Sprott Physical Gold Trust stake yields $1M profit after $7.6M purchase
Michael Burry’s Scion Asset Management acquired 440,729 PHYS shares valued at $7.6M in Q1 2024 as its fifth-largest holding. Scion sold the entire PHYS stake one quarter later for about $8.6M, netting a $1M profit.
1. Scion’s Q1 2024 PHYS Acquisition
In the first quarter of 2024, Scion Asset Management purchased 440,729 shares of Sprott Physical Gold Trust, allocating $7.6 million to the position, making it the fifth-largest holding in its portfolio at the time.
2. Scion’s One-Quarter Exit and Gains
Just one quarter after initiating the position, Scion sold its entire PHYS stake for approximately $8.6 million, realizing a net gain of about $1 million on the transaction.
3. Gold Price Volatility Impact
Gold prices surged to a record $5,608.35 per ounce in late January 2026 before dipping to $4,660 in early February, with concurrent crypto market losses prompting up to $1 billion in precious metals liquidations at month’s end and influencing PHYS investor behavior.