v3.25.4
Statements of cash flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net income (loss) for the year $ 4,358,847 $ 1,016,974
Adjustment to reconcile net income (loss) for the year to net cash from operating activities    
Net realized (gains) losses on redemptions and sales of gold and silver bullion (200,977) (96,055)
Net change in unrealized (gains) losses on gold and silver bullion (4,187,707) (943,687)
Net changes in operating assets and liabilities    
(Increase) decrease in prepaid assets (141) (97)
Increase (decrease) in accounts payable 111 619
Net cash provided by (used in) operating activities (29,867) (22,246)
Cash flows from investing activities    
Sales of gold and silver bullion 35,334 25,548
Net cash provided by (used in) investing activities 35,334 25,548
Cash flows from financing activities    
Proceeds from issuance of Units (note 7) 15,423
Payments on redemption of Units (note 7) (6,469) (5,791)
Underwriting commissions and issue expenses (17)
Net cash provided by (used in) financing activities 8,937 (5,791)
Net increase (decrease) in cash during the year 14,404 (2,489)
Cash at beginning of the year 4,415 6,904
Cash at end of the year $ 18,819 $ 4,415