Sprott on Metals: Today's Opportunities in Gold, Silver, Uranium and Copper

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Jacob White meets with Jenna Dagenhart of AssetTV at Schwab IMPACT 2025 to discuss Sprott’s exclusive focus on precious metals and critical materials, underscoring their rising importance across energy, technology and national security. White notes that 2025 has seen record highs for gold, silver and copper prices, alongside sustained supply deficits that are driving strong investor interest. For new investors, White recommends starting with physical metals and then exploring miners and specialized ETFs.

Video Transcript

Jenna Dagenhart: Joining us now is Jacob White, ETF Product Manager at Sprott Asset Management. Jacob, it's great to have you with us today.

Jacob White: Thanks for having me.

Jenna Dagenhart: Jacob, let's start with Sprott and who you are. For those new to Sprott, could you share more about the firm and your specialty?

Jacob White: Of course. Sprott is a global asset manager with about $50 billion in AUM. We specialize exclusively in precious metals and critical materials. Consider items such as gold, silver, uranium and copper. Precious metals have long been at the heart of Sprott's business, serving functions such as a store of value and providing portfolio diversification. Over time, we've naturally expanded our expertise into critical materials, which are metals that are essential to some of the world's most important sectors today. These include areas such as artificial intelligence and advanced technologies, the world's surging energy demands, and the requirements for national defense.

They're deemed critical because they're both indispensable from a demand perspective and generally difficult to source from a supply perspective, resulting in a supply deficit. Here at Sprott, we're specialists, and we believe that our in-depth expertise and knowledge set us apart, enabling us to provide truly innovative and focused products to the market. We enable investors to access these markets through our physical bullion and commodities trusts, our mining ETFs, and our private investment strategies.

Jenna Dagenhart: Jacob, given the current state of the markets, what are you seeing from investors regarding their appetite for precious metals and critical materials?

Jacob White: 2025 has been an exceptional year for both precious metals and critical materials.

Jenna Dagenhart: It certainly has, yes.

Jacob White: In October, we had gold, silver and copper all hit all-time highs. It has reignited investor appetite and interest in this space. Investors are increasingly recognizing these critical materials and precious metals as potential core allocations in their portfolios, driven by long-term structural factors. For gold, it has been significantly driven up by debasement and central bank buying. Many investors are unaware that gold has outperformed both U.S. stocks and bonds, not just year-to-date, but since 2000, nearly 25 years ago. There's been significant performance. It's not just been a store of value.

Silver is a very interesting metal because it benefits not only from its monetary applications, like gold, but also from its industrial applications. Silver is the most electrically conductive metal in the world, and the future of technology and energy is highly electricity-dependent, making silver a crucial requirement. Meanwhile, supply has been stagnant, resulting in six consecutive years of supply deficits, which has really pushed silver forward. We also focus on uranium, which has generated significant headlines in the nuclear energy sector. Many countries around the world are planning to triple global nuclear capacity, as it provides reliable baseload power to offset the intermittency of renewable energy sources.

It helps investors with their deep decarbonization goals and energy security. It's unique in that it has a supply deficit, like many critical materials, but producers have stated this year that the prices are not high enough to intensify production to meet demand. We believe it's well-positioned for the future.

Lastly, copper, which has done extremely well, has also hit an all-time high. It's similar to silver. It's been a boon from electricity and energy-related demands, setting it apart from traditional iron ore and oil. At the same time, we've experienced major large-scale supply disruptions, which have also contributed to a supply deficit. All in all, we've seen a significant increase in investor appetite in the space as multiple tailwinds have come together.

Jenna Dagenhart: If an investor is new to investing in precious metals or critical materials, Jacob, how should they start?

Jacob White: It's a question we get all the time. Generally, we recommend starting with physical gold, silver, copper and uranium. For those with higher conviction and higher risk tolerance, there is also the option of investing in miners. Those are the two things to consider.

Jenna Dagenhart: Finally, Jacob, where are some specific metals and mining opportunities that you're seeing today?

Jacob White: Sprott provides a lot of funds in this space that investors can leverage. There's the Sprott Physical Gold Trust, PHYS. That's physical gold. There's PSLV, which is the Sprott Physical Silver Trust. We also have physical copper and physical uranium. For those interested in critical materials, we have SETM, which is the Sprott Critical Materials ETF. That includes allocations to rare earths, uranium, copper and others. We also have actively managed ETFs, both in the critical materials and precious metals space. I encourage investors to reach out or visit sprottETFs.com to learn more.

Jenna Dagenhart: Jacob, it's a pleasure having you today. Thank you.

Jacob White: Thank you for having me.

Jenna Dagenhart: Thank you to everyone watching. Once again, that was Jacob White with Sprott Asset Management. I'm your host, Jenna Dagenhart with Asset TV.