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Condensed Statements of Financial Condition (USD $)
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Investment in silver (1) $ 477,903,615 [1] $ 524,562,808 [1],[2]
Total assets 477,903,615 524,562,808 [2]
LIABILITIES    
Fees payable to Sponsor, net of waiver 116,358 140,160 [2]
Silver payable 0 8,392,292 [2]
Total liabilities 116,358 8,532,452 [2]
REDEEMABLE SHARES AND SHAREHOLDERS’ DEFICIT    
Shares at redemption value to investors (2) 477,787,257 [3] 534,304,845 [2],[3]
Shareholders’ deficit 0 (18,274,489) [2]
Total liabilities, redeemable Shares and shareholders’ deficit $ 477,903,615 $ 524,562,808 [2]
[1] The cost of investment in silver at June 30, 2012 was $483,177,486 and at December 31, 2011 the market value was $542,837,297.
[2] Derived from audited Statement of Financial Condition as of December 31, 2011.
[3] Authorized share capital is unlimited with no par value per share. Shares issued and outstanding at June 30, 2012 were 17,800,000 and at December 31, 2011 were 19,100,000.