the makeup of the Trust&#8217;s inventory of physical gold and silver bullion. Any portion of gold or silver bullion not available at the time of redemption will be paid in cash at a rate equal to 100% of aggregate value of the NAV per unit of such unavailable amount. In addition, units redeemed for physical gold and silver bullion will have a redemption value equal to the aggregate value of the NAV per unit of the redeemed units on the last day of the month on which NYSE Arca is open for trading in the month during which the redemption request is processed. Certain expenses will be subtracted from the value of the redeemed units and the resulting amount the unitholder will receive. See &#8220;Redemptions for Gold and Silver Bullion&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unitholders who wish to exercise redemption privileges for physical gold and silver bullion may not receive the entire amount of their redemption proceeds in physical gold and silver bullion.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Unitholders wishing to redeem units for physical gold and silver bullion may not receive bullion in proportion to the value of the physical gold and silver bullion held by the Trust or at all. The amount of physical gold and silver bullion a redeeming unitholder is entitled to receive is determined by the Manager by allocating the Redemption Amount between the applicable bullion Redemption Amounts and the makeup of the Trust&#8217;s inventory of physical gold and silver bullion. Any portion of gold or silver bullion not available at the time of redemption will be paid in cash at a rate equal to 100% of aggregate value of the NAV per unit of such unavailable amount.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">If a unitholder redeems units for physical gold and silver bullion and requests to have the gold and silver delivered to a destination other than an institution authorized to accept and hold London Good Delivery gold and silver bars, the physical gold and silver bullion will no longer be deemed London Good Delivery once it has been delivered.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">London Good Delivery bars have the advantage that a purchaser generally will accept such bars as consisting of the indicated number of troy ounces of at least .995 fine gold or fine silver, as applicable, without assaying or otherwise testing them. This provides London Good Delivery bars with added liquidity as a sale of such bars can be completed more easily than the sale of physical gold and silver bullion that is not London Good Delivery. The Trust will only purchase London Good Delivery bars, and the physical gold and silver bullion owned by the Trust will retain its status as London Good Delivery bars while it is stored at a qualified institution. If a unitholder redeems units for physical gold and silver bullion and has the gold and silver delivered to an institution authorized to accept and hold London Good Delivery gold bars through an armored transportation service carrier that is eligible to transport London Good Delivery gold and silver bars, it is likely that the gold and silver will retain their London Good Delivery status while in the custody of that institution. However, if the redeeming unitholder instructs that gold and silver be delivered to a destination other than such an institution, the physical gold and silver bullion delivered to the unitholder will no longer be deemed London Good Delivery once it has been delivered pursuant to the redeeming unitholder&#8217;s delivery instructions, which may make a future sale of such gold and silver more difficult.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">All redemptions will be determined using United States dollars, which will expose redeeming non-United States unitholders to currency risk.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">All redemptions will be determined using United States dollars. All redeeming unitholders will receive any cash amount to which the unitholder is entitled in connection with the redemption in United States dollars, and will be exposed to the risk that the exchange rate between the United States dollar and the other currency in which the unitholder generally operates will result in a lesser redemption amount than the unitholder would have received if the redemption amount had been calculated and delivered in such other currency.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 81 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In addition, because any cash as a result of the redemption will be delivered in United States dollars, the redeeming unitholder may be required to open or maintain an account that can receive deposits of U.S. dollars.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">A notice of redemption is irrevocable.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In order to redeem units for cash or gold and silver, a unitholder must provide a notice of redemption to the transfer agent. Except when redemptions have been suspended by the Manager, once a notice of redemption has been received by the transfer agent, it can no longer be revoked by the unitholder under any circumstances, though it may be rejected by the transfer agent if it does not comply with the requirements for a notice of redemption. See &#8220;Redemption of Units&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">A redeeming unitholder that suffers loss of, or damage to, its physical gold and silver bullion during delivery from the Trust&#8217;s custodian will not be able to claim damages from the Trust or the custodian.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If a unitholder exercises its option to redeem units for physical gold and silver bullion, the unitholder&#8217;s physical gold and silver bullion will be transported by an armored transportation service carrier engaged by or on behalf of the redeeming unitholder. Because ownership of the physical gold and silver bullion will transfer to such unitholder at the time the Trust&#8217;s custodian surrenders the physical gold and silver bullion to the armored transportation service carrier, the redeeming unitholder will bear the risk of loss from the moment the armored transportation service carrier takes possession of the physical gold and silver bullion on behalf of such unitholder. In the event of any loss or damage in connection with the delivery of the physical gold and silver bullion after such time, such unitholder will not be able to claim damages from the Trust or the Trust&#8217;s custodian but will need to bring a claim against the armored transportation service carrier.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Trust does not insure its assets and there may not be adequate sources of recovery if its gold or silver is lost, damaged, stolen or destroyed.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust does not insure its assets, including the physical gold and silver bullion stored at the Mint. Consequently, if there is a loss of assets of the Trust through theft, destruction, fraud or otherwise, the Trust and unitholders will need to rely on the obligations of the custodian and insurance carried by applicable third parties, if any, or on the custodian&#8217;s or such third party&#8217;s ability to satisfy any claims against it. The amount of insurance available or the financial resources of the custodian or a responsible third party may not be sufficient to satisfy the Trust&#8217;s claim against such party. Also, unitholders are unlikely to have any right to assert a claim directly against the custodian or such third party; such claims may only be asserted by the Trustee on behalf of the Trust. In addition, if a loss is covered by insurance carried by the custodian or a third party, the Trust, which is not a beneficiary of such insurance, may have to rely on the efforts of the custodian or third party to recover its loss. This may delay or hinder the Trust&#8217;s ability to recover its loss in a timely manner or otherwise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">A loss with respect to the Trust&#8217;s gold or silver that is not covered by third-party insurance and for which compensatory damages cannot be recovered would have a negative impact on the NAV and would adversely affect an investment in the units. In addition, any event of loss may adversely affect the operations of the Trust and, consequently, an investment in the units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">RBC Investor Services, the Mint and other service providers engaged by the Trust, may not carry adequate insurance to cover claims against them by the Trust.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Unitholders cannot be assured that RBC Investor Services, the Mint or other service providers engaged by the Trust will maintain any insurance with respect to the Trust&#8217;s assets held or the services that such parties</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 82 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">provide to the Trust and, if they maintain insurance, that such insurance is sufficient to satisfy any losses incurred by them in respect of their relationship with the Trust. In addition, none of the Trust&#8217;s service providers are required to include the Trust as a named beneficiary of any such insurance policies that are purchased. Accordingly, the Trust will have to rely on the efforts of the service provider to recover from their insurer compensation for any losses incurred by the Trust in connection with such arrangements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Under Canadian law, the Trust and unitholders may have limited recourse against the Mint.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Mint is a Canadian Crown corporation. A Crown corporation may be sued for breach of contract or for wrongdoing in tort where it has acted on its own behalf or on behalf of the Crown. However, a Crown corporation may be entitled to immunity if it acts as agent of the Crown rather than in its own right and on its own behalf. The Mint has entered into the Gold and Silver Storage Agreement relating to the custody of the Trust&#8217;s physical gold and silver bullion on its own behalf and not on behalf of the Crown; nevertheless, a court may determine that, when acting as custodian of the Trust&#8217;s physical gold and silver bullion, the Mint acted as agent of the Crown and, accordingly, that the Mint may be entitled to immunity of the Crown. Consequently, the Trust or a unitholder may not be able to recover for any losses incurred as a result of the Mint&#8217;s acting as custodian of the Trust&#8217;s physical gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Mint may become a private enterprise, in which case its obligations will not constitute the unconditional obligations of the Government of Canada.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the past, there has been speculation regarding whether the Government of Canada might privatize the Mint. The Mint will not remain a Crown corporation if the Government of Canada privatizes the Mint. If the Mint were to become a private entity, its obligations would no longer generally constitute unconditional obligations of the Government of Canada and, although it would continue to be responsible for and bear the risk of loss of, and damage to, the Trust&#8217;s physical gold and silver bullion that is in its custody, there would be no assurance that the Mint would have the resources to satisfy claims of the Trust against the Mint based on a loss of, or damage to, the Trust&#8217;s physical gold and silver bullion in the custody of the Mint.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Trust may terminate and liquidate at a time that is disadvantageous to unitholders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If the Trust is required to terminate and liquidate or the Manager determines to terminate and liquidate the Trust, such termination and liquidation could occur at a time which is disadvantageous to unitholders, such as when gold and silver prices are lower than the gold and silver prices at the time when unitholders purchased their units. In such a case, when the Trust&#8217;s physical gold and silver bullion is sold as part of the Trust&#8217;s liquidation, the resulting proceeds distributed to unitholders will be less than if gold and silver prices were higher at the time of sale. In certain circumstances, the Manager will have the ability to terminate the Trust without the consent of unitholders. The Manager&#8217;s interests may differ from those of the unitholders, and the Manager may terminate the Trust at a time that is not advantageous for the unitholder. See &#8220;Termination of the Trust&#8221; for more information about the termination of the Trust, including when the termination of the Trust may be triggered by events outside the direct control of the Manager, the Trustee or the unitholders. The termination and liquidation of the Trust may result in taxable income or gain for unitholders. For a discussion of the tax treatment of any such income or gain, see </font><i style="font-size:11pt;font-style:italic;">&#8220;</i><font style="font-size:11pt;">Certain Canadian Federal Income Tax Considerations</font><i style="font-size:11pt;font-style:italic;">&#8221;.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Trust may suspend redemptions, which may affect the trading price of the units.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In certain circumstances, the Manager, on behalf of the Trust, may suspend the right of unitholders to request a redemption of their units or postpone the date of delivery or payment of the redemption proceeds of the Trust (whether physical gold and silver bullion and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having jurisdiction, where required. Such</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 83 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">circumstances include any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the Manager to determine the value of the assets of the Trust or the redemption amount for the units. See &#8220;Redemption of Units - Redemptions for Physical Gold and Silver Bullion&#8221; and &#8220;Redemption of Units - Redemptions for Cash&#8221;. This may affect the trading price of the units at a time when an investor wishes to sell its units on NYSE Arca or the TSX. Accordingly, units may not be an appropriate investment for investors who seek immediate liquidity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The market for units and the liquidity of units may be adversely affected by competition from other vehicles or methods for investing in gold and silver.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold and silver industry and other securities backed by or linked to gold and silver such as bullion exchange-traded funds (ETFs), direct investments in gold and silver and investment vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Manager&#8217;s control, may make it more attractive to invest in other financial vehicles or to invest in gold and silver directly, which could limit the market for the units and reduce the liquidity of the units and, accordingly, the price received for sales of units on NYSE Arca or the TSX.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The COVID-19 outbreak may have a significant negative effect on the Trust.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global and local economy may have a significant negative effect on the Trust, such as decreasing the willingness of the general population to travel, causing staff shortages, market fluctuations in the price of gold and silver, and increased government regulation, all of which may negatively impact the Trust&#8217;s business, financial condition and results of operations including the ability for the Trust to provide services, including but not limited to, the Trust&#8217;s ability to carry out unitholders redemption requests and its ability to deliver physical gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Trust will sell physical gold and silver bullion to provide available funds for its expenses and for any cash redemptions.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">From time to time the Trust will sell physical gold and silver bullion to replenish its cash reserve to meet its expenses and any cash redemptions. Such sales may result in a reduction of the NAV and the trading price of the units. There is no limit on the total amount of gold or silver that the Trust may sell in order to pay expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unitholders do not have the protections associated with ownership of units in an investment company registered under the U.S. Investment Company Act of 1940, as amended or the protections afforded by the Commodity Exchange Act.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust is not registered as an investment company under the </font><i style="font-size:11pt;font-style:italic;">United States Investment Company Act of 1940</i><font style="font-size:11pt;">, as amended, and is not required to register under such act. Consequently, unitholders will not have the regulatory protections provided to investors in investment companies. The Trust does not and will not hold or trade in commodity futures contracts regulated by the </font><i style="font-size:11pt;font-style:italic;">United States Commodity Exchange Act of 1936</i><font style="font-size:11pt;">, as administered by the U.S. Commodity Futures Trading Commission (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">CFTC</b><font style="font-size:11pt;">&#8221;). Furthermore, the Trust is not a commodity pool for purposes of the </font><i style="font-size:11pt;font-style:italic;">Commodity Exchange Act</i><font style="font-size:11pt;">, and neither the Manager nor the Trustee is, nor will any underwriters be, subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the units. Consequently, unitholders do not have the regulatory protections provided to investors in Commodity Exchange Act regulated instruments or commodity pools.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 84 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Manager and its affiliates also manage other funds that invest in physical gold and silver bullion and other assets that may be held by the Trust, and conflicts of interest by the Manager or its affiliates may occur.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager is responsible for the day to day business and operation of the Trust and, therefore, exercises significant control over the Trust. The Manager may have different interests than the unitholders and consequently may act in a manner that is not advantageous to unitholders at any particular time. The Manager and GP, GP&#8217;s directors and officers, and their respective affiliates and associates may engage in the promotion, management or investment management of other accounts, funds or trusts that invest primarily in physical gold and silver bullion. The Manager currently sub-advises other physical bullion funds, mutual funds and hedge funds that may also include physical gold and silver bullion as part of their portfolios. Some of these funds include Ninepoint Gold Bullion Fund, and Ninepoint Silver Bullion Fund, Canadian public mutual funds which have an investment objective and strategy to hold physical gold or silver bullion, similar to the Trust. Although officers, directors and professional staff of the Manager may devote as much time to the Trust as is deemed appropriate to perform their duties, the staff of the Manager may have conflicts in allocating their time and services among the Trust and the other accounts, funds or trusts managed by the Manager.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Trust&#8217;s obligation to reimburse the Trustee, the Manager, underwriters or certain parties related to them for certain liabilities could adversely affect an investment in the units.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Under certain circumstances, the Trust might be subject to significant indemnification obligations in favor of the Trustee, the Manager, </font><font style="font-size:11pt;">the Agents </font><font style="font-size:11pt;">or an underwriter as a result of an offering or certain parties related to them. The Trust does not carry any insurance to cover such potential obligations and, to the Manager&#8217;s knowledge, none of the foregoing parties are insured for losses for which the Trust has agreed to indemnify them. Any indemnification paid by the Trust would reduce the value of net assets of the Trust and, accordingly, the NAV.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The investment objectives and restrictions of the Trust and the attributes of a particular class or series of a class of units may be changed by way of an extraordinary resolution of all unitholders and unitholders of such class or series of a class of units, respectively.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The investment objectives and restrictions of the Trust and the attributes of a particular class or series of a class of units may be changed with the approval, in person or by proxy, of all unitholders and unitholders holding units of that class or series of a class, as the case may be, representing in aggregate not less than 66&#8532;% of the value of the net assets of the Trust or that class or series of a class of the Trust, respectively, as determined in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than 66&#8532;% of the value of the net assets of the Trust or of that class or series of a class of the Trust, as determined in accordance with the Trust Agreement. Such changes to the investment objective or restrictions of the Trust or the attributes of the units may be more favorable or less favorable to unitholders than the investment objective or restrictions of the Trust or the attributes of the units, as the case may be, as described in this annual information form. The value of the units sold in a future offering of the Trust may decrease as a result of such changes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Fluctuation in foreign exchange rates may have an adverse effect on the Trust and on the trading price of the units.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust maintains its accounting records, purchases gold and silver and reports its financial position and results in U.S. dollars. Because certain of the Trust&#8217;s expenses are paid in Canadian dollars, an increase in the value of the Canadian dollar would increase the reported expenses of the Trust that are payable in</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 85 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Canadian dollars, which could result in the Trust being required to sell more physical gold and silver bullion to pay its expenses. Further, such appreciation could adversely affect the Trust&#8217;s reported financial results, which may have an adverse effect on the trading price of the units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">The Trust expects to be a PFIC, which may have adverse U.S. federal income tax consequences to U.S. Holders who do not make certain elections.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Based on its method of operation, the Trust expects to be treated as a PFIC for U.S. federal income tax purposes. Therefore, a U.S. Holder of the units (as defined under &#8220;Material Income Tax Considerations &#8211; Material U.S. Federal Income Tax Considerations&#8221;) that does not make a QEF election or a mark-to-market election with respect to the units generally will be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of the units as if the excess distribution or gain had been recognized rateably over the U.S. Holder&#8217;s holding period for the units. A U.S. Holder generally may mitigate these U.S. federal income tax consequences by making a QEF election, or, to a lesser extent, a mark-to-market election. See &#8220;Material Income Tax Considerations &#8211; Material U.S. Federal Income Tax Considerations&#8221; for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. Holders arising from the Trust&#8217;s status as a PFIC and the procedures for making a QEF election or a mark-to-market election.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">United States Holders are urged to consult their own tax advisors regarding the ownership and disposition of the units.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">A U.S. Holder that makes a QEF election with respect to his, her or its units may be required to include amounts in income for U.S. federal income tax purposes if any holder redeems units for cash or physical gold and silver bullion.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As noted above and described in detail under &#8220;Material Income Tax Considerations &#8211; Material U.S. Federal Income Tax Considerations&#8221;, a U.S. Holder generally may mitigate the U.S. federal income tax consequences under the PFIC rules of holding units of the Trust by making a QEF election. A U.S. Holder that makes a QEF election must report each year for U.S. federal income tax purposes his, her or its </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s ordinary earnings and the Trust&#8217;s net capital gain, if any, regardless of whether or not distributions were received from the Trust by the U.S. Holder. If any holder redeems units for physical gold and silver bullion (regardless of whether the holder requesting redemption is a U.S. Holder or has made a QEF election), the Trust will be treated as if it sold the physical gold and silver bullion for its fair market value. As a result, all the U.S. Holders who have made a QEF election will be required to currently include in their income their </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s gain from such deemed disposition (which generally will be taxable to non-corporate U.S. Holders at a maximum rate of 28% under current law if the Trust has held the physical gold and silver bullion for more than one year), even though such deemed disposition is not attributable to any action on their part. If any holder redeems units for cash and the Trust sells physical gold and silver bullion to fund the redemption (regardless of whether the holder requesting redemption is a U.S. Holder or has made a QEF election), all the U.S. Holders who have made a QEF election similarly will include in their income their </font><i style="font-size:11pt;font-style:italic;">pro rata</i><font style="font-size:11pt;"> share of the Trust&#8217;s gain from the sale of the physical gold and silver bullion, which will be taxable as described above, even though the Trust&#8217;s sale of physical gold and silver bullion is not attributable to any action on their part. See &#8220;Material Income Tax Considerations &#8211; Material U.S. Federal Income Tax Considerations &#8211; U.S. Federal Income Taxation of U.S. Holders &#8211; Taxation of U.S. Holders Making a Timely QEF Election&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unitholders may be liable for obligations of the Trust to the extent the Trust&#8217;s obligations are not satisfied out of the Trust&#8217;s assets.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 86 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust Agreement provides that no unitholder will be subject to any liability whatsoever, in tort, contract or otherwise, to any person in connection with the investment obligations, affairs or assets of the Trust and all such persons will look solely to the Trust&#8217;s assets for satisfaction of claims of any nature arising out of or in connection therewith. Also, under the </font><i style="font-size:11pt;font-style:italic;">Trust Beneficiaries&#8217; Liability Act, 2004</i><font style="font-size:11pt;"> (Ontario), holders of units of a trust governed by the laws of the Province of Ontario that is a reporting issuer under the </font><i style="font-size:11pt;font-style:italic;">Securities Act</i><font style="font-size:11pt;"> (Ontario) (as the Trust is) are not, as beneficiaries, liable for any act, default, obligation or liability of the Trust. Notwithstanding the above, there is a risk that a unitholder could be held personally liable for obligations of the Trust to the extent that claims are not satisfied out of the assets of the Trust if a court finds: (i)&#160;that Ontario law does not govern the ability of a third party to make a claim against a beneficiary of a trust and that the applicable governing law permits such a claim; or (ii)&#160;that the unitholder was acting in a capacity other than as a beneficiary of the trust. In the event that a unitholder should be required to satisfy any obligation of the Trust, under the Trust Agreement, such unitholder will be entitled to reimbursement from any available assets of the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Registered Plans that redeem their units for physical gold and silver bullion may be subject to adverse consequences.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Physical gold and silver bullion received by a Registered Plan, such as a RRSP, on redemption of units for physical gold and silver bullion will not be a qualified investment for such plan. Accordingly, Registered Plans (and the annuitants or beneficiaries thereunder or holders thereof) may be subject to adverse Canadian tax consequences including, in the case of registered education savings plans, revocation of such plans.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Unitholders that are constituted and authorized as UCITS or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving physical gold and silver bullion may only redeem their units for cash. Accordingly, redemption of units by such a unitholder could result in less redemption value than that received by a unitholder that redeems its units for physical gold and silver bullion.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Unitholders that are constituted and authorized as UCITS or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving physical gold and silver bullion may only redeem their units for cash, not physical gold and silver bullion. unitholders that redeem their units for cash are entitled to receive a redemption price per unit equal to 95% of the lesser of (i) the volume weighted average trading price of the units traded on NYSE Arca or, if trading has been suspended on NYSE Arca, the volume weighted average trading price of the units traded on the TSX, for the last five days on which the respective exchange is open for trading for the month in which the redemption request is processed; and (ii) the NAV of the redeemed units as of 4:00 p.m. (Toronto time) on the last day of such month on which NYSE Arca is open for trading. See &#8220;Redemptions of Units - Redemptions for Cash&#8221;. Because units that are redeemed for physical gold and silver bullion receive a redemption price equal to 100% of the NAV of the redeemed units on the last day of the month on which NYSE Arca is open for trading for the month in respect of which the redemption request is processed, a unitholder that is constituted and authorized as UCITS or is otherwise prohibited by its investment policies, guidelines or restrictions from receiving physical gold and silver bullion and that redeems its units for cash may receive less in redemption value than that received by a unitholder that redeems its units for physical gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">If the Trust ceases to qualify as a mutual fund trust for Canadian income tax purposes, it or the unitholders could become subject to material adverse consequences.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In order to qualify as a mutual fund trust under the Tax Act, the Trust must comply with various requirements contained in the Tax Act. See &#8220;</font><i style="font-size:11pt;font-style:italic;">Qualification as a Mutual Fund Trust</i><font style="font-size:11pt;">&#8221;. If the Trust were to cease to qualify as a mutual fund trust (whether as a result of a change of law or administrative practice, or due to its failure to comply with the current Canadian requirements for qualification as a mutual fund trust),</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 87 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">it may experience various potential adverse consequences, including becoming subject to a requirement to withhold tax on distributions made to non-resident unitholders of any capital gains realized from the dispositions of physical gold and silver bullion and the units not qualifying for investment by Registered Plans and units of the Trust ceasing to qualify as &#8220;Canadian securities&#8221; for the purposes of the election provided in subsection 39(4) of the Tax Act.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">If the Trust were to carry on a business in Canada in a taxation year or acquire securities that were &#8220;non-portfolio properties&#8221;, it could become subject to tax at full corporate tax rates on some or all of its income for that year.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager anticipates that the Trust will make sufficient distributions in each year of any income (including taxable capital gains) realized by the Trust for Canadian tax purposes in the year so as to ensure that it will not be subject to Canadian income tax on such income. Such income generally will become subject to Canadian income tax at full corporate rates if the Trust becomes a SIFT trust, even if distributed in full. If the Trust, contrary to its investment restrictions, were to carry on a business in Canada in a taxation year and use its property in the course of any such business, or acquire securities that were &#8220;non-portfolio properties&#8221;, it could become a SIFT trust. The anticipated activities of the Trust, as described in this annual information form, are intended to avoid having the Trust characterized as a SIFT trust. The CRA may take a different (and adverse) view of this issue and characterize the Trust as a SIFT Trust. If the Trust were a SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends from a taxable Canadian corporation. See &#8220;Material Income Tax Considerations &#8211; SIFT Trust Rules&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">If the Trust treats distributed gains as being on capital account and the CRA later determines that the gains were on income account, then Canadian withholding taxes would apply to the extent that the Trust has distributed the gains to non-resident unitholders and Canadian resident unitholders could be reassessed to increase their taxable income. Any taxes borne by the Trust itself would reduce the NAV and the trading prices of the units.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of physical gold and silver bullion as capital gains (or capital losses), although depending on the circumstances, it may instead include (or deduct) the full amount of such gains in computing its income. See &#8220;Material Income Tax Considerations &#8211; Material Canadian Federal Income Tax Considerations &#8211; Canadian Taxation of the Trust&#8221;. If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of redemption proceeds (or any other amounts) distributed to unitholders, with the result that Canadian-resident unitholders could be reassessed by the CRA to increase their taxable income by the amount of such increase, and non-resident unitholders potentially could be assessed directly by the CRA for Canadian withholding tax on the amount of net gains on such transactions that were treated by the CRA as having been distributed to them. Furthermore, any gains that had already accrued to the Trust on its holdings of gold and silver bullion prior to an acquisition of units by a particular unitholder would generally have the effect of increasing such taxable component of redemption proceeds, on a subsequent redemption by that unitholder. The CRA can assess the Trust for a failure of the Trust to withhold tax on distributions made by it to non-resident unitholders that are subject to withholding tax, and typically would do so rather than assessing the non-resident unitholders directly. Accordingly, any such re-determination by the CRA may result in the Trust being liable for unremitted withholding taxes on prior distributions made to unitholders who were not resident in Canada for the purposes of the Tax Act at the time of the distribution. As the Trust may not be able to recover such withholding taxes from the non-resident unitholders whose units were redeemed, payment of any such</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 88 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">amounts by the Trust would reduce the NAV and the trading prices of the&#160;units. See &#8220;Material Income Tax Considerations &#8211; Canadian Taxation of Unitholders &#8211; Unitholders Not Resident in Canada&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">If the Trust experiences a &#8220;loss restriction event&#8221; it could result in unintended tax consequences for Unitholders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Tax Act contains loss restriction rules that could result in unintended tax consequences for unitholders, including an unscheduled allocation of income or capital gains that must be included in a unitholder&#8217;s income for Canadian income tax purposes. If the Trust experiences a &#8220;loss restriction event&#8221;, it will: (i) be deemed to have a year-end for Canadian tax purposes whether or not the Trust has losses (which would trigger an allocation of the Trust&#8217;s net income and net realized capital gains to unitholders to ensure that the Trust itself is not subject to tax on such amounts); and (ii) the Trust will become subject to the Canadian loss restriction rules that generally apply to corporations, including a deemed realization of any unrealized capital losses and disallowance of its ability to carry forward capital losses. Generally, the Trust will be subject to a loss restriction event if a person becomes a &#8220;majority-interest beneficiary&#8221;, or a group of persons becomes a &#8220;majority-interest group of beneficiaries&#8221;, of the Trust, as those terms are defined in the affiliated persons rules contained in the Tax Act, with certain modifications. Generally, a majority-interest beneficiary of a Trust is a beneficiary in the income or capital, as the case may be, of the Trust who, together with the beneficial interests of persons and partnerships with whom the beneficiary is affiliated, has a fair market value that is greater than 50% of the fair market value of all the interests in the income or capital, as the case may be, of the Trust. A loss restriction event could occur because a particular unitholder or an affiliate acquires units of the Trust or because another person redeems units of the Trust. Please see &#8220;Material Income Tax Considerations&#160;&#8212; Canadian Taxation of Unitholders&#8221; for the tax consequences of a distribution to Unitholders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Pursuant to paragraph 251.2(3)(f) of the Tax Act, the Trust will not be subject to the loss restriction event rules where a person becomes a &#8220;majority-interest beneficiary&#8221; or group of persons becomes a &#8220;majority-interest group of beneficiaries&#8221; from the acquisition or disposition of units of the Trust by the person or group of persons if (i) immediately before the acquisition or disposition, the Trust is an &#8220;investment fund&#8221;, and (ii) the acquisition or disposition is not part of a series of transactions or events that includes the Trust ceasing to be an &#8220;investment fund&#8221;. An &#8220;investment fund&#8221; generally means at any time, a trust, &#160;if (1) at all times throughout the period that begins the later of March 21, 2013 and the end of the calendar year in which it is created and ends at that time (the &#8220;relevant period&#8221;), the trust has a class of units outstanding that complies with the prescribed conditions for mutual fund trusts, including the minimum distribution requirement, and (2) during the relevant period, the trust (a) is resident in Canada, (b) only has beneficiaries who have fixed interests described by reference to units in the trust, (c) follows a reasonable policy of investment diversification, (d) limits its undertaking to the investing of funds in property, (e) does not alone, or as a member of a group of persons, control a corporation, and (f) does not hold (i) property that the trust, or a non-arm&#8217;s length person to the trust, uses in carrying on a business, (ii) real or immovable property or an interest or right in real or immovable property, (iii) Canadian resource property, foreign resource property, or an interest or right in Canadian resource property or foreign resource property, or more than 20% of the securities of any class of securities of a person (other than an investment fund or a mutual fund corporation that would meet the foregoing conditions in (a) and (c) to (f) if it were a trust), unless at that time (I) the securities (other than liabilities) of the person held by the trust have a total fair market value that is no more than 10% of the equity value of the person, and (II) the liabilities of the person held by the trust have a total fair market value that is no more than 10% of the fair market value of all of the liabilities of the person. &#160;If the Trust qualifies as an investment fund prior to the acquisition or disposition of units by a person or group of persons resulting in such person or group of persons becoming a majority-interest beneficiary or majority interest group of beneficiaries, as applicable, and the requirements of paragraph 251.2(3)(f) of the Tax Act are otherwise met, this risk factor relating to a &#8216;&#8216;loss restriction event&#8217;&#8217; should not be applicable. It must be noted that the Trust invests and holds substantially all of its assets in physical</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 89 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">gold and silver bullion. As a result, the Trust may not be considered to have a reasonable policy of investment diversification, in which case, the Trust would not meet the definition of an &#8220;investment fund&#8221; for the purposes of the Tax Act and could therefore become subject to the loss restriction event rules where a person becomes a &#8220;majority-interest beneficiary&#8221; or group of persons becomes a &#8220;majority-interest group of beneficiaries&#8221; from the acquisition or disposition of units of the Trust by the person or group of persons.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">A unitholder may be unable to bring actions or enforce judgments against the Trust, the Trustee, the Manager, the GP or any of their officers and directors under U.S. federal securities laws in Canada or to serve process on any of them in the United States or EU Member States.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Each of the Trust, the Trustee, the Manager, and the GP is organized under the laws of the Province of Ontario, Canada, and all of their executive offices and substantially all of the administrative activities and a majority of their assets are located outside the United States or EU Member States. &#160;In addition, the directors and officers of the Trustee and the GP are residents of jurisdictions other than the United States or EU Member States and all or a substantial portion of the assets of those persons are or may be located outside such jurisdictions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As a result, a unitholder may be unable to serve legal process within his, her or its jurisdiction upon any of the Trust, the Trustee, the Manager or the GP or any of their directors or officers, as applicable, or enforcing judgments obtained in courts in a unitholder&#8217;s jurisdiction against any of them or the assets of any of them located outside a unitholder&#8217;s jurisdiction, or enforcing them in the appropriate Canadian court judgments obtained courts of a unitholder&#8217;s jurisdiction, including, but not limited to, judgments predicated upon the civil liability provisions of the federal securities laws of the United States or an EU Member State, or bringing an original action in the appropriate Canadian courts to enforce liabilities against the Trust, the Trustee, the Manager, the GP or any of their directors or officers, as applicable, based upon the U.S. federal securities laws, or securities laws of an EU Member State.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">While a unitholder, whether or not a resident of the United Kingdom, may be able to commence an action in Canada relating to the Trust and may also be able to petition Canadian courts to enforce judgments obtained in the courts of any part of the United Kingdom against any of the Trust, the Trustee, the Manager or the GP or any of their directors or officers, in accordance with the Convention between the Government of Canada and the Government of the United Kingdom of Great Britain and Northern Ireland providing for the Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters dated January 1, 1987, a unitholder may face additional requirements serving legal process within the United Kingdom upon or enforcing judgments obtained in the United Kingdom courts against any of them or the assets of any of them located outside the United Kingdom, or enforcing against any of them in the appropriate Canadian court judgments obtained in the courts of any part of the United Kingdom, or bringing an original action in the appropriate Canadian courts to enforce liabilities against the Trust, the Trustee, the Manager, the GP or any of their directors or officers, as applicable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Enhanced corporate governance and disclosure regulations may increase compliance costs and risk of noncompliance.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust&#8217;s business is subject to evolving corporate governance and public disclosure regulations that would increase both the Trust&#8217;s compliance costs and the risk of noncompliance, which could have an adverse effect on the Trust&#8217;s unit price. The Trust is subject to changing rules and regulations, primarily those promulgated by a number of United States and Canadian governmental and self-regulated organizations, including the SEC, the Canadian Securities Administrators, the New York Stock Exchange, the TSX, and the Financial Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity and many new requirements have been created in response to laws enacted by the United States Congress, making compliance more difficult and uncertain. For example, the United States</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 90 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Congress passed the </font><i style="font-size:11pt;font-style:italic;">Dodd-Frank Wall Street Reform and Consumer Protection Act </i><font style="font-size:11pt;">on July 10, 2010 (&#8220;</font><font style="font-size:11pt;font-style:italic;font-weight:bold;">Dodd-Frank Act</font><font style="font-size:11pt;">&#8221;) which resulted in increased reporting and disclosure. The Trust&#8217;s efforts to comply with the Dodd-Frank Act, the rules and regulations promulgated and to be promulgated thereunder, and other new rules and regulations are likely to result in increased general and administrative effort and expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Regulatory changes may adversely affect the Trust and its unitholders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust may be affected by changes in regulatory requirements, customs duties and other taxes. Such changes could, depending on their nature, benefit or adversely affect the Trust and its unitholders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Conflict of interest among directors and officers of Sprott and SAM.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The directors and officers of Sprott Inc. and the Manager may serve as directors or officers and provide advisory, administration, investment management and other services to other entities and parties which also acquire and hold bullion. The directors and officers of Sprott Inc. and the Manager have undertaken to devote such reasonable time as is required to properly fulfill their responsibilities in respect of the affairs of the Trust, as they arise from time to time.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Risks related to legal actions and enforceability.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager and the Trust are organized under the laws of Ontario, Canada, their respective head offices and administrative activities are carried out in Canada and their directors and officers are residents of jurisdictions outside the United States as are a substantial portion of the assets of such individuals. All of the assets of the Trust, principally gold and silver bullion, are located in Canada. As a result, a unitholder may be unable to serve legal process within the United States other than upon the Trust or enforce against any of the above entities or individuals in the appropriate Canadian courts judgments obtained in United States courts, including judgments predicated on the civil liability provisions of the federal or state securities laws of the United States, or bring an original action in the Canadian courts to enforce liabilities against any of such entities or individuals based on the United States federal or state securities laws.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">REMUNERATION OF DIRECTORS, OFFICERS, TRUSTEE AND THE IRC</b><a name="REMUNERATIONOFDIRECTORSOFFICERSTRUSTEEAN"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">No payment or reimbursement was made to the directors and officers of the Manager by the Trust in the 2019 financial year. The Trustee is entitled to receive from the Trust, pursuant to the Trust Agreement, trustee fees, custody, administration and securityholder reporting fees. For the financial year ended December 31, 2020, the Trust paid to the Trustee, in the aggregate, approximately $5,000 for the Trustee&#8217;s services as trustee. For the financial year ended December 31, 2020, the compensation paid to the IRC by Trust amounted to $12,071.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">MATERIAL CONTRACTS</b><a name="MATERIALCONTRACTS_199771"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Copies of the material contracts of the Trust, listed below, are available for inspection during normal business hours at the offices of the Manager at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">1.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Trust Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">2.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Management Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">3.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Valuation Services Agreement;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 91 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">4.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Transfer Agent Agreement;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">5.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Gold and Silver Storage Agreement; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">6.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Amended and Restated Sales Agreement.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Each of </font><font style="font-size:11pt;">the Agents</font><font style="font-size:11pt;"> and the Trust has the right, by giving 10 days&#8217; notice, to terminate the Amended and Restated Sales Agreement. In addition, </font><font style="font-size:11pt;">the Agents</font><font style="font-size:11pt;"> may terminate the Amended and Restated Sales Agreement, by notice to the Trust and the Manager, at any time, if (1) there has been any change, or any development or event involving a prospective change, in the condition, financial or otherwise, or in the business, properties, earnings, results of operations or prospects of the Trust considered as one enterprise, which, in the sole judgment of </font><font style="font-size:11pt;">the Agents</font><font style="font-size:11pt;"> is material and adverse and makes it impractical or inadvisable to market the Placement Units or to enforce contracts for the sale of the Placement Units, (2) there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of </font><font style="font-size:11pt;">the Agents</font><font style="font-size:11pt;">, impracticable or inadvisable to market the Placement Units or to enforce contracts for the sale of the Placement Units, (3) trading in the units of the Trust has been suspended or limited by the U.S. Securities and Exchange Commission, the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada or either the NYSE Arca or TSX, or if trading generally on either such stock exchange has been suspended or limited, or minimum prices for trading have been fixed on either such stock exchange, (4) any suspension of trading of any securities of the Trust on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) a major disruption of securities settlements or clearance services in the United States or Canada shall have occurred and be continuing, or (6) a banking moratorium has been declared by either Canadian or U.S. Federal or New York authorities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">LEGAL AND ADMINISTRATIVE PROCEEDINGS</b><a name="LEGALANDADMINISTRATIVEPROCEEDINGS_531204"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">There are currently no ongoing legal or administrative proceedings involving the Manager which may be material to the Trust, nor are there any such proceedings known to be contemplated as of the date of this annual information form.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">TERMINATION OF THE TRUST</b><a name="TERMINATIONOFTHETRUST_57765"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust will be terminated and dissolved in the event any of the following occurs:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">(1)</font></font><font style="font-size:11pt;">there are no outstanding units;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(2)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Trustee resigns or is removed and no successor trustee is appointed by the Manager by the time the resignation or removal becomes effective;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(3)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Manager resigns and no successor manager is appointed by the Manager and approved by unitholders by the time the resignation becomes effective;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(4)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Manager is, in the opinion of the Trustee, in material default of its obligations under the Trust Agreement and such default continues for 120 days from the date the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the unitholders;</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 92 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(5)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Manager has been declared bankrupt or insolvent or has entered into a liquidation or winding-up, whether compulsory or voluntary (and not merely voluntary liquidation for the purposes of amalgamation or reconstruction);</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(6)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the Manager makes a general assignment for the benefit of its creditors or otherwise acknowledges its insolvency; or</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">(7)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">the assets of the Manager have become subject to seizure or confiscation by any public or governmental authority.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In addition, the Manager may, in its discretion, terminate the Trust, without unitholder approval, if, in the opinion of the Manager, after consulting with the IRC, the value of the net assets of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the unitholders to terminate the Trust, by giving the Trustee and each holder of units at the time at least 90 days&#8217; notice. To the extent such termination in the discretion of the Manager may involve a matter that would be a &#8220;conflict of interest matter&#8221; as set forth under applicable Canadian securities legislation, the matter will be referred by the Manager to the Trust&#8217;s IRC for its recommendation. In the event of such termination of the Trust, the Manager has undertaken to issue a press release announcing the termination of the Trust.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">In the event of the winding-up of the Trust, the rights of unitholders to require redemption of any or all of their units will be suspended, and the Manager or, in the event of (4), (5), (6) or (7) above, such other person appointed by the Trustee, the unitholders of the Trust or a court of competent jurisdiction, as the case may be, will make appropriate arrangements for converting the investments of the Trust into cash and the Trustee will proceed to wind-up the affairs of the Trust in such manner as seems to it to be appropriate. The assets of the Trust remaining after paying or providing for all obligations and liabilities of the Trust will be distributed among the unitholders registered as of 4:00 p.m., Toronto time, on the date on which the Trust is terminated in accordance with the Trust Agreement. Distributions of net income and net realized capital gains will, to the extent not inconsistent with the orderly realization of the assets of the Trust, continue to be made in accordance with the Trust Agreement until the Trust has been wound up.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Notwithstanding the foregoing, if a notice of termination has been given by the Manager and if authorized by the vote of unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, the assets of the Trust may be, in the event of the winding-up of the Trust, distributed to the unitholders on the termination of the Trust in specie in whole or in part, and the Trustee will have complete discretion to determine the assets to be distributed to any unitholder and their values for distribution purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If, after a period of six months from the effective date on which the Trust was terminated, the Trust&#8217;s registrar and transfer agent is unable to locate the owner of any units as shown on the Trust&#8217;s register, such amount as would be distributed to such unitholder will be deposited by the Trust&#8217;s registrar and transfer agent in an account in a chartered bank or trust company (including the Trustee) in Canada in the name and to the order of such unitholder upon presentation by such unitholder of sufficient information determined by the chartered bank or trust company to be appropriate to verify such unitholder&#8217;s entitlement to such amount. Upon such deposit being made, the units represented thereby will be cancelled and the Trust&#8217;s registrar and transfer agent, the Manager, and the Trustee will be released from any and all further liability with respect to such moneys. Thereafter, the unitholder will have no rights against the Trust&#8217;s registrar and transfer agent, the Trustee or the Manager to such moneys or an accounting therefor.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 93 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">EXEMPTIONS AND APPROVALS</b><a name="EXEMPTIONSANDAPPROVALS_392327"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 24pt 0pt;"><font style="font-size:11pt;">The Trust has obtained exemptive relief from the Canadian securities regulatory authorities for relief from NI 81-102 to permit (i) the Trust to invest up to 100% of its assets, taken at market value at the time of purchase, in physical gold bullion and silver bullion; (ii) the appointment of the Mint as custodian of the Trust&#8217;s physical gold bullion and silver bullion assets; (iii) purchases of trust units on NYSE Arca and the TSX and redemption requests to be submitted directly to the registrar and transfer agent of the Trust; (iv) the redemption of trust units and payment upon redemption of trust units all as described under &#8220;Redemption of Units&#8221; and (v) the Trust to establish a record date for distributions in accordance with the policies of the TSX and NYSE Arca. The Trust has also obtained exemptive relief from the requirement to file compliance reports or audit reports in accordance with Appendix B-1 of NI 81-102.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">- 94 -</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 24pt 0pt;"><b style="font-size:11pt;font-weight:bold;">SPROTT PHYSICAL GOLD AND SILVER TRUST</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Manager</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Sprott Asset Management LP</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Royal Bank Plaza, South Tower</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">200 Bay Street, Suite 2600</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Toronto, Ontario</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">M5J 2J1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Tel: (416) 943 8099</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Fax: (416) 977 9555</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 48pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Toll-Free: (855) 943-8099</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Additional information about the Trust is available in the Trust&#8217;s management reports of fund performance and financial statements. You may obtain a copy of these documents, at no cost by calling toll free: 1-855-943-8099, from your dealer or by email at: invest@sprott.com. These documents and other information about the Trust, such as information circulars and material contracts, are also available on the Sprott Asset Management LP internet site at: www.sprott.com or at www.sedar.com.</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:16:15 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-weight:bold;">Exhibit 99.6</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;"><img src="cef-20201231ex99628fd11002.jpg" alt="Graphic" style="display:inline-block;height:52.95pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:330.83pt;"></b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:44pt;line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:44pt;line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:44pt;">Sprott Physical Gold and Silver Trust</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:25pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;font-style:italic;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;font-style:italic;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;">Annual Report</font></p></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">December 31, 2020</font></p></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:27.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:72.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td style="vertical-align:top;width:43.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:56.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:18pt 0pt 0pt 0pt;"><img src="cef-20201231ex99628fd11001.jpg" alt="Graphic" style="display:inline-block;height:40.49pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:259.46pt;"></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:3pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 8pt 0pt;"><font style="font-size:20pt;">Table of Contents</font><a name="Toc"></a></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:94.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:5.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:94.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><a href="#ManagementReportofFundPerformance_524120"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Annual Management Report of Fund Performance</font></a></p></td><td style="vertical-align:bottom;width:5.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:12pt;">3</font></p></td></tr><tr><td style="vertical-align:top;width:94.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:94.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><a href="#Unauditedinterimfinancialstatements_1215"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Annual Financial Statements</font></a></p></td><td style="vertical-align:bottom;width:5.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:12pt;">8</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:450pt 0pt 0pt 0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">The management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund&#8217;s financial statements. A copy of the financial statements has been included within the Report to Unitholders. You can also get a copy of the financial statements at your request, and at no cost, by calling 1-866-299-9906, by visiting our website at www.sprottphysicalbullion.com or SEDAR at www.sedar.com or by writing to us at: Sprott Asset Management&#160;LP, Royal Bank Plaza, South Tower, 200&#160;Bay Street, Suite&#160;2600, P.O.&#160;Box&#160;26, Toronto, Ontario M5J&#160;2J1</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:67.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:32.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">December 31, 2020</font></p></td></tr><tr><td style="vertical-align:bottom;width:67.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:1pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:right;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:1pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:20pt;">Annual Management Report of Fund Performance</font><font style="font-size:16pt;"> </font><i style="font-size:8.5pt;font-style:italic;">(in U.S. dollars)</i><font style="font-size:16pt;"><a name="ManagementReportofFundPerformance_524120"></a></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 12pt 0pt;">Management Discussion of Fund Performance</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Investment Objective and Strategies</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Sprott Physical Gold and Silver Trust (the&#160;&#8220;Trust&#8221;) is a closed-end mutual fund trust established on October 26,</font><sup style="font-size:8.25pt;vertical-align:top;"> </sup><font style="font-size:11pt;">2017 under the laws of the Province of Ontario, Canada. Sprott Asset Management LP (the &#8220;Manager&#8221;) is the manager of the Trust. The Trust was created to invest and hold substantially all of its assets in physical gold and silver bullion and seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical bullion without the inconvenience that is typical of a direct investment in physical bullion. The Trust intends to achieve its objective by investing 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 bullion&#160;prices.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The units of the Trust are listed on the New York Stock Exchange Arca (&#8220;NYSE Arca&#8221;) and the Toronto Stock Exchange (&#8220;TSX&#8221;) under the ticker symbols &#8220;CEF&#8221; and &#8220;CEF.U&#8221;, respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Risks</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">There have been no changes to the Trust over the financial period that materially affected the risk level of the Trust. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The changing economic and market climate as a result of COVID-19 has led to the Trust implementing its business continuity plan. Our portfolio managers and enterprise shared services teams and key outsource service providers are fully operational. While the exact impacts of COVID-19 over the short and long-term are undeterminable at the date of this report, management believes the effects of COVID-19 we have witnessed thus far, and in particular, world government responses thereto via fiscal and monetary policy, will continue to be highly constructive to precious metals markets as we progress into 2021. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Results of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">For the year ended December 31, 2020, the Trust issued 26,901,734 units for gross proceeds of $459 million, 20,335 units were redeemed for cash at a total cost of $347 thousand, and no units were redeemed for gold and silver bullion. Comparatively, for the same period in 2019, the Trust issued no additional units, 92,380 units were redeemed for cash at a total cost of $1.1 million and 20,411,096 units were redeemed for gold and silver bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">For the year ended December&#160;31,&#160;2020, the total change in unrealized gains on physical gold bullion amounted to $500.4 million and the total change in unrealized gains on physical silver bullion amounted to $525.8 million, compared to the total change in unrealized gains on physical gold bullion of $306.6 million and the total change in unrealized gains on physical silver bullion of $148.9 million during the same period in 2019. &#160;The realized gains on physical gold bullion amounted to &#160;approximately $759 thousand, and there was no realized gain on physical silver bullion. &#160;Comparatively, for the same period in 2019, there was realized losses on physical gold and silver bullion of &#160;$3.7 million and $12.7 million, respectively. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The value of the net assets of the Trust as at December&#160;31,&#160;2020 was $4,423.3 million or $19.95 per unit, compared to $2,959.8 million or $15.19 per unit as at December&#160;31,&#160;2019. The Trust held 1,489,400 ounces of physical gold bullion and &#160;60,395,784 ounces of physical silver bullion as at December&#160;31,&#160;2020, compared to 1,274,000 ounces of physical gold bullion and 57,509,964 of physical silver bullion as at December&#160;31,&#160;2019. As at December&#160;31,&#160;2020, the spot price of physical gold bullion was $1,898.36 and the spot price of physical silver bullion was $26.40 an ounce, compared to a spot price for physical gold bullion of $1,517.27 and a spot price of physical silver bullion of $17.85 an ounce as at December&#160;31,&#160;2019.</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:32.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:67.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">December 31, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust returned 31.3% compared to the return on spot gold and silver of 25.1% and 47.9% respectively for the period January 1, 2020 to December 31, 2020. Comparatively, for the same period in 2019, the Trust returned 16.5% compared to the return on spot gold and silver of 18.3% and 15.2% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust&#8217;s net asset value per unit on December&#160;31,&#160;2020 was $19.95 compared to $15.19 per unit as at December&#160;31,&#160;2019. The units of the Trust closed at at $19.35 on the NYSE Arca and $19.20 on the TSX on December&#160;31,&#160;2020 compared to closing prices of $14.66 on the NYSE Arca and $14.69 on the TSX on December&#160;31,&#160;2019. The units are denominated in U.S. dollars on both exchanges. For the period January 1, 2020 to December&#160;31,&#160;2020, the Trust&#8217;s units traded on the NYSE Arca at an average discount to net asset value of approximately 2.1%, compared to approximately 3.6% for the same period in 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust pays its own operating expenses, which include, but are not limited to, audit, legal, trustee fees, unitholder reporting expenses, general and administrative fees, filing and listing fees payable to applicable securities regulatory authorities and stock exchanges, storage fees for the physical gold and silver bullion, costs incurred in connection with the Trust&#8217;s continuous disclosure public filing requirements and investor relations and any expenses associated with the Independent Review Committee of the Trust. Operating expenses for the year ended December&#160;31,&#160;2020 amounted to $2.9</font><sup style="font-size:8.25pt;vertical-align:top;">1</sup><font style="font-size:11pt;"> million (not including applicable Canadian taxes) compared to $3.2</font><sup style="font-size:8.25pt;vertical-align:top;">1</sup><font style="font-size:11pt;"> million for the same period in 2019. Operating expenses for the year ended December&#160;31,&#160;2020 amounted to 0.08% of the average net assets during the period on an annualized basis, compared to 0.12% for the same period in 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:6.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-size:12pt;">Recent Developments </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:6.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">On March 1, 2019, the Trust entered into a sales agreement with Cantor Fitzgerald &amp; Co. whereby the Trust may, in its sole discretion and subject to its operating and investment restrictions, offer and sell trust units through an &#8220;at the market offering&#8221; program (the &#8220;ATM Program&#8221;) in transactions on the NYSE Arca or any other existing trading market for the trust units in the United States or to or through a market maker in the United States pursuant to a registration statement filed with the U.S. Securities and Exchange Commission and a prospectus supplement to a short form base shelf prospectus filed with the Ontario Securities Commission, as principal regulator, and with each of the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada. On January 29, 2020, an amendment was made in which Virtu Americas LLC became an additional agent to the sales agreement. On October 21, 2020, the sales agreement was amended and restated to include Virtu ITG Canada Corp. as an additional party and to permit sales of trust units through an ATM Program in transactions on the TSX. During the year ended December&#160;31,&#160;2020, the Trust sold 26,901,734 units through the ATM Program, compared to (Nil) for the same period in 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;">There were no changes to the Manager of the Trust, nor were there any material changes to the investment philosophy or process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:6.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-size:12pt;">Related Party Transactions</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;">There were no transactions between the Trust and its related parties during the reporting period, except as outlined below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:6.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-size:11pt;">Management Fees</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">The Trust pays the Manager a monthly management fee equal to 1/12 of 0.40% of the value of the net assets of the Trust (determined in accordance with the Trust&#8217;s trust agreement), plus any applicable Canadian taxes. The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each month. For the year ended December&#160;31,&#160;2020, the Trust incurred management fees of $14.8 million (not including applicable Canadian taxes) compared to $11.0 million for the same period in 2019.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;">_______________________________________</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><sup style="font-size:7.12pt;vertical-align:top;">1</sup> Amounts are adjusted to exclude redemption fees and sales taxes</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:32.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:67.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">December 31, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 12pt 0pt;">Financial Highlights</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following tables show selected key financial information about the Trust and are intended to help you understand the Trust&#8217;s financial performance for the past three years. All dollar amounts are expressed in U.S. dollars.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Net assets per unit</font><sup style="font-size:8.25pt;vertical-align:super;">1</sup></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><div 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Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,</p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">2018&#179;</p></td></tr><tr><td style="vertical-align:bottom;width:64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">$</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net assets per unit, beginning of year</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15.19</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 13.03</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 10.00</font></p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;">Increase from acquisition of  CFCL</b></p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;&#160;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;&#160;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4.03</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;line-height:1.31;">Increase from operations</b><sup style="font-size:6pt;font-weight:bold;vertical-align:top;">2</sup><b style="font-weight:bold;line-height:1.31;">:</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Total revenue</p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;&#160;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;&#160;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;&#160;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Total expenses</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.09)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.10)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.10)</font></p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Realized gains (losses) for the year</p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">0.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.08)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.17)</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unrealized gains (losses) for the year</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4.90</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.32</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.84)</font></p></td></tr><tr><td style="vertical-align:bottom;width:64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total increase (decrease) from operations</b></p></td><td style="vertical-align:bottom;width:2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4.81</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.14</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1.11)</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net assets per unit, end of year</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 19.95</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15.19</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 13.03</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:22.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;"><font style="font-size:6.5pt;">1</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;"><font style="font-size:6.5pt;">This information is derived from the Trust&#8217;s financial statements.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:22.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;"><font style="font-size:6.5pt;">2</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;"><font style="font-size:6.5pt;">Net assets per unit is calculated based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the period shown. This table is not intended to be a reconciliation of the beginning to ending net assets per unit.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:22.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;"><font style="font-size:6.5pt;">3</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;"><font style="font-size:6.5pt;">The December 31, 2018 information is for the period January 16, 2018 (inception) to December 31, 2018.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;padding-left:22.5pt;text-indent:-22.5pt;margin:0pt 0pt 0pt 4.5pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;">Ratios and Supplemental Data</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,&#160;</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="line-height:1.31;">2018 </font><sup style="font-size:6pt;vertical-align:top;">5</sup></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Total net asset value (000&#8217;s)</font><sup style="font-size:6pt;vertical-align:top;">1</sup></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $4,423,279</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $2,959,783</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $2,806,717</font></p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Number of Units outstanding</font><sup style="font-size:6pt;vertical-align:top;">1</sup></p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 221,708,699</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 194,827,300</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 215,330,776</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Management expense ratio</font><sup style="font-size:6pt;vertical-align:top;">2</sup></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">0.51%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">0.53%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">0.62%</p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Trading expense ratio</font><sup style="font-size:6pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">Nil</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">Nil</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">Nil</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Portfolio turnover rate</font><sup style="font-size:6pt;vertical-align:top;">4</sup></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">0.14%</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">1.67%</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">0.02%</p></td></tr><tr><td style="vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net asset value per Unit</p></td><td style="vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $19.95</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $15.19</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $13.03</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Closing market price&#160;&#8211; NYSE Arca</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $19.35</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $14.66</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $12.54</font></p></td></tr><tr><td style="vertical-align:bottom;width:64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Closing market price&#160;&#8211; TSX</p></td><td style="vertical-align:bottom;width:2%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $19.20</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $14.69</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.99%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $12.53</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">This information is provided as at the date shown, as applicable.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">Management expense ratio (&#8220;MER&#8221;) is based on total annual expenses (including applicable Canadian taxes and excluding commissions and other portfolio transaction costs) for the stated period and is expressed as a percentages of daily average net asset value during the period (only disclosed annually).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period shown. Since there are no direct trading costs associated with physical bullion trades, the trading expense ratio is&#160;nil.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">The Trust&#8217;s portfolio turnover rate indicates how actively the Trust&#8217;s portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Trust buying and selling all of the securities in its portfolio once in the course of the year. The higher the Trust&#8217;s portfolio turnover rate in a year, the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of the&#160;Trust.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">5</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">The December 31, 2018 information is for the period January 16, 2018 (inception) to December 31, 2018.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="font-size:16pt;line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:32.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:67.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">December 31, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:16pt;">Past Performance</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.35;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The indicated rates of return are the historical total returns including changes in unit values and assume reinvestment of all distributions in additional units of the Trust. These returns do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that may reduce returns. Please note that past performance is not indicative of future performance. All rates of returns are calculated based on the Net Asset Value of the units of the&#160;Trust. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;">Year-by-Year Returns</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The bar chart below indicates the performance of the Trust units for the years shown. The chart shows, in percentage terms, how much an investment made on the first day of each period would have grown or decreased by the last day of each period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:0pt 0pt 12pt 0pt;"><img src="cef-20201231ex99628fd11003.jpg" alt="Graphic" style="display:inline-block;height:245.21pt;width:410.19pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="font-size:8pt;">*</font><font style="font-size:6.5pt;"> The December 31, 2018 information is for the period January 16, 2018 (inceptions) to December 31, 2018.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;">Annual Compound Returns</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The following tables presents the Trust&#8217;s annual compound return since inception and for the periods shown ended December 31, 2020 along with a comparable market index. The table is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the Trust or future returns on investments in the Trust.</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100.18%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:33.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:14.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:33.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">1 Year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">3 Year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">5 Year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">10 Year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:14.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">Since&#160;Inception* </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Sprott Physical Gold and Silver Trust</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">31.33%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">12.76%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Sprott Physical Gold and Silver Trust - Market</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">31.99%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">12.42%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Spot Gold</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">25.12%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">12.48%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Spot Silver</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">47.89%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">15.24%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 0pt 18pt;"><font style="font-size:6.5pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:6.5pt;">*For the period January 16, 2018 (inception) to December 31, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="font-size:6.5pt;font-style:italic;line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:32.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:67.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">December 31, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt;">Summary of Investment Portfolio</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The following Top Holdings table shows the 25 largest positions (or all positions if the total number of positions is less than 25) held by the Trust as at December 31, 2020 based on the fair value of the position, expressed as a percentage of the Trust&#8217;s net asset value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6pt;font-style:italic;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:35.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:30.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:49.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:center;margin:0pt;">PORTFOLIO ALLOCATION</p></td><td style="vertical-align:bottom;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:center;margin:0pt;">TOP HOLDINGS</p></td></tr><tr><td style="vertical-align:bottom;width:35.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">%&#160;of</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:30.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">%&#160;of</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:35.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">Net&#160;Asset</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:30.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">Net&#160;Asset</p></td></tr><tr><td style="vertical-align:bottom;width:35.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">Asset Class</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">Value</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:30.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">Position</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">Value</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:35.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Gold</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 63.9</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:30.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Physical gold bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 63.9</font></p></td></tr><tr><td style="vertical-align:bottom;width:35.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Silver</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 36.0</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Physical silver bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 36.0</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:35.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cash</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.1</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:30.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cash</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.1</font></p></td></tr><tr><td style="vertical-align:bottom;width:35.28%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Other Assets, Less Liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;&#160;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:30.69%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Total</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 100.0</font></p></td></tr><tr><td style="vertical-align:bottom;width:35.28%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:30.69%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:35.28%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:30.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:35.28%;border-bottom:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Total Net Asset Value (000s)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">$ 4,423,280</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6pt;font-style:italic;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">This summary of investment portfolio may change due to the ongoing portfolio transactions of the&#160;Trust</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font><a name="Unauditedinterimfinancialstatements_1215"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;">Annual Financial Statements</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;">December&#160;31,&#160;2020</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:14pt;line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';"><img src="cef-20201231ex99628fd11004.jpg" alt="Graphic" style="display:inline-block;height:45.75pt;left:0%;padding-bottom:0.75pt;position:relative;top:0pt;width:353.25pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">MANAGEMENT&#8217;S RESPONSIBILITY FOR FINANCIAL INFORMATION</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Sprott Asset Management&#160;LP, the &#8220;Manager&#8221; of the Sprott Physical Gold and Silver Trust (the&#160;&#8220;Trust&#8221;) is responsible for the integrity, consistency, objectivity and reliability of the Financial Statements of the Trust. International Financial Reporting Standards have been applied and management has exercised its judgment and made best estimates where appropriate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Manager&#8217;s internal controls and supporting procedures maintained provide reasonable assurance that financial records are complete and accurate. These supporting procedures include the oversight of RBC Investor Services, the Trust&#8217;s valuation agent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Management has assessed the effectiveness of the internal controls over financial reporting as at December&#160;31,&#160;2020 using the framework found in </font><i style="font-size:11pt;font-style:italic;">Internal Control&#160;&#8211; Integrated Framework (2013)</i><font style="font-size:11pt;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, management has concluded the Manager&#8217;s internal controls over financial reporting were&#160;effective.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">KPMG&#160;LLP, the independent auditors appointed by the Manager of the Trust, have audited the effectiveness of the Trust&#8217;s internal control over financial reporting as at December&#160;31,&#160;2020 in addition to auditing the Trust&#8217;s Financial Statements as of the same period. Their reports, which expressed unqualified opinions, can be found on pages&#160;9 to&#160;12 of the Financial Statements. KPMG LLP have full and free access to, and meet periodically with, the Manager of the Trust to discuss their audit and matters arising there from, such as, comments they may have on the fairness of financial reporting and the adequacy of internal controls.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';"><img src="cef-20201231ex99628fd11005.jpg" alt="Graphic" style="display:inline-block;height:46.25pt;left:0%;padding-bottom:0.25pt;position:relative;top:0pt;width:85.2pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Kevin Hibbert</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Director</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">March&#160;22, 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="cef-20201231ex99628fd11007.jpg" alt="Graphic" style="display:inline-block;height:30.74pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:77.99pt;"></p><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><b style="font-size:7.5pt;font-weight:bold;text-transform:uppercase;">KPMG LLP</b></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;font-weight:bold;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><b style="font-size:7.5pt;font-weight:bold;">Chartered Professional Accountants</b></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;font-weight:bold;line-height:1.31;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Bay Adelaide Centre</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Telephone:&#160;&#160;&#160;&#160;(416) 777-8500</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">333 Bay Street Suite 4600</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Fax: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(416) 777-8818</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;white-space:pre-wrap;">Toronto, ON   M5H 2S5</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Internet:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;www.kpmg.ca</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Canada</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;margin:0pt 0pt 20pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Report of Independent Registered Public Accounting Firm</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">To Sprott Asset Management LP, the Trustee and the Unitholders of Sprott Physical Gold and Silver Trust </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Opinion on the Financial Statements</i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We have audited the accompanying statements of financial position of Sprott Physical Gold and Silver Trust (the Trust) as of December 31, 2020 and 2019, the related statements of comprehensive income (loss), changes in equity, and cash flows for each of the years ended December 31, 2020 and December 31, 2019 and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019, and its financial performance and its cash flows for each of the years ended December&#160;31, 2020 and December 31, 2019, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust&#8217;s internal control over financial reporting as of December 31, 2020, based on criteria established in </font><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Internal Control &#8211; Integrated Framework (2013)</i><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 22, 2021 expressed an unqualified opinion on the effectiveness of the Trust&#8217;s internal control over financial reporting.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Basis for Opinion</i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">These financial statements are the responsibility of the Trust&#8217;s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Critical Audit Matter</i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the Manager and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.</font></p></div><div style="clear:both;margin-bottom:21.6pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:30.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:30.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;margin:0pt;"><font style="font-size:5.5pt;">&#169; 2020 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.</font></p></td><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:0pt;">10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="cef-20201231ex99628fd11007.jpg" alt="Graphic" style="display:inline-block;height:30.74pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:77.99pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><i style="font-style:italic;">Page 2</i></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;">Evaluation of the existence of physical bullion</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">As discussed in Note 6 to the financial statements, the fair value of physical gold and silver bullion held by the Trust was $4,422,005 thousand as at December 31, 2020. The physical bullion was held by a third-party custodian (the custodian) as at December 31, 2020.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We identified the evaluation of the existence of physical bullion as a critical audit matter. Given the nature and volume of gold and silver holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of gold and silver held by the custodian. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Trust&#8217;s physical bullion process, including controls over (1) physical bullion trade approvals, (2) periodic reconciliation of physical bullion performed by Sprott Asset Management LP (the &#8220;Manager&#8221;) between the Trust&#8217;s and the custodian&#8217;s records, and (3) annual physical bullion count. &#160;We obtained a confirmation directly from the custodian of physical bullion existence as at December 31, 2020 and compared the total ounces in the confirmation to those recorded by the Trust. &#160;We inspected the physical bullion reconciliation performed by the Manager as at December 31, 2020 and compared the total ounces to both the Trust&#8217;s and the custodian&#8217;s records. &#160;We tested a sample of physical bullion transactions during the year by inspecting approvals and comparing to underlying documentation. We attended and observed the annual physical count of the Trust&#8217;s physical gold and silver bullion performed at the custodian&#8217;s locations by the Manager. We obtained the physical bullion count result of the Manager and reconciled it to the Trust&#8217;s records. We performed a physical count for all the physical bullion and an examination of a selection of bullion for Good Delivery Bars as defined by the London Bullion Market Association (&#8220;LBMA&#8221;). &#160;We also tested the Trust&#8217;s roll forward of physical bullion holdings from November 20, 2020 (gold) and November 3, 2020 (silver) (the date of the Trust&#8217;s most recent physical inspection performed at the custodian&#8217;s locations by the Manager) through December 31, 2020 by (1) agreeing the Trust&#8217;s records of bullion holdings as of the last physical inspection date to the custodian&#8217;s records, (2) agreeing bullion holdings transactions to order confirmations and trade tickets, and (3) comparing the Trust&#8217;s expected holdings to the confirmation obtained directly from the custodian of the Trust&#8217;s bullion holdings at December 31, 2020.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><img src="cef-20201231ex99628fd11008.jpg" alt="Graphic" style="display:inline-block;height:40.49pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:120.73pt;"></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">Chartered Professional Accountants, Licensed Public Accountants.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We have served as the Trust&#8217;s auditor since 2017.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-weight:normal;">Toronto, Canada</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-weight:normal;">March 22, 2021</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:11pt;line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:11pt;line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:11pt;line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;text-align:justify;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:21.6pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">&#169; 2020 KPMG LLP, an Ontario limited liability partnership and a </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">member firm of the KPMG global organization of independent </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">member firms affiliated with KPMG International Limited, a </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">private English company limited by guarantee. All rights reserved.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="min-height:49.7pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="cef-20201231ex99628fd11007.jpg" alt="Graphic" style="display:inline-block;height:30.74pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:77.99pt;"></p><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><b style="font-size:7.5pt;font-weight:bold;text-transform:uppercase;">KPMG LLP</b></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;font-weight:bold;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><b style="font-size:7.5pt;font-weight:bold;">Chartered Professional Accountants</b></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;font-weight:bold;line-height:1.31;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Bay Adelaide Centre</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Telephone:&#160;&#160;&#160;&#160;(416) 777-8500</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">333 Bay Street Suite 4600</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Fax: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(416) 777-8818</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;white-space:pre-wrap;">Toronto, ON   M5H 2S5</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Internet:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;www.kpmg.ca</font></p></td></tr><tr><td style="vertical-align:top;width:28.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;">Canada</font></p></td><td style="vertical-align:bottom;width:44.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-size:7.5pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;margin:0pt 0pt 20pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Report of Independent Registered Public Accounting Firm</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">To Sprott Asset Management LP, the Trustee and the Unitholders of Sprott Physical Gold and Silver Trust </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Opinion on Internal Control Over Financial Reporting</i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We have audited Sprott Physical Gold and Silver Trust&#8217;s (the Trust) internal control over financial reporting as of December 31, 2020, based on criteria established in </font><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Internal Control &#8211; Integrated Framework (2013)</i><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in </font><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Internal Control &#8211; Integrated Framework (2013)</i><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission. &#160;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of financial position of the Trust as of December 31, 2020 and 2019, the related statements of comprehensive income (loss), changes in equity, and cash flows for each of the years ended December 31, 2020 and December 31, 2019, and the related notes (collectively, the financial statements), and our report dated March 22, 2021 expressed an unqualified opinion on those financial statements.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Basis for Opinion </i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">The Trust&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Responsibility for Financial Information. Our responsibility is to express an opinion on the Trust&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:italic;">Definition and Limitations of Internal Control Over Financial Reporting </i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></p></div><div style="clear:both;display:table;margin-bottom:19.1pt;min-height:8.25pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:30.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:30.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;margin:0pt;"><font style="font-size:5.5pt;">&#169; 2020 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.</font></p></td><td style="vertical-align:top;width:34.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:0pt;">12</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="min-height:49.7pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="cef-20201231ex99628fd11007.jpg" alt="Graphic" style="display:inline-block;height:30.74pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:77.99pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><i style="font-style:italic;">Page 2</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><img src="cef-20201231ex99628fd11008.jpg" alt="Graphic" style="display:inline-block;height:40.49pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:120.73pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">Chartered Professional Accountants, Licensed Public Accountants.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">Toronto, Canada</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;">March 22, 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:19.1pt;min-height:8.25pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">&#169; 2020 KPMG LLP, an Ontario limited liability partnership and a </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">member firm of the KPMG global organization of independent </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">member firms affiliated with KPMG International Limited, a </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-size:5.5pt;">private English company limited by guarantee. All rights reserved.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">13</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.39191437%;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100.78%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:56.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:43.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:56.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 7.1pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:43.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:6pt 0pt 0pt 0pt;">Statements of comprehensive income (loss)</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><i style="font-size:8.5pt;font-style:italic;">(in thousands of U.S. dollars, except unit amounts)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6.5pt;font-style:italic;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:63.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font 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Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">For&#160;the</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font 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style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">December&#160;31,&#160;2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,&#160;2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Income</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net realized gains (losses) on redemptions and sale of gold and silver bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">759</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">(16,398)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Change in unrealized gains (losses) on gold and silver bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,026,156</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">455,536</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,026,915</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">439,138</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Expenses</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Management fees <i style="font-style:italic;">(note 8)</i></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">14,766</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">11,015</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Bullion storage fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,686</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">7,285</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Sales tax</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,311</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">370</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Legal fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">321</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">96</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unitholder reporting costs</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">162</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">218</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Listing and regulatory filing fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">165</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">340</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Administrative fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">262</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">187</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Audit fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">176</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">134</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Independent Review Committee fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">12</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">11</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Custodial fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">5</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">11</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Trustee fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">5</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net foreign exchange gains (losses)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(1)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:63.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">18,872</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">19,670</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:63.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net income (loss) and comprehensive income (loss)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:14.88%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,008,043</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.18%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">419,468</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:63.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Weighted average number of Units</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">209,428,881</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">196,664,619</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:63.26%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Increase (decrease) in total equity from operations per Unit</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4.81</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.18%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">2.13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:63.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><i style="font-size:8.5pt;font-style:italic;">The accompanying notes are an integral part of these financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">14</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.39191437%;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100.78%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:56.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:43.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:56.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 7.1pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:43.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt;">Statements of financial position</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><i style="font-size:8.5pt;font-style:italic;white-space:pre-wrap;">(in thousands of  U.S. dollars)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-style:italic;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">As&#160;at</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">As&#160;at</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">December&#160;31,&#160;2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">December&#160;31,&#160;2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Assets</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Current assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cash</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,400</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">1,253</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Gold bullion </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">2,827,417</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">1,933,002</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Silver bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,594,588</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">1,026,685</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">4,423,405</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">2,960,940</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Current liabilities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Accounts payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">125</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">1,157</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total liabilities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">125</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">1,157</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Equity</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unitholders&#8217; capital</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">3,191,809</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,733,097</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unit premiums and reserves</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">80</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">62</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Retained earnings (deficit)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,234,584</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">226,624</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Underwriting commissions and issue expenses</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(3,193)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total equity </b><font style="font-style:italic;font-weight:bold;">(note 7)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">4,423,280</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,959,783</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total liabilities and equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.8%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">4,423,405</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,960,940</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.8%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.04%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total equity per Unit</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">19.95</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">15.19</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><i style="font-size:8.5pt;font-style:italic;">The accompanying notes are an integral part of these financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-size:8.5pt;">On behalf of the Manager, Sprott Asset Management LP,<br>by its General Partner, Sprott Asset Management GP Inc.:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:35.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:17.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:47.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:50.85pt;"><td style="vertical-align:bottom;width:35.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="cef-20201231ex99628fd11011.jpg" alt="Kevin Hibbert" style="display:inline-block;height:33.75pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:62.3pt;"></p></td><td style="vertical-align:bottom;width:17.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="cef-20201231ex99628fd11012.jpg" alt="Graphic" style="display:inline-block;height:33.6pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:81.75pt;"></p></td><td style="vertical-align:bottom;width:47.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:13.5pt;"><td style="vertical-align:bottom;width:35.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">Kevin Hibbert</font></p></td><td style="vertical-align:bottom;width:17.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">John Ciampaglia</font></p></td><td style="vertical-align:bottom;width:47.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:4.9pt;"><td style="vertical-align:bottom;width:35.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">Director</font></p></td><td style="vertical-align:bottom;width:17.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">Director</font></p></td><td style="vertical-align:bottom;width:47.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">15</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.39191437%;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100.78%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:56.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:43.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:56.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 7.1pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:43.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt;">Statements of changes in equity</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><i style="font-size:8.5pt;font-style:italic;">(in thousands of U.S. dollars, except unit amounts)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><i style="font-size:8.5pt;font-style:italic;">For the year ended December&#160;31,&#160;2020 and the year ended December&#160;31,&#160;2019</i></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Underwriting</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Unit</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Number&#160;of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Retained</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Commissions</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Premiums</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Units</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Unitholders&#8217;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Earnings</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">and&#160;Issue</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">and</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Outstanding</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Capital</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">(Deficit)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Expenses</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Reserves</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Total&#160;Equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Balance as at January&#160;1, 2019</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 215,330,776</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">3,020,726</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">(214,011)</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,806,717</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Proceeds from issuance of Units (note 7)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cost of redemption of Units&#160;<i style="font-style:italic;">(note 7)</i></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (20,503,476)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(287,629)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">21,167</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">60</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(266,402)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net income and comprehensive income for the year</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">419,468</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">419,468</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:34.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Underwriting commissions and issue expenses</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.29%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:10.11%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:7.74%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.44%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.06%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Balance as at December&#160;31,&#160;2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 194,827,300</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,733,097</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">226,624</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.11%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.74%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">62</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.44%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,959,783</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Balance as at January&#160;1, 2020</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 194,827,300</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">2,733,097</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">226,624</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">62</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">2,959,783</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Proceeds from issuance of Units </b><font style="font-style:italic;font-weight:bold;">(note 7)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 26,901,734</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">458,997</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">458,997</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cost of redemption of Units </b><font style="font-style:italic;font-weight:bold;">(note 7)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (20,335)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(285)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(83)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">18</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(350)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net income and comprehensive income for the year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,008,043</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,008,043</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:34.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Underwriting commissions and issue expenses</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.29%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">&#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:10.11%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(3,193)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:7.74%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:9.44%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(3,193)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.06%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:34.78%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Balance as at December&#160;31,&#160;2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 221,708,699</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">3,191,809</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,234,584</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.11%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(3,193)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.74%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">80</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.44%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">4,423,280</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.06%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><i style="font-size:8.5pt;font-style:italic;">The accompanying notes are an integral part of these financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-style:italic;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">16</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.39191437%;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100.78%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:56.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:43.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:56.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 7.1pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust</font></p></td><td style="vertical-align:bottom;width:43.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt;">Statements of cash flows</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><i style="font-size:8.5pt;font-style:italic;">(in thousands of U.S. dollars)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;font-style:italic;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">For the year ended</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">For the year ended </p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">December&#160;31,&#160;2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,&#160;2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash flows from operating activities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net income (loss) for the year</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,008,043</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">419,468</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Adjustments to reconcile net income (loss) for the year to net cash from operating activities</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0pt 12pt;">Net realized (gains) losses on redemptions and sales of gold and silver bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(759)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">16,398</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0pt 12pt;">Change in unrealized (gains) losses on gold and silver bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(1,026,156)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(455,536)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net changes in operating assets and liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="white-space:pre-wrap;">      Increase (decrease) in accounts payable</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(1,032)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(358)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net cash provided by (used in) operating activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(19,904)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(20,028)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash flows from investing activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Purchases of gold and silver bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(440,262)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Sales of gold and silver bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">5,043</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">23,265</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net cash provided by (used in) investing activities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(435,219)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">23,265</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash flows from financing activities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Proceeds from issuance of Units <i style="font-style:italic;">(note 7)</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">458,997</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Payments on redemption of Units (note 7)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(534)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(2,163)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Underwriting commissions and issue expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(3,193)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net cash provided by (used in) financing activities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">455,270</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(2,163)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net increase (decrease) in cash during the year</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">147</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">1,074</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:64.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cash at beginning of the year</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,253</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">179</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:64.59%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash at end of the year</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.05%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.61%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,400</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:15.6%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">1,253</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.1%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><i style="font-size:8.5pt;font-style:italic;">The accompanying notes are an integral part of these financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-style:italic;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">17</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:49.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust<br>Notes to financial statements &#8211; Trust specific information</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:italic;"> December 31, 2020</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><i style="font-size:8.5pt;font-style:italic;">(in thousands of U.S. dollars, unless otherwise indicated)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="font-size:14pt;">Financial Risk Management</font><i style="font-size:14pt;font-style:italic;"> </i><i style="font-size:9.5pt;font-style:italic;">(note&#160;6)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Investment Objective</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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 &#8220;Good Delivery Bars&#8221; as defined by the London Bullion Market Association (&#8220;LBMA&#8221;), with each bar purchased being verified against the LBMA&#160;source.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note&#160;6 of the Generic Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Fair Value Measurements</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.35;text-align:justify;margin:6pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The reconciliation of bullion holdings for the years ended December&#160;31,&#160;2020 and 2019 is presented as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100.23%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:67.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:67.21%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0pt 6pt;"><font style="font-size:9pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.78%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">December&#160;31,&#160;2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;">&#160;&#160;&#160;&#160;</font></p></td><td style="vertical-align:middle;width:13.78%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">December&#160;31,&#160;2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:67.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><i style="font-size:8.5pt;font-style:italic;">(in thousands of U.S. dollars)</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:67.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Balance at beginning of year</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">2,959,687</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,808,052</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:67.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Purchases</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">440,262</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">&#8211;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:67.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Sales</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;">(5,043)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(23,265)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:67.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Redemptions for physical bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">184</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(264,238)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:67.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Realized gains (losses) on sales and redemptions for physical bullion </p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:1.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">759</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">(16,398)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:67.21%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Change in unrealized gains (losses)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:1.51%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.78%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">1,026,156</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.78%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">455,536</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.18%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:67.21%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Balance at end of year</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.51%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:1.51%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:13.78%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-weight:bold;">4,422,005</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;white-space:nowrap;width:13.78%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.9pt 0pt 0pt;">2,959,687</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:0.18%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.35;text-align:justify;margin:6pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.35;text-align:justify;margin:6pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The cost as at December 31, 2020 and 2019 for physical gold bullion was $2,100,112 and $1,706,026, respectively. &#160;The cost as at December 31, 2020 and 2019 for physical silver bullion was $1,036,069 and $993,993, respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Market Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:6pt 0pt 6pt 0pt;"><font style="font-size:11pt;">a) Other Price Risk</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">If the market value of gold and silver increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $44.2&#160;million (December&#160;31,&#160;2019: $29.6 million); conversely, if the value of gold and silver bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same&#160;amount.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">b) Currency Risk</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As at December&#160;31,&#160;2020, approximately $82 (December&#160;31,&#160;2019: $184) of the Trust&#8217;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.</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">18</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:49.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold and Silver Trust<br>Notes to financial statements &#8211; Trust specific information</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:italic;"> December 31, 2020</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:0pt;">Concentration Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust&#8217;s risk is concentrated in physical gold and silver bullion, whose value constitutes 63.9% and 36.0% respectively of total equity as at December&#160;31,&#160;2020</font> <font style="font-size:11pt;">(65.3% and 34.7% respectively as at December&#160;31,&#160;2019).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><font style="font-size:14pt;">Management Fees</font><i style="font-size:14pt;font-style:italic;"> </i><i style="font-size:9.5pt;font-style:italic;">(note&#160;8)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The Trust pays the Manager a monthly management fee equal to </font><font style="font-size:11pt;vertical-align:super;">1</font><font style="font-size:11pt;">/</font><font style="font-size:11pt;vertical-align:sub;">12</font><font style="font-size:11pt;"> of 0.40% of the value of net assets of the Trust (determined in accordance with the Trust&#8217;s trust agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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 </font><font style="font-size:11pt;vertical-align:super;">1</font><font style="font-size:11pt;">/</font><font style="font-size:11pt;vertical-align:sub;">12</font><font style="font-size:11pt;"> 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 during the year ended December&#160;31,&#160;2020 and 2019. 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&#160;Trust</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:14pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">Tax Loss Carryforwards</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">As of the taxation year ended December&#160;31,&#160;2020, the Trust had capital losses available for tax purposes of $Nil. (2019: $Nil)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><font style="font-size:14pt;">Related Party Disclosures </font><i style="font-size:9.5pt;font-style:italic;">(note&#160;8)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">There have been no other transactions between the Trust and its related parties during the reporting period, other than management fees as discussed above</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:14pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">Other Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The changing economic and market climate as a result of COVID-19 has led to the Trust implementing its business continuity plan. Our portfolio managers, enterprise shared services teams and key outsource service providers are fully operational. The exact impacts of COVID-19 over the short and long-term are undeterminable at the date of this report.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">19</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Generic Notes to Financial Statements</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:italic;"> December 31, 2020</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:14pt;line-height:1.31;margin:0pt 0pt 6pt 0pt;"><font style="font-size:16pt;">1. Organization of the Trusts</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Platinum and Palladium Trust and Sprott Physical Gold and Silver Trust (collectively, the &#8220;Trusts&#8221; and each a &#8220;Trust&#8221;) 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 &#8220;Manager&#8221;) 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&#8217; 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&#8217; registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the &#8220;Units&#8221;). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the &#8220;NYSE Arca&#8221;) and the Toronto Stock Exchange (the &#8220;TSX&#8221;). The date of inception and trading symbols of each of the Trusts is as follows</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.25063705%;padding-left:0pt;padding-right:0pt;width:100.5%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:15.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:0.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:37.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:0.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:17.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:0.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:27.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:20.25pt;"><td style="vertical-align:bottom;width:15.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;padding-left:7.2pt;text-indent:-7.2pt;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Trust</b></p></td><td style="vertical-align:bottom;width:0.77%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:37.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 1.45pt;"><b style="font-weight:bold;">Trust&#160;Agreement&#160;date</b></p></td><td style="vertical-align:bottom;width:0.77%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 1.45pt;"><b style="font-weight:bold;">Initial&#160;Public&#160;Offering&#160;date</b></p></td><td style="vertical-align:bottom;width:0.77%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:27.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 1.45pt;"><b style="font-weight:bold;">NYSE&#160;Arca&#160;and&#160;TSX&#160;symbols&#160;,&#160;respectively</b></p></td></tr><tr style="height:28.8pt;"><td style="background-color:#ebe5d7;vertical-align:top;width:15.42%;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Gold Trust</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.77%;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:37.81%;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">August&#160;28, 2009, as amended and restated as of December&#160;7,&#160;2009, February&#160;1, 2010, February 27, 2015 and November 13, 2020</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.77%;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:17.12%;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">March&#160;3, 2010</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.77%;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:27.32%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">PHYS, PHYS.U</font></p></div></div></td></tr><tr style="height:28.8pt;"><td style="vertical-align:top;width:15.42%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Silver Trust</font></p></div></div></td><td style="vertical-align:top;width:0.77%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:37.81%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">June&#160;30, 2010, as amended and restated as of October&#160;1, 2010, February 27, 2015 and November 13, 2020</font></p></div></div></td><td style="vertical-align:top;width:0.77%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:17.12%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">October 28, 2010</font></p></div></div></td><td style="vertical-align:top;width:0.77%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:27.32%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">PSLV, PSLV.U</font></p></div></div></td></tr><tr style="height:28.8pt;"><td style="background-color:#ebe5d7;vertical-align:top;width:15.42%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Platinum and Palladium&#160;Trust</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.77%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:37.81%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">December&#160;23, 2011, as amended and restated as of June&#160; 6, 2012</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.77%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:17.12%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">December&#160;19, 2012</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.77%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:27.32%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">SPPP, SPPP.U</font></p></div></div></td></tr><tr style="height:38.5pt;"><td style="vertical-align:top;width:15.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Gold &amp; Silver Trust</font></p></div></div></td><td style="vertical-align:top;width:0.77%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:37.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">October 26, 2017</font></p></div></div></td><td style="vertical-align:top;width:0.77%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">January 16, 2018</font></p></div></div></td><td style="vertical-align:top;width:0.77%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:27.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">CEF, CEF.U</font></p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:6pt 0pt 0pt 0pt;"><font style="font-size:11pt;">The financial statements of each of the Trusts are as at and for the year ended December&#160;31,&#160;2020</font><font style="font-size:11pt;">. These financial statements were authorized for issue by the Manager on </font><font style="font-size:11pt;">March&#160;22, 2021</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">2. Basis of Preparation</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">These financial statements have been prepared in compliance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) 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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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&#160;value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The financial statements are presented in U.S.&#160;dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated</font>.</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">20</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Generic Notes to Financial Statements</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:italic;"> December 31, 2020</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt 0pt 6pt 0pt;">3. Summary of Significant Accounting Policies</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The following is a summary of significant accounting policies followed by the&#160;Trusts:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Physical bullion</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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 </font><i style="font-size:11pt;font-style:italic;">Investment Property</i><font style="font-size:11pt;"> fair value model as IAS&#160;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&#160;executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Other assets and liabilities</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Other assets and liabilities are recognized at fair value upon initial recognition. &#160;Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. &#160;Other financial liabilities are measured at amortized cost.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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&#160;liability.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Functional and presentation currency</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Each Trust&#8217;s functional and presentation currency is the U.S.&#160;Dollar. Each Trusts&#8217; performance is evaluated and its liquidity is managed in U.S.&#160;Dollars. Therefore, the U.S.&#160;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&#160;conditions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">4. Critical Accounting Estimates and Judgments</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The preparation of financial statements requires management to use judgment in </font><font style="font-size:11pt;">applying</font><font style="font-size:11pt;"> its accounting policies and to make estimates and assumptions about the future</font>. <font style="font-size:11pt;">The following discusses the most significant accounting judgments and estimates that the Trusts have made in preparing the financial statements:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;">Estimation uncertainty</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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&#160;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.</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">21</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Generic Notes to Financial Statements</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:italic;"> December 31, 2020</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">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&#160;occur</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">5. Fair Value Measurements</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">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:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Level 1</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trusts have the ability to access at the measurement date;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Level 2</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">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</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Level 3</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Prices, inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Physical bullion is measured at fair value. The fair value measurement of all bullion falls within Level&#160;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</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">6. Financial Risk, Management and Objectives</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The Trusts&#8217; objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trusts&#8217; 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&#8217;s offering documents. The Trusts&#8217; 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&#160;&#8212; Trust specific information of each Trust for specific risk&#160;disclosures.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Price risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Price risk arises from the possibility that changes in the market price of each Trust&#8217;s investments, which consist almost entirely of bullion, will result in changes in fair value of such investments</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Interest rate risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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&#160;minimal.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Currency risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. Each Trust&#8217;s assets, substantially all of which consist of an investment in bullion, are priced in U.S.&#160;dollars. Some of the Trusts&#8217; 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, </font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">22</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Generic Notes to Financial Statements</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:italic;"> December 31, 2020</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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&#8217;s policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trusts&#8217; 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&#160;custodian</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Liquidity risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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&#8217;s liquidity risk is minimal, since it&#8217;s primary investment is physical bullion, which trades in a highly liquid market. All of the Trusts&#8217; financial liabilities, including due to brokers, accounts payable and management fees payable have maturities of less than three&#160;months</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Concentration risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Each Trust&#8217;s risk is concentrated in the physical bullion of precious metals</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:16pt 0pt 6pt 0pt;">7. Unitholders&#8217; Capital</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">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&#8217; capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trusts&#8217; 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 (&#8220;NAV&#8221;) 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</font><font style="font-size:11pt;">n</font><font style="font-size:11pt;"> storage in-and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i)&#160;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)&#160;the NAV of the redeemed Units as of 4:00&#160;p.m., Eastern Standard time, on the last business day of the month in which the redemption request is&#160;processed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders&#8217; 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.</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">23</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Generic Notes to Financial Statements</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:italic;"> December 31, 2020</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The Trusts&#8217; units are classified as equity on the Statements of Financial Position, since the Trusts&#8217; units meet the criteria in IAS 32, </font><i style="font-size:11pt;font-style:italic;">Financial Instruments: Presentation</i><font style="font-size:11pt;"> (&#8220;IAS 32&#8221;) for classification as equity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Net Asset Value</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">NAV is defined as a Trust&#8217;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 bullion based on the end-of-day price provided by a widely recognized pricing service</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Capital management</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">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&#8217; 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)&#160;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)&#160;by way of Unit distribution in connection with an income distribution.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;">Each Trusts&#8217; objectives for managing capital are:</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#003366;font-family:'Times New Roman';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">To invest and hold substantially all of the Trust&#8217;s assets in physical bullion;&#160;and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#003366;font-family:'Times New Roman';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">To maintain sufficient liquidity to meet the expenses of each Trust, and to meet redemption requests as they&#160;arise.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;margin:18pt 0pt 0pt 0pt;">Refer to &#8220;Financial risk, management and objectives&#8221; (Note&#160;6) for the policies and procedures applied by the Trusts in managing their&#160;capital</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:13pt 0pt 6pt 0pt;">8. Related Party Disclosures</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:11pt;">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</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:13pt 0pt 6pt 0pt;">9. Independent Review Committee (&#8220;IRC&#8221;)</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">In accordance with National Instrument&#160;81-107,&#160;<i style="font-style:italic;">Independent Review Committee for Investment Funds</i> (&#8220;NI&#160;81-107&#8221;), 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&#160;81-107</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">10. Personnel</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">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&#160;applicable</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:6pt;line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:6pt;line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">24</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-size:20pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:20pt;font-style:italic;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Corporate Information</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;">Head Office</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Sprott Physical Gold and Silver Trust</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Royal Bank Plaza, South Tower</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">200&#160;Bay Street</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Suite&#160;2600, PO Box&#160;26</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toronto, Ontario M5J&#160;2J1</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Telephone: (416)&#160;203-2310</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toll Free: (877)&#160;403-2310</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Email: ir@sprott.com</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;">Auditors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">KPMG LLP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Bay Adelaide Centre</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">333 Bay Street</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Suite&#160;4600</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toronto, Ontario M5H 2S5</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;">Legal Counsel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Stikeman Elliott&#160;LLP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">5300 Commerce Court West</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">199&#160;Bay Street</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toronto, Ontario M5L&#160;1B9</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Skadden, Arps, Slate, Meagher &amp; Flom LLP </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">222 Bay Street, Suite 1750</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toronto, Ontario M5K 1J5</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;">25</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:avoid;width:89.64%;border-width:0;"></body></html>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:16:23 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.34pt 0pt;"><b style="font-weight:bold;">Exhibit 99.7</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><img src="cef-20201231ex99731eb8c001.jpg" alt="Graphic" style="display:inline-block;height:50.39pt;width:302.4pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">MANAGEMENT&#8217;S RESPONSIBILITY FOR FINANCIAL INFORMATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Sprott Asset Management LP, the &#8220;Manager&#8221; of the Sprott Physical Gold and Silver Trust (the &#8220;Trust&#8221;) is responsible for the integrity, consistency, objectivity and reliability of the Financial Statements of the Trust. International Financial Reporting Standards have been applied and management has exercised its judgment and made best estimates where appropriate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Manager&#8217;s internal controls and supporting procedures maintained provide reasonable assurance that financial records are complete and accurate. These supporting procedures include the oversight of RBC Investor Services, the Trust&#8217;s valuation agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Management has assessed the effectiveness of the internal controls over financial reporting for the period January 1 to December 31, 2020 using the framework found in <i style="font-style:italic;">Internal Control &#8211; Integrated Framework (2013) </i>issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, management has concluded the Manager&#8217;s internal controls over financial reporting were effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">KPMG LLP, the independent auditors appointed by the Manager of the Trust, have audited the effectiveness of the Trust&#8217;s internal control over financial reporting as st December 31, 2020 in addition to auditing the Trust&#8217;s Financial Statements as of the same period. Their reports, which expressed unqualified opinions, can be found on pages 8 to 10 of the Financial Statements. KPMG LLP have full and free access to, and meet periodically with, the Manager of the Trust to discuss their audit and matters arising there from, such as, comments they may have on the fairness of financial reporting and the adequacy of internal controls.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:11.55pt;"><td style="vertical-align:top;width:33.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Kevin Hibbert</p></td><td style="vertical-align:top;width:17.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:11.55pt;"><td colspan="2" style="vertical-align:top;width:50.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Kevin Hibbert</p></td><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:11.45pt;"><td colspan="2" style="vertical-align:top;width:50.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:11.3pt;"><td colspan="2" style="vertical-align:top;width:50.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">March 22, 2021</p></td><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:16:32 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit&#160;99.8</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:7.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:31.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><img src="cef-20201231ex998b41b47001.jpg" alt="Graphic" style="display:inline-block;height:30.74pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:77.99pt;"></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:39.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">KPMG LLP</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:top;width:39.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Chartered Professional Accountants</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:39.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Bay Adelaide Centre</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:7.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Telephone:</p></td><td style="vertical-align:top;width:31.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">(416) 777-8500</p></td></tr><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">333 Bay Street Suite 4600</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:7.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Fax:</p></td><td style="vertical-align:top;width:31.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">(416) 777-8818</p></td></tr><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="white-space:pre-wrap;">Toronto, ON  M5H 2S5</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:7.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Internet:</p></td><td style="vertical-align:top;width:31.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">www.kpmg.ca</p></td></tr><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Canada</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:39.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#231f20;font-size:11pt;font-weight:bold;">Report of Independent Registered Public Accounting Firm</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;">To Sprott Asset Management LP, the Trustee and the Unitholders of </font><font style="font-size:11pt;">Sprott Physical Gold and Silver Trust</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><i style="font-size:11pt;font-style:italic;">Opinion on Internal Control Over Financial Reporting</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-size:11pt;">We have audited </font><font style="font-size:11pt;">Sprott Physical Gold and Silver Trust</font><i style="font-size:11pt;font-style:italic;">&#8217;</i><font style="font-size:11pt;">s (the Trust) internal control over financial reporting as of December&#160;31, 2020, based on criteria established in</font><i style="font-size:11pt;font-style:italic;"> Internal Control &#8211; Integrated Framework (2013)</i><font style="font-size:11pt;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December&#160;31, 2020, based on criteria established in </font><i style="font-size:11pt;font-style:italic;">Internal Control &#8211; Integrated Framework (2013)</i><font style="font-size:11pt;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-size:11pt;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of financial position of the Trust as of December&#160;31, 2020 and 2019, the related statements of comprehensive income (loss), changes in equity, and cash flows for each of the years ended December&#160;31, 2020 and December 31, 2019, and the related notes (collectively, the financial statements), and our report dated March 22, 2021 expressed an unqualified opinion on those financial statements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><i style="font-size:11pt;font-style:italic;">Basis for Opinion</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-size:11pt;">The Trust&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Responsibility for Financial Information. Our responsibility is to express an opinion on the Trust&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-size:11pt;">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><i style="font-size:11pt;font-style:italic;">Definition and Limitations of Internal Control Over Financial Reporting</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1)&#160;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&#160;provide reasonable assurance that transactions are recorded as necessary to permit</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:36.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:32.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:30.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:36.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;text-align:justify;margin:0pt;">&#169; 2020 KPMG LLP, an Ontario limited liability partnership and a <br>member firm of the KPMG global organization of independent <br>member firms affiliated with KPMG International Limited, a private <br>English company limited by guarantee. All rights reserved.</p></td><td style="vertical-align:top;width:30.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">1</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><i style="color:#231f20;font-size:9.5pt;font-style:italic;">Page 2</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-size:11pt;">preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.5pt 0pt;"><img src="cef-20201231ex998b41b47002.jpg" alt="Graphic" style="display:inline-block;height:40.49pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:120.73pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#231f20;font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#231f20;font-size:11pt;">Chartered Professional Accountants, Licensed Public Accountants.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;font-size:11pt;">Toronto, Canada </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;font-size:11pt;">March 22, 2021</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:36.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:32.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:30.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:36.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;text-align:justify;margin:0pt;">&#169; 2020 KPMG LLP, an Ontario limited liability partnership and a <br>member firm of the KPMG global organization of independent <br>member firms affiliated with KPMG International Limited, a private <br>English company limited by guarantee. All rights reserved.</p></td><td style="vertical-align:top;width:30.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">2</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 3/22/2021 09:16:41 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Exhibit 99.9</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Consent of Independent Registered Public Accounting Firm</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">To Sprott Asset Management LP, Manager of Sprott Physical Gold and Silver Trust</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We consent to the use of our reports, each dated March 22, 2021, with respect to the financial statements and the effectiveness of internal control over financial reporting included in this annual report on Form 40-F.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">We also consent to the incorporation by reference of such reports in the Registration Statement No. (333-229639) on Form F-10 of Sprott Physical Gold and Silver Trust.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><img src="cef-20201231ex9991b83c0001.jpg" alt="Graphic" style="display:inline-block;height:41.99pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:134.98pt;"></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Chartered Professional Accountants, Licensed Public Accountants</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">Toronto, Canada</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 7pt 0pt;">March 22, 2021</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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  <!--Unit Section-->
  <unit id="Unit14">
    <measure>xbrli:pure</measure>
  </unit>
  <unit id="Unit13">
    <measure>xbrli:shares</measure>
  </unit>
  <unit id="Unit12">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
      </unitNumerator>
      <unitDenominator>
        <measure>xbrli:shares</measure>
      </unitDenominator>
    </divide>
  </unit>
  <unit id="Unit1">
    <measure>iso4217:USD</measure>
  </unit>
  <!--Tuple Section-->
  <!--Element Section-->
  <cef:AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">16398000</cef:AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion>
  <cef:AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">-759000</cef:AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion>
  <cef:BullionStorageFeesExpense contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">7285000</cef:BullionStorageFeesExpense>
  <cef:BullionStorageFeesExpense contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">1686000</cef:BullionStorageFeesExpense>
  <cef:CurrentGoldBullionAssets contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">1933002000</cef:CurrentGoldBullionAssets>
  <cef:CurrentGoldBullionAssets contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">2827417000</cef:CurrentGoldBullionAssets>
  <cef:CurrentSilverBullionAssets contextRef="As_Of_12_31_2018_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">2808052000</cef:CurrentSilverBullionAssets>
  <cef:CurrentSilverBullionAssets contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">1026685000</cef:CurrentSilverBullionAssets>
  <cef:CurrentSilverBullionAssets contextRef="As_Of_12_31_2019_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">2959687000</cef:CurrentSilverBullionAssets>
  <cef:CurrentSilverBullionAssets contextRef="As_Of_12_31_2019_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">2959687000</cef:CurrentSilverBullionAssets>
  <cef:CurrentSilverBullionAssets contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">1594588000</cef:CurrentSilverBullionAssets>
  <cef:CurrentSilverBullionAssets contextRef="As_Of_12_31_2020_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">4422005000</cef:CurrentSilverBullionAssets>
  <cef:DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Other assets and liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Other assets and liabilities are recognized at fair value upon initial recognition.&amp;nbsp;&amp;nbsp;Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost.&amp;nbsp;&amp;nbsp;Other financial liabilities are measured at amortized cost.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory>
  <cef:DescriptionOfAccountingPolicyForPhysicalBullionExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Physical bullion&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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 &lt;/font&gt;&lt;font style="display:inline;font-style:italic;font-size:11pt;"&gt;Investment Property&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt; fair value model as IAS&amp;nbsp;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&amp;nbsp;executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:DescriptionOfAccountingPolicyForPhysicalBullionExplanatory>
  <cef:DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.50%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 7.2pt;text-indent: -7.2pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;Trust&amp;nbsp;Agreement&amp;nbsp;date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;Initial&amp;nbsp;Public&amp;nbsp;Offering&amp;nbsp;date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;NYSE&amp;nbsp;Arca&amp;nbsp;and&amp;nbsp;TSX&amp;nbsp;symbols&amp;nbsp;,&amp;nbsp;respectively&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Gold Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;August&amp;nbsp;28, 2009, as amended and restated as of December&amp;nbsp;7,&amp;nbsp;2009, February&amp;nbsp;1, 2010, February 27, 2015 and November 13, 2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;March&amp;nbsp;3, 2010&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;PHYS, PHYS.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Silver Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;June&amp;nbsp;30, 2010, as amended and restated as of October&amp;nbsp;1, 2010, February 27, 2015 and November 13, 2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;October 28, 2010&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;PSLV, PSLV.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Platinum and Palladium&amp;nbsp;Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;December&amp;nbsp;23, 2011, as amended and restated as of June&amp;nbsp; 6, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;December&amp;nbsp;19, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;SPPP, SPPP.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Gold &amp;amp; Silver Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;October 26, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;January 16, 2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;CEF, CEF.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock>
  <cef:EquityPerUnit contextRef="As_Of_12_31_2019" unitRef="Unit12" decimals="2">15.19</cef:EquityPerUnit>
  <cef:EquityPerUnit contextRef="As_Of_12_31_2020" unitRef="Unit12" decimals="2">19.95</cef:EquityPerUnit>
  <cef:FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.24%;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;"&gt;December&amp;nbsp;31,&amp;nbsp;2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:11pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;"&gt;December&amp;nbsp;31,&amp;nbsp;2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-style:italic;font-size:8.5pt;"&gt;(in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;color:#000000;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Balance at beginning of year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,959,687
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,808,052
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;440,262
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;&amp;#x2013;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,043)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23,265)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Redemptions for physical bullion&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;184
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(264,238)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Realized gains (losses) on sales and redemptions for physical bullion &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;759
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16,398)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Change in unrealized gains (losses)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,026,156
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455,536
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Balance at end of year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,422,005
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,959,687
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock>
  <cef:IfrsFairValueMeasurementInputsDisclosureTextBlock contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;5. Fair Value Measurements&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Level 1&lt;font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.9pt 0pt 0pt;"&gt;&lt;/font&gt;Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trusts have the ability to access at the measurement date;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Level 2&lt;font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.9pt 0pt 0pt;"&gt;&lt;/font&gt;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&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Level 3&lt;font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.9pt 0pt 0pt;"&gt;&lt;/font&gt;Prices, inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Physical bullion is measured at fair value. The fair value measurement of all bullion falls within Level&amp;nbsp;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&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:IfrsFairValueMeasurementInputsDisclosureTextBlock>
  <cef:IfrsNewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:IfrsNewAccountingPronouncementsPolicyPolicyTextBlock>
  <cef:IfrsOfferingCostsPartnershipInterests contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">3193000</cef:IfrsOfferingCostsPartnershipInterests>
  <cef:IfrsOfferingCostsPartnershipInterests contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_ComponentsOfEquityAxis_cef_UnderwritingCommissionsAndIssueExpensesMember" unitRef="Unit1" decimals="-3">3193000</cef:IfrsOfferingCostsPartnershipInterests>
  <cef:IfrsOtherOwnershipInterestsOfferingCosts contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">3193000</cef:IfrsOtherOwnershipInterestsOfferingCosts>
  <cef:IfrsPartnersCapitalNotesDisclosureExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:16pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;7. Unitholders&amp;#x2019; Capital&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;#x2019; capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trusts&amp;#x2019; 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 (&amp;#x201C;NAV&amp;#x201D;) 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&lt;/font&gt;&lt;font style="font-family:Times New Roman,Times,serif;font-size:9.5pt;display:inline;font-size:11pt;"&gt;n&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt; storage in-and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i)&amp;nbsp;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)&amp;nbsp;the NAV of the redeemed Units as of 4:00&amp;nbsp;p.m., Eastern Standard time, on the last business day of the month in which the redemption request is&amp;nbsp;processed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders&amp;#x2019; 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.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The Trusts&amp;#x2019; units are classified as equity on the Statements of Financial Position, since the Trusts&amp;#x2019; units meet the criteria in IAS 32, &lt;/font&gt;&lt;font style="display:inline;font-style:italic;font-size:11pt;"&gt;Financial Instruments: Presentation&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt; (&amp;#x201C;IAS 32&amp;#x201D;) for classification as equity.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Net Asset Value&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;NAV is defined as a Trust&amp;#x2019;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 bullion based on the end-of-day price provided by a widely recognized pricing service&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Capital management&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;#x2019; 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)&amp;nbsp;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)&amp;nbsp;by way of Unit distribution in connection with an income distribution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Each Trusts&amp;#x2019; objectives for managing capital are:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#003366;line-height:110%;font-size:11pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;To invest and hold substantially all of the Trust&amp;#x2019;s assets in physical bullion;&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#003366;line-height:110%;font-size:11pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;To maintain sufficient liquidity to meet the expenses of each Trust, and to meet redemption requests as they&amp;nbsp;arise.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:18pt 0pt 12pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Refer to &amp;#x201C;Financial risk, management and objectives&amp;#x201D; (Note&amp;nbsp;6) for the policies and procedures applied by the Trusts in managing their&amp;nbsp;capital&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:IfrsPartnersCapitalNotesDisclosureExplanatory>
  <cef:IfrsStockRedeemedOrCalledDuringPeriodShares contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_ComponentsOfEquityAxis_ifrs-full_IssuedCapitalMember" unitRef="Unit13" decimals="INF">20503476</cef:IfrsStockRedeemedOrCalledDuringPeriodShares>
  <cef:IfrsStockRedeemedOrCalledDuringPeriodShares contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_ComponentsOfEquityAxis_ifrs-full_IssuedCapitalMember" unitRef="Unit13" decimals="INF">20335</cef:IfrsStockRedeemedOrCalledDuringPeriodShares>
  <cef:IfrsTaxCreditCarryforwardAmount xsi:nil="true" contextRef="As_Of_12_31_2019" unitRef="Unit1" />
  <cef:IfrsTaxCreditCarryforwardAmount xsi:nil="true" contextRef="As_Of_12_31_2020" unitRef="Unit1" />
  <cef:IfrsTrusteeFees contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">4000</cef:IfrsTrusteeFees>
  <cef:IfrsTrusteeFees contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">5000</cef:IfrsTrusteeFees>
  <cef:IncreaseDecreaseInTotalEquityFromOperationsPerUnit contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit12" decimals="2">2.13</cef:IncreaseDecreaseInTotalEquityFromOperationsPerUnit>
  <cef:IncreaseDecreaseInTotalEquityFromOperationsPerUnit contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit12" decimals="2">4.81</cef:IncreaseDecreaseInTotalEquityFromOperationsPerUnit>
  <cef:IndependentReviewCommitteeExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:13pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;9. Independent Review Committee (&amp;#x201C;IRC&amp;#x201D;)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;In accordance with National Instrument&amp;nbsp;81-107,&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;font-size:11pt;"&gt;Independent Review Committee for Investment Funds&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt; (&amp;#x201C;NI&amp;nbsp;81-107&amp;#x201D;), 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&amp;nbsp;81-107&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:IndependentReviewCommitteeExplanatory>
  <cef:IndependentReviewCommitteeFees contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">11000</cef:IndependentReviewCommitteeFees>
  <cef:IndependentReviewCommitteeFees contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">12000</cef:IndependentReviewCommitteeFees>
  <cef:ListingAndRegulatoryFilingFees contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">340000</cef:ListingAndRegulatoryFilingFees>
  <cef:ListingAndRegulatoryFilingFees contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">165000</cef:ListingAndRegulatoryFilingFees>
  <cef:MonthlyExpensesIncludingManagementFee contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit14" decimals="4">0.0833</cef:MonthlyExpensesIncludingManagementFee>
  <cef:MonthlyManagementFee contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit14" decimals="4">0.0833</cef:MonthlyManagementFee>
  <cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">-16398000</cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion>
  <cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">-16398000</cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion>
  <cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">759000</cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion>
  <cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">759000</cef:NetRealizedGainsLossesOnRedemptionsSalesOfBullion>
  <cef:NoticePeriodObligationToRedeemUnitsMonthly contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_TypesOfRisksAxis_ifrs-full_LiquidityRiskMember">P15D</cef:NoticePeriodObligationToRedeemUnitsMonthly>
  <cef:NumberOfSharesIssuedDuringPeriodShares contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_ComponentsOfEquityAxis_ifrs-full_IssuedCapitalMember" unitRef="Unit13" decimals="INF">26901734</cef:NumberOfSharesIssuedDuringPeriodShares>
  <cef:OrganizationOfTrustsExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;font-size:16pt;"&gt;1. Organization of the Trusts&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Platinum and Palladium Trust and Sprott Physical Gold and Silver Trust (collectively, the &amp;#x201C;Trusts&amp;#x201D; and each a &amp;#x201C;Trust&amp;#x201D;) 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 &amp;#x201C;Manager&amp;#x201D;) 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&amp;#x2019; 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&amp;#x2019; registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the &amp;#x201C;Units&amp;#x201D;). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the &amp;#x201C;NYSE Arca&amp;#x201D;) and the Toronto Stock Exchange (the &amp;#x201C;TSX&amp;#x201D;). The date of inception and trading symbols of each of the Trusts is as follows&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.50%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 7.2pt;text-indent: -7.2pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;Trust&amp;nbsp;Agreement&amp;nbsp;date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;Initial&amp;nbsp;Public&amp;nbsp;Offering&amp;nbsp;date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;"&gt;
					&lt;p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;font-size:8pt;"&gt;NYSE&amp;nbsp;Arca&amp;nbsp;and&amp;nbsp;TSX&amp;nbsp;symbols&amp;nbsp;,&amp;nbsp;respectively&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Gold Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;August&amp;nbsp;28, 2009, as amended and restated as of December&amp;nbsp;7,&amp;nbsp;2009, February&amp;nbsp;1, 2010, February 27, 2015 and November 13, 2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;March&amp;nbsp;3, 2010&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;PHYS, PHYS.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Silver Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;June&amp;nbsp;30, 2010, as amended and restated as of October&amp;nbsp;1, 2010, February 27, 2015 and November 13, 2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;October 28, 2010&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;PSLV, PSLV.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Platinum and Palladium&amp;nbsp;Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;December&amp;nbsp;23, 2011, as amended and restated as of June&amp;nbsp; 6, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;December&amp;nbsp;19, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;SPPP, SPPP.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;Sprott Physical Gold &amp;amp; Silver Trust&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;October 26, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;January 16, 2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;"&gt;
					&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;CEF, CEF.U&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:6pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The financial statements of each of the Trusts are as at and for the year ended December&amp;nbsp;31,&amp;nbsp;2020. These financial statements were authorized for issue by the Manager on March&amp;nbsp;22, 2021&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:OrganizationOfTrustsExplanatory>
  <cef:PaymentsForUnderwritingCommissionsAndIssueExpenses contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">3193000</cef:PaymentsForUnderwritingCommissionsAndIssueExpenses>
  <cef:PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_TypesOfRisksAxis_cef_ConcentrationRiskMember" unitRef="Unit14" decimals="INF">0.653</cef:PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity>
  <cef:PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_TypesOfRisksAxis_cef_ConcentrationRiskMember" unitRef="Unit14" decimals="INF">0.639</cef:PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity>
  <cef:PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_TypesOfRisksAxis_cef_ConcentrationRiskMember" unitRef="Unit14" decimals="INF">0.347</cef:PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity>
  <cef:PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_TypesOfRisksAxis_cef_ConcentrationRiskMember" unitRef="Unit14" decimals="INF">0.36</cef:PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity>
  <cef:PercentageOfReasonablyPossibleDecreaseInValueOfGold contextRef="Duration_1_1_2020_To_12_31_2020_cef_IfrsStatementScenarioAxis_cef_ScenarioMember_ifrs-full_TypesOfRisksAxis_ifrs-full_OtherPriceRiskMember" unitRef="Unit14" decimals="INF">0.01</cef:PercentageOfReasonablyPossibleDecreaseInValueOfGold>
  <cef:PercentageOfReasonablyPossibleDecreaseInValueOfSilver contextRef="Duration_1_1_2020_To_12_31_2020_cef_IfrsStatementScenarioAxis_cef_ScenarioMember_ifrs-full_TypesOfRisksAxis_ifrs-full_OtherPriceRiskMember" unitRef="Unit14" decimals="INF">0.01</cef:PercentageOfReasonablyPossibleDecreaseInValueOfSilver>
  <cef:PercentageOfReasonablyPossibleIncreaseInValueOfGold contextRef="Duration_1_1_2020_To_12_31_2020_cef_IfrsStatementScenarioAxis_cef_ScenarioMember_ifrs-full_TypesOfRisksAxis_ifrs-full_OtherPriceRiskMember" unitRef="Unit14" decimals="INF">0.01</cef:PercentageOfReasonablyPossibleIncreaseInValueOfGold>
  <cef:PercentageOfReasonablyPossibleIncreaseInValueOfSilver contextRef="Duration_1_1_2020_To_12_31_2020_cef_IfrsStatementScenarioAxis_cef_ScenarioMember_ifrs-full_TypesOfRisksAxis_ifrs-full_OtherPriceRiskMember" unitRef="Unit14" decimals="INF">0.01</cef:PercentageOfReasonablyPossibleIncreaseInValueOfSilver>
  <cef:PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit14" decimals="INF">0.05</cef:PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash>
  <cef:PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit14" decimals="INF">1</cef:PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits>
  <cef:PercentChangeInExchangeRate contextRef="Duration_1_1_2020_To_12_31_2020_cef_IfrsStatementScenarioAxis_cef_ScenarioMember_srt_StatementGeographicalAxis_country_CA" unitRef="Unit14" decimals="INF">0.01</cef:PercentChangeInExchangeRate>
  <cef:PercentValueOfNetAssetsOfTrust contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit14" decimals="INF">0.004</cef:PercentValueOfNetAssetsOfTrust>
  <cef:PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed contextRef="Duration_1_1_2020_To_12_31_2020">P5D</cef:PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed>
  <cef:PersonnelExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:12pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;10. Personnel&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;nbsp;applicable&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:PersonnelExplanatory>
  <cef:PhysicalGoldBullionCost contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">1706026000</cef:PhysicalGoldBullionCost>
  <cef:PhysicalGoldBullionCost contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">2100112000</cef:PhysicalGoldBullionCost>
  <cef:PhysicalSilverBullionCost contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">993993000</cef:PhysicalSilverBullionCost>
  <cef:PhysicalSilverBullionCost contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">1036069000</cef:PhysicalSilverBullionCost>
  <cef:PurchaseOfTreasurySharesIncreaseInEquity contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_ComponentsOfEquityAxis_cef_UnitPremiumsAndReservesMember" unitRef="Unit1" decimals="-3">60000</cef:PurchaseOfTreasurySharesIncreaseInEquity>
  <cef:PurchaseOfTreasurySharesIncreaseInEquity contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_ComponentsOfEquityAxis_ifrs-full_RetainedEarningsMember" unitRef="Unit1" decimals="-3">21167000</cef:PurchaseOfTreasurySharesIncreaseInEquity>
  <cef:PurchaseOfTreasurySharesIncreaseInEquity contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_ComponentsOfEquityAxis_cef_UnitPremiumsAndReservesMember" unitRef="Unit1" decimals="-3">18000</cef:PurchaseOfTreasurySharesIncreaseInEquity>
  <cef:RedemptionPricePercentageOfUnitsRedeemedForCash contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit14" decimals="INF">0.95</cef:RedemptionPricePercentageOfUnitsRedeemedForCash>
  <cef:RedemptionsForPhysicalBullion contextRef="As_Of_12_31_2019_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">264238000</cef:RedemptionsForPhysicalBullion>
  <cef:RedemptionsForPhysicalBullion contextRef="As_Of_12_31_2020_ifrs-full_MeasurementAxis_ifrs-full_RecurringFairValueMeasurementMember" unitRef="Unit1" decimals="-3">-184000</cef:RedemptionsForPhysicalBullion>
  <cef:ThresholdPercentValueOfNetAssetsOfTrustToCalculateManagementFee contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit14" decimals="INF">0.0065</cef:ThresholdPercentValueOfNetAssetsOfTrustToCalculateManagementFee>
  <cef:TrustSpecificInformationExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-style:italic;font-size:8.5pt;"&gt;(in thousands of U.S. dollars, unless otherwise indicated)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial Risk Management&lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;font-size:9.5pt;"&gt;(note&amp;nbsp;6)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Investment Objective&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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 &amp;#x201C;Good Delivery Bars&amp;#x201D; as defined by the London Bullion Market Association (&amp;#x201C;LBMA&amp;#x201D;), with each bar purchased being verified against the LBMA&amp;nbsp;source.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note&amp;nbsp;6 of the Generic Notes.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Fair Value Measurements&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:6pt 0pt 12pt;line-height:113.75%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The reconciliation of bullion holdings for the years ended December&amp;nbsp;31,&amp;nbsp;2020 and 2019 is presented as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.24%;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;"&gt;December&amp;nbsp;31,&amp;nbsp;2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:11pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;"&gt;December&amp;nbsp;31,&amp;nbsp;2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-style:italic;font-size:8.5pt;"&gt;(in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-weight:bold;color:#000000;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Balance at beginning of year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,959,687
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,808,052
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;440,262
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;&amp;#x2013;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,043)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23,265)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Redemptions for physical bullion&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;184
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(264,238)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Realized gains (losses) on sales and redemptions for physical bullion &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;759
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16,398)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Change in unrealized gains (losses)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,026,156
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455,536
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;color:#000000;font-size:8pt;"&gt;Balance at end of year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,422,005
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,959,687
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:6pt 0pt 12pt;line-height:113.75%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:6pt 0pt 12pt;line-height:113.75%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The cost as at December 31, 2020 and 2019 for physical gold bullion was $2,100,112 and $1,706,026, &amp;nbsp;respectively.&amp;nbsp;&amp;nbsp;The cost as at December 31, 2020 and 2019 for physical silver bullion was $1,036,069 and $993,993, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Market Risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:6pt 0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;a) Other Price Risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;If the market value of gold and silver increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $44.2&amp;nbsp;million (December&amp;nbsp;31,&amp;nbsp;2019: &amp;nbsp;$29.6 million); conversely, if the value of gold and silver bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same&amp;nbsp;amount.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;b) Currency Risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;As at December&amp;nbsp;31,&amp;nbsp;2020, approximately $82 &amp;nbsp;(December&amp;nbsp;31,&amp;nbsp;2019: &amp;nbsp;$184) of the Trust&amp;#x2019;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.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Concentration Risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The Trust&amp;#x2019;s risk is concentrated in physical gold and silver bullion, whose value constitutes 63.9% and 36.0% respectively of total equity as at December&amp;nbsp;31,&amp;nbsp;2020&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt;(65.3% and 34.7% respectively as at December&amp;nbsp;31,&amp;nbsp;2019).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;"&gt;
			&lt;font style="display:inline;"&gt;Management Fees&lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;font-size:9.5pt;"&gt;(note&amp;nbsp;8)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;#x2019;s trust agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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 during the year ended December&amp;nbsp;31,&amp;nbsp;2020 and 2019. 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&amp;nbsp;Trust&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;"&gt;
			&lt;font style="display:inline;"&gt;Tax Loss Carryforwards&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;As of the taxation year ended December&amp;nbsp;31,&amp;nbsp;2020, the Trust had capital losses available for tax purposes of $Nil. (2019: &amp;nbsp;$Nil)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;"&gt;
			&lt;font style="display:inline;"&gt;Related Party Disclosures&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;font-size:9.5pt;"&gt;(note&amp;nbsp;8)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;There have been no other transactions between the Trust and its related parties during the reporting period, other than management fees as discussed above&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;"&gt;
			&lt;font style="display:inline;"&gt;Other Risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The changing economic and market climate as a result of COVID-19 has led to the Trust implementing its business continuity plan. Our portfolio managers, enterprise shared services teams and key outsource service providers are fully operational. The exact impacts of COVID-19 over the short and long-term are undeterminable at the date of this report.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</cef:TrustSpecificInformationExplanatory>
  <cef:UnitholderReportingCostsExpense contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">218000</cef:UnitholderReportingCostsExpense>
  <cef:UnitholderReportingCostsExpense contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">162000</cef:UnitholderReportingCostsExpense>
  <cef:UnitPremiumsAndReserves contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">62000</cef:UnitPremiumsAndReserves>
  <cef:UnitPremiumsAndReserves contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">80000</cef:UnitPremiumsAndReserves>
  <dei:AmendmentFlag contextRef="Duration_1_1_2020_To_12_31_2020">false</dei:AmendmentFlag>
  <dei:CurrentFiscalYearEndDate contextRef="Duration_1_1_2020_To_12_31_2020">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:DocumentFiscalPeriodFocus contextRef="Duration_1_1_2020_To_12_31_2020">FY</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentFiscalYearFocus contextRef="Duration_1_1_2020_To_12_31_2020">2020</dei:DocumentFiscalYearFocus>
  <dei:DocumentPeriodEndDate contextRef="Duration_1_1_2020_To_12_31_2020">2020-12-31</dei:DocumentPeriodEndDate>
  <dei:DocumentType contextRef="Duration_1_1_2020_To_12_31_2020">40-F</dei:DocumentType>
  <dei:EntityCentralIndexKey contextRef="Duration_1_1_2020_To_12_31_2020">0001726122</dei:EntityCentralIndexKey>
  <dei:EntityCommonStockSharesOutstanding contextRef="As_Of_12_31_2020" unitRef="Unit13" decimals="INF">221708699</dei:EntityCommonStockSharesOutstanding>
  <dei:EntityEmergingGrowthCompany contextRef="Duration_1_1_2020_To_12_31_2020">false</dei:EntityEmergingGrowthCompany>
  <dei:EntityInteractiveDataCurrent contextRef="Duration_1_1_2020_To_12_31_2020">Yes</dei:EntityInteractiveDataCurrent>
  <dei:EntityRegistrantName contextRef="Duration_1_1_2020_To_12_31_2020">Sprott Physical Gold &amp; Silver Trust</dei:EntityRegistrantName>
  <ifrs-full:AdjustmentsForFairValueGainsLosses contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">-455536000</ifrs-full:AdjustmentsForFairValueGainsLosses>
  <ifrs-full:AdjustmentsForFairValueGainsLosses contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">-1026156000</ifrs-full:AdjustmentsForFairValueGainsLosses>
  <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">-358000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable>
  <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">-1032000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable>
  <ifrs-full:AdministrativeExpense contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">187000</ifrs-full:AdministrativeExpense>
  <ifrs-full:AdministrativeExpense contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">262000</ifrs-full:AdministrativeExpense>
  <ifrs-full:Assets contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">2960940000</ifrs-full:Assets>
  <ifrs-full:Assets contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">4423405000</ifrs-full:Assets>
  <ifrs-full:AuditorsRemuneration contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">134000</ifrs-full:AuditorsRemuneration>
  <ifrs-full:AuditorsRemuneration contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">176000</ifrs-full:AuditorsRemuneration>
  <ifrs-full:Cash contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">1253000</ifrs-full:Cash>
  <ifrs-full:Cash contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">1400000</ifrs-full:Cash>
  <ifrs-full:CashAndCashEquivalents contextRef="As_Of_12_31_2018" unitRef="Unit1" decimals="-3">179000</ifrs-full:CashAndCashEquivalents>
  <ifrs-full:CashAndCashEquivalents contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">1253000</ifrs-full:CashAndCashEquivalents>
  <ifrs-full:CashAndCashEquivalents contextRef="As_Of_12_31_2019" unitRef="Unit1" decimals="-3">1253000</ifrs-full:CashAndCashEquivalents>
  <ifrs-full:CashAndCashEquivalents contextRef="As_Of_12_31_2020" unitRef="Unit1" decimals="-3">1400000</ifrs-full:CashAndCashEquivalents>
  <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">-2163000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
  <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">455270000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
  <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">23265000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
  <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">-435219000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
  <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">-20028000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
  <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">-19904000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
  <ifrs-full:ChangesInEquity contextRef="Duration_1_1_2019_To_12_31_2019_cef_IfrsStatementScenarioAxis_cef_ScenarioMember_ifrs-full_TypesOfRisksAxis_ifrs-full_OtherPriceRiskMember" unitRef="Unit1" decimals="-5">29600000</ifrs-full:ChangesInEquity>
  <ifrs-full:ChangesInEquity contextRef="Duration_1_1_2020_To_12_31_2020_cef_IfrsStatementScenarioAxis_cef_ScenarioMember_ifrs-full_TypesOfRisksAxis_ifrs-full_OtherPriceRiskMember" unitRef="Unit1" decimals="-5">44200000</ifrs-full:ChangesInEquity>
  <ifrs-full:ComprehensiveIncome contextRef="Duration_1_1_2019_To_12_31_2019" unitRef="Unit1" decimals="-3">419468000</ifrs-full:ComprehensiveIncome>
  <ifrs-full:ComprehensiveIncome contextRef="Duration_1_1_2020_To_12_31_2020" unitRef="Unit1" decimals="-3">1008043000</ifrs-full:ComprehensiveIncome>
  <ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Functional and presentation currency&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Each Trust&amp;#x2019;s functional and presentation currency is the U.S.&amp;nbsp;Dollar. Each Trusts&amp;#x2019; performance is evaluated and its liquidity is managed in U.S.&amp;nbsp;Dollars. Therefore, the U.S.&amp;nbsp;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&amp;nbsp;conditions.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Income taxes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;nbsp;liability.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
  <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;4. Critical Accounting Estimates and Judgments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The preparation of financial statements requires management to use judgment in &lt;/font&gt;&lt;font style="font-family:Times New Roman,Times,serif;font-size:9.5pt;display:inline;font-size:11pt;"&gt;applying&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt; its accounting policies and to make estimates and assumptions about the future&lt;/font&gt;&lt;font style="display:inline;"&gt;. &amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt;The following discusses the most significant accounting judgments and estimates that the Trusts have made in preparing the financial statements:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;punctuation-wrap:hanging;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;font-size:12pt;"&gt;Estimation uncertainty&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;nbsp;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.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;nbsp;occur&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
  <ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;2. Basis of Preparation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;These financial statements have been prepared in compliance with International Financial Reporting Standards (&amp;#x201C;IFRS&amp;#x201D;) as issued by the International Accounting Standards Board (&amp;#x201C;IASB&amp;#x201D;) 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.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;nbsp;value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The financial statements are presented in U.S.&amp;nbsp;dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
  <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;6. Financial Risk, Management and Objectives&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The Trusts&amp;#x2019; objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trusts&amp;#x2019; 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&amp;#x2019;s offering documents. The Trusts&amp;#x2019; 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&amp;nbsp;&amp;#x2014; Trust specific information of each Trust for specific risk&amp;nbsp;disclosures.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Price risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Price risk arises from the possibility that changes in the market price of each Trust&amp;#x2019;s investments, which consist almost entirely of bullion, will result in changes in fair value of such investments&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Interest rate risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;nbsp;minimal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Currency risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. Each Trust&amp;#x2019;s assets, substantially all of which consist of an investment in bullion, are priced in U.S.&amp;nbsp;dollars. Some of the Trusts&amp;#x2019; 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&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Credit risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;#x2019;s policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trusts&amp;#x2019; 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&amp;nbsp;custodian&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Liquidity risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;#x2019;s liquidity risk is minimal, since it&amp;#x2019;s primary investment is physical bullion, which trades in a highly liquid market. All of the Trusts&amp;#x2019; financial liabilities, including due to brokers, accounts payable and management fees payable have maturities of less than three&amp;nbsp;months&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Concentration risk&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Each Trust&amp;#x2019;s risk is concentrated in the physical bullion of precious metals&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
  <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:13pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;8. Related Party Disclosures&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
  <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="Duration_1_1_2020_To_12_31_2020">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;"&gt;
			&lt;font style="display:inline;"&gt;3. Summary of Significant Accounting Policies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;The following is a summary of significant accounting policies followed by the&amp;nbsp;Trusts:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Physical bullion&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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 &lt;/font&gt;&lt;font style="display:inline;font-style:italic;font-size:11pt;"&gt;Investment Property&lt;/font&gt;&lt;font style="display:inline;font-size:11pt;"&gt; fair value model as IAS&amp;nbsp;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&amp;nbsp;executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Other assets and liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Other assets and liabilities are recognized at fair value upon initial recognition.&amp;nbsp;&amp;nbsp;Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost.&amp;nbsp;&amp;nbsp;Other financial liabilities are measured at amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Income taxes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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&amp;nbsp;liability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Functional and presentation currency&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;Each Trust&amp;#x2019;s functional and presentation currency is the U.S.&amp;nbsp;Dollar. Each Trusts&amp;#x2019; performance is evaluated and its liquidity is managed in U.S.&amp;nbsp;Dollars. Therefore, the U.S.&amp;nbsp;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&amp;nbsp;conditions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-size:11pt;"&gt;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.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
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<DOCUMENT>
<TYPE>EX-101.CAL
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<DESCRIPTION>EX-101.CAL
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>35
<FILENAME>cef-20201231_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_BullionStorageFeesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of fees paid for Bullion storage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_BullionStorageFeesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bullion Storage Fees Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_BullionStorageFeesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bullion storage fees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense other than income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfessionalFeesExpense" xlink:label="ifrs-full_ProfessionalFeesExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfessionalFeesExpense" xlink:to="ifrs-full_ProfessionalFeesExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfessionalFeesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Professional fees expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfessionalFeesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal fees</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_UnitholderReportingCostsExpense" xlink:label="cef_UnitholderReportingCostsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_UnitholderReportingCostsExpense" xlink:to="cef_UnitholderReportingCostsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_UnitholderReportingCostsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Unitholder reporting costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_UnitholderReportingCostsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unitholder Reporting Costs Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_UnitholderReportingCostsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unitholder reporting costs</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_ListingAndRegulatoryFilingFees" xlink:label="cef_ListingAndRegulatoryFilingFees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_ListingAndRegulatoryFilingFees" xlink:to="cef_ListingAndRegulatoryFilingFees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_ListingAndRegulatoryFilingFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of listing and regulatory filing fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_ListingAndRegulatoryFilingFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Listing And Regulatory Filing Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_ListingAndRegulatoryFilingFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Listing and regulatory filing fees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Administrative expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Administrative fees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AuditorsRemuneration" xlink:label="ifrs-full_AuditorsRemuneration" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AuditorsRemuneration" xlink:to="ifrs-full_AuditorsRemuneration_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AuditorsRemuneration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Auditor's remuneration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AuditorsRemuneration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Audit fees</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IndependentReviewCommitteeFees" xlink:label="cef_IndependentReviewCommitteeFees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IndependentReviewCommitteeFees" xlink:to="cef_IndependentReviewCommitteeFees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IndependentReviewCommitteeFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Independent Review Committee fees paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IndependentReviewCommitteeFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Independent Review Committee Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IndependentReviewCommitteeFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Independent Review Committee fees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RepairsAndMaintenanceExpense" xlink:label="ifrs-full_RepairsAndMaintenanceExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepairsAndMaintenanceExpense" xlink:to="ifrs-full_RepairsAndMaintenanceExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepairsAndMaintenanceExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repairs and maintenance expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RepairsAndMaintenanceExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Custodial fees</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsTrusteeFees" xlink:label="cef_IfrsTrusteeFees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsTrusteeFees" xlink:to="cef_IfrsTrusteeFees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsTrusteeFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees charged annually for the professional services of a trustee, usually quoted as a percentage of the funds being managed. The fee for appointing an offshore Trustee is included in the trust price.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsTrusteeFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Trustee Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IfrsTrusteeFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trustee fees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net foreign exchange loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net foreign exchange gains (losses)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExpenseByNature" xlink:label="ifrs-full_ExpenseByNature" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_ExpenseByNature_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseByNature_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expenses, by nature</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ExpenseByNature_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income (loss) and comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average number of ordinary shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average number of Units</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit" xlink:label="cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit" xlink:to="cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents increase (decrease) in total equity from operations per Unit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease In Total Equity From Operations Per Unit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in total equity from operations per Unit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statements of financial position</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Cash" xlink:label="ifrs-full_Cash" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Cash" xlink:to="ifrs-full_Cash_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Cash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_CurrentGoldBullionAssets" xlink:label="cef_CurrentGoldBullionAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_CurrentGoldBullionAssets" xlink:to="cef_CurrentGoldBullionAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_CurrentGoldBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current gold bullion assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_CurrentGoldBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Gold Bullion Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_CurrentGoldBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gold bullion</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_CurrentSilverBullionAssets" xlink:label="cef_CurrentSilverBullionAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_CurrentSilverBullionAssets" xlink:to="cef_CurrentSilverBullionAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_CurrentSilverBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current silver bullion assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_CurrentSilverBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Silver Bullion Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="cef_CurrentSilverBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at end of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="cef_CurrentSilverBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at beginning of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_CurrentSilverBullionAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Silver bullion</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other current payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issued capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unitholders' capital</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_UnitPremiumsAndReserves" xlink:label="cef_UnitPremiumsAndReserves" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_UnitPremiumsAndReserves" xlink:to="cef_UnitPremiumsAndReserves_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_UnitPremiumsAndReserves_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount received or receivable from the issuance of the entity's shares in excess of nominal value plus reserves (if any).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_UnitPremiumsAndReserves_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unit Premiums And Reserves</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_UnitPremiumsAndReserves_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unit premiums and reserves</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings (deficit)</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsOtherOwnershipInterestsOfferingCosts" xlink:label="cef_IfrsOtherOwnershipInterestsOfferingCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsOtherOwnershipInterestsOfferingCosts" xlink:to="cef_IfrsOtherOwnershipInterestsOfferingCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsOtherOwnershipInterestsOfferingCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cumulative amount of offering costs allocated to the other unit holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsOtherOwnershipInterestsOfferingCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Other Ownership Interests Offering Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cef_IfrsOtherOwnershipInterestsOfferingCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Underwriting commissions and issue expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance as</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance as</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equity (note 7)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity and liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total liabilities and equity</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_EquityPerUnit" xlink:label="cef_EquityPerUnit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_EquityPerUnit" xlink:to="cef_EquityPerUnit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_EquityPerUnit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount per unit assigned to the consideration received of equity securities issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_EquityPerUnit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Per Unit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_EquityPerUnit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equity per Unit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statements of changes in equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of changes in equity [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Components of equity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityMember" xlink:label="ifrs-full_EquityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_EquityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssuedCapitalMember" xlink:label="ifrs-full_IssuedCapitalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapitalMember" xlink:to="ifrs-full_IssuedCapitalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issued Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssuedCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unitholders' Capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings (Deficit)</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_UnderwritingCommissionsAndIssueExpensesMember" xlink:label="cef_UnderwritingCommissionsAndIssueExpensesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_UnderwritingCommissionsAndIssueExpensesMember" xlink:to="cef_UnderwritingCommissionsAndIssueExpensesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_UnderwritingCommissionsAndIssueExpensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for costs incurred in connection with the offering and selling of additional partner interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_UnderwritingCommissionsAndIssueExpensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Underwriting Commissions And Issue Expenses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_UnderwritingCommissionsAndIssueExpensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Underwriting Commissions and Issue Expenses</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_UnitPremiumsAndReservesMember" xlink:label="cef_UnitPremiumsAndReservesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_UnitPremiumsAndReservesMember" xlink:to="cef_UnitPremiumsAndReservesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_UnitPremiumsAndReservesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the amount received or receivable from issuance of the entity's shares in excess of nominal value and/or for a component of equity representing reserves within equity, not including retained earnings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_UnitPremiumsAndReservesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unit Premiums And Reserves [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_UnitPremiumsAndReservesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unit Premiums and Reserves</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of changes in equity [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance as (in number of units)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance as (in number of units)</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_NumberOfSharesIssuedDuringPeriodShares" xlink:label="cef_NumberOfSharesIssuedDuringPeriodShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_NumberOfSharesIssuedDuringPeriodShares" xlink:to="cef_NumberOfSharesIssuedDuringPeriodShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_NumberOfSharesIssuedDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of units issued during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_NumberOfSharesIssuedDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares Issued During the Period, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_NumberOfSharesIssuedDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from issuance of Units (in number of units) (note 7)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssueOfEquity" xlink:label="ifrs-full_IssueOfEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfEquity" xlink:to="ifrs-full_IssueOfEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssueOfEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issue of equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssueOfEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from issuance of Units (note 7)</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsStockRedeemedOrCalledDuringPeriodShares" xlink:label="cef_IfrsStockRedeemedOrCalledDuringPeriodShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsStockRedeemedOrCalledDuringPeriodShares" xlink:to="cef_IfrsStockRedeemedOrCalledDuringPeriodShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsStockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of stock bought back by the entity at the exercise price or redemption price.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsStockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Stock Redeemed Or Called During Period Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cef_IfrsStockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of redemption of Units (note 7) (in number of units)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="ifrs-full_PurchaseOfTreasuryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfTreasuryShares" xlink:to="ifrs-full_PurchaseOfTreasuryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfTreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase of treasury shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfTreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of redemption of Units (note 7)</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PurchaseOfTreasurySharesIncreaseInEquity" xlink:label="cef_PurchaseOfTreasurySharesIncreaseInEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PurchaseOfTreasurySharesIncreaseInEquity" xlink:to="cef_PurchaseOfTreasurySharesIncreaseInEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PurchaseOfTreasurySharesIncreaseInEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">An increase in equity resulting from the purchase of treasury shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PurchaseOfTreasurySharesIncreaseInEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase Of Treasury Shares Increase In Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PurchaseOfTreasurySharesIncreaseInEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of redemption of Units (note 7)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income (loss) for the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income and comprehensive income for the year</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsOfferingCostsPartnershipInterests" xlink:label="cef_IfrsOfferingCostsPartnershipInterests" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsOfferingCostsPartnershipInterests" xlink:to="cef_IfrsOfferingCostsPartnershipInterests_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsOfferingCostsPartnershipInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Costs incurred in connection with the offering and selling of additional partner interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsOfferingCostsPartnershipInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Offering Costs Partnership Interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cef_IfrsOfferingCostsPartnershipInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Underwriting commissions and issue expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of cash flows</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to reconcile profit (loss) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to reconcile net income (loss) for the year to net cash from operating activities</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion" xlink:label="cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion" xlink:to="cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for net realized (gains) losses on redemptions and sales of gold and silver bullion to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Net Realized Gains Losses On Redemptions And Sales Of Gold And Silver Bullion</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net realized (gains) losses on redemptions and sales of gold and silver bullion</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForFairValueGainsLosses" xlink:label="ifrs-full_AdjustmentsForFairValueGainsLosses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFairValueGainsLosses" xlink:to="ifrs-full_AdjustmentsForFairValueGainsLosses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFairValueGainsLosses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for fair value losses (gains)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForFairValueGainsLosses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in unrealized (gains) losses on gold and silver bullion</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:label="cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">n/a.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net changes in operating assets and liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for increase (decrease) in trade accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in accounts payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash provided by (used in) operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:label="ifrs-full_OutflowsOfCashFromInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:to="ifrs-full_OutflowsOfCashFromInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OutflowsOfCashFromInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outflows of cash from investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OutflowsOfCashFromInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchases of gold and silver bullion</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InflowsOfCashFromInvestingActivities" xlink:label="ifrs-full_InflowsOfCashFromInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InflowsOfCashFromInvestingActivities" xlink:to="ifrs-full_InflowsOfCashFromInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InflowsOfCashFromInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflows of cash from investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InflowsOfCashFromInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales of gold and silver bullion</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash provided by (used in) investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProceedsFromIssuingShares" xlink:label="ifrs-full_ProceedsFromIssuingShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromIssuingShares" xlink:to="ifrs-full_ProceedsFromIssuingShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromIssuingShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from issuing shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromIssuingShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from issuance of Units (note 7)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:label="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:to="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to acquire or redeem entity's shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments on redemption of Units (note 7)</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PaymentsForUnderwritingCommissionsAndIssueExpenses" xlink:label="cef_PaymentsForUnderwritingCommissionsAndIssueExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PaymentsForUnderwritingCommissionsAndIssueExpenses" xlink:to="cef_PaymentsForUnderwritingCommissionsAndIssueExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PaymentsForUnderwritingCommissionsAndIssueExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the cash outflow for underwriting commissions and issue expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PaymentsForUnderwritingCommissionsAndIssueExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments For Underwriting Commissions And Issue Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cef_PaymentsForUnderwritingCommissionsAndIssueExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Underwriting commissions and issue expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash provided by (used in) financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net increase (decrease) in cash during the year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash at end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash at beginning of the year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskAbstract" xlink:label="ifrs-full_DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskAbstract" xlink:to="ifrs-full_DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Risk, Management and Objectives</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_TrustSpecificInformationExplanatory" xlink:label="cef_TrustSpecificInformationExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_TrustSpecificInformationExplanatory" xlink:to="cef_TrustSpecificInformationExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_TrustSpecificInformationExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of the entity's trust specific information including Fair Value Measurements, Market Risk, tax loss carryforwards and Related Party information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_TrustSpecificInformationExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trust Specific Information Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_TrustSpecificInformationExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trust specific information</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_OrganizationOfTrustsAbstract" xlink:label="cef_OrganizationOfTrustsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_OrganizationOfTrustsAbstract" xlink:to="cef_OrganizationOfTrustsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_OrganizationOfTrustsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_OrganizationOfTrustsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Organization of the Trusts</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_OrganizationOfTrustsExplanatory" xlink:label="cef_OrganizationOfTrustsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_OrganizationOfTrustsExplanatory" xlink:to="cef_OrganizationOfTrustsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_OrganizationOfTrustsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure of the Organization of the Trusts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_OrganizationOfTrustsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Organization Of The Trusts Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_OrganizationOfTrustsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Organization of the Trusts</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_BasisOfPreparationAbstract" xlink:label="cef_BasisOfPreparationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_BasisOfPreparationAbstract" xlink:to="cef_BasisOfPreparationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_BasisOfPreparationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_BasisOfPreparationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basis of Preparation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:to="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of basis of preparation of financial statements [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basis of Preparation</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="cef_SummaryOfSignificantAccountingPoliciesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="cef_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of Significant Accounting Policies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of significant accounting policies [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of Significant Accounting Policies</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_CriticalAccountingEstimatesAndJudgmentsAbstract" xlink:label="cef_CriticalAccountingEstimatesAndJudgmentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_CriticalAccountingEstimatesAndJudgmentsAbstract" xlink:to="cef_CriticalAccountingEstimatesAndJudgmentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_CriticalAccountingEstimatesAndJudgmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_CriticalAccountingEstimatesAndJudgmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Critical Accounting Estimates and Judgments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:to="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of accounting judgements and estimates [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Critical Accounting Estimates and Judgments</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_FairValueMeasurementsAbstract" xlink:label="cef_FairValueMeasurementsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_FairValueMeasurementsAbstract" xlink:to="cef_FairValueMeasurementsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_FairValueMeasurementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_FairValueMeasurementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsFairValueMeasurementInputsDisclosureTextBlock" xlink:label="cef_IfrsFairValueMeasurementInputsDisclosureTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsFairValueMeasurementInputsDisclosureTextBlock" xlink:to="cef_IfrsFairValueMeasurementInputsDisclosureTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsFairValueMeasurementInputsDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsFairValueMeasurementInputsDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Fair Value Measurement Inputs Disclosure Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IfrsFairValueMeasurementInputsDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of financial risk management [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Risk, Management and Objectives</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unitholders' Capital.</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsPartnersCapitalNotesDisclosureExplanatory" xlink:label="cef_IfrsPartnersCapitalNotesDisclosureExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsPartnersCapitalNotesDisclosureExplanatory" xlink:to="cef_IfrsPartnersCapitalNotesDisclosureExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsPartnersCapitalNotesDisclosureExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsPartnersCapitalNotesDisclosureExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Partners Capital Notes Disclosure Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IfrsPartnersCapitalNotesDisclosureExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unitholders' Capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party Disclosures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of related party [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party Disclosures</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IndependentReviewCommitteeAbstract" xlink:label="cef_IndependentReviewCommitteeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IndependentReviewCommitteeAbstract" xlink:to="cef_IndependentReviewCommitteeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IndependentReviewCommitteeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IndependentReviewCommitteeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Independent Review Committee ("IRC")</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IndependentReviewCommitteeExplanatory" xlink:label="cef_IndependentReviewCommitteeExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IndependentReviewCommitteeExplanatory" xlink:to="cef_IndependentReviewCommitteeExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IndependentReviewCommitteeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure of the Independent Review Committee ("IRC").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IndependentReviewCommitteeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Independent Review Committee Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IndependentReviewCommitteeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Independent Review Committee ("IRC")</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PersonnelAbstract" xlink:label="cef_PersonnelAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PersonnelAbstract" xlink:to="cef_PersonnelAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PersonnelAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PersonnelAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personnel</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PersonnelExplanatory" xlink:label="cef_PersonnelExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PersonnelExplanatory" xlink:to="cef_PersonnelExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PersonnelExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of personnel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PersonnelExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personnel Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PersonnelExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personnel</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory" xlink:label="cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory" xlink:to="cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of accounting policy for physical bullion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description Of Accounting Policy For Physical Bullion Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Physical bullion</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory" xlink:label="cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory" xlink:to="cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of accounting policy for other assets and liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description Of Accounting Policy For Other Assets And Liabilities Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets and liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for income tax [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for functional currency [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Functional and presentation currency</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS New Accounting Pronouncements Policy Policy Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">New Standards issued</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock" xlink:label="cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock" xlink:to="cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of detailed information about organization of the Trusts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Detailed Information About Organization Of The Trusts Table Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Organization of the Trusts</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock" xlink:label="cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of detailed information about fair value measurements for the reconciliation of bullion holdings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements For Reconciliation Of Bullion Holdings Table Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements for reconciliation of bullion holdings</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsTaxCreditCarryforwardAmount" xlink:label="cef_IfrsTaxCreditCarryforwardAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsTaxCreditCarryforwardAmount" xlink:to="cef_IfrsTaxCreditCarryforwardAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsTaxCreditCarryforwardAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of the tax credit carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsTaxCreditCarryforwardAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Tax Credit Carryforward Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IfrsTaxCreditCarryforwardAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital losses available for tax purposes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of fair value measurement of assets [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MeasurementAxis" xlink:label="ifrs-full_MeasurementAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementAxis" xlink:to="ifrs-full_MeasurementAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MeasurementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Measurement [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AggregatedMeasurementMember" xlink:label="ifrs-full_AggregatedMeasurementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedMeasurementMember" xlink:to="ifrs-full_AggregatedMeasurementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated Measurement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated measurement [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RecurringFairValueMeasurementMember" xlink:label="ifrs-full_RecurringFairValueMeasurementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RecurringFairValueMeasurementMember" xlink:to="ifrs-full_RecurringFairValueMeasurementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RecurringFairValueMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recurring Fair Value Measurement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RecurringFairValueMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recurring fair value measurement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of fair value measurement of assets [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract" xlink:label="ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract" xlink:to="ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in fair value measurement, assets [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchasesFairValueMeasurementAssets" xlink:label="ifrs-full_PurchasesFairValueMeasurementAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchasesFairValueMeasurementAssets" xlink:to="ifrs-full_PurchasesFairValueMeasurementAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchasesFairValueMeasurementAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchases, fair value measurement, assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PurchasesFairValueMeasurementAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_SalesFairValueMeasurementAssets" xlink:label="ifrs-full_SalesFairValueMeasurementAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SalesFairValueMeasurementAssets" xlink:to="ifrs-full_SalesFairValueMeasurementAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SalesFairValueMeasurementAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales, fair value measurement, assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_SalesFairValueMeasurementAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_RedemptionsForPhysicalBullion" xlink:label="cef_RedemptionsForPhysicalBullion" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_RedemptionsForPhysicalBullion" xlink:to="cef_RedemptionsForPhysicalBullion_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_RedemptionsForPhysicalBullion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The decrease in the fair value measurement of bullion holdings resulting from redemptions for physical bullion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_RedemptionsForPhysicalBullion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemptions For Physical Bullion</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cef_RedemptionsForPhysicalBullion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemptions for physical bullion</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PhysicalGoldBullionCost" xlink:label="cef_PhysicalGoldBullionCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PhysicalGoldBullionCost" xlink:to="cef_PhysicalGoldBullionCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PhysicalGoldBullionCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cost of physical gold bullion as on the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PhysicalGoldBullionCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Physical Gold Bullion Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PhysicalGoldBullionCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Physical gold bullion cost</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PhysicalSilverBullionCost" xlink:label="cef_PhysicalSilverBullionCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PhysicalSilverBullionCost" xlink:to="cef_PhysicalSilverBullionCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PhysicalSilverBullionCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cost of physical silver bullion as on the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PhysicalSilverBullionCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Physical Silver Bullion Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PhysicalSilverBullionCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Physical silver bullion cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:to="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of risk management strategy related to hedge accounting [table]</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsStatementScenarioAxis" xlink:label="cef_IfrsStatementScenarioAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsStatementScenarioAxis" xlink:to="cef_IfrsStatementScenarioAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsStatementScenarioAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by scenario to be reported. Scenarios distinguish among different kinds of business reporting facts, as for example actual versus budgeted figures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsStatementScenarioAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Statement Scenario [axis]</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_IfrsScenarioUnspecifiedMember" xlink:label="cef_IfrsScenarioUnspecifiedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_IfrsScenarioUnspecifiedMember" xlink:to="cef_IfrsScenarioUnspecifiedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_IfrsScenarioUnspecifiedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Any scenario, that is, the particular reporting scenario is left unspecified. Scenarios distinguish among different kinds of business reporting facts, as for example actual versus budgeted figures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_IfrsScenarioUnspecifiedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Scenario Unspecified [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_IfrsScenarioUnspecifiedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Scenario Unspecified Member</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_ScenarioMember" xlink:label="cef_ScenarioMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_ScenarioMember" xlink:to="cef_ScenarioMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_ScenarioMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The reporting scenario used to indicate financial results calculated for an existing accounting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_ScenarioMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_ScenarioMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario Member</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_StatementGeographicalAxis" xlink:label="srt_StatementGeographicalAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_StatementGeographicalAxis" xlink:to="srt_StatementGeographicalAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_StatementGeographicalAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SegmentGeographicalDomain" xlink:label="srt_SegmentGeographicalDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_SegmentGeographicalDomain" xlink:to="srt_SegmentGeographicalDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_SegmentGeographicalDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Geographical [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_SegmentGeographicalDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical [Domain]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_CA" xlink:label="country_CA" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CA" xlink:to="country_CA_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_CA_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">C [A]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_CA_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Canada</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="ifrs-full_TypesOfRisksAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksAxis" xlink:to="ifrs-full_TypesOfRisksAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types of risks [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfRisksMember" xlink:label="ifrs-full_TypesOfRisksMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksMember" xlink:to="ifrs-full_TypesOfRisksMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types Of Risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Risks [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MarketRiskMember" xlink:label="ifrs-full_MarketRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MarketRiskMember" xlink:to="ifrs-full_MarketRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MarketRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Market Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MarketRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Market risk [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherPriceRiskMember" xlink:label="ifrs-full_OtherPriceRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPriceRiskMember" xlink:to="ifrs-full_OtherPriceRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPriceRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Price Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherPriceRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Price Risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrencyRiskMember" xlink:label="ifrs-full_CurrencyRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencyRiskMember" xlink:to="ifrs-full_CurrencyRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency Risk</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_ConcentrationRiskMember" xlink:label="cef_ConcentrationRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_ConcentrationRiskMember" xlink:to="cef_ConcentrationRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_ConcentrationRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a type of market risk representing the risk that equity is concentrated in physical silver bullion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_ConcentrationRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_ConcentrationRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:to="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of risk management strategy related to hedge accounting [line items]</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold" xlink:to="cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The reasonably possible percentage of the increase in the market value of gold used to determine the resulting increase in total equity and comprehensive income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Reasonably Possible Increase In Value Of Gold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage increase in market value of gold</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold" xlink:to="cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The reasonably possible percentage of the decrease in the market value of gold used to determine the resulting decrease in total equity and comprehensive income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Reasonably Possible Decrease In Value Of Gold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage decrease in market value of gold</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver" xlink:to="cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The reasonably possible percentage of the increase in the market value of silver used to determine the resulting increase in total equity and comprehensive income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Reasonably Possible Increase In Value Of Silver</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage increase in market value of silver</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver" xlink:to="cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The reasonably possible percentage of the decrease in the market value of silver used to determine the resulting decrease in total equity and comprehensive income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Reasonably Possible Decrease In Value Of Silver</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage decrease in market value of silver</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ChangesInEquity" xlink:label="ifrs-full_ChangesInEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInEquity" xlink:to="ifrs-full_ChangesInEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in equity</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentChangeInExchangeRate" xlink:label="cef_PercentChangeInExchangeRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentChangeInExchangeRate" xlink:to="cef_PercentChangeInExchangeRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentChangeInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage change in the exchange rate between a foreign currency and the functional currency.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentChangeInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percent Change In Exchange Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentChangeInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percent change in the exchange rate between the Canadian and U.S. Dollars</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity" xlink:label="cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity" xlink:to="cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of physical gold bullion that constitutes total equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Physical Gold Bullion That Constitutes Total Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of physical gold bullion that constitutes total equity</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity" xlink:label="cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity" xlink:to="cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of physical silver bullion that constitutes total equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Physical Silver Bullion That Constitutes Total Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of physical silver bullion that constitutes total equity</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_NoticePeriodObligationToRedeemUnitsMonthly" xlink:label="cef_NoticePeriodObligationToRedeemUnitsMonthly" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_NoticePeriodObligationToRedeemUnitsMonthly" xlink:to="cef_NoticePeriodObligationToRedeemUnitsMonthly_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_NoticePeriodObligationToRedeemUnitsMonthly_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of days before which advance notice has to be given for redemption of units on monthly basis.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_NoticePeriodObligationToRedeemUnitsMonthly_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notice Period, Obligation To Redeem Units Monthly</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_NoticePeriodObligationToRedeemUnitsMonthly_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of days for advance notice required</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits" xlink:label="cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits" xlink:to="cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents percentage at which Units redeemed for physical bullion will be entitled to a redemption price of the Net Asset Value ("NAV") of the redeemed Units.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Units Redeemed Entitled To Net Asset Value Redeemed Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemption price percentage</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_RedemptionPricePercentageOfUnitsRedeemedForCash" xlink:label="cef_RedemptionPricePercentageOfUnitsRedeemedForCash" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_RedemptionPricePercentageOfUnitsRedeemedForCash" xlink:to="cef_RedemptionPricePercentageOfUnitsRedeemedForCash_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_RedemptionPricePercentageOfUnitsRedeemedForCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents percentage at which Units redeemed for cash will be entitled to a redemption price of the lesser of two parameters.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_RedemptionPricePercentageOfUnitsRedeemedForCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemption Price Percentage Of Units Redeemed For Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_RedemptionPricePercentageOfUnitsRedeemedForCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemption price percentage for Units redeemed for cash</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed" xlink:label="cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed" xlink:to="cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period of last business days in month in which redemption request are processed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of Last Business Days in Month in Which Redemption Request Processed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of last business days in month in which redemption request processed</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash" xlink:label="cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash" xlink:to="cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of reduction to the redemption price for Units redeemed for cash.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Reduction To The Redemption Price For Units Redeemed For Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage reduction to the redemption price</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract" xlink:label="ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract" xlink:to="ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management Fees</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_MonthlyManagementFee" xlink:label="cef_MonthlyManagementFee" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_MonthlyManagementFee" xlink:to="cef_MonthlyManagementFee_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_MonthlyManagementFee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The monthly management fee expressed as a fraction used to calculate the monthly management fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_MonthlyManagementFee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Monthly Management Fee</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_MonthlyManagementFee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Monthly management fee</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_PercentValueOfNetAssetsOfTrust" xlink:label="cef_PercentValueOfNetAssetsOfTrust" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_PercentValueOfNetAssetsOfTrust" xlink:to="cef_PercentValueOfNetAssetsOfTrust_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_PercentValueOfNetAssetsOfTrust_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of the value of net assets of the Trust that serves as a basis for calculating management fees (per the Trust Agreement).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_PercentValueOfNetAssetsOfTrust_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percent Value Of Net Assets Of The Trust</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cef_PercentValueOfNetAssetsOfTrust_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percent value of net assets of the Trust</label>
    <loc xlink:type="locator" xlink:href="cef-20201231.xsd#cef_MonthlyExpensesIncludingManagementFee" xlink:label="cef_MonthlyExpensesIncludingManagementFee" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cef_MonthlyExpensesIncludingManagementFee" xlink:to="cef_MonthlyExpensesIncludingManagementFee_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cef_MonthlyExpensesIncludingManagementFee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The monthly expenses including management fee expressed as a fraction used to calculate the monthly management fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cef_MonthlyExpensesIncludingManagementFee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Monthly Expenses Including Management Fee</label>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516782576456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">40-F<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2020<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Sprott Physical Gold & Silver Trust<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">221,708,699<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001726122<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_DocumentAndEntityInformationAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<TYPE>XML
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781303816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of comprehensive income (loss) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>Income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_NetRealizedGainsLossesOnRedemptionsSalesOfBullion', window );">Net realized gains (losses) on redemptions and sale of gold and silver bullion</a></td>
<td class="nump">$ 759<span></span>
</td>
<td class="num">$ (16,398)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement', window );">Change in unrealized gains (losses) on gold and silver bullion</a></td>
<td class="nump">1,026,156<span></span>
</td>
<td class="nump">455,536<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Total income</a></td>
<td class="nump">1,026,915<span></span>
</td>
<td class="nump">439,138<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Management fees (note 8)</a></td>
<td class="nump">14,766<span></span>
</td>
<td class="nump">11,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_BullionStorageFeesExpense', window );">Bullion storage fees</a></td>
<td class="nump">1,686<span></span>
</td>
<td class="nump">7,285<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Sales tax</a></td>
<td class="nump">1,311<span></span>
</td>
<td class="nump">370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfessionalFeesExpense', window );">Legal fees</a></td>
<td class="nump">321<span></span>
</td>
<td class="nump">96<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_UnitholderReportingCostsExpense', window );">Unitholder reporting costs</a></td>
<td class="nump">162<span></span>
</td>
<td class="nump">218<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ListingAndRegulatoryFilingFees', window );">Listing and regulatory filing fees</a></td>
<td class="nump">165<span></span>
</td>
<td class="nump">340<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative fees</a></td>
<td class="nump">262<span></span>
</td>
<td class="nump">187<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemuneration', window );">Audit fees</a></td>
<td class="nump">176<span></span>
</td>
<td class="nump">134<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IndependentReviewCommitteeFees', window );">Independent Review Committee fees</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepairsAndMaintenanceExpense', window );">Custodial fees</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsTrusteeFees', window );">Trustee fees</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss', window );">Net foreign exchange gains (losses)</a></td>
<td class="nump">1<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total expenses</a></td>
<td class="nump">18,872<span></span>
</td>
<td class="nump">19,670<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Net income (loss) and comprehensive income (loss)</a></td>
<td class="nump">$ 1,008,043<span></span>
</td>
<td class="nump">$ 419,468<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of Units</a></td>
<td class="nump">209,428,881<span></span>
</td>
<td class="nump">196,664,619<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit', window );">Increase (decrease) in total equity from operations per Unit</a></td>
<td class="nump">$ 4.81<span></span>
</td>
<td class="nump">$ 2.13<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_BullionStorageFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid for Bullion storage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_BullionStorageFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IfrsTrusteeFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees charged annually for the professional services of a trustee, usually quoted as a percentage of the funds being managed. The fee for appointing an offshore Trustee is included in the trust price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IfrsTrusteeFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase (decrease) in total equity from operations per Unit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IncreaseDecreaseInTotalEquityFromOperationsPerUnit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IndependentReviewCommitteeFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Independent Review Committee fees paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IndependentReviewCommitteeFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ListingAndRegulatoryFilingFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of listing and regulatory filing fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ListingAndRegulatoryFilingFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NetRealizedGainsLossesOnRedemptionsSalesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the net realized gains (losses) on redemptions/sales of bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NetRealizedGainsLossesOnRedemptionsSalesOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_UnitholderReportingCostsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Unitholder reporting costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_UnitholderReportingCostsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemuneration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemuneration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses aggregated according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and not reallocated among functions within the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A_TI<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2020-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in profit or loss for assets measured at fair value that are attributable to the change in unrealised gains or losses relating to those assets held at the end of the reporting period. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_f&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfessionalFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for professional services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfessionalFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepairsAndMaintenanceExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses incurred for the day-to-day servicing of assets, which may include the cost of labour, consumables or small parts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepairsAndMaintenanceExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2020-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781172504">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of financial position - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Cash', window );">Cash</a></td>
<td class="nump">$ 1,400<span></span>
</td>
<td class="nump">$ 1,253<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CurrentGoldBullionAssets', window );">Gold bullion</a></td>
<td class="nump">2,827,417<span></span>
</td>
<td class="nump">1,933,002<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CurrentSilverBullionAssets', window );">Silver bullion</a></td>
<td class="nump">1,594,588<span></span>
</td>
<td class="nump">1,026,685<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">4,423,405<span></span>
</td>
<td class="nump">2,960,940<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payable</a></td>
<td class="nump">125<span></span>
</td>
<td class="nump">1,157<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">125<span></span>
</td>
<td class="nump">1,157<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Unitholders' capital</a></td>
<td class="nump">3,191,809<span></span>
</td>
<td class="nump">2,733,097<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_UnitPremiumsAndReserves', window );">Unit premiums and reserves</a></td>
<td class="nump">80<span></span>
</td>
<td class="nump">62<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings (deficit)</a></td>
<td class="nump">1,234,584<span></span>
</td>
<td class="nump">226,624<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsOtherOwnershipInterestsOfferingCosts', window );">Underwriting commissions and issue expenses</a></td>
<td class="num">(3,193)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity (note 7)</a></td>
<td class="nump">4,423,280<span></span>
</td>
<td class="nump">2,959,783<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and equity</a></td>
<td class="nump">$ 4,423,405<span></span>
</td>
<td class="nump">$ 2,960,940<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_EquityPerUnit', window );">Total equity per Unit</a></td>
<td class="nump">$ 19.95<span></span>
</td>
<td class="nump">$ 15.19<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CurrentGoldBullionAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current gold bullion assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CurrentGoldBullionAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CurrentSilverBullionAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current silver bullion assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CurrentSilverBullionAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EquityPerUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount per unit assigned to the consideration received of equity securities issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EquityPerUnit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IfrsOtherOwnershipInterestsOfferingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of offering costs allocated to the other unit holders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IfrsOtherOwnershipInterestsOfferingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_UnitPremiumsAndReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value plus reserves (if any).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_UnitPremiumsAndReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits. [Refer: Cash on hand]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781109624">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of changes in equity - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Unitholders' Capital</div></th>
<th class="th"><div>Retained Earnings (Deficit)</div></th>
<th class="th"><div>Underwriting Commissions and Issue Expenses</div></th>
<th class="th"><div>Unit Premiums and Reserves</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance as (in number of units) at Dec. 31, 2018</a></td>
<td class="nump">215,330,776<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance as at Dec. 31, 2018</a></td>
<td class="nump">$ 3,020,726<span></span>
</td>
<td class="num">$ (214,011)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="nump">$ 2,806,717<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsStockRedeemedOrCalledDuringPeriodShares', window );">Cost of redemption of Units (note 7) (in number of units)</a></td>
<td class="num">(20,503,476)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Cost of redemption of Units (note 7)</a></td>
<td class="num">$ (287,629)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(266,402)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PurchaseOfTreasurySharesIncreaseInEquity', window );">Cost of redemption of Units (note 7)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income and comprehensive income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">419,468<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">419,468<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance as (in number of units) at Dec. 31, 2019</a></td>
<td class="nump">194,827,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance as at Dec. 31, 2019</a></td>
<td class="nump">$ 2,733,097<span></span>
</td>
<td class="nump">226,624<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">62<span></span>
</td>
<td class="nump">2,959,783<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_NumberOfSharesIssuedDuringPeriodShares', window );">Proceeds from issuance of Units (in number of units) (note 7)</a></td>
<td class="nump">26,901,734<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Proceeds from issuance of Units (note 7)</a></td>
<td class="nump">$ 458,997<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">458,997<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsStockRedeemedOrCalledDuringPeriodShares', window );">Cost of redemption of Units (note 7) (in number of units)</a></td>
<td class="num">(20,335)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Cost of redemption of Units (note 7)</a></td>
<td class="num">$ (285)<span></span>
</td>
<td class="num">(83)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(350)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PurchaseOfTreasurySharesIncreaseInEquity', window );">Cost of redemption of Units (note 7)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income and comprehensive income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,008,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,008,043<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsOfferingCostsPartnershipInterests', window );">Underwriting commissions and issue expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3,193)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,193)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance as (in number of units) at Dec. 31, 2020</a></td>
<td class="nump">221,708,699<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance as at Dec. 31, 2020</a></td>
<td class="nump">$ 3,191,809<span></span>
</td>
<td class="nump">$ 1,234,584<span></span>
</td>
<td class="num">$ (3,193)<span></span>
</td>
<td class="nump">$ 80<span></span>
</td>
<td class="nump">$ 4,423,280<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IfrsOfferingCostsPartnershipInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs incurred in connection with the offering and selling of additional partner interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IfrsOfferingCostsPartnershipInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IfrsStockRedeemedOrCalledDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IfrsStockRedeemedOrCalledDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NumberOfSharesIssuedDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of units issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NumberOfSharesIssuedDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurchaseOfTreasurySharesIncreaseInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An increase in equity resulting from the purchase of treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurchaseOfTreasurySharesIncreaseInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781072072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of cash flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income (loss) for the year</a></td>
<td class="nump">$ 1,008,043<span></span>
</td>
<td class="nump">$ 419,468<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments to reconcile net income (loss) for the year to net cash from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion', window );">Net realized (gains) losses on redemptions and sales of gold and silver bullion</a></td>
<td class="num">(759)<span></span>
</td>
<td class="nump">16,398<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFairValueGainsLosses', window );">Change in unrealized (gains) losses on gold and silver bullion</a></td>
<td class="num">(1,026,156)<span></span>
</td>
<td class="num">(455,536)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract', window );"><strong>Net changes in operating assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Increase (decrease) in accounts payable</a></td>
<td class="num">(1,032)<span></span>
</td>
<td class="num">(358)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash provided by (used in) operating activities</a></td>
<td class="num">(19,904)<span></span>
</td>
<td class="num">(20,028)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OutflowsOfCashFromInvestingActivities', window );">Purchases of gold and silver bullion</a></td>
<td class="num">(440,262)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InflowsOfCashFromInvestingActivities', window );">Sales of gold and silver bullion</a></td>
<td class="nump">5,043<span></span>
</td>
<td class="nump">23,265<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash provided by (used in) investing activities</a></td>
<td class="num">(435,219)<span></span>
</td>
<td class="nump">23,265<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of Units (note 7)</a></td>
<td class="nump">458,997<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares', window );">Payments on redemption of Units (note 7)</a></td>
<td class="num">(534)<span></span>
</td>
<td class="num">(2,163)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PaymentsForUnderwritingCommissionsAndIssueExpenses', window );">Underwriting commissions and issue expenses</a></td>
<td class="num">(3,193)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash provided by (used in) financing activities</a></td>
<td class="nump">455,270<span></span>
</td>
<td class="num">(2,163)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Net increase (decrease) in cash during the year</a></td>
<td class="nump">147<span></span>
</td>
<td class="nump">1,074<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash at beginning of the year</a></td>
<td class="nump">1,253<span></span>
</td>
<td class="nump">179<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash at end of the year</a></td>
<td class="nump">$ 1,400<span></span>
</td>
<td class="nump">$ 1,253<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net realized (gains) losses on redemptions and sales of gold and silver bullion to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AdjustmentsForNetRealizedGainsLossesOnRedemptionsAndSalesOfGoldAndSilverBullion</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>n/a.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NetChangesInOperatingAssetsAndLiabilitiesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the cash outflow for underwriting commissions and issue expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PaymentsForUnderwritingCommissionsAndIssueExpenses</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFairValueGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for fair value losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFairValueGainsLosses</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InflowsOfCashFromInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InflowsOfCashFromInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OutflowsOfCashFromInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OutflowsOfCashFromInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire or redeem entity's shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsToAcquireOrRedeemEntitysShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssuingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuing shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssuingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516824827128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trust specific information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskAbstract', window );"><strong>Financial Risk, Management and Objectives</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_TrustSpecificInformationExplanatory', window );">Trust specific information</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-style:italic;font-size:8.5pt;">(in thousands of U.S. dollars, unless otherwise indicated)</font>
		</p>
		<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;">
			<font style="display:inline;">Financial Risk Management</font><font style="display:inline;font-style:italic;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:9.5pt;">(note&nbsp;6)</font>
		</p>
		<p style="margin:12pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Investment Objective</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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 &#x201C;Good Delivery Bars&#x201D; as defined by the London Bullion Market Association (&#x201C;LBMA&#x201D;), with each bar purchased being verified against the LBMA&nbsp;source.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note&nbsp;6 of the Generic Notes.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Fair Value Measurements</font>
		</p>
		<p style="margin:6pt 0pt 12pt;line-height:113.75%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The reconciliation of bullion holdings for the years ended December&nbsp;31,&nbsp;2020 and 2019 is presented as follows:</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.24%;">
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;">December&nbsp;31,&nbsp;2020</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;">December&nbsp;31,&nbsp;2019</font></p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-style:italic;font-size:8.5pt;">(in thousands of U.S. dollars)</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Balance at beginning of year</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,959,687
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,808,052
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Purchases</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,262
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">&#x2013;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Sales</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,043)
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23,265)
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Redemptions for physical bullion</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(264,238)
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Realized gains (losses) on sales and redemptions for physical bullion </font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>759
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,398)
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Change in unrealized gains (losses)</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,026,156
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455,536
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Balance at end of year</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,422,005
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,959,687
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:6pt 0pt 12pt;line-height:113.75%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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.</font>
		</p>
		<p style="margin:6pt 0pt 12pt;line-height:113.75%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The cost as at December 31, 2020 and 2019 for physical gold bullion was $2,100,112 and $1,706,026, &nbsp;respectively.&nbsp;&nbsp;The cost as at December 31, 2020 and 2019 for physical silver bullion was $1,036,069 and $993,993, respectively.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Market Risk</font>
		</p>
		<p style="margin:6pt 0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">a) Other Price Risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">If the market value of gold and silver increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $44.2&nbsp;million (December&nbsp;31,&nbsp;2019: &nbsp;$29.6 million); conversely, if the value of gold and silver bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same&nbsp;amount.</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">b) Currency Risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">As at December&nbsp;31,&nbsp;2020, approximately $82 &nbsp;(December&nbsp;31,&nbsp;2019: &nbsp;$184) of the Trust&#x2019;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.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Concentration Risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The Trust&#x2019;s risk is concentrated in physical gold and silver bullion, whose value constitutes 63.9% and 36.0% respectively of total equity as at December&nbsp;31,&nbsp;2020</font><font style="display:inline;">&nbsp;</font><font style="display:inline;font-size:11pt;">(65.3% and 34.7% respectively as at December&nbsp;31,&nbsp;2019).</font>
		</p>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;">
			<font style="display:inline;">Management Fees</font><font style="display:inline;font-style:italic;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:9.5pt;">(note&nbsp;8)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&#x2019;s trust agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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 during the year ended December&nbsp;31,&nbsp;2020 and 2019. 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&nbsp;Trust</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;">
			<font style="display:inline;">Tax Loss Carryforwards</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">As of the taxation year ended December&nbsp;31,&nbsp;2020, the Trust had capital losses available for tax purposes of $Nil. (2019: &nbsp;$Nil)</font>
		</p>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;">
			<font style="display:inline;">Related Party Disclosures&nbsp;</font><font style="display:inline;font-style:italic;font-size:9.5pt;">(note&nbsp;8)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">There have been no other transactions between the Trust and its related parties during the reporting period, other than management fees as discussed above</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 14pt;">
			<font style="display:inline;">Other Risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The changing economic and market climate as a result of COVID-19 has led to the Trust implementing its business continuity plan. Our portfolio managers, enterprise shared services teams and key outsource service providers are fully operational. The exact impacts of COVID-19 over the short and long-term are undeterminable at the date of this report.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of the entity's trust specific information including Fair Value Measurements, Market Risk, tax loss carryforwards and Related Party information.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516824835592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization of the Trusts<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OrganizationOfTrustsAbstract', window );"><strong>Organization of the Trusts</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OrganizationOfTrustsExplanatory', window );">Organization of the Trusts</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;font-size:16pt;">1. Organization of the Trusts</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Platinum and Palladium Trust and Sprott Physical Gold and Silver Trust (collectively, the &#x201C;Trusts&#x201D; and each a &#x201C;Trust&#x201D;) 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 &#x201C;Manager&#x201D;) 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&#x2019; 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&#x2019; registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the &#x201C;Units&#x201D;). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the &#x201C;NYSE Arca&#x201D;) and the Toronto Stock Exchange (the &#x201C;TSX&#x201D;). The date of inception and trading symbols of each of the Trusts is as follows</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.50%;">
			<tr>
				<td valign="bottom" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 7.2pt;text-indent: -7.2pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">Trust</font></p>
				</td>
				<td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">Trust&nbsp;Agreement&nbsp;date</font></p>
				</td>
				<td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">Initial&nbsp;Public&nbsp;Offering&nbsp;date</font></p>
				</td>
				<td valign="bottom" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">NYSE&nbsp;Arca&nbsp;and&nbsp;TSX&nbsp;symbols&nbsp;,&nbsp;respectively</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Gold Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">August&nbsp;28, 2009, as amended and restated as of December&nbsp;7,&nbsp;2009, February&nbsp;1, 2010, February 27, 2015 and November 13, 2020</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">March&nbsp;3, 2010</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">PHYS, PHYS.U</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Silver Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">June&nbsp;30, 2010, as amended and restated as of October&nbsp;1, 2010, February 27, 2015 and November 13, 2020</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">October 28, 2010</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">PSLV, PSLV.U</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Platinum and Palladium&nbsp;Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">December&nbsp;23, 2011, as amended and restated as of June&nbsp; 6, 2012</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">December&nbsp;19, 2012</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">SPPP, SPPP.U</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Gold &amp; Silver Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">October 26, 2017</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">January 16, 2018</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">CEF, CEF.U</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The financial statements of each of the Trusts are as at and for the year ended December&nbsp;31,&nbsp;2020. These financial statements were authorized for issue by the Manager on March&nbsp;22, 2021</font><font style="display:inline;">.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of the Organization of the Trusts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516789899960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_BasisOfPreparationAbstract', window );"><strong>Basis of Preparation</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory', window );">Basis of Preparation</a></td>
<td class="text"><div> <div>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">2. Basis of Preparation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">These financial statements have been prepared in compliance with International Financial Reporting Standards (&#x201C;IFRS&#x201D;) as issued by the International Accounting Standards Board (&#x201C;IASB&#x201D;) 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.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&nbsp;value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The financial statements are presented in U.S.&nbsp;dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated</font><font style="display:inline;">.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the basis used for the preparation of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781047752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">3. Summary of Significant Accounting Policies</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The following is a summary of significant accounting policies followed by the&nbsp;Trusts:</font>
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		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Physical bullion</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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 </font><font style="display:inline;font-style:italic;font-size:11pt;">Investment Property</font><font style="display:inline;font-size:11pt;"> fair value model as IAS&nbsp;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&nbsp;executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis.</font>
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		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Other assets and liabilities</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Other assets and liabilities are recognized at fair value upon initial recognition.&nbsp;&nbsp;Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost.&nbsp;&nbsp;Other financial liabilities are measured at amortized cost.</font>
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		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Income taxes</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&nbsp;liability.</font>
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		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Functional and presentation currency</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Each Trust&#x2019;s functional and presentation currency is the U.S.&nbsp;Dollar. Each Trusts&#x2019; performance is evaluated and its liquidity is managed in U.S.&nbsp;Dollars. Therefore, the U.S.&nbsp;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&nbsp;conditions.</font>
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		<p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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.</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant accounting policies applied by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516830010120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Critical Accounting Estimates and Judgments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CriticalAccountingEstimatesAndJudgmentsAbstract', window );"><strong>Critical Accounting Estimates and Judgments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Critical Accounting Estimates and Judgments</a></td>
<td class="text"><div> <div>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">4. Critical Accounting Estimates and Judgments</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The preparation of financial statements requires management to use judgment in </font><font style="font-family:Times New Roman,Times,serif;font-size:9.5pt;display:inline;font-size:11pt;">applying</font><font style="display:inline;font-size:11pt;"> its accounting policies and to make estimates and assumptions about the future</font><font style="display:inline;">. &nbsp;</font><font style="display:inline;font-size:11pt;">The following discusses the most significant accounting judgments and estimates that the Trusts have made in preparing the financial statements:</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Estimation uncertainty</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&nbsp;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.</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&nbsp;occur</font><font style="display:inline;">.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516836925800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_FairValueMeasurementsAbstract', window );"><strong>Fair Value Measurements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsFairValueMeasurementInputsDisclosureTextBlock', window );">Fair Value Measurements</a></td>
<td class="text"><div> <div>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">5. Fair Value Measurements</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Level 1<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.9pt 0pt 0pt;"></font>Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trusts have the ability to access at the measurement date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Level 2<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.9pt 0pt 0pt;"></font>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</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Level 3<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.9pt 0pt 0pt;"></font>Prices, inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Physical bullion is measured at fair value. The fair value measurement of all bullion falls within Level&nbsp;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</font><font style="display:inline;">.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516789912280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Risk, Management and Objectives<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskAbstract', window );"><strong>Financial Risk, Management and Objectives</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">Financial Risk, Management and Objectives</a></td>
<td class="text"><div> <div>
		<p style="margin:18pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">6. Financial Risk, Management and Objectives</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The Trusts&#x2019; objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trusts&#x2019; 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&#x2019;s offering documents. The Trusts&#x2019; 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&nbsp;&#x2014; Trust specific information of each Trust for specific risk&nbsp;disclosures.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Price risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Price risk arises from the possibility that changes in the market price of each Trust&#x2019;s investments, which consist almost entirely of bullion, will result in changes in fair value of such investments</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Interest rate risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&nbsp;minimal.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Currency risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. Each Trust&#x2019;s assets, substantially all of which consist of an investment in bullion, are priced in U.S.&nbsp;dollars. Some of the Trusts&#x2019; 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</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Credit risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&#x2019;s policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trusts&#x2019; 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&nbsp;custodian</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Liquidity risk</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&#x2019;s liquidity risk is minimal, since it&#x2019;s primary investment is physical bullion, which trades in a highly liquid market. All of the Trusts&#x2019; financial liabilities, including due to brokers, accounts payable and management fees payable have maturities of less than three&nbsp;months</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Concentration risk</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Each Trust&#x2019;s risk is concentrated in the physical bullion of precious metals</font><font style="display:inline;">.</font>
		</p><div /></div> </div><span></span>
</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516789912152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unitholders' Capital<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>Unitholders' Capital.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsPartnersCapitalNotesDisclosureExplanatory', window );">Unitholders' Capital</a></td>
<td class="text"><div> <div>
		<p style="margin:16pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">7. Unitholders&#x2019; Capital</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&#x2019; capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trusts&#x2019; 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 (&#x201C;NAV&#x201D;) 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</font><font style="font-family:Times New Roman,Times,serif;font-size:9.5pt;display:inline;font-size:11pt;">n</font><font style="display:inline;font-size:11pt;"> storage in-and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i)&nbsp;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)&nbsp;the NAV of the redeemed Units as of 4:00&nbsp;p.m., Eastern Standard time, on the last business day of the month in which the redemption request is&nbsp;processed.</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders&#x2019; 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.</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The Trusts&#x2019; units are classified as equity on the Statements of Financial Position, since the Trusts&#x2019; units meet the criteria in IAS 32, </font><font style="display:inline;font-style:italic;font-size:11pt;">Financial Instruments: Presentation</font><font style="display:inline;font-size:11pt;"> (&#x201C;IAS 32&#x201D;) for classification as equity.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Net Asset Value</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">NAV is defined as a Trust&#x2019;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 bullion based on the end-of-day price provided by a widely recognized pricing service</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Capital management</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&#x2019; 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)&nbsp;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)&nbsp;by way of Unit distribution in connection with an income distribution.</font>
		</p>
		<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Each Trusts&#x2019; objectives for managing capital are:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#003366;line-height:110%;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;font-size:11pt;">To invest and hold substantially all of the Trust&#x2019;s assets in physical bullion;&nbsp;and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#003366;line-height:110%;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;font-size:11pt;">To maintain sufficient liquidity to meet the expenses of each Trust, and to meet redemption requests as they&nbsp;arise.</font></p></td></tr></table></div>
		<p style="margin:18pt 0pt 12pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Refer to &#x201C;Financial risk, management and objectives&#x201D; (Note&nbsp;6) for the policies and procedures applied by the Trusts in managing their&nbsp;capital</font>
		</p><div /></div> </div><span></span>
</td>
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</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516836925672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Disclosures<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Related Party Disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRelatedPartyExplanatory', window );">Related Party Disclosures</a></td>
<td class="text"><div> <div>
		<p style="margin:13pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">8. Related Party Disclosures</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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</font><font style="display:inline;">.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfRelatedPartyExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;doctype=Standard&amp;dita_xref=IAS24_g13-24_TI<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781288024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Independent Review Committee ("IRC")<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IndependentReviewCommitteeAbstract', window );"><strong>Independent Review Committee ("IRC")</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IndependentReviewCommitteeExplanatory', window );">Independent Review Committee ("IRC")</a></td>
<td class="text"><div> <div>
		<p style="margin:13pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">9. Independent Review Committee (&#x201C;IRC&#x201D;)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">In accordance with National Instrument&nbsp;81-107,&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">Independent Review Committee for Investment Funds</font><font style="display:inline;font-size:11pt;"> (&#x201C;NI&nbsp;81-107&#x201D;), 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&nbsp;81-107</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<td style="white-space:nowrap;">cef_IndependentReviewCommitteeAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of the Independent Review Committee ("IRC").</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781074856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Personnel<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PersonnelAbstract', window );"><strong>Personnel</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PersonnelExplanatory', window );">Personnel</a></td>
<td class="text"><div> <div>
		<p style="margin:12pt 0pt 6pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 16pt;">
			<font style="display:inline;">10. Personnel</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&nbsp;applicable</font><font style="display:inline;">.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PersonnelAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of personnel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516784135400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>Summary of Significant Accounting Policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DescriptionOfAccountingPolicyForPhysicalBullionExplanatory', window );">Physical bullion</a></td>
<td class="text"><div> <div>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Physical bullion</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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 </font><font style="display:inline;font-style:italic;font-size:11pt;">Investment Property</font><font style="display:inline;font-size:11pt;"> fair value model as IAS&nbsp;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&nbsp;executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory', window );">Other assets and liabilities</a></td>
<td class="text"><div> <div>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Other assets and liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Other assets and liabilities are recognized at fair value upon initial recognition.&nbsp;&nbsp;Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost.&nbsp;&nbsp;Other financial liabilities are measured at amortized cost.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Income taxes</a></td>
<td class="text"><div> <div>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Income taxes</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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&nbsp;liability.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory', window );">Functional and presentation currency</a></td>
<td class="text"><div> <div>
		<p style="margin:12pt 0pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Functional and presentation currency</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Each Trust&#x2019;s functional and presentation currency is the U.S.&nbsp;Dollar. Each Trusts&#x2019; performance is evaluated and its liquidity is managed in U.S.&nbsp;Dollars. Therefore, the U.S.&nbsp;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&nbsp;conditions.</font>
		</p><div /></div> </div><span></span>
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</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsNewAccountingPronouncementsPolicyPolicyTextBlock', window );">New Standards issued</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">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.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of accounting policy for other assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of accounting policy for physical bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the currency of the primary economic environment in which the entity operates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
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<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516782319512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization of the Trusts (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OrganizationOfTrustsAbstract', window );"><strong>Organization of the Trusts</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock', window );">Organization of the Trusts</a></td>
<td class="text"><div> <div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.50%;">
			<tr>
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					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 7.2pt;text-indent: -7.2pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">Trust</font></p>
				</td>
				<td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">Trust&nbsp;Agreement&nbsp;date</font></p>
				</td>
				<td valign="bottom" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">Initial&nbsp;Public&nbsp;Offering&nbsp;date</font></p>
				</td>
				<td valign="bottom" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt;text-align:center;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:20.25pt;padding:0pt;">
					<p style="margin:12pt 0pt 0pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;font-size:8pt;">NYSE&nbsp;Arca&nbsp;and&nbsp;TSX&nbsp;symbols&nbsp;,&nbsp;respectively</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Gold Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">August&nbsp;28, 2009, as amended and restated as of December&nbsp;7,&nbsp;2009, February&nbsp;1, 2010, February 27, 2015 and November 13, 2020</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">March&nbsp;3, 2010</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">PHYS, PHYS.U</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Silver Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">June&nbsp;30, 2010, as amended and restated as of October&nbsp;1, 2010, February 27, 2015 and November 13, 2020</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">October 28, 2010</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">PSLV, PSLV.U</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Platinum and Palladium&nbsp;Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">December&nbsp;23, 2011, as amended and restated as of June&nbsp; 6, 2012</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">December&nbsp;19, 2012</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #EBE5D7;height:28.80pt;padding:0pt;">
					<p style="margin:6pt 0pt 6pt 1.45pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">SPPP, SPPP.U</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">Sprott Physical Gold &amp; Silver Trust</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:38.54%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">October 26, 2017</font></p>
				</td>
				<td valign="top" style="width:00.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">January 16, 2018</font></p>
				</td>
				<td valign="top" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:38.50pt;padding:0pt;">
					<p style="margin:6pt 0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">CEF, CEF.U</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of detailed information about organization of the Trusts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781075112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_FairValueMeasurementsAbstract', window );"><strong>Fair Value Measurements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock', window );">Fair Value Measurements for reconciliation of bullion holdings</a></td>
<td class="text"><div> <div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.24%;">
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;">December&nbsp;31,&nbsp;2020</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;">December&nbsp;31,&nbsp;2019</font></p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-style:italic;font-size:8.5pt;">(in thousands of U.S. dollars)</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Balance at beginning of year</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,959,687
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,808,052
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Purchases</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,262
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">&#x2013;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Sales</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,043)
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23,265)
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Redemptions for physical bullion</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(264,238)
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Realized gains (losses) on sales and redemptions for physical bullion </font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>759
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,398)
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Change in unrealized gains (losses)</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,026,156
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455,536
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:67.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;color:#000000;font-size:8pt;">Balance at end of year</font></p>
				</td>
				<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;font-weight:bold;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,422,005
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;;color:#000000;font-family:Times New Roman,Times,serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,959,687
				</td>
				<td valign="bottom" style="width:00.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #E1D9C5;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:110%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FairValueMeasurementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FairValueMeasurementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of detailed information about fair value measurements for the reconciliation of bullion holdings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516792613528">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>Summary of Significant Accounting Policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsTaxCreditCarryforwardAmount', window );">Capital losses available for tax purposes</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IfrsTaxCreditCarryforwardAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the tax credit carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IfrsTaxCreditCarryforwardAmount</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SummaryOfSignificantAccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516782268664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract', window );"><strong>Reconciliation of changes in fair value measurement, assets [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CurrentSilverBullionAssets', window );">Balance at beginning of year</a></td>
<td class="nump">$ 1,026,685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_NetRealizedGainsLossesOnRedemptionsSalesOfBullion', window );">Realized gains (losses) on sales and redemptions for physical bullion</a></td>
<td class="nump">759<span></span>
</td>
<td class="num">$ (16,398)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement', window );">Change in unrealized gains (losses)</a></td>
<td class="num">(1,026,156)<span></span>
</td>
<td class="num">(455,536)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CurrentSilverBullionAssets', window );">Balance at end of year</a></td>
<td class="nump">1,594,588<span></span>
</td>
<td class="nump">1,026,685<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PhysicalGoldBullionCost', window );">Physical gold bullion cost</a></td>
<td class="nump">2,100,112<span></span>
</td>
<td class="nump">1,706,026<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PhysicalSilverBullionCost', window );">Physical silver bullion cost</a></td>
<td class="nump">1,036,069<span></span>
</td>
<td class="nump">993,993<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract', window );"><strong>Reconciliation of changes in fair value measurement, assets [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CurrentSilverBullionAssets', window );">Balance at beginning of year</a></td>
<td class="nump">2,959,687<span></span>
</td>
<td class="nump">2,808,052<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesFairValueMeasurementAssets', window );">Purchases</a></td>
<td class="nump">440,262<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesFairValueMeasurementAssets', window );">Sales</a></td>
<td class="num">(5,043)<span></span>
</td>
<td class="num">(23,265)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RedemptionsForPhysicalBullion', window );">Redemptions for physical bullion</a></td>
<td class="nump">184<span></span>
</td>
<td class="num">(264,238)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_NetRealizedGainsLossesOnRedemptionsSalesOfBullion', window );">Realized gains (losses) on sales and redemptions for physical bullion</a></td>
<td class="nump">759<span></span>
</td>
<td class="num">(16,398)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement', window );">Change in unrealized gains (losses)</a></td>
<td class="nump">1,026,156<span></span>
</td>
<td class="nump">455,536<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CurrentSilverBullionAssets', window );">Balance at end of year</a></td>
<td class="nump">$ 4,422,005<span></span>
</td>
<td class="nump">$ 2,959,687<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CurrentSilverBullionAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current silver bullion assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CurrentSilverBullionAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NetRealizedGainsLossesOnRedemptionsSalesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the net realized gains (losses) on redemptions/sales of bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NetRealizedGainsLossesOnRedemptionsSalesOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PhysicalGoldBullionCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cost of physical gold bullion as on the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PhysicalGoldBullionCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PhysicalSilverBullionCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cost of physical silver bullion as on the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PhysicalSilverBullionCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RedemptionsForPhysicalBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in the fair value measurement of bullion holdings resulting from redemptions for physical bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RedemptionsForPhysicalBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in profit or loss for assets measured at fair value that are attributable to the change in unrealised gains or losses relating to those assets held at the end of the reporting period. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_f&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesFairValueMeasurementAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in the fair value measurement of assets resulting from purchases of those assets. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesFairValueMeasurementAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInFairValueMeasurementAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SalesFairValueMeasurementAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in the fair value measurement of assets resulting from sales. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SalesFairValueMeasurementAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
</html>
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<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781122248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Risk, Management and Objectives (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="nump">$ 125<span></span>
</td>
<td class="nump">$ 1,157<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=cef_ConcentrationRiskMember', window );">Concentration Risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity', window );">Percentage of physical gold bullion that constitutes total equity</a></td>
<td class="nump">63.90%<span></span>
</td>
<td class="nump">65.30%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity', window );">Percentage of physical silver bullion that constitutes total equity</a></td>
<td class="nump">36.00%<span></span>
</td>
<td class="nump">34.70%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity Risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_NoticePeriodObligationToRedeemUnitsMonthly', window );">Number of days for advance notice required</a></td>
<td class="text">15 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_StatementGeographicalAxis=country_CA', window );">Canada | Currency Risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="nump">$ 82<span></span>
</td>
<td class="nump">$ 184<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsStatementScenarioAxis=cef_ScenarioMember', window );">Scenario Member | Other Price Risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold', window );">Percentage increase in market value of gold</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold', window );">Percentage decrease in market value of gold</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver', window );">Percentage increase in market value of silver</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver', window );">Percentage decrease in market value of silver</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInEquity', window );">Increase (decrease) in equity</a></td>
<td class="nump">$ 44,200<span></span>
</td>
<td class="nump">$ 29,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IfrsStatementScenarioAxis=cef_ScenarioMember', window );">Scenario Member | Canada</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentChangeInExchangeRate', window );">Percent change in the exchange rate between the Canadian and U.S. Dollars</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NoticePeriodObligationToRedeemUnitsMonthly">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of days before which advance notice has to be given for redemption of units on monthly basis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NoticePeriodObligationToRedeemUnitsMonthly</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentChangeInExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage change in the exchange rate between a foreign currency and the functional currency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentChangeInExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of physical gold bullion that constitutes total equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageOfPhysicalGoldBullionThatConstitutesTotalEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of physical silver bullion that constitutes total equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageOfPhysicalSilverBullionThatConstitutesTotalEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the decrease in the market value of gold used to determine the resulting decrease in total equity and comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageOfReasonablyPossibleDecreaseInValueOfGold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the decrease in the market value of silver used to determine the resulting decrease in total equity and comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageOfReasonablyPossibleDecreaseInValueOfSilver</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase in the market value of gold used to determine the resulting increase in total equity and comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageOfReasonablyPossibleIncreaseInValueOfGold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase in the market value of silver used to determine the resulting increase in total equity and comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageOfReasonablyPossibleIncreaseInValueOfSilver</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=cef_ConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=cef_ConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementGeographicalAxis=country_CA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementGeographicalAxis=country_CA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IfrsStatementScenarioAxis=cef_ScenarioMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IfrsStatementScenarioAxis=cef_ScenarioMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_OtherPriceRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_OtherPriceRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516781108856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unitholders' Capital (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>Unitholders' Capital.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits', window );">Redemption price percentage</a></td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RedemptionPricePercentageOfUnitsRedeemedForCash', window );">Redemption price percentage for Units redeemed for cash</a></td>
<td class="nump">95.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed', window );">Period of last business days in month in which redemption request processed</a></td>
<td class="text">5 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash', window );">Percentage reduction to the redemption price</a></td>
<td class="nump">5.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of reduction to the redemption price for Units redeemed for cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageOfReductionToRedemptionPriceForUnitsRedeemedForCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage at which Units redeemed for physical bullion will be entitled to a redemption price of the Net Asset Value ("NAV") of the redeemed Units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentageUnitsRedeemedEntitledToNetAssetValueRedeemedUnits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of last business days in month in which redemption request are processed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RedemptionPricePercentageOfUnitsRedeemedForCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage at which Units redeemed for cash will be entitled to a redemption price of the lesser of two parameters.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RedemptionPricePercentageOfUnitsRedeemedForCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>60
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140516782530008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Disclosures (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract', window );"><strong>Management Fees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_MonthlyManagementFee', window );">Monthly management fee</a></td>
<td class="nump">8.33%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PercentValueOfNetAssetsOfTrust', window );">Percent value of net assets of the Trust</a></td>
<td class="nump">0.40%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_MonthlyExpensesIncludingManagementFee', window );">Monthly expense including management fee</a></td>
<td class="nump">8.33%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ThresholdPercentValueOfNetAssetsOfTrustToCalculateManagementFee', window );">Threshold percent value of net assets of trust to calculate management fee</a></td>
<td class="nump">0.65%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_MonthlyExpensesIncludingManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The monthly expenses including management fee expressed as a fraction used to calculate the monthly management fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_MonthlyExpensesIncludingManagementFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_MonthlyManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The monthly management fee expressed as a fraction used to calculate the monthly management fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_MonthlyManagementFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PercentValueOfNetAssetsOfTrust">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the value of net assets of the Trust that serves as a basis for calculating management fees (per the Trust Agreement).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PercentValueOfNetAssetsOfTrust</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ThresholdPercentValueOfNetAssetsOfTrustToCalculateManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Threshold percent value of net assets of trust to calculate management fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ThresholdPercentValueOfNetAssetsOfTrustToCalculateManagementFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>61
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
