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Sprott Physical Gold & Silver Trust (CEF)

Filed: 26 Mar 19, 4:15pm

Exhibit 99.1

 

 

 

Sprott Asset Management
200 Bay Street, Suite 2600
Toronto, Ontario, Canada
M5J 2J1

 

 

 

March 22, 2019

 

 

 

Dear Mr. Ciampaglia,

 

 

 

As a precious metal custodian, the RCM regularly reviews its pricing policies in relation to its allocated storage accounts to ensure that RCM is being adequately compensated for services rendered.

 

 

320 SUSSEX DRIVE

320, PROMENADE SUSSEX

OTTAWA ON K1A 0G8

CANADA

613-993-3500

 

MINT.CA

MONNAIE.CA

Following the recent request to begin selecting specific bars for withdrawals, the RCM has identified that such withdrawals will require a considerably higher level of effort to fulfill, placing a further strain on RCM’s operations given the significant high-volume withdrawal requests we are currently receiving from your firm.

 

In consideration of the above, RCM is proposing an increase in withdrawal fees of up to 1.5% for gold and up to 2.5% for silver withdrawn under the Sprott Gold and Silver Physical Trust account. This will compensate RCM for its efforts described above, as well as continuing to ensure that your firm’s long-term holders are not bearing the cost of frequent high-volume withdrawals through the introduction of higher monthly storage fees. This increase is effective for all currently pending and future withdrawals.

 

 

 

We thank you for your understanding, and for your valued business. Should you have any questions or concerns regarding this proposal, we remain available to discuss.

 

 

 

Sincerely,

 

 

 

 

 

/s/ Amanda Bernier

 

 

Amanda Bernier

 

Sales Director, Bullion, Storage & Refining Solutions

 

Royal Canadian Mint

 

Tel: 613-618-1754

 

E-mail: berniera@mint.ca