<SEC-DOCUMENT>0000919574-15-007068.txt : 20151116
<SEC-HEADER>0000919574-15-007068.hdr.sgml : 20151116
<ACCEPTANCE-DATETIME>20150928151525
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000919574-15-007068
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Silver Trust
		CENTRAL INDEX KEY:			0001494728
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		STE 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		416-362-7172

	MAIL ADDRESS:	
		STREET 1:		STE 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="MARGIN-BOTTOM: 24pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 274.3pt; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font>September 28, 2015</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">VIA EDGAR TRANSMISSION</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">U.S. Securities and Exchange Commission<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Division of Corporation Finance</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">100 F Street, N.E.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Washington, D.C. 20549<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Attention: Ms. Shannon Sobotka</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">Re:</td>
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<div>Sprott Physical Gold Trust</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 40.5pt">Form 40-F for the fiscal year ended December 31, 2014</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 40.5pt">Filed March 30, 2015</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 40.5pt">File No. 001-34638</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 40.5pt">Sprott Physical Silver Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 40.5pt">Form 40-F for the fiscal year ended December 31, 2014</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 40.5pt">Filed March 30, 2015</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 40.5pt">File No. 001-34928</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Dear Ms. Sobotka:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">Seward &amp; Kissel LLP represents Sprott Physical Gold Trust and Sprott Physical Silver Trust (each a "Trust", and together, the "Trusts"), in connection with each Trust's Form 40-F for the year ended December 31, 2014 (each a "2014 40-F", and together, the "2014 40&#8209;Fs"), filed with the Securities and Exchange Commission (the "Commission") on March 30, 2015.&#160; By letter dated September 15, 2015 (the "Comment Letter"), the Staff of the Commission (the "Staff") provided the Trusts with its comments on the 2014 40-Fs.&#160; Those comments, together with the Trusts' responses to them, are set forth below.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.1pt; TEXT-INDENT: -36pt">Exhibit 99.6: Sprott Physical Gold Trust</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.1pt; TEXT-INDENT: -36pt">Statements of Financial Position, page 12</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">1.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">It appears that your units are redeemable at the option of the unitholder for cash. Please tell us how you determined they are properly classified as equity instruments. Refer to</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">IAS 32. Additionally, please apply this comment to Sprott Physical Silver Trust.</font></td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.1pt">In accordance with IAS 32, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Financial Instruments: Presentation</font>, the units of the Trusts are puttable instruments that give the holders the right to put the instrument back to the issuer for cash or another financial asset. IAS 32 provides an exception for certain puttable instruments to classify them as equities, notwithstanding that they have features that would otherwise require their classification as financial liabilities. IAS 32.16A-B classifies a puttable instrument as an equity instrument if it has certain features. The units of the Trusts have all of those features and thus are properly classified as equity instruments. Those features are indicated below, and the details of how the units of the Trusts meet those criteria are noted below:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">It entitles the holder to a pro rata share of the entity's net assets in the event of liquidation.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 13.1pt">This requirement has been met, and is described in detail in the Prospectus of each Trust.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">The instrument is in the class of instruments that is subordinate to all other classes of instruments.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 13.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">This requirement has been met.&#160; The</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic"> Trusts each offer only a single class of units. If an entity has only one class of units, that class is treated as if it were subordinate to all other classes (IAS 32.AG14D).</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">All financial instruments in the class of instruments that is subordinate to all other classes of instruments have identical features.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 13.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">This requirement has been met. </font>The Trusts each offer only a single class of units, with all units having identical features.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Apart from the contractual obligation for the issuer to repurchase or redeem the instrument for cash or another financial asset, the instrument does not include any contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity, and it is not a contract that will or may be settled in the entity's own equity instruments as set out in subparagraph (b) in the definition of a liability.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 13.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">This requirement has been met, as</font> the units of the Trusts do not include any such contractual obligations.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Gives rise to total expected cash flows over the life of the instrument that are based substantially on the profit or loss, the change in recognized net assets or the change in the fair value of the recognized and unrecognized net assets over the life of the instrument (excluding any effects of the instrument).</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 13.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">This requirement has been met.&#160; The</font> total expected cash flows over the life of the instrument are based substantially on the change in the fair value of the recognized net assets of the entity over the life of the instrument.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">In addition to the instrument having all the above features, the issuer must have no other financial instrument or contract that has:</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">a.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Total cash flows based substantially on the profit or loss, the change in the recognized net assets or the change in the fair value of the recognized and unrecognized net assets of the entity (excluding any effects of such instrument or contract) and</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">b.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">The effect of substantially restricting or fixing the residual return to the puttable instrument holders.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 13.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">This requirement has been met, as</font> the issuer does not have any other financial instruments that have these characteristics.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Each of the Trusts acknowledges that: (i) the Trust is responsible for the adequacy and accuracy of the disclosure in the filing; (ii) Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and (iii) the Trust may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">We trust that the information provided in this letter addresses the Staff's comments.&#160; If you have any questions or comments concerning the foregoing, please feel free to telephone me at 202-661-7150.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Sincerely,</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">SEWARD &amp; KISSEL LLP</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">/s/ Anthony Tu-Sekine</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;&#160;&#160;Anthony Tu-Sekine</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;&#160;&#160;Counsel</div>
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<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
 &#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Cc:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Howard Efron</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Staff Accountant</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Division of Corporation Finance</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Steven Rostowsky</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Chief Financial Officer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Sprott Asset Management LP, manager of the Trusts</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Kirstin H. McTaggart</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Chief Compliance Officer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Sprott Asset Management LP, manager of the Trusts</div>
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