Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'iShares Silver Trust |
Document Type | '10-Q |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 364,950,000 |
Amendment Flag | 'false |
Entity Central Index Key | '0001330568 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Large Accelerated Filer |
Entity Well-known Seasoned Issuer | 'Yes |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Current assets | ' | ' | ||
Investment in silver bullion | $5,989,978 | [1],[2] | $6,243,467 | |
Silver bullion inventory | ' | 6,243,467 | [3] | |
TOTAL ASSETS | 5,989,978 | 6,243,467 | ||
Current liabilities | ' | ' | ||
Sponsor’s fees payable | 2,581 | 2,720 | ||
Total liabilities | 2,581 | 2,720 | ||
Commitments and contingent liabilities (Note 6) | ' | ' | ||
Redeemable capital Shares (at redemption value) | ' | 6,240,747 | ||
Shareholders’ equity (deficit) | 5,987,397 | [4] | ' | |
TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT) | $5,989,978 | $6,243,467 | ||
Shares issued and outstanding(d) (in Shares) | 364,950,000 | [5] | 332,500,000 | [5] |
Net asset value per Share(e) (in Dollars per share) | $16.41 | [6] | $18.77 | |
[1] | Presented at fair value at September 30, 2014 (cost: $6,823,645). | |||
[2] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of a schedule of investments is required for investment companies. Please refer to Note 2B. | |||
[3] | Presented at the lower of cost or market value at December 31, 2013 (fair value: $6,243,467). Please refer to Note 2C for accounting policy. | |||
[4] | Represents net asset value. Please refer to Note 2D. | |||
[5] | No par value, unlimited amount authorized. | |||
[6] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B. |
Balance_Sheets_Unaudited_Paren
Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, except Share data, unless otherwise specified | |||
Investment in silver bullion, cost | $6,823,645 | [1] | $6,243,467 |
Silver bullion inventory, fair value | ' | $6,243,467 | |
Shares, par value | ' | ' | |
Shares issued | 364,950,000 | 332,500,000 | |
[1] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of a schedule of investments is required for investment companies. Please refer to Note 2B. |
Income_Statements_Unaudited
Income Statements (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue | ' | ' | ' | ' | ||||
Proceeds from sales of silver bullion inventory to pay expenses | ' | $8,642 | ' | $32,245 | ||||
Cost of silver bullion inventory sold to pay expenses | ' | -10,397 | ' | -32,389 | ||||
Loss on sales of silver bullion inventory to pay expenses | 256 | -1,755 | 364 | -144 | ||||
Loss on silver bullion distributed for the redemption of Shares | ' | -15,209 | ' | -13,590 | ||||
Total loss on sales and distributions of silver bullion | ' | -16,964 | ' | -13,734 | ||||
Adjustment to silver bullion inventory(a)(b) | ' | [1],[2] | 950,686 | [1],[2],[3] | ' | [1],[2],[4] | -1,170,758 | [1],[2],[4],[5] |
Total gain (loss) on silver bullion | ' | 933,722 | ' | -1,184,492 | ||||
Expenses | ' | ' | ' | ' | ||||
Sponsor’s fees | 8,199 | 8,992 | 24,443 | 31,087 | ||||
Total expenses(b) | 8,199 | [2] | 8,992 | [2] | 24,443 | [2] | 31,087 | [2] |
Net investment loss(c) | -8,199 | [6] | ' | -24,443 | [6] | ' | ||
Net Realized and Unrealized Gain (Loss) | ' | ' | ' | ' | ||||
Net realized gain from investment in silver bullion sold to pay expenses | 256 | -1,755 | 364 | -144 | ||||
Net realized gain 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 | ' | ||||
Net realized and unrealized loss | -1,259,424 | ' | -816,350 | ' | ||||
NET INCOME (LOSS) | ($1,267,623) | $924,730 | ($840,793) | ($1,215,579) | ||||
Net income (loss) per Share (in Dollars per share) | ($3.69) | $2.66 | ($2.46) | ($3.51) | ||||
Weighted-average Shares outstanding (in Shares) | 343,780,435 | 347,510,870 | 341,477,289 | 345,899,634 | ||||
[1] | 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. | |||||||
[2] | 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. | |||||||
[3] | Previously reported as "market value recovery." | |||||||
[4] | Net value of amounts previously reported as "market value reserve" and "market value recovery." Please refer to Note 2C for accounting policy. | |||||||
[5] | Net value of amounts previously reported as "market value reserve" and "market value recovery." | |||||||
[6] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Net investment loss is applicable to investment companies. Please refer to Note 2B. |
Income_Statements_Unaudited_Pa
Income Statements (Unaudited) (Parentheticals) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Overstatement of Loss on Silver [Member] | ' |
Correction to the previously issued financial statements | $2,121,444,013 |
Overstatement of Total Expenses [Member] | ' |
Correction to the previously issued financial statements | $2,121,444,013 |
Statements_of_Changes_in_Share
Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited) (USD $) | Scenario After Application of ASU 2013-08 [Member] | Total | |||
In Thousands | |||||
Shareholders’ equity (deficit) – beginning of period(a) at Dec. 31, 2013 | [1],[2] | $6,240,747 | ' | ||
Subscriptions | 1,184,514 | [1] | 1,184,514 | ||
Redemptions | -597,071 | [1] | 597,071 | ||
Net investment loss | -24,443 | [1] | -24,443 | [3] | |
Net realized gain from investment in silver bullion sold to pay expenses | 364 | [1] | 364 | ||
Net realized gain from silver bullion distributed for the redemption of Shares | 16,953 | [1] | 16,953 | ||
Net change in unrealized appreciation/depreciation on investment in silver bullion | -833,667 | [1] | -833,667 | ||
Net loss | ' | [1] | -840,793 | ||
Adjustment of redeemable capital Shares to redemption value | ' | [1] | 587,443 | ||
Shareholders’ equity (deficit) – end of period at Sep. 30, 2014 | [1] | $5,987,397 | ' | ||
[1] | The Trust reclassified redeemable capital Shares as of December 31, 2013 into shareholders' equity as part of its transition to investment company accounting effective January 1, 2014. Please refer to Note 2B. | ||||
[2] | Represents net asset value. Please refer to Note 2D. | ||||
[3] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Net investment loss is applicable to investment companies. Please refer to Note 2B. |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | 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." |
Schedule_of_Investments_Unaudi
Schedule of Investments (Unaudited) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||||||
Investment Holdings, Schedule of Investments [Text Block] | ' | ||||||||||||||||
Schedule of Investments(a) (Unaudited) | |||||||||||||||||
At September 30, 2014 | |||||||||||||||||
(All Balances in 000’s) | |||||||||||||||||
Description | Ounces | Cost | Fair Value | Percentage of | |||||||||||||
Net Asset Value | |||||||||||||||||
Silver bullion | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | 100.04 | % | ||||||||||
(a) Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of a schedule of investments is required for investment companies. Please refer to Note 2B. |
Note_1_Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
1 - Organization | |
The iShares® Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day to day administration of the Trust. The Trust’s sponsor is iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the First Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or “Shares”) representing fractional undivided beneficial interests in its net assets. | |
The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in silver bullion. | |
The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 28, 2014. | |
Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“Topic 946”), but is not registered, and is not required to be registered, under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Please refer to Note 2B Investment Company Status. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||
2 - Summary of Significant Accounting Policies | |||||||||||||||||
A. | Basis of Accounting | ||||||||||||||||
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. | |||||||||||||||||
B. | Investment Company Status | ||||||||||||||||
In June 2013, the FASB issued Accounting Standards Update 2013-08, Investment Companies – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to Topic 946 that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust’s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company for accounting purposes. As a result, effective January 1, 2014, the Trust qualifies as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, under the Investment Company Act. | |||||||||||||||||
As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning | |||||||||||||||||
January 1, 2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include: | |||||||||||||||||
● | reporting of silver bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market; | ||||||||||||||||
● | recognition of the change in unrealized appreciation or depreciation on investment in silver bullion is reported on the Income Statement, which was previously reported as an “Adjustment of redeemable capital Shares to redemption value” on the Statement of Changes in Shareholders’ Equity (Deficit); | ||||||||||||||||
● | Shares of the Trust are classified as “Shareholders’ equity,” representing the net asset value on the Balance Sheet, which was previously classified as “Redeemable capital Shares.” An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December 31, 2013 into shareholders’ equity as follows (all balances in 000’s): | ||||||||||||||||
Balance at | ASU 2013-08 | Balance at | |||||||||||||||
31-Dec-13 | Transition | 1-Jan-14 | |||||||||||||||
Adjustment | |||||||||||||||||
Redeemable capital Shares | $ | 6,240,747 | $ | (6,240,747 | ) | $ | — | ||||||||||
Shareholders’ equity | — | 6,240,747 | 6,240,747 | ||||||||||||||
● | the addition of a Schedule of Investments and a Financial Highlights note to the financial statements. | ||||||||||||||||
ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of silver bullion held by the Trust equaled the cost of silver bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders’ equity (deficit). | |||||||||||||||||
C. | Silver Bullion | ||||||||||||||||
JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust. | |||||||||||||||||
Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a “market value recovery” was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of “Adjustment to silver bullion inventory.” | |||||||||||||||||
Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 noon, London time, and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (“LBMA Silver Price”). Prior to August 15, 2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of The London Bullion Market Association (“London Fix”). | |||||||||||||||||
Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method. | |||||||||||||||||
The following table summarizes activity in silver bullion for the three months ended September 30, 2014 (all balances in 000’s): | |||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 322,872.90 | $ | 6,310,696 | $ | 6,738,358 | $ | — | ||||||||||
Silver bullion contributed | 30,743.40 | 581,957 | 581,957 | — | |||||||||||||
Silver bullion distributed | (3,118.6 | ) | (60,967 | ) | (62,616 | ) | 1,649 | ||||||||||
Silver bullion sold | (411.3 | ) | (8,041 | ) | (8,297 | ) | 256 | ||||||||||
Net realized gain on silver bullion | — | — | 1,905 | — | |||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (1,261,329 | ) | — | ||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 1,905 | ||||||||||
The following table summarizes activity in silver bullion for the nine months ended September 30, 2014 (all balances in 000’s): | |||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 320,177.80 | $ | 6,243,467 | $ | 6,243,467 | $ | — | ||||||||||
Silver bullion contributed | 60,841.00 | 1,184,514 | 1,184,514 | — | |||||||||||||
Silver bullion distributed | (29,693.0 | ) | (580,118 | ) | (597,071 | ) | 16,953 | ||||||||||
Silver bullion sold | (1,239.4 | ) | (24,218 | ) | (24,582 | ) | 364 | ||||||||||
Net realized gain on silver bullion | — | — | 17,317 | — | |||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (833,667 | ) | — | ||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 17,317 | ||||||||||
The following table summarizes activity in silver bullion for the three months ended September 30, 2013 (all balances in 000’s): | |||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 318,481.30 | $ | 6,006,558 | $ | 6,006,558 | $ | — | ||||||||||
Silver contributed | 29,225.50 | 601,985 | 601,985 | — | |||||||||||||
Silver distributed | (5,544.4 | ) | (139,664 | ) | (124,455 | ) | (15,209 | ) | |||||||||
Silver sold | (411.1 | ) | (10,397 | ) | (8,642 | ) | (1,755 | ) | |||||||||
Adjustment to silver bullion inventory(a) | — | 950,686 | — | — | |||||||||||||
Adjustment for realized loss | — | — | (16,964 | ) | — | ||||||||||||
Adjustment for unrealized gain on silver bullion | — | — | 950,686 | — | |||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (16,964 | ) | |||||||||
The following table summarizes activity in silver bullion for the nine months ended September 30, 2013 (all balances in 000’s): | |||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 324,239.10 | $ | 8,135,003 | $ | 9,710,962 | $ | — | ||||||||||
Silver contributed | 78,089.70 | 1,992,277 | 1,992,277 | — | |||||||||||||
Silver distributed | (59,304.6 | ) | (1,514,965 | ) | (1,501,375 | ) | (13,590 | ) | |||||||||
Silver sold | (1,272.9 | ) | (32,389 | ) | (32,245 | ) | (144 | ) | |||||||||
Adjustment to silver bullion inventory(b) | — | (1,170,758 | ) | — | — | ||||||||||||
Adjustment for realized loss | — | — | (13,734 | ) | — | ||||||||||||
Adjustment for unrealized loss on silver bullion | — | — | (2,746,717 | ) | — | ||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (13,734 | ) | |||||||||
(a) Previously reported as “market value recovery.” | |||||||||||||||||
(b) Net value of amounts previously reported as “market value reserve” and “market value recovery.” | |||||||||||||||||
D. | Calculation of Net Asset Value | ||||||||||||||||
On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver held by the Trust and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made. | |||||||||||||||||
E. | Offering of the Shares | ||||||||||||||||
Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable. | |||||||||||||||||
The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Silver Price to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. Prior to August 15, 2014, the Trustee used the London Fix to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made. | |||||||||||||||||
When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes. | |||||||||||||||||
As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders’ equity. The Trust reflects Shares issued and Shares redeemed within shareholders’ equity on trade date. | |||||||||||||||||
Share activity was as follows (all balances in 000’s): | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
30-Sep-14 | |||||||||||||||||
Shares | Amount | ||||||||||||||||
Shares issued | 63,350 | $ | 1,184,514 | ||||||||||||||
Shares redeemed | (30,900 | ) | (597,071 | ) | |||||||||||||
Net increase | 32,450 | $ | 587,443 | ||||||||||||||
Prior to January 1, 2014, Shares of the Trust were classified as “redeemable” for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders’ equity (deficit). | |||||||||||||||||
Activity in redeemable capital Shares was as follows (all balances in 000’s): | |||||||||||||||||
Year Ended | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Shares | Amount | ||||||||||||||||
Beginning balance | 335,000 | $ | 9,706,654 | ||||||||||||||
Shares issued | 85,750 | 2,096,484 | |||||||||||||||
Shares redeemed | (88,250 | ) | (2,031,644 | ) | |||||||||||||
Redemption value adjustment | — | (3,530,747 | ) | ||||||||||||||
Ending balance | 332,500 | $ | 6,240,747 | ||||||||||||||
F. | Federal Income Taxes | ||||||||||||||||
The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are “passed through” to the holders of Shares of the Trust. | |||||||||||||||||
The Sponsor has reviewed the tax positions as of September 30, 2014 and has determined that no provision for income tax is required in the Trust’s financial statements. |
Note_3_Trust_Expenses
Note 3 - Trust Expenses | 9 Months Ended |
Sep. 30, 2014 | |
Trust Expenses [Abstract] | ' |
Trust Expenses [Text Block] | ' |
3 - Trust Expenses | |
The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. |
Note_4_Related_Parties
Note 4 - Related Parties | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
4 - Related Parties | |
The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust. |
Note_5_Indemnification
Note 5 - Indemnification | 9 Months Ended |
Sep. 30, 2014 | |
Indemnification [Abstract] | ' |
Indemnification [Text Block] | ' |
5 - Indemnification | |
The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, or expense arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement. | |
The Trust has agreed to indemnify the Custodian for any loss incurred in connection with the Custodian Agreement, other than losses due to the Custodian’s negligence, fraud or willful default. |
Note_6_Commitments_and_Conting
Note 6 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
6 - Commitments and Contingent Liabilities | |
In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. |
Note_7_Concentration_Risk
Note 7 - Concentration Risk | 9 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
7 - Concentration Risk | |
Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession), an increase in the hedging activities of silver producers, and changes in the attitude of speculators, investors and other market participants towards silver. |
Note_8_Financial_Highlights
Note 8 - Financial Highlights | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Financial Highlights [Abstract] | ' | ||||||||
Financial Highlights [Text Block] | ' | ||||||||
8 - Financial Highlights | |||||||||
Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of financial highlights is required for investment companies. Please refer to Note 2B. The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2014. | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
30-Sep-14 | 30-Sep-14 | ||||||||
Net asset value per Share, beginning of period | $ | 20.04 | $ | 18.77 | |||||
Net investment loss(a) | (0.02 | ) | (0.07 | ) | |||||
Net realized and unrealized loss(b) | (3.61 | ) | (2.29 | ) | |||||
Net decrease in net assets from operations | (3.63 | ) | (2.36 | ) | |||||
Net asset value per Share, end of period | $ | 16.41 | $ | 16.41 | |||||
Total return, at net asset value(c) | (18.11 | )% | (12.57 | )% | |||||
Ratio to average net assets: | |||||||||
Net investment loss(d) | (0.50 | )% | (0.50 | )% | |||||
Expenses(d) | 0.5 | % | 0.5 | % | |||||
(a) Based on average Shares outstanding during the period. | |||||||||
(b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment. | |||||||||
(c) Based on the change in net asset value of a Share during the period. Percentage is not annualized. | |||||||||
(d) Percentage is annualized. |
Note_9_Investment_Valuation
Note 9 - Investment Valuation | 9 Months Ended | |
Sep. 30, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Disclosures [Text Block] | ' | |
9 - Investment Valuation | ||
U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Beginning January 1, 2014, the Trust’s policy is to value its investments at fair value. | ||
Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: | ||
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities; | |
Level 2 – | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and | |
Level 3 – | Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. | |
At September 30, 2014, the value of the silver bullion held by the Trust is categorized as Level 1. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
A. | Basis of Accounting | |||||||||||||||||||||||||||||||||
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. | ||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
B. | Investment Company Status | |||||||||||||||||||||||||||||||||
In June 2013, the FASB issued Accounting Standards Update 2013-08, Investment Companies – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to Topic 946 that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust’s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company for accounting purposes. As a result, effective January 1, 2014, the Trust qualifies as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, under the Investment Company Act. | ||||||||||||||||||||||||||||||||||
As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning | ||||||||||||||||||||||||||||||||||
January 1, 2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include: | ||||||||||||||||||||||||||||||||||
● | reporting of silver bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market; | |||||||||||||||||||||||||||||||||
● | recognition of the change in unrealized appreciation or depreciation on investment in silver bullion is reported on the Income Statement, which was previously reported as an “Adjustment of redeemable capital Shares to redemption value” on the Statement of Changes in Shareholders’ Equity (Deficit); | |||||||||||||||||||||||||||||||||
● | Shares of the Trust are classified as “Shareholders’ equity,” representing the net asset value on the Balance Sheet, which was previously classified as “Redeemable capital Shares.” An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December 31, 2013 into shareholders’ equity as follows (all balances in 000’s): | |||||||||||||||||||||||||||||||||
Balance at | ASU 2013-08 | Balance at | ||||||||||||||||||||||||||||||||
31-Dec-13 | Transition | 1-Jan-14 | ||||||||||||||||||||||||||||||||
Adjustment | ||||||||||||||||||||||||||||||||||
Redeemable capital Shares | $ | 6,240,747 | $ | (6,240,747 | ) | $ | — | |||||||||||||||||||||||||||
Shareholders’ equity | — | 6,240,747 | 6,240,747 | |||||||||||||||||||||||||||||||
● | the addition of a Schedule of Investments and a Financial Highlights note to the financial statements. | |||||||||||||||||||||||||||||||||
ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of silver bullion held by the Trust equaled the cost of silver bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders’ equity (deficit). | ||||||||||||||||||||||||||||||||||
Investment, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
C. | Silver Bullion | |||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust. | ||||||||||||||||||||||||||||||||||
Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a “market value recovery” was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of “Adjustment to silver bullion inventory.” | ||||||||||||||||||||||||||||||||||
Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 noon, London time, and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (“LBMA Silver Price”). Prior to August 15, 2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of The London Bullion Market Association (“London Fix”). | ||||||||||||||||||||||||||||||||||
Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method. | ||||||||||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the three months ended September 30, 2014 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 322,872.90 | $ | 6,310,696 | $ | 6,738,358 | $ | — | |||||||||||||||||||||||||||
Silver bullion contributed | 30,743.40 | 581,957 | 581,957 | — | ||||||||||||||||||||||||||||||
Silver bullion distributed | (3,118.6 | ) | (60,967 | ) | (62,616 | ) | 1,649 | |||||||||||||||||||||||||||
Silver bullion sold | (411.3 | ) | (8,041 | ) | (8,297 | ) | 256 | |||||||||||||||||||||||||||
Net realized gain on silver bullion | — | — | 1,905 | — | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (1,261,329 | ) | — | |||||||||||||||||||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 1,905 | |||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the nine months ended September 30, 2014 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 320,177.80 | $ | 6,243,467 | $ | 6,243,467 | $ | — | |||||||||||||||||||||||||||
Silver bullion contributed | 60,841.00 | 1,184,514 | 1,184,514 | — | ||||||||||||||||||||||||||||||
Silver bullion distributed | (29,693.0 | ) | (580,118 | ) | (597,071 | ) | 16,953 | |||||||||||||||||||||||||||
Silver bullion sold | (1,239.4 | ) | (24,218 | ) | (24,582 | ) | 364 | |||||||||||||||||||||||||||
Net realized gain on silver bullion | — | — | 17,317 | — | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (833,667 | ) | — | |||||||||||||||||||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 17,317 | |||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the three months ended September 30, 2013 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 318,481.30 | $ | 6,006,558 | $ | 6,006,558 | $ | — | |||||||||||||||||||||||||||
Silver contributed | 29,225.50 | 601,985 | 601,985 | — | ||||||||||||||||||||||||||||||
Silver distributed | (5,544.4 | ) | (139,664 | ) | (124,455 | ) | (15,209 | ) | ||||||||||||||||||||||||||
Silver sold | (411.1 | ) | (10,397 | ) | (8,642 | ) | (1,755 | ) | ||||||||||||||||||||||||||
Adjustment to silver bullion inventory(a) | — | 950,686 | — | — | ||||||||||||||||||||||||||||||
Adjustment for realized loss | — | — | (16,964 | ) | — | |||||||||||||||||||||||||||||
Adjustment for unrealized gain on silver bullion | — | — | 950,686 | — | ||||||||||||||||||||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (16,964 | ) | ||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the nine months ended September 30, 2013 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 324,239.10 | $ | 8,135,003 | $ | 9,710,962 | $ | — | |||||||||||||||||||||||||||
Silver contributed | 78,089.70 | 1,992,277 | 1,992,277 | — | ||||||||||||||||||||||||||||||
Silver distributed | (59,304.6 | ) | (1,514,965 | ) | (1,501,375 | ) | (13,590 | ) | ||||||||||||||||||||||||||
Silver sold | (1,272.9 | ) | (32,389 | ) | (32,245 | ) | (144 | ) | ||||||||||||||||||||||||||
Adjustment to silver bullion inventory(b) | — | (1,170,758 | ) | — | — | |||||||||||||||||||||||||||||
Adjustment for realized loss | — | — | (13,734 | ) | — | |||||||||||||||||||||||||||||
Adjustment for unrealized loss on silver bullion | — | — | (2,746,717 | ) | — | |||||||||||||||||||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (13,734 | ) | ||||||||||||||||||||||||||
(a) Previously reported as “market value recovery.” | ||||||||||||||||||||||||||||||||||
(b) Net value of amounts previously reported as “market value reserve” and “market value recovery.” | ||||||||||||||||||||||||||||||||||
Inventory, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
C. | Silver Bullion | |||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust. | ||||||||||||||||||||||||||||||||||
Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a “market value recovery” was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of “Adjustment to silver bullion inventory.” | ||||||||||||||||||||||||||||||||||
Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 noon, London time, and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (“LBMA Silver Price”). Prior to August 15, 2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of The London Bullion Market Association (“London Fix”). | ||||||||||||||||||||||||||||||||||
Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method. | ||||||||||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the three months ended September 30, 2014 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 322,872.90 | $ | 6,310,696 | $ | 6,738,358 | $ | — | |||||||||||||||||||||||||||
Silver bullion contributed | 30,743.40 | 581,957 | 581,957 | — | ||||||||||||||||||||||||||||||
Silver bullion distributed | (3,118.6 | ) | (60,967 | ) | (62,616 | ) | 1,649 | |||||||||||||||||||||||||||
Silver bullion sold | (411.3 | ) | (8,041 | ) | (8,297 | ) | 256 | |||||||||||||||||||||||||||
Net realized gain on silver bullion | — | — | 1,905 | — | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (1,261,329 | ) | — | |||||||||||||||||||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 1,905 | |||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the nine months ended September 30, 2014 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 320,177.80 | $ | 6,243,467 | $ | 6,243,467 | $ | — | |||||||||||||||||||||||||||
Silver bullion contributed | 60,841.00 | 1,184,514 | 1,184,514 | — | ||||||||||||||||||||||||||||||
Silver bullion distributed | (29,693.0 | ) | (580,118 | ) | (597,071 | ) | 16,953 | |||||||||||||||||||||||||||
Silver bullion sold | (1,239.4 | ) | (24,218 | ) | (24,582 | ) | 364 | |||||||||||||||||||||||||||
Net realized gain on silver bullion | — | — | 17,317 | — | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (833,667 | ) | — | |||||||||||||||||||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 17,317 | |||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the three months ended September 30, 2013 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 318,481.30 | $ | 6,006,558 | $ | 6,006,558 | $ | — | |||||||||||||||||||||||||||
Silver contributed | 29,225.50 | 601,985 | 601,985 | — | ||||||||||||||||||||||||||||||
Silver distributed | (5,544.4 | ) | (139,664 | ) | (124,455 | ) | (15,209 | ) | ||||||||||||||||||||||||||
Silver sold | (411.1 | ) | (10,397 | ) | (8,642 | ) | (1,755 | ) | ||||||||||||||||||||||||||
Adjustment to silver bullion inventory(a) | — | 950,686 | — | — | ||||||||||||||||||||||||||||||
Adjustment for realized loss | — | — | (16,964 | ) | — | |||||||||||||||||||||||||||||
Adjustment for unrealized gain on silver bullion | — | — | 950,686 | — | ||||||||||||||||||||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (16,964 | ) | ||||||||||||||||||||||||||
The following table summarizes activity in silver bullion for the nine months ended September 30, 2013 (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Ounces | Average | Fair | Realized | |||||||||||||||||||||||||||||||
Cost | Value | Gain (Loss) | ||||||||||||||||||||||||||||||||
Beginning balance | 324,239.10 | $ | 8,135,003 | $ | 9,710,962 | $ | — | |||||||||||||||||||||||||||
Silver contributed | 78,089.70 | 1,992,277 | 1,992,277 | — | ||||||||||||||||||||||||||||||
Silver distributed | (59,304.6 | ) | (1,514,965 | ) | (1,501,375 | ) | (13,590 | ) | ||||||||||||||||||||||||||
Silver sold | (1,272.9 | ) | (32,389 | ) | (32,245 | ) | (144 | ) | ||||||||||||||||||||||||||
Adjustment to silver bullion inventory(b) | — | (1,170,758 | ) | — | — | |||||||||||||||||||||||||||||
Adjustment for realized loss | — | — | (13,734 | ) | — | |||||||||||||||||||||||||||||
Adjustment for unrealized loss on silver bullion | — | — | (2,746,717 | ) | — | |||||||||||||||||||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (13,734 | ) | ||||||||||||||||||||||||||
(a) Previously reported as “market value recovery.” | ||||||||||||||||||||||||||||||||||
(b) Net value of amounts previously reported as “market value reserve” and “market value recovery.” | ||||||||||||||||||||||||||||||||||
Calculation of Net Asset Value [Policy Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
D. | Calculation of Net Asset Value | |||||||||||||||||||||||||||||||||
On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver held by the Trust and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made. | ||||||||||||||||||||||||||||||||||
Stockholders' Equity, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
E. | Offering of the Shares | |||||||||||||||||||||||||||||||||
Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable. | ||||||||||||||||||||||||||||||||||
The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Silver Price to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. Prior to August 15, 2014, the Trustee used the London Fix to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made. | ||||||||||||||||||||||||||||||||||
When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes. | ||||||||||||||||||||||||||||||||||
As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders’ equity. The Trust reflects Shares issued and Shares redeemed within shareholders’ equity on trade date. | ||||||||||||||||||||||||||||||||||
Share activity was as follows (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||
Shares issued | 63,350 | $ | 1,184,514 | |||||||||||||||||||||||||||||||
Shares redeemed | (30,900 | ) | (597,071 | ) | ||||||||||||||||||||||||||||||
Net increase | 32,450 | $ | 587,443 | |||||||||||||||||||||||||||||||
Prior to January 1, 2014, Shares of the Trust were classified as “redeemable” for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders’ equity (deficit). | ||||||||||||||||||||||||||||||||||
Activity in redeemable capital Shares was as follows (all balances in 000’s): | ||||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||
Beginning balance | 335,000 | $ | 9,706,654 | |||||||||||||||||||||||||||||||
Shares issued | 85,750 | 2,096,484 | ||||||||||||||||||||||||||||||||
Shares redeemed | (88,250 | ) | (2,031,644 | ) | ||||||||||||||||||||||||||||||
Redemption value adjustment | — | (3,530,747 | ) | |||||||||||||||||||||||||||||||
Ending balance | 332,500 | $ | 6,240,747 | |||||||||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
F. | Federal Income Taxes | |||||||||||||||||||||||||||||||||
The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are “passed through” to the holders of Shares of the Trust. | ||||||||||||||||||||||||||||||||||
The Sponsor has reviewed the tax positions as of September 30, 2014 and has determined that no provision for income tax is required in the Trust’s financial statements. |
Schedule_of_Investments_Unaudi1
Schedule of Investments (Unaudited) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||||||
Investment [Table Text Block] | ' | ||||||||||||||||
(All Balances in 000’s) | |||||||||||||||||
Description | Ounces | Cost | Fair Value | Percentage of | |||||||||||||
Net Asset Value | |||||||||||||||||
Silver bullion | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | 100.04 | % |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||
Balance at | ASU 2013-08 | Balance at | |||||||||||||||
31-Dec-13 | Transition | 1-Jan-14 | |||||||||||||||
Adjustment | |||||||||||||||||
Redeemable capital Shares | $ | 6,240,747 | $ | (6,240,747 | ) | $ | — | ||||||||||
Shareholders’ equity | — | 6,240,747 | 6,240,747 | ||||||||||||||
Activity in Silver Bullion [Table Text Block] | ' | ||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 322,872.90 | $ | 6,310,696 | $ | 6,738,358 | $ | — | ||||||||||
Silver bullion contributed | 30,743.40 | 581,957 | 581,957 | — | |||||||||||||
Silver bullion distributed | (3,118.6 | ) | (60,967 | ) | (62,616 | ) | 1,649 | ||||||||||
Silver bullion sold | (411.3 | ) | (8,041 | ) | (8,297 | ) | 256 | ||||||||||
Net realized gain on silver bullion | — | — | 1,905 | — | |||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (1,261,329 | ) | — | ||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 1,905 | ||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 320,177.80 | $ | 6,243,467 | $ | 6,243,467 | $ | — | ||||||||||
Silver bullion contributed | 60,841.00 | 1,184,514 | 1,184,514 | — | |||||||||||||
Silver bullion distributed | (29,693.0 | ) | (580,118 | ) | (597,071 | ) | 16,953 | ||||||||||
Silver bullion sold | (1,239.4 | ) | (24,218 | ) | (24,582 | ) | 364 | ||||||||||
Net realized gain on silver bullion | — | — | 17,317 | — | |||||||||||||
Net change in unrealized appreciation/depreciation on investment in silver bullion | — | — | (833,667 | ) | — | ||||||||||||
Ending balance | 350,086.40 | $ | 6,823,645 | $ | 5,989,978 | $ | 17,317 | ||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 318,481.30 | $ | 6,006,558 | $ | 6,006,558 | $ | — | ||||||||||
Silver contributed | 29,225.50 | 601,985 | 601,985 | — | |||||||||||||
Silver distributed | (5,544.4 | ) | (139,664 | ) | (124,455 | ) | (15,209 | ) | |||||||||
Silver sold | (411.1 | ) | (10,397 | ) | (8,642 | ) | (1,755 | ) | |||||||||
Adjustment to silver bullion inventory(a) | — | 950,686 | — | — | |||||||||||||
Adjustment for realized loss | — | — | (16,964 | ) | — | ||||||||||||
Adjustment for unrealized gain on silver bullion | — | — | 950,686 | — | |||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (16,964 | ) | |||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 324,239.10 | $ | 8,135,003 | $ | 9,710,962 | $ | — | ||||||||||
Silver contributed | 78,089.70 | 1,992,277 | 1,992,277 | — | |||||||||||||
Silver distributed | (59,304.6 | ) | (1,514,965 | ) | (1,501,375 | ) | (13,590 | ) | |||||||||
Silver sold | (1,272.9 | ) | (32,389 | ) | (32,245 | ) | (144 | ) | |||||||||
Adjustment to silver bullion inventory(b) | — | (1,170,758 | ) | — | — | ||||||||||||
Adjustment for realized loss | — | — | (13,734 | ) | — | ||||||||||||
Adjustment for unrealized loss on silver bullion | — | — | (2,746,717 | ) | — | ||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (13,734 | ) | |||||||||
Schedule of Capital Units [Table Text Block] | ' | ||||||||||||||||
Nine Months Ended | |||||||||||||||||
30-Sep-14 | |||||||||||||||||
Shares | Amount | ||||||||||||||||
Shares issued | 63,350 | $ | 1,184,514 | ||||||||||||||
Shares redeemed | (30,900 | ) | (597,071 | ) | |||||||||||||
Net increase | 32,450 | $ | 587,443 | ||||||||||||||
Temporary Equity [Table Text Block] | ' | ||||||||||||||||
Year Ended | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Shares | Amount | ||||||||||||||||
Beginning balance | 335,000 | $ | 9,706,654 | ||||||||||||||
Shares issued | 85,750 | 2,096,484 | |||||||||||||||
Shares redeemed | (88,250 | ) | (2,031,644 | ) | |||||||||||||
Redemption value adjustment | — | (3,530,747 | ) | ||||||||||||||
Ending balance | 332,500 | $ | 6,240,747 |
Note_8_Financial_Highlights_Ta
Note 8 - Financial Highlights (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Financial Highlights [Abstract] | ' | ||||||||
Financial Highlights [Table Text Block] | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
30-Sep-14 | 30-Sep-14 | ||||||||
Net asset value per Share, beginning of period | $ | 20.04 | $ | 18.77 | |||||
Net investment loss(a) | (0.02 | ) | (0.07 | ) | |||||
Net realized and unrealized loss(b) | (3.61 | ) | (2.29 | ) | |||||
Net decrease in net assets from operations | (3.63 | ) | (2.36 | ) | |||||
Net asset value per Share, end of period | $ | 16.41 | $ | 16.41 | |||||
Total return, at net asset value(c) | (18.11 | )% | (12.57 | )% | |||||
Ratio to average net assets: | |||||||||
Net investment loss(d) | (0.50 | )% | (0.50 | )% | |||||
Expenses(d) | 0.5 | % | 0.5 | % |
Schedule_of_Investments_Unaudi2
Schedule of Investments (Unaudited) (Details) - Investments (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | oz | oz | oz | oz | oz | oz | |
Investments [Abstract] | ' | ' | ' | ' | ' | ' | |
Silver bullion (in Ounces) | 350,086,400 | [1] | 322,872,900 | 320,177,800 | 341,751,300 | 318,481,300 | 324,239,100 |
Silver bullion | $6,823,645 | [1] | $6,310,696 | $6,243,467 | ' | ' | ' |
Silver bullion | $5,989,978 | [1],[2] | $6,738,358 | $6,243,467 | ' | ' | ' |
Silver bullion | 100.04% | [1] | ' | ' | ' | ' | ' |
[1] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of a schedule of investments is required for investment companies. Please refer to Note 2B. | ||||||
[2] | Presented at fair value at September 30, 2014 (cost: $6,823,645). |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Shares Prescribed Aggregation | 50,000 |
Period For Share Settlement | '3 days |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items] | ' | ' | ' | |||
Redeemable capital Shares | ' | $6,240,747 | $9,706,654 | |||
Redeemable capital Shares | ' | -6,240,747 | ' | |||
Shareholders’ equity | 5,987,397 | [1] | ' | -1,575,959 | [2] | |
Shareholders’ equity | ' | 6,240,747 | ' | |||
Scenario, Previously Reported [Member] | ' | ' | ' | |||
Note 2 - Summary of Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items] | ' | ' | ' | |||
Redeemable capital Shares | ' | 6,240,747 | ' | |||
Scenario After Application of ASU 2013-08 [Member] | ' | ' | ' | |||
Note 2 - Summary of Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items] | ' | ' | ' | |||
Shareholders’ equity | ' | $6,240,747 | [1],[2] | ' | ||
[1] | Represents net asset value. Please refer to Note 2D. | |||||
[2] | The Trust reclassified redeemable capital Shares as of December 31, 2013 into shareholders' equity as part of its transition to investment company accounting effective January 1, 2014. Please refer to Note 2B. |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Activity in Silver Bullion (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
oz | oz | oz | oz | |||||
Activity in Silver Bullion [Abstract] | ' | ' | ' | ' | ||||
Beginning balance (in Ounces) | 322,872,900 | 318,481,300 | 320,177,800 | 324,239,100 | ||||
Beginning balance, average cost | $6,310,696 | ' | $6,243,467 | ' | ||||
Beginning balance, fair value | 6,738,358 | ' | 6,243,467 | ' | ||||
Silver bullion contributed (in Ounces) | 30,743,400 | 29,225,500 | 60,841,000 | 78,089,700 | ||||
Silver bullion contributed, average cost | 581,957 | 601,985 | 1,184,514 | 1,992,277 | ||||
Silver contributed, fair value | 581,957 | 601,985 | 1,184,514 | 1,992,277 | ||||
Silver distributed (in Ounces) | -3,118,600 | -5,544,400 | -29,693,000 | -59,304,600 | ||||
Silver distributed, average cost | -60,967 | -139,664 | -580,118 | -1,514,965 | ||||
Silver distributed, fair value | -62,616 | -124,455 | -597,071 | -1,501,375 | ||||
Silver distributed, realized gain (loss) | ' | -15,209 | ' | -13,590 | ||||
Silver bullion distributed (in Ounces) | -3,118,600 | -5,544,400 | -29,693,000 | -59,304,600 | ||||
Silver bullion distributed, average cost | -60,967 | -139,664 | -580,118 | -1,514,965 | ||||
Silver bullion distributed, fair value | -62,616 | -124,455 | -597,071 | -1,501,375 | ||||
Silver bullion distributed, realized gain (loss) | 1,649 | ' | 16,953 | -13,590 | ||||
Silver bullion sold (in Ounces) | -411,300 | -411,100 | -1,239,400 | -1,272,900 | ||||
Silver bullion sold, average cost | -8,041 | -10,397 | -24,218 | -32,389 | ||||
Silver sold, fair value | -8,297 | -8,642 | -24,582 | -32,245 | ||||
Silver sold, realized gain (loss) | 256 | -1,755 | 364 | -144 | ||||
Adjustment to silver bullion inventory | ' | [1],[2] | 950,686 | [1],[2],[3] | ' | [1],[2],[4] | -1,170,758 | [1],[2],[4],[5] |
Adjustment for realized loss | ' | -16,964 | ' | -13,734 | ||||
Adjustment for unrealized loss on silver bullion | ' | 950,686 | ' | -2,746,717 | ||||
Ending balance (in Ounces) | 350,086,400 | [6] | 341,751,300 | 350,086,400 | [6] | 341,751,300 | ||
Ending balance, average cost | ' | 7,409,168 | ' | 7,409,168 | ||||
Ending balance, fair value | ' | 7,409,168 | ' | 7,409,168 | ||||
Ending balance, realized gain (loss) | ' | -16,964 | ' | -13,734 | ||||
Adjustment for realized gain (loss), fair value | 1,905 | ' | 17,317 | ' | ||||
Adjustment for unrealized loss on silver, fair value | -1,261,329 | ' | -833,667 | ' | ||||
Ending balance, average cost | 6,823,645 | [6] | ' | 6,823,645 | [6] | ' | ||
Ending balance, fair value | 5,989,978 | [6],[7] | ' | 5,989,978 | [6],[7] | ' | ||
Ending balance, realized gain (loss) | 1,905 | ' | 17,317 | ' | ||||
Beginning balance, average cost | ' | 6,006,558 | ' | 8,135,003 | ||||
Beginning balance, fair value | ' | $6,006,558 | $6,243,467 | $9,710,962 | ||||
[1] | 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. | |||||||
[2] | 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. | |||||||
[3] | Previously reported as "market value recovery." | |||||||
[4] | Net value of amounts previously reported as "market value reserve" and "market value recovery." Please refer to Note 2C for accounting policy. | |||||||
[5] | Net value of amounts previously reported as "market value reserve" and "market value recovery." | |||||||
[6] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of a schedule of investments is required for investment companies. Please refer to Note 2B. | |||||||
[7] | Presented at fair value at September 30, 2014 (cost: $6,823,645). |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Share Activity (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Share Activity [Abstract] | ' | ' |
Shares issued | 63,350 | 85,750 |
Shares issued | $1,184,514 | $2,096,484 |
Shares redeemed | -30,900 | -88,250 |
Shares redeemed | -597,071 | -2,031,644 |
Net increase | 32,450 | ' |
Net increase | $587,443 | $3,530,747 |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies (Details) - Activity in Redeemable Capital Shares (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Activity in Redeemable Capital Shares [Abstract] | ' | ' | ||
Beginning balance (in Shares) | 332,500,000 | [1] | 335,000,000 | |
Beginning balance | $6,240,747 | $9,706,654 | ||
Shares issued (in Shares) | 63,350,000 | 85,750,000 | ||
Shares issued | 1,184,514 | 2,096,484 | ||
Shares redeemed (in Shares) | -30,900,000 | -88,250,000 | ||
Shares redeemed | -597,071 | -2,031,644 | ||
Redemption value adjustment | ' | -3,530,747 | ||
Ending balance (in Shares) | 364,950,000 | [1] | 332,500,000 | [1] |
Ending balance | ' | $6,240,747 | ||
[1] | No par value, unlimited amount authorized. |
Note_3_Trust_Expenses_Details
Note 3 - Trust Expenses (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Note 3 - Trust Expenses (Details) [Line Items] | ' |
Sponsors Fee Annualized Accrual Rate Based On Daily Net Asset Value | 0.50% |
Maximum [Member] | ' |
Note 3 - Trust Expenses (Details) [Line Items] | ' |
Legal Fees Per Year | 100,000 |
Note_8_Financial_Highlights_De
Note 8 - Financial Highlights (Details) - Financial Highlights (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | |||
Financial Highlights [Abstract] | ' | ' | ||
Net asset value per Share, beginning of period | $20.04 | $18.77 | ||
Net decrease in net assets from operations | ($3.63) | ($2.36) | ||
Net asset value per Share, end of period | $16.41 | [1] | $16.41 | [1] |
Total return, at net asset value(c) | -18.11% | [2] | -12.57% | [2] |
Ratio to average net assets: | ' | ' | ||
Net investment loss(d) | -0.50% | [3] | -0.50% | [3] |
Expenses(d) | 0.50% | [3] | 0.50% | [3] |
Net investment loss(a) | ($0.02) | [4] | ($0.07) | [4] |
Net realized and unrealized loss(b) | ($3.61) | [5] | ($2.29) | [5] |
[1] | Effective January 1, 2014, the Trust qualifies as an investment company for accounting purposes. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B. | |||
[2] | Based on the change in net asset value of a Share during the period. Percentage is not annualized. | |||
[3] | Percentage is annualized. | |||
[4] | Based on average Shares outstanding during the period. | |||
[5] | The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investment. |