Alt Thinking October 31, 2025
Commentary
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Ninepoint Gold Bullion Fund

Ninepoint Gold Bullion Fund - October 2025
Investment Team
  • Sprott Asset Management
    Sprott Asset Management
    Sprott Asset Management LP is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toront...
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Key Takeaways
  • Dollar Weakness & Inflation: Expansionary U.S. monetary policy and rising debt are undermining the dollar, driving investors toward gold as a safe-haven asset.
  • Central Bank Demand: Net purchases surged to 220 metric tons in Q3 2025, with China and others accelerating gold buying, pushing reserves above U.S. Treasuries for the first time since 1996.

The Ninepoint Gold Bullion Fund returned +4.43% (Series F CAD) in October, bringing year-to-date performance to +47.65% (Series F CAD) versus Spot Gold in CAD returning +4.54% in October and +48.82% year-to-date.

NINEPOINT GOLD BULLION FUND - COMPOUNDED RETURNS¹ (%) AS OF OCTOBER 31, 2025 (SERIES F NPP226) | INCEPTION DATE: MARCH 18, 2009

1M

YTD

3M

6M

1YR

3YR

5YR

10YR

15YR

INCEPTION

FUND

4.43%

47.65%

22.83%

23.28%

45.67%

34.95%

16.49%

13.13%

8.80%

9.08%

INDEX

4.54%

48.82

23.16%

23.83%

46.95%

36.12%

17.54%

14.15%

9.76%

9.92%

The price of gold surged past US$4,000/oz for the first time in early October, peaking at an all-time high of $4,379/oz on October 17, marking a significant milestone in the precious metal's journey. The rally has been swift, with gold’s year-to-date gain exceeding 50% in 2025. While there was a brief pullback from the highs in recent weeks, largely attributed to profit-taking and a renewed risk appetite, we believe this will be short-lived. With monetary easing, lingering inflation, and renewed investor appetite, the momentum for higher prices remains intact.

Key Upside Drivers

A Retreat from Fiat

We are currently experiencing a global shift, as the longstanding dominance of the US Dollar is coming under increasing scrutiny. This shift is evident in the recent surge in precious metals, which has been driven by changing economic dynamics. For decades, the dollar has stood as the world’s primary reserve currency, bolstered by the strength of the US economy, military power, and financial system. However, the effects of years of expansionary monetary policies, growing government debt, and a foreign policy increasingly seen as politically motivated have begun to undermine the dollar’s once-impregnable position. As the US Federal Reserve maintains its monetary easing stance, leading to a weaker dollar and ongoing inflationary pressures, the demand for gold as a safe-haven asset is expected to remain robust.

Central Banks Accelerate Buying

In October 2025, central banks were significant net buyers of gold, continuing a strong purchasing streak. Notably, the People's Bank of China maintained its buying spree, and other central banks, such as those in Poland, Turkey, Kazakhstan, and India, were also active buyers. According to the World Gold Council's Q3 2025 report (published October 30, 2025), central bank inflows amounted to 220 metric tons, a 28% increase over the previous quarter. This sustained demand has been instrumental in pushing gold prices above $4,000 per ounce in October. For the first time since 1996, central bank gold reserves surpassed their U.S. Treasury holdings, signalling a deliberate move away from the dollar as central banks diversify their reserves amid rising geopolitical tensions and global uncertainty.

Gold’s Ascent Reinforced by Investor Appetite1

Investor interest in gold has been robust, with both retail and institutional investors increasing their exposure. North American ETF inflows reached $16B in Q3, accounting for 62% of global inflows. Year-to-date, cumulative net inflows hit US$37bn through September. U.S. ETF volumes rose by 59% month-over-month in September, followed by another 51% increase in October, reaching a record US$208bn per day (1,587t), with U.S. ETFs adding 137t in Q3—bringing total holdings to 1,922t (valued at US$236bn in AUM).

Source: Bloomberg

Conclusion

As we approach the final quarter of 2025, the gold market remains in a strong position, underpinned by sustained central bank demand, investor inflows, and the ongoing weakness of the U.S. dollar. While some near-term volatility is inevitable, the structural drivers—particularly inflation concerns and geopolitical uncertainties—will likely continue to support upward momentum. As central banks diversify away from the dollar and more investors seek the safety of gold, the precious metal is well-positioned to maintain its bullish trajectory into 2026 and beyond.

Gold’s role as a safe-haven asset has never been more critical, and as the global economic landscape evolves, we believe gold’s position as a store of value should be considered as a cornerstone investment of both institutional and retail portfolios. 

Until next time, 
Ninepoint Partners

 

1 World Gold Council, Gold.org

All Funds
  • NPP226
    (Series F)
    Mutual Funds Exchange Traded Funds Bullion
    $43.97 $0.81 (1.87%)
    As at 11/24/2025
    Growth of $10,000 Invested as at 10/31/2025
    Performance as at 10/31/2025
    1 Year
    45.67%
    3 Year
    34.95%
    5 Year
    16.49%
    10 Year
    13.13%
    Incept.1
    9.08%
    1 Inception Date 3/18/2009
    Go To Fund

    *Represents physical storage location

    All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2025. Where applicable, all figures are annualized and based on monthly returns since inception. Risk-free rate and minimum acceptable rate calculated using rolling 90-day CDN T-bill rate. The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Top ten holdings, sector allocation and geographic allocation as at 10/31/2025. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

    The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

    The Fund is generally exposed to the following risks: Active management risk; Commodity risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Inflation risk; Interest rate risk; Market risk; Series risk; Sub-adviser risk; Tax risk; Uninsured losses risk.er of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 10/31/2025 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds.

    The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

All Ninepoint Gold Bullion Fund returns and fund details are a) based on Series F units; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2025. The index is 100% Global Spot (CAD) Index and is computed by Ninepoint Partners LP based on publicly available index information.

The Fund is generally exposed to the following risks: Active management risk; Commodity risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Inflation risk; Interest rate risk; Market risk; Series risk; Sub-adviser risk; Tax risk; Uninsured losses risk.

The risks associated with investing in a Fund depend on the securities and assets in which the Fund invests, based upon the Fund’s particular objectives. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield and investment return will fluctuate from time to time with market conditions. There is no guarantee that the full amount of your original investment in a Fund will be returned to you. The Funds are not insured by the Canada Deposit Insurance Corporation or any other government deposit insurer. Please read a Fund’s prospectus or offering memorandum before investing. 

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), other charges and expenses all may be associated with mutual fund investments. Please read the prospectus carefully before investing. The indicated rate of return for series F units of the Fund for the period ended 10/31/2025 is based on the historical annual compounded total return including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction. 

The opinions, estimates and projections (“information”) contained within this report are solely those of Ninepoint Partners LP and are subject to change without notice. Ninepoint Partners makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Ninepoint Partners assumes no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. Ninepoint Partners is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Ninepoint Partners. Any reference to a particular company is for illustrative purposes only and should not be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any investment fund managed by Ninepoint Partners is or will be invested. Ninepoint Partners LP and/or its affiliates may collectively beneficially own/control 1% or more of any class of the equity securities of the issuers mentioned in this report. Ninepoint Partners LP and/or its affiliates may hold short positions in any class of the equity securities of the issuers mentioned in this report. During the preceding 12 months, Ninepoint Partners LP and/or its affiliates may have received remuneration other than normal course investment advisory or trade execution services from the issuers mentioned in this report. 

Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Ninepoint Partners LP. These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell. 

Ninepoint Partners LP: Toll Free: 1.866.299.9906. DEALER SERVICES: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540