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Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2012
Valuation Of Silver [Table Text Block] The table below summarizes the unrealized gains or losses on the Trust’s silver holdings as of June 30, 2012 and December 31, 2011:

 

 

 

 

 

 

 

 

 

 

June 30, 2012

 

December 31, 2011

 

 

 

 

 

 

 

Investment in silver - average cost

 

$

483,177,486

 

$

524,562,808

 

Unrealized gain / (loss) on investment in silver

 

 

(5,273,871

)

 

18,274,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in silver - market value

 

$

477,903,615

 

$

542,837,297

 

 

 

 

 

Silver Receivable And Payable [Table Text Block] Silver receivable or payable at June 30, 2012 and December 31, 2011 is set out below:

 

 

 

 

 

 

 

 

 

 

June 30, 2012

 

December 31, 2011

 

 

 

 

 

 

 

 

 

Silver receivable

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Silver payable

 

$

—

 

$

8,392,292

 

 

 

 

 

Schedule of Stock by Class [Table Text Block] Changes in the Shares for the six months ended June 30, 2012 and for the year ended December 31, 2011 are set out below:

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
June 30, 2012

 

Year
Ended
December 31, 2011

 

 

 

 

 

 

 

 

 

Number of redeemable Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opening balance

 

 

19,100,000

 

 

16,700,000

 

Creations

 

 

800,000

 

 

8,900,000

 

Redemptions

 

 

(2,100,000

)

 

(6,500,000

)

 

 

 

 

 

 

 

 

 

 

 

 

Closing balance

 

 

17,800,000

 

 

19,100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opening balance

 

$

534,304,845

 

$

509,311,012

 

Creations

 

 

24,396,727

 

 

342,215,198

 

Redemptions

 

 

(61,435,552

)

 

(238,992,879

)

Adjustment to redemption value

 

 

(19,478,763

)

 

(78,228,486

)

 

 

 

 

 

 

 

 

 

 

 

 

Closing balance

 

$

477,787,257

 

$

534,304,845

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption value per Share at period end

 

$

26.84

 

$

27.97

 

Investments In Silver [Table Text Block] Changes in ounces of silver and the respective values for the six months ended June 30, 2012 and for the year ended December 31, 2011 are set out below:

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
June 30, 2012

 

Year
Ended
December 31, 2011

 

 

 

 

 

 

 

 

 

Ounces of silver

 

 

 

 

 

 

 

Opening balance

 

 

19,263,211.3

 

 

16,432,768.8

 

Creations

 

 

793,368.9

 

 

9,048,980.8

 

Redemptions (excluding silver payable at December 31, 2011 - 297,810.2)

 

 

(2,380,571.6

)

 

(6,164,137.0

)

Transfers of silver

 

 

(28,164.6

)

 

(54,401.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Closing balance

 

 

17,647,844.0

 

 

19,263,211.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in silver (lower of cost or market)

 

 

 

 

 

 

 

Opening balance

 

$

524,562,808

 

$

329,357,195

 

Creations

 

 

24,396,727

 

 

348,314,831

 

Redemptions (excluding silver payable at December 31, 2011 - $8,109,767*)

 

 

(65,013,440

)

 

(151,789,835

)

Transfers of silver

 

 

(768,609

)

 

(1,319,383

)

Unrealized loss on investment in silver

 

 

(5,273,871

)

 

—

 

 

 

 

 

Closing balance

 

$

477,903,615

 

$

524,562,808