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Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:          
Proceeds from sales of silver bullion inventory to pay expenses     $ 24,582 $ 32,245  
Expenses – Sponsor’s fees paid     (24,582) (32,245)  
Net cash provided by operating activities     0 0  
Supplemental disclosure of non-cash information:          
Silver bullion contributed for subscription of Shares(b)     1,184,514 [1] 1,992,277 [1]  
Silver bullion distributed for redemption of Shares(b)     (597,071) [1] (1,514,965) [1]  
Increase (decrease) in cash     0 0  
Cash, beginning of period     0 0 0
Cash, end of period 0 0 0 0 0
Net loss (1,267,623) 924,730 (840,793) (1,215,579) (1,954,788)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Proceeds from sales of investment in silver bullion sold to pay expenses     24,582 32,245  
Net realized gain from investment in silver bullion sold to pay expenses (256) 1,755 (364) 144  
Cost of silver bullion inventory sold to pay expenses   10,397   32,389  
Net realized (gain) loss from silver bullion distributed for the redemption of Shares (1,649)   (16,953) 13,590  
Net change in unrealized appreciation/depreciation on investment in silver bullion 1,261,329   833,667    
Adjustment to silver bullion inventory(a)    [2],[3] (950,686) [2],[3],[4]    [2],[3],[5] 1,170,758 [2],[3],[5],[6]  
Change in operating assets and liabilities:          
Sponsor’s fees payable     $ (139) $ (1,158)  
[1] Presented at fair value for the nine months ended September 30, 2014 and at cost for the nine months ended September 30, 2013.
[2] In connection with the lower of cost or market valuation standard for inventory, at September 30, 2013 a market value recovery was recorded to partially offset the previously recorded market value reserve. Please refer to Note 2C for accounting policy.
[3] In connection with the annual reporting close for the year ended December 31, 2013, management determined the manner in which it had previously reported the market value reserve on the Trust's silver bullion inventory within previously issued interim financial statements was incorrect. The recognition of a market value reserve to the Trust's inventory at September 30, 2013, which represents the adjustment necessary to reflect the carrying value of silver bullion inventory to the lower of cost or market value, was incorrectly reported as an expense of the Trust in the previously issued interim financial statements. Management determined that, according to U.S. GAAP, adjustments to the carrying value of the Trust's silver bullion inventory should be reflected against the revenues such inventory generates. For the nine months ended September 30, 2013, total loss on silver was overstated by $2,121,444,013 and total expenses were overstated by the same amount in the previously issued interim financial statements. Management evaluated the impact of this correction to the previously issued financial statements and determined that the historical presentation of the inventory reserves did not materially misstate the previously issued interim financial statements; however, because of the amount involved with this adjustment, the presentation has been corrected, and the previously filed financial statements for the nine months ended September 30, 2013 have been revised accordingly.
[4] Previously reported as "market value recovery."
[5] Net value of amounts previously reported as "market value reserve" and "market value recovery." Please refer to Note 2C for accounting policy.
[6] Net value of amounts previously reported as "market value reserve" and "market value recovery."