The charitable foundation run by Sprott Assett Management's chief executive, Eric Sprott, announced Wednesday it is selling 2 million units in Sprott Physical Gold Trust and using the money to buy silver.
The closed-end mutual fund trust holds 97% of its total net assets in physical gold bullion in London Good Delivery bar form.
Eric Sprott is a well known investment manager and gold bug in Canada and personally holds 6,000,000 units of the trust worth about $94 million based on Wednesday's mid-afternoon price of $15.74 .
The statement from the company says Sprott continues to hold his units for investment purposes and may increase or decrease his investment in the Trust depending on market conditions or any other relevant factors.
The Sprott Foundation is dedicated to addressing urgent human need, homelessness and hunger in Canada.