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Statements of cash flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2018 | Dec. 31, 2017
Cash flows from operating activities |  |
Net income (loss) for the period | $ (87,656,984) | $ 50,187,237
Adjustments to reconcile net income for the year to net cash from operating activities |  |
Net realized losses on redemptions and sales of bullion | 5,400,608 | 966,565
Change in unrealized (gains) losses on silver bullion | 76,160,284 | (57,726,059)
Net changes in operating assets and liabilities |  |
(Increase) decrease in prepaid assets | 149,442 | (46,335)
Increase (decrease) in accounts payable | 325,073 | (148,220)
Net cash used in operating activities | (5,621,577) | (6,766,812)
Cash flows from investing activities |  |
Purchases of bullion | (7,501,519) | (13,450,769)
Sales of bullion | 1,169,773 | 1,604,223
Net cash provided by (used in) investing activities | (6,331,746) | (11,846,546)
Cash flows from financing activities |  |
Proceeds from issuance of Units (note 7) | 13,495,524 | 18,765,423
Payments on redemption of Units (note 7) | (7,717) | (153,122)
Underwriting commissions and issue expenses | (231,620) | (242,530)
Net cash provided by (used in) financing activities | 13,256,187 | 18,369,771
Net increase (decrease) in cash during the period | 1,302,864 | (243,587)
Cash at beginning of period | 2,495,548 | 2,739,135
Cash at end of period | $ 3,798,412 | $ 2,495,548

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