Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | iShares Silver Trust |
Trading Symbol | slv |
Document Type | 10-Q |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 333,750,000 |
Amendment Flag | false |
Entity Central Index Key | 1,330,568 |
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 | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Statements of Assets and Liabil
Statements of Assets and Liabilities (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | [2] | |
Assets | ||||
Investment in silver bullion(b) | [1] | $ 4,666,459 | $ 5,263,140 | |
Total Assets | 4,666,459 | 5,263,140 | ||
Liabilities | ||||
Sponsor’s fees payable | 1,949 | 2,338 | ||
Total Liabilities | $ 1,949 | $ 2,338 | ||
Commitments and contingent liabilities (Note 6) | ||||
Net Assets | $ 4,664,510 | $ 5,260,802 | [3] | |
Shares issued and outstanding(c) (in Shares) | [4] | 333,750,000 | 344,000,000 | |
Net asset value per Share (Note 2D) (in Dollars per share) | $ 13.98 | $ 15.29 | ||
[1] | Cost of investment in silver bullion: $6,064,647 and $6,386,750, respectively. | |||
[2] | Previously reported as "Balance Sheets." Please refer to Note 2A. | |||
[3] | Previously reported as "Statements of Changes in Shareholders' Equity (Deficit)." Please refer to Note 2A. | |||
[4] | No par value, unlimited amount authorized. |
Statements of Assets and Liabi3
Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | [1] |
Investment in silver bullion, cost | $ 6,064,647 | $ 6,386,750 | |
Shares, par value | |||
Shares issued | 333,750,000 | 344,000,000 | |
[1] | Previously reported as "Balance Sheets." Please refer to Note 2A. |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | [1] | Sep. 30, 2015 | Sep. 30, 2014 | [1] | |
Expenses | ||||||
Sponsor’s fees | $ 6,113 | $ 8,199 | $ 19,388 | $ 24,443 | ||
Total expenses | 6,113 | 8,199 | 19,388 | 24,443 | ||
Net investment loss | (6,113) | (8,199) | (19,388) | (24,443) | ||
Net realized gain (loss) from: | ||||||
Investment in silver bullion sold to pay expenses | (1,713) | 256 | (4,025) | 364 | ||
Silver bullion distributed for the redemption of Shares | (51,848) | 1,649 | (137,616) | 16,953 | ||
Net realized gain (loss) | (53,561) | 1,905 | (141,641) | 17,317 | ||
Net change in unrealized appreciation/depreciation | (288,300) | (1,261,329) | (274,578) | (833,667) | ||
Net realized and unrealized loss | (341,861) | (1,259,424) | (416,219) | (816,350) | ||
Net decrease in net assets resulting from operations | $ (347,974) | $ (1,267,623) | $ (435,607) | $ (840,793) | ||
Net decrease in net assets per Share (in Dollars per share) | $ (1.02) | $ (3.69) | $ (1.28) | $ (2.46) | ||
Weighted-average Shares outstanding (in Shares) | 339,870,652 | 343,780,435 | 339,068,132 | 341,477,289 | ||
[1] | Previously reported as "Income Statements." Please refer to Note 2A. |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | ||||
Net Assets, Beginning of Period | [2] | $ 5,260,802 | [1] | $ 6,240,747 | |
Operations: | |||||
Net investment loss | (19,388) | (31,579) | [2] | ||
Net realized loss | (141,641) | (78,450) | [2] | ||
Net change in unrealized appreciation/depreciation | (274,578) | (1,123,610) | [2] | ||
Net decrease in net assets resulting from operations | (435,607) | (1,233,639) | [2] | ||
Capital Share Transactions: | |||||
Contributions for Shares issued | 664,967 | 1,361,917 | [2] | ||
Distributions for Shares redeemed | (825,652) | (1,108,223) | [2] | ||
Net increase (decrease) in net assets from capital share transactions | (160,685) | 253,694 | [2] | ||
Decrease in net assets | (596,292) | (979,945) | [2] | ||
Net Assets, End of Period | $ 4,664,510 | $ 5,260,802 | [1],[2] | ||
Shares issued and redeemed | |||||
Shares issued (in Shares) | 43,050,000 | 74,950,000 | [2] | ||
Shares redeemed (in Shares) | (53,300,000) | (63,450,000) | [2] | ||
Net increase (decrease) in Shares issued and outstanding (in Shares) | (10,250,000) | 11,500,000 | [2] | ||
[1] | Previously reported as "Balance Sheets." Please refer to Note 2A. | ||||
[2] | Previously reported as "Statements of Changes in Shareholders' Equity (Deficit)." Please refer to Note 2A. |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||
Cash Flows from Operating Activities: | ||||||||
Proceeds from sales of investment in silver bullion sold to pay expenses | $ 19,777 | $ 24,582 | ||||||
Expenses – Sponsor’s fees paid | (19,777) | (24,582) | ||||||
Net cash provided by operating activities | 0 | 0 | ||||||
Increase (decrease) in cash | 0 | 0 | ||||||
Cash, beginning of period | 0 | 0 | $ 0 | |||||
Cash, end of period | $ 0 | $ 0 | 0 | 0 | 0 | |||
Reconciliation of Net Decrease in Net Assets Resulting from Operations to Net Cash Provided by Operating Activities: | ||||||||
Net decrease in net assets resulting from operations | (347,974) | (1,267,623) | [1] | (435,607) | (840,793) | [1] | (1,233,639) | [2] |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | ||||||||
Proceeds from sales of investment in silver bullion sold to pay expenses | 19,777 | 24,582 | ||||||
Net realized (gain) loss | 53,561 | (1,905) | [1] | 141,641 | (17,317) | [1] | 78,450 | [2] |
Net change in unrealized appreciation/depreciation | $ 288,300 | $ 1,261,329 | [1] | 274,578 | 833,667 | [1] | $ 1,123,610 | [2] |
Change in operating assets and liabilities: | ||||||||
Sponsor’s fees payable | (389) | (139) | ||||||
Net cash provided by operating activities | 0 | 0 | ||||||
Supplemental disclosure of non-cash information: | ||||||||
Silver bullion contributed for Shares issued | 664,967 | 1,184,514 | ||||||
Silver bullion distributed for Shares redeemed | $ (825,652) | $ (597,071) | ||||||
[1] | Previously reported as "Income Statements." Please refer to Note 2A. | |||||||
[2] | Previously reported as "Statements of Changes in Shareholders' Equity (Deficit)." Please refer to Note 2A. |
Schedules of Investments (Unaud
Schedules of Investments (Unaudited) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Text Block] | Schedules of Investments (Unaudited) At September 30, 2015 and December 31, 2014 (All balances in 000’s, except percentage data) September 30, 2015 Description Ounces Cost Fair Value Silver bullion 318,529.6 $ 6,064,647 $ 4,666,459 Total Investment – 100.04% 4,666,459 Less Liabilities – (0.04)% (1,949 ) Net Assets – 100.00% $ 4,664,510 December 31, 2014 Description Ounces Cost Fair Value Silver bullion 329,564.2 $ 6,386,750 $ 5,263,140 Total Investment – 100.04% 5,263,140 Less Liabilities – (0.04)% (2,338 ) Net Assets – 100.00% $ 5,260,802 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1 - Organization The iShares ® ® 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, 2014, as filed with the SEC on February 27, 2015. The Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies, |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2 - Significant Accounting Policies A. Basis of Accounting The following significant accounting policies are 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. Certain statements and captions in the financial statements for the prior year have been changed to conform to the current financial statement presentation. Certain amounts in the financial statements for the prior year have been reclassified to conform to the current financial statement presentation. B. Silver Bullion JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust. Silver bullion held by the Trust is valued at fair value, which is based on the price per ounce of silver determined by the CME Group at approximately 12:00 p.m. (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 tables summarize activity in silver bullion for the three and nine months ended September 30, 2015 and 2014 (all balances in 000’s): Three Months Ended September 30, 2015 Ounces Average Fair Realized Beginning balance 325,342.6 $ 6,217,768 $ 5,107,880 $ — Silver bullion contributed 5,728.5 85,929 85,929 — Silver bullion distributed (12,120.9 ) (231,025 ) (179,177 ) (51,848 ) Silver bullion sold to pay expenses (420.6 ) (8,025 ) (6,312 ) (1,713 ) Net realized loss — — (53,561 ) — Net change in unrealized appreciation/depreciation — — (288,300 ) — Ending balance 318,529.6 $ 6,064,647 $ 4,666,459 $ (53,561 ) Three Months Ended September 30, 2014 Ounces Average Fair Realized Beginning balance 322,872.9 $ 6,310,696 $ 6,738,358 $ — Silver bullion contributed 30,743.4 581,957 581,957 — Silver bullion distributed (3,118.6 ) (60,967 ) (62,616 ) 1,649 Silver bullion sold to pay expenses (411.3 ) (8,041 ) (8,297 ) 256 Net realized gain — — 1,905 — Net change in unrealized appreciation/depreciation — — (1,261,329 ) — Ending balance 350,086.4 $ 6,823,645 $ 5,989,978 $ 1,905 Nine Months Ended September 30, 2015 Ounces Average Fair Realized Beginning balance 329,564.2 $ 6,386,750 $ 5,263,140 $ — Silver bullion contributed 41,154.0 664,967 664,967 — Silver bullion distributed (50,950.4 ) (963,268 ) (825,652 ) (137,616 ) Silver bullion sold to pay expenses (1,238.2 ) (23,802 ) (19,777 ) (4,025 ) Net realized loss — — (141,641 ) — Net change in unrealized appreciation/depreciation — — (274,578 ) — Ending balance 318,529.6 $ 6,064,647 $ 4,666,459 $ (141,641 ) Nine Months Ended September 30, 2014 Ounces Average Fair Realized Beginning balance 320,177.8 $ 6,243,467 $ 6,243,467 $ — Silver bullion contributed 60,841.0 1,184,514 1,184,514 — Silver bullion distributed (29,693.0 ) (580,118 ) (597,071 ) 16,953 Silver bullion sold to pay expenses (1,239.4 ) (24,218 ) (24,582 ) 364 Net realized gain — — 17,317 — Net change in unrealized appreciation/depreciation — — (833,667 ) — Ending balance 350,086.4 $ 6,823,645 $ 5,989,978 $ 17,317 C. 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 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. D. 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 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 had 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. E. 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, 2015 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, 2015 | |
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, 2015 | |
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, 2015 | |
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 Contin
Note 6 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 | |
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, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights [Text Block] | 8 - Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net asset value per Share, beginning of period $ 15.00 $ 20.04 $ 15.29 $ 18.77 Net investment loss (a) (0.02 ) (0.02 ) (0.06 ) (0.07 ) Net realized and unrealized loss (b) (1.00 ) (3.61 ) (1.25 ) (2.29 ) Net decrease in net assets from operations (1.02 ) (3.63 ) (1.31 ) (2.36 ) Net asset value per Share, end of period $ 13.98 $ 16.41 $ 13.98 $ 16.41 Total return (c)(d) (6.80 ) % (18.11 ) % (8.57 ) % (12.57 ) % Ratio to average net assets: Net investment loss (e) (0.50 ) % (0.50 ) % (0.50 ) % (0.50 ) % Expenses (e) 0.50 % 0.50 % 0.50 % 0.50 % (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. (d) Percentage is not annualized. (e) Percentage is annualized. |
Note 9 - Investment Valuation
Note 9 - Investment Valuation | 9 Months Ended |
Sep. 30, 2015 | |
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. The Trust’s policy is to value its investment 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, 2015 and December 31, 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 |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | A. Basis of Accounting The following significant accounting policies are 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. Certain statements and captions in the financial statements for the prior year have been changed to conform to the current financial statement presentation. Certain amounts in the financial statements for the prior year have been reclassified to conform to the current financial statement presentation. |
Investment, Policy [Policy Text Block] | B. Silver Bullion JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust. Silver bullion held by the Trust is valued at fair value, which is based on the price per ounce of silver determined by the CME Group at approximately 12:00 p.m. (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 tables summarize activity in silver bullion for the three and nine months ended September 30, 2015 and 2014 (all balances in 000’s): Three Months Ended September 30, 2015 Ounces Average Fair Realized Beginning balance 325,342.6 $ 6,217,768 $ 5,107,880 $ — Silver bullion contributed 5,728.5 85,929 85,929 — Silver bullion distributed (12,120.9 ) (231,025 ) (179,177 ) (51,848 ) Silver bullion sold to pay expenses (420.6 ) (8,025 ) (6,312 ) (1,713 ) Net realized loss — — (53,561 ) — Net change in unrealized appreciation/depreciation — — (288,300 ) — Ending balance 318,529.6 $ 6,064,647 $ 4,666,459 $ (53,561 ) Three Months Ended September 30, 2014 Ounces Average Fair Realized Beginning balance 322,872.9 $ 6,310,696 $ 6,738,358 $ — Silver bullion contributed 30,743.4 581,957 581,957 — Silver bullion distributed (3,118.6 ) (60,967 ) (62,616 ) 1,649 Silver bullion sold to pay expenses (411.3 ) (8,041 ) (8,297 ) 256 Net realized gain — — 1,905 — Net change in unrealized appreciation/depreciation — — (1,261,329 ) — Ending balance 350,086.4 $ 6,823,645 $ 5,989,978 $ 1,905 Nine Months Ended September 30, 2015 Ounces Average Fair Realized Beginning balance 329,564.2 $ 6,386,750 $ 5,263,140 $ — Silver bullion contributed 41,154.0 664,967 664,967 — Silver bullion distributed (50,950.4 ) (963,268 ) (825,652 ) (137,616 ) Silver bullion sold to pay expenses (1,238.2 ) (23,802 ) (19,777 ) (4,025 ) Net realized loss — — (141,641 ) — Net change in unrealized appreciation/depreciation — — (274,578 ) — Ending balance 318,529.6 $ 6,064,647 $ 4,666,459 $ (141,641 ) Nine Months Ended September 30, 2014 Ounces Average Fair Realized Beginning balance 320,177.8 $ 6,243,467 $ 6,243,467 $ — Silver bullion contributed 60,841.0 1,184,514 1,184,514 — Silver bullion distributed (29,693.0 ) (580,118 ) (597,071 ) 16,953 Silver bullion sold to pay expenses (1,239.4 ) (24,218 ) (24,582 ) 364 Net realized gain — — 17,317 — Net change in unrealized appreciation/depreciation — — (833,667 ) — Ending balance 350,086.4 $ 6,823,645 $ 5,989,978 $ 17,317 |
Calculation of Net Asset Value [Policy Text Block] | C. 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 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. |
Offering of the Shares [Policy Text Block] | D. 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 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 had 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. |
Income Tax, Policy [Policy Text Block] | E. 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, 2015 and has determined that no provision for income tax is required in the Trust’s financial statements. |
Schedules of Investments (Una18
Schedules of Investments (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Investments [Abstract] | |
Investment [Table Text Block] | (All balances in 000’s, except percentage data) September 30, 2015 Description Ounces Cost Fair Value Silver bullion 318,529.6 $ 6,064,647 $ 4,666,459 Total Investment – 100.04% 4,666,459 Less Liabilities – (0.04)% (1,949 ) Net Assets – 100.00% $ 4,664,510 December 31, 2014 Description Ounces Cost Fair Value Silver bullion 329,564.2 $ 6,386,750 $ 5,263,140 Total Investment – 100.04% 5,263,140 Less Liabilities – (0.04)% (2,338 ) Net Assets – 100.00% $ 5,260,802 |
Note 2 - Significant Accounti19
Note 2 - Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Activity in Silver Bullion [Table Text Block] | Three Months Ended September 30, 2015 Ounces Average Fair Realized Beginning balance 325,342.6 $ 6,217,768 $ 5,107,880 $ — Silver bullion contributed 5,728.5 85,929 85,929 — Silver bullion distributed (12,120.9 ) (231,025 ) (179,177 ) (51,848 ) Silver bullion sold to pay expenses (420.6 ) (8,025 ) (6,312 ) (1,713 ) Net realized loss — — (53,561 ) — Net change in unrealized appreciation/depreciation — — (288,300 ) — Ending balance 318,529.6 $ 6,064,647 $ 4,666,459 $ (53,561 ) Three Months Ended September 30, 2014 Ounces Average Fair Realized Beginning balance 322,872.9 $ 6,310,696 $ 6,738,358 $ — Silver bullion contributed 30,743.4 581,957 581,957 — Silver bullion distributed (3,118.6 ) (60,967 ) (62,616 ) 1,649 Silver bullion sold to pay expenses (411.3 ) (8,041 ) (8,297 ) 256 Net realized gain — — 1,905 — Net change in unrealized appreciation/depreciation — — (1,261,329 ) — Ending balance 350,086.4 $ 6,823,645 $ 5,989,978 $ 1,905 Nine Months Ended September 30, 2015 Ounces Average Fair Realized Beginning balance 329,564.2 $ 6,386,750 $ 5,263,140 $ — Silver bullion contributed 41,154.0 664,967 664,967 — Silver bullion distributed (50,950.4 ) (963,268 ) (825,652 ) (137,616 ) Silver bullion sold to pay expenses (1,238.2 ) (23,802 ) (19,777 ) (4,025 ) Net realized loss — — (141,641 ) — Net change in unrealized appreciation/depreciation — — (274,578 ) — Ending balance 318,529.6 $ 6,064,647 $ 4,666,459 $ (141,641 ) Nine Months Ended September 30, 2014 Ounces Average Fair Realized Beginning balance 320,177.8 $ 6,243,467 $ 6,243,467 $ — Silver bullion contributed 60,841.0 1,184,514 1,184,514 — Silver bullion distributed (29,693.0 ) (580,118 ) (597,071 ) 16,953 Silver bullion sold to pay expenses (1,239.4 ) (24,218 ) (24,582 ) 364 Net realized gain — — 17,317 — Net change in unrealized appreciation/depreciation — — (833,667 ) — Ending balance 350,086.4 $ 6,823,645 $ 5,989,978 $ 17,317 |
Note 8 - Financial Highlights (
Note 8 - Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights [Table Text Block] | Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net asset value per Share, beginning of period $ 15.00 $ 20.04 $ 15.29 $ 18.77 Net investment loss (a) (0.02 ) (0.02 ) (0.06 ) (0.07 ) Net realized and unrealized loss (b) (1.00 ) (3.61 ) (1.25 ) (2.29 ) Net decrease in net assets from operations (1.02 ) (3.63 ) (1.31 ) (2.36 ) Net asset value per Share, end of period $ 13.98 $ 16.41 $ 13.98 $ 16.41 Total return (c)(d) (6.80 ) % (18.11 ) % (8.57 ) % (12.57 ) % Ratio to average net assets: Net investment loss (e) (0.50 ) % (0.50 ) % (0.50 ) % (0.50 ) % Expenses (e) 0.50 % 0.50 % 0.50 % 0.50 % |
Schedules of Investments (Una21
Schedules of Investments (Unaudited) (Details) - Investments $ in Thousands | Sep. 30, 2015USD ($)oz | Jun. 30, 2015USD ($)oz | Dec. 31, 2014USD ($)oz | Sep. 30, 2014USD ($)oz | Jun. 30, 2014USD ($)oz | Dec. 31, 2013USD ($)oz | ||
Investments [Abstract] | ||||||||
Silver bullion (in Ounces) | oz | 318,529,600 | 325,342,600 | 329,564,200 | 350,086,400 | 322,872,900 | 320,177,800 | ||
Silver bullion | $ 6,064,647 | $ 6,217,768 | $ 6,386,750 | [1] | $ 6,823,645 | $ 6,310,696 | $ 6,243,467 | |
Silver bullion | 4,666,459 | 5,263,140 | ||||||
Less Liabilities | (1,949) | (2,338) | [1] | |||||
Net Assets | $ 4,664,510 | $ 5,260,802 | [1],[2] | $ 6,240,747 | [2] | |||
[1] | Previously reported as "Balance Sheets." Please refer to Note 2A. | |||||||
[2] | Previously reported as "Statements of Changes in Shareholders' Equity (Deficit)." Please refer to Note 2A. |
Schedules of Investments (Una22
Schedules of Investments (Unaudited) (Details) - Investments (Parentheticals) | Sep. 30, 2015 | Dec. 31, 2014 |
Investments [Abstract] | ||
Total Investment, Percentage of Net Asset Value | 100.04% | 100.04% |
Less Liabilities, Percentage of Net Asset Value | (0.04%) | (0.04%) |
Net Assets, Percentage of Net Asset Value | 100.00% | 100.00% |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies (Details) | Sep. 30, 2015shares |
Accounting Policies [Abstract] | |
Shares Prescribed Aggregation | 50,000 |
Note 2 - Significant Accounti24
Note 2 - Significant Accounting Policies (Details) - Activity in Silver Bullion $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2015USD ($)oz | Sep. 30, 2014USD ($)oz | Sep. 30, 2015USD ($)oz | Sep. 30, 2014USD ($)oz | Dec. 31, 2014USD ($)oz | ||||||
Activity in Silver Bullion [Abstract] | ||||||||||
Beginning balance (in Ounces) | oz | 325,342,600 | 322,872,900 | 329,564,200 | 320,177,800 | 320,177,800 | |||||
Beginning balance, average cost | $ 6,217,768 | $ 6,310,696 | $ 6,386,750 | [1] | $ 6,243,467 | $ 6,243,467 | ||||
Beginning balance, fair value | $ 5,107,880 | $ 6,738,358 | $ 5,263,140 | [1],[2] | $ 6,243,467 | 6,243,467 | ||||
Silver bullion contributed (in Ounces) | oz | 5,728,500 | 30,743,400 | 41,154,000 | 60,841,000 | ||||||
Silver bullion contributed, average cost | $ 85,929 | $ 581,957 | $ 664,967 | $ 1,184,514 | ||||||
Silver bullion contributed, fair value | $ 85,929 | $ 581,957 | $ 664,967 | $ 1,184,514 | ||||||
Silver bullion distributed (in Ounces) | oz | (12,120,900) | (3,118,600) | (50,950,400) | (29,693,000) | ||||||
Silver bullion distributed, average cost | $ (231,025) | $ (60,967) | $ (963,268) | $ (580,118) | ||||||
Silver bullion distributed, fair value | (179,177) | (62,616) | (825,652) | (597,071) | ||||||
Silver bullion distributed, realized gain (loss) | $ (51,848) | $ 1,649 | $ (137,616) | $ 16,953 | ||||||
Silver bullion sold to pay expenses (in Ounces) | oz | (420,600) | (411,300) | (1,238,200) | (1,239,400) | ||||||
Silver bullion sold to pay expenses, average cost | $ (8,025) | $ (8,041) | $ (23,802) | $ (24,218) | ||||||
Silver bullion sold to pay expenses, fair value | (6,312) | (8,297) | (19,777) | (24,582) | ||||||
Silver bullion sold to pay expenses, realized gain (loss) | (1,713) | 256 | [3] | (4,025) | 364 | [3] | ||||
Net realized gain (loss) | (53,561) | 1,905 | [3] | (141,641) | 17,317 | [3] | (78,450) | [4] | ||
Net change in unrealized appreciation/depreciation | $ (288,300) | $ (1,261,329) | [3] | $ (274,578) | $ (833,667) | [3] | $ (1,123,610) | [4] | ||
Ending balance (in Ounces) | oz | 318,529,600 | 350,086,400 | 318,529,600 | 350,086,400 | 329,564,200 | |||||
Ending balance, average cost | $ 6,064,647 | $ 6,823,645 | $ 6,064,647 | $ 6,823,645 | $ 6,386,750 | [1] | ||||
Ending balance, fair value | 4,666,459 | [2] | 5,989,978 | 4,666,459 | [2] | 5,989,978 | 5,263,140 | [1],[2] | ||
Ending balance, realized gain (loss) | $ (53,561) | $ 1,905 | [3] | $ (141,641) | $ 17,317 | [3] | $ (78,450) | [4] | ||
[1] | Previously reported as "Balance Sheets." Please refer to Note 2A. | |||||||||
[2] | Cost of investment in silver bullion: $6,064,647 and $6,386,750, respectively. | |||||||||
[3] | Previously reported as "Income Statements." Please refer to Note 2A. | |||||||||
[4] | Previously reported as "Statements of Changes in Shareholders' Equity (Deficit)." Please refer to Note 2A. |
Note 3 - Trust Expenses (Detail
Note 3 - Trust Expenses (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
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 Highlights26
Note 8 - Financial Highlights (Details) - Financial Highlights - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Financial Highlights [Abstract] | ||||||
Net asset value per Share, beginning of period | $ 15 | $ 20.04 | $ 15.29 | [1] | $ 18.77 | |
Net decrease in net assets from operations | (1.02) | (3.63) | (1.31) | (2.36) | ||
Net asset value per Share, end of period | $ 13.98 | $ 16.41 | $ 13.98 | $ 16.41 | ||
Total return(c)(d) | [2],[3] | (6.80%) | (18.11%) | (8.57%) | (12.57%) | |
Ratio to average net assets: | ||||||
Net investment loss(e) | [4] | (0.50%) | (0.50%) | (0.50%) | (0.50%) | |
Expenses(e) | [4] | 0.50% | 0.50% | 0.50% | 0.50% | |
Net investment loss(a) | [5] | $ (0.02) | $ (0.02) | $ (0.06) | $ (0.07) | |
Net realized and unrealized loss(b) | [6] | $ (1) | $ (3.61) | $ (1.25) | $ (2.29) | |
[1] | Previously reported as "Balance Sheets." Please refer to Note 2A. | |||||
[2] | Based on the change in net asset value of a Share during the period. | |||||
[3] | Percentage is not annualized. | |||||
[4] | Percentage is annualized. | |||||
[5] | Based on average Shares outstanding during the period. | |||||
[6] | 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. |