Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 05, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001330568 | |
Entity Registrant Name | iShares Silver Trust | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-32863 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-7474456 | |
Entity Address, Address Line One | 400 Howard Street | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | 415 | |
Local Phone Number | 670-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Shares | |
Trading Symbol | SLV | |
Security Exchange Name | NYSEArca | |
Entity Common Stock, Shares Outstanding | 405,650,000 |
Statements of Assets and Liabil
Statements of Assets and Liabilities (Unaudited) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets | |||
Investment in silver bullion, at fair value | [1] | $ 6,619,990,673 | $ 4,906,017,787 |
Total Assets | 6,619,990,673 | 4,906,017,787 | |
Liabilities | |||
Sponsor’s fees payable | 2,842,383 | 1,981,164 | |
Total Liabilities | 2,842,383 | 1,981,164 | |
Commitments and contingent liabilities (Note 6) | |||
Net Assets | $ 6,617,148,290 | $ 4,904,036,623 | |
Shares issued and outstanding (in shares) | [2] | 410,100,000 | 337,850,000 |
Net asset value per Share (Note 2C) (in dollars per share) | $ 16.14 | $ 14.52 | |
[1] | Cost of investment in silver bullion: $6,656,770,477 and $5,641,558,156, respectively. | ||
[2] | No par value, unlimited amount authorized. |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment in silver bullion, cost | $ 6,656,770,477 | $ 5,641,558,156 |
Shares, par value (in dollars per share) | $ 0 | $ 0 |
Shares issued (in shares) | 410,100,000 | 337,850,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Expenses | |||||
Sponsor's fees | $ 7,818,311 | $ 6,235,371 | $ 19,592,036 | $ 19,371,652 | |
Total expenses | 7,818,311 | 6,235,371 | 19,592,036 | 19,371,652 | |
Net investment loss | (7,818,311) | (6,235,371) | (19,592,036) | (19,371,652) | |
Net Realized and Unrealized Gain (Loss) | |||||
Silver bullion sold to pay expenses | (311,270) | (1,160,169) | (2,193,141) | (2,354,874) | |
Silver bullion distributed for the redemption of Shares | 9,844,202 | (24,507,624) | (48,790,441) | (65,805,501) | |
Net realized gain (loss) | 9,532,932 | (25,667,793) | (50,983,582) | (68,160,375) | |
Net change in unrealized appreciation/depreciation | 710,091,263 | (538,368,056) | 698,760,565 | (750,921,945) | |
Net realized and unrealized gain (loss) | 719,624,195 | (564,035,849) | 647,776,983 | (819,082,320) | |
Net increase (decrease) in net assets resulting from operations | $ 711,805,884 | $ (570,271,220) | $ 628,184,947 | $ (838,453,972) | |
Net increase (decrease) in net assets per Share (in dollars per share) | [1] | $ 1.82 | $ (1.63) | $ 1.78 | $ (2.45) |
[1] | Net increase (decrease) in net assets per Share based on average shares outstanding during the period. |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Assets, Beginning of Period | $ 4,919,140,506 | $ 4,668,431,637 | $ 4,904,036,623 | $ 5,166,953,607 | $ 5,191,290,570 | $ 5,405,193,851 | $ 4,904,036,623 | $ 5,405,193,851 |
Operations: | ||||||||
Net investment loss | (7,818,311) | (5,821,811) | (5,951,914) | (6,235,371) | (6,592,413) | (6,543,868) | (19,592,036) | (19,371,652) |
Net realized gain (loss) | 9,532,932 | (17,462,196) | (43,054,318) | (25,667,793) | (28,206,317) | (14,286,265) | (50,983,582) | (68,160,375) |
Net change in unrealized appreciation/depreciation | 710,091,263 | 57,866,685 | (69,197,383) | (538,368,056) | (43,957,463) | (168,596,426) | 698,760,565 | (750,921,945) |
Net increase (decrease) in net assets resulting from operations | 711,805,884 | 34,582,678 | (118,203,615) | (570,271,220) | (78,756,193) | (189,426,559) | 628,184,947 | (838,453,972) |
Capital Share Transactions: | ||||||||
Contributions for Shares issued | 1,274,150,418 | 300,557,309 | 185,279,712 | 292,541,629 | 404,809,725 | 182,901,133 | ||
Distributions for Shares redeemed | (287,948,518) | (84,431,118) | (302,681,083) | (126,949,317) | (350,390,495) | (207,377,855) | ||
Net increase (decrease) in net assets from capital share transactions | 986,201,900 | 216,126,191 | (117,401,371) | 165,592,312 | 54,419,230 | (24,476,722) | ||
Increase (decrease) in net assets | 1,698,007,784 | 250,708,869 | (235,604,986) | (404,678,908) | (24,336,963) | (213,903,281) | ||
Net Assets, End of Period | $ 6,617,148,290 | $ 4,919,140,506 | $ 4,668,431,637 | $ 4,762,274,699 | $ 5,166,953,607 | $ 5,191,290,570 | $ 6,617,148,290 | $ 4,762,274,699 |
Shares issued and redeemed | ||||||||
Shares issued (in shares) | 116,200,000 | 58,600,000 | ||||||
Shares redeemed (in shares) | (43,950,000) | (44,100,000) | ||||||
Net increase in Shares issued and outstanding (in shares) | 72,250,000 | 14,500,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities | ||||||
Proceeds from silver bullion sold to pay expenses | $ 18,730,817 | $ 19,636,834 | ||||
Expenses – Sponsor’s fees paid | (18,730,817) | (19,636,834) | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||||
Increase (decrease) in cash | 0 | 0 | ||||
Cash, beginning of period | $ 0 | $ 0 | 0 | 0 | ||
Cash, end of period | $ 0 | $ 0 | 0 | 0 | ||
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities | ||||||
Net increase (decrease) in net assets resulting from operations | 711,805,884 | (118,203,615) | (570,271,220) | (189,426,559) | 628,184,947 | (838,453,972) |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||
Proceeds from silver bullion sold to pay expenses | 18,730,817 | 19,636,834 | ||||
Net realized (gain) loss | (9,532,932) | 43,054,318 | 25,667,793 | 14,286,265 | 50,983,582 | 68,160,375 |
Net change in unrealized appreciation/depreciation | $ (710,091,263) | $ 69,197,383 | $ 538,368,056 | $ 168,596,426 | (698,760,565) | 750,921,945 |
Change in operating assets and liabilities: | ||||||
Sponsor’s fees payable | 861,219 | (265,182) | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||||
Supplemental disclosure of non-cash information: | ||||||
Silver bullion contributed for Shares issued | 1,759,987,439 | 880,252,487 | ||||
Silver bullion distributed for Shares redeemed | $ (675,060,719) | $ (684,717,667) |
Schedules of Investments (Unaud
Schedules of Investments (Unaudited) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Investment Holdings, Schedule of Investments [Text Block] | Schedules of Investments (Unaudited) At September 30, 2019 December 31, 2018 September 30, 2019 Description Ounces Cost Fair Value Silver bullion 383,656,370 $ 6,656,770,477 $ 6,619,990,673 Total Investment – 100.04% 6,619,990,673 Less Liabilities – (0.04)% (2,842,383 ) Net Assets – 100.00% $ 6,617,148,290 December 31, 2018 Description Ounces Cost Fair Value Silver bullion 317,233,610 $ 5,641,558,156 $ 4,906,017,787 Total Investment – 100.04% 4,906,017,787 Less Liabilities – (0.04)% (1,981,164 ) Net Assets – 100.00% $ 4,904,036,623 See notes to financial statements. |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 - Organization The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 December 22, 2016. 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 make an investment similar to an investment in silver. The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10 not 10 December 31, 2018, February 28, 2019. The Trust qualifies as an investment company solely for accounting purposes and not 946, Financial Services - Investment Companies not not 1940, |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 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 periods have been changed 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. Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one 30‑second 12:00 no 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 September 30, 2019 2018: Three Months Ended September 30, 2019 Ounces Cost Fair Realized Beginning balance 323,330,613 $ 5,667,962,993 $ 4,921,091,926 $ — Silver bullion contributed 76,785,902 1,274,150,418 1,274,150,418 — Silver bullion distributed (16,043,945 ) (278,104,316 ) (287,948,518 ) 9,844,202 Silver bullion sold to pay expenses (416,200 ) (7,238,618 ) (6,927,348 ) (311,270 ) Net realized gain — — 9,532,932 — Net change in unrealized appreciation/depreciation — — 710,091,263 — Ending balance 383,656,370 $ 6,656,770,477 $ 6,619,990,673 $ 9,532,932 Three Months Ended September 30, 2018 Ounces Cost Fair Realized Beginning balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ — Silver bullion contributed 19,467,176 292,541,629 292,541,629 — Silver bullion distributed (8,462,245 ) (151,456,941 ) (126,949,317 ) (24,507,624 ) Silver bullion sold to pay expenses (423,814 ) (7,607,119 ) (6,446,950 ) (1,160,169 ) Net realized loss — — (25,667,793 ) — Net change in unrealized appreciation/depreciation — — (538,368,056 ) — Ending balance 333,046,831 $ 5,939,485,807 $ 4,764,234,916 $ (25,667,793 ) The following tables summarize activity in silver bullion for the nine September 30, 2019 2018: Nine Months Ended September 30, 2019 Ounces Cost Fair Realized Beginning balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ — Silver bullion contributed 108,791,946 1,759,987,439 1,759,987,439 — Silver bullion distributed (41,179,997 ) (723,851,160 ) (675,060,719 ) (48,790,441 ) Silver bullion sold to pay expenses (1,189,189 ) (20,923,958 ) (18,730,817 ) (2,193,141 ) Net realized loss — — (50,983,582 ) — Net change in unrealized appreciation/depreciation — — 698,760,565 — Ending balance 383,656,370 $ 6,656,770,477 $ 6,619,990,673 $ (50,983,582 ) Nine Months Ended September 30, 2018 Ounces Cost Fair Realized Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 55,163,280 880,252,487 880,252,487 — Silver bullion distributed (41,529,029 ) (750,523,168 ) (684,717,667 ) (65,805,501 ) Silver bullion sold to pay expenses (1,217,082 ) (21,991,708 ) (19,636,834 ) (2,354,874 ) Net realized loss — — (68,160,375 ) — Net change in unrealized appreciation/depreciation — — (750,921,945 ) — Ending balance 333,046,831 $ 5,939,485,807 $ 4,764,234,916 $ (68,160,375 ) C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00 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 Trustee 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 provided may not The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. 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 The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of September 30, 2019 not |
Note 3 - Trust Expenses
Note 3 - Trust Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
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, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4 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 |
Note 5 - Indemnification
Note 5 - Indemnification | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Indemnification [Text Block] | 5 The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not 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, 1 2 The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6 In the normal course of business, the Trust may may not |
Note 7 - Concentration Risk
Note 7 - Concentration Risk | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 7 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 |
Note 8 - Financial Highlights
Note 8 - Financial Highlights | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Financial Highlights [Text Block] | 8 - Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the three nine September 30, 2019 2018. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net asset value per Share, beginning of period $ 14.25 $ 15.08 $ 14.52 $ 15.91 Net investment loss (a) (0.02 ) (0.02 ) (0.06 ) (0.06 ) Net realized and unrealized gain (loss) (b) 1.91 (1.62 ) 1.68 (2.41 ) Net increase (decrease) in net assets from operations 1.89 (1.64 ) 1.62 (2.47 ) Net asset value per Share, end of period $ 16.14 $ 13.44 $ 16.14 $ 13.44 Total return, at net asset value (c)(d) 13.26 % (10.88 )% 11.16 % (15.52 )% 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 (c) Based on the change in net asset value of a Share during the period. (d) Percentage is not (e) Percentage is annualized. |
Note 9 - Investment Valuation
Note 9 - Investment Valuation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9 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 may three three Level 1 Level 2 1 not Level 3 At September 30, 2019 December 31, 2018, 1. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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 periods have been changed 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. Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one 30‑second 12:00 no 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 September 30, 2019 2018: Three Months Ended September 30, 2019 Ounces Cost Fair Realized Beginning balance 323,330,613 $ 5,667,962,993 $ 4,921,091,926 $ — Silver bullion contributed 76,785,902 1,274,150,418 1,274,150,418 — Silver bullion distributed (16,043,945 ) (278,104,316 ) (287,948,518 ) 9,844,202 Silver bullion sold to pay expenses (416,200 ) (7,238,618 ) (6,927,348 ) (311,270 ) Net realized gain — — 9,532,932 — Net change in unrealized appreciation/depreciation — — 710,091,263 — Ending balance 383,656,370 $ 6,656,770,477 $ 6,619,990,673 $ 9,532,932 Three Months Ended September 30, 2018 Ounces Cost Fair Realized Beginning balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ — Silver bullion contributed 19,467,176 292,541,629 292,541,629 — Silver bullion distributed (8,462,245 ) (151,456,941 ) (126,949,317 ) (24,507,624 ) Silver bullion sold to pay expenses (423,814 ) (7,607,119 ) (6,446,950 ) (1,160,169 ) Net realized loss — — (25,667,793 ) — Net change in unrealized appreciation/depreciation — — (538,368,056 ) — Ending balance 333,046,831 $ 5,939,485,807 $ 4,764,234,916 $ (25,667,793 ) The following tables summarize activity in silver bullion for the nine September 30, 2019 2018: Nine Months Ended September 30, 2019 Ounces Cost Fair Realized Beginning balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ — Silver bullion contributed 108,791,946 1,759,987,439 1,759,987,439 — Silver bullion distributed (41,179,997 ) (723,851,160 ) (675,060,719 ) (48,790,441 ) Silver bullion sold to pay expenses (1,189,189 ) (20,923,958 ) (18,730,817 ) (2,193,141 ) Net realized loss — — (50,983,582 ) — Net change in unrealized appreciation/depreciation — — 698,760,565 — Ending balance 383,656,370 $ 6,656,770,477 $ 6,619,990,673 $ (50,983,582 ) Nine Months Ended September 30, 2018 Ounces Cost Fair Realized Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 55,163,280 880,252,487 880,252,487 — Silver bullion distributed (41,529,029 ) (750,523,168 ) (684,717,667 ) (65,805,501 ) Silver bullion sold to pay expenses (1,217,082 ) (21,991,708 ) (19,636,834 ) (2,354,874 ) Net realized loss — — (68,160,375 ) — Net change in unrealized appreciation/depreciation — — (750,921,945 ) — Ending balance 333,046,831 $ 5,939,485,807 $ 4,764,234,916 $ (68,160,375 ) |
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 |
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 Trustee 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 provided may not The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. 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 The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of September 30, 2019 not |
Schedules of Investments (Una_2
Schedules of Investments (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Investment [Table Text Block] | Description Ounces Cost Fair Value Silver bullion 383,656,370 $ 6,656,770,477 $ 6,619,990,673 Total Investment – 100.04% 6,619,990,673 Less Liabilities – (0.04)% (2,842,383 ) Net Assets – 100.00% $ 6,617,148,290 Description Ounces Cost Fair Value Silver bullion 317,233,610 $ 5,641,558,156 $ 4,906,017,787 Total Investment – 100.04% 4,906,017,787 Less Liabilities – (0.04)% (1,981,164 ) Net Assets – 100.00% $ 4,904,036,623 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Activity in Silver Bullion [Table Text Block] | Three Months Ended September 30, 2019 Ounces Cost Fair Realized Beginning balance 323,330,613 $ 5,667,962,993 $ 4,921,091,926 $ — Silver bullion contributed 76,785,902 1,274,150,418 1,274,150,418 — Silver bullion distributed (16,043,945 ) (278,104,316 ) (287,948,518 ) 9,844,202 Silver bullion sold to pay expenses (416,200 ) (7,238,618 ) (6,927,348 ) (311,270 ) Net realized gain — — 9,532,932 — Net change in unrealized appreciation/depreciation — — 710,091,263 — Ending balance 383,656,370 $ 6,656,770,477 $ 6,619,990,673 $ 9,532,932 Three Months Ended September 30, 2018 Ounces Cost Fair Realized Beginning balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ — Silver bullion contributed 19,467,176 292,541,629 292,541,629 — Silver bullion distributed (8,462,245 ) (151,456,941 ) (126,949,317 ) (24,507,624 ) Silver bullion sold to pay expenses (423,814 ) (7,607,119 ) (6,446,950 ) (1,160,169 ) Net realized loss — — (25,667,793 ) — Net change in unrealized appreciation/depreciation — — (538,368,056 ) — Ending balance 333,046,831 $ 5,939,485,807 $ 4,764,234,916 $ (25,667,793 ) Nine Months Ended September 30, 2019 Ounces Cost Fair Realized Beginning balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ — Silver bullion contributed 108,791,946 1,759,987,439 1,759,987,439 — Silver bullion distributed (41,179,997 ) (723,851,160 ) (675,060,719 ) (48,790,441 ) Silver bullion sold to pay expenses (1,189,189 ) (20,923,958 ) (18,730,817 ) (2,193,141 ) Net realized loss — — (50,983,582 ) — Net change in unrealized appreciation/depreciation — — 698,760,565 — Ending balance 383,656,370 $ 6,656,770,477 $ 6,619,990,673 $ (50,983,582 ) Nine Months Ended September 30, 2018 Ounces Cost Fair Realized Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 55,163,280 880,252,487 880,252,487 — Silver bullion distributed (41,529,029 ) (750,523,168 ) (684,717,667 ) (65,805,501 ) Silver bullion sold to pay expenses (1,217,082 ) (21,991,708 ) (19,636,834 ) (2,354,874 ) Net realized loss — — (68,160,375 ) — Net change in unrealized appreciation/depreciation — — (750,921,945 ) — Ending balance 333,046,831 $ 5,939,485,807 $ 4,764,234,916 $ (68,160,375 ) |
Note 8 - Financial Highlights (
Note 8 - Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Financial Highlights [Table Text Block] | Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net asset value per Share, beginning of period $ 14.25 $ 15.08 $ 14.52 $ 15.91 Net investment loss (a) (0.02 ) (0.02 ) (0.06 ) (0.06 ) Net realized and unrealized gain (loss) (b) 1.91 (1.62 ) 1.68 (2.41 ) Net increase (decrease) in net assets from operations 1.89 (1.64 ) 1.62 (2.47 ) Net asset value per Share, end of period $ 16.14 $ 13.44 $ 16.14 $ 13.44 Total return, at net asset value (c)(d) 13.26 % (10.88 )% 11.16 % (15.52 )% 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 (Una_3
Schedules of Investments (Unaudited) - Investments (Details) | Sep. 30, 2019USD ($)oz | Jun. 30, 2019USD ($)oz | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)oz | Sep. 30, 2018USD ($)oz | Jun. 30, 2018USD ($)oz | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)oz |
Silver bullion (Ounce) | oz | 383,656,370 | 323,330,613 | 317,233,610 | 333,046,831 | 322,465,714 | 320,629,662 | ||
Investment in silver bullion, cost | $ 6,656,770,477 | $ 5,667,962,993 | $ 5,641,558,156 | $ 5,939,485,807 | $ 5,806,008,238 | $ 5,831,748,196 | ||
Silver bullion fair value | 6,619,990,673 | 4,906,017,787 | ||||||
Less Liabilities | (2,842,383) | (1,981,164) | ||||||
Net Assets | $ 6,617,148,290 | $ 4,919,140,506 | $ 4,668,431,637 | $ 4,904,036,623 | $ 4,762,274,699 | $ 5,166,953,607 | $ 5,191,290,570 | $ 5,405,193,851 |
Schedules of Investments (Una_4
Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals) | Sep. 30, 2019 | Dec. 31, 2018 |
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 Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) | Sep. 30, 2019shares |
Shares Prescribed Aggregation | 50,000 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2019USD ($)oz | Jun. 30, 2019USD ($)oz | Mar. 31, 2019USD ($)oz | Sep. 30, 2018USD ($)oz | Jun. 30, 2018USD ($)oz | Mar. 31, 2018USD ($)oz | Sep. 30, 2019USD ($)oz | Sep. 30, 2018USD ($)oz | ||||
Beginning balance (Ounce) | oz | 323,330,613 | 317,233,610 | 322,465,714 | 320,629,662 | 317,233,610 | 320,629,662 | |||||
Silver bullion contributed (Ounce) | oz | 76,785,902 | 19,467,176 | 108,791,946 | 55,163,280 | |||||||
Silver bullion distributed (Ounce) | oz | (16,043,945) | (8,462,245) | (41,179,997) | (41,529,029) | |||||||
Silver bullion sold to pay expenses (Ounce) | oz | (416,200) | (423,814) | (1,189,189) | (1,217,082) | |||||||
Ending balance (Ounce) | oz | 383,656,370 | 323,330,613 | 333,046,831 | 322,465,714 | 383,656,370 | 333,046,831 | |||||
Beginning balance, average cost | $ 5,667,962,993 | $ 5,641,558,156 | $ 5,806,008,238 | $ 5,831,748,196 | $ 5,641,558,156 | $ 5,831,748,196 | |||||
Silver bullion contributed, average cost | 1,274,150,418 | 292,541,629 | 1,759,987,439 | 880,252,487 | |||||||
Silver bullion distributed, average cost | (278,104,316) | (151,456,941) | (723,851,160) | (750,523,168) | |||||||
Silver bullion sold to pay expenses, average cost | (7,238,618) | (7,607,119) | (20,923,958) | (21,991,708) | |||||||
Ending balance, average cost | 6,656,770,477 | $ 5,667,962,993 | 5,939,485,807 | $ 5,806,008,238 | 6,656,770,477 | 5,939,485,807 | |||||
Beginning balance, fair value | 4,921,091,926 | 4,906,017,787 | [1] | 5,169,125,403 | 5,407,419,250 | 4,906,017,787 | [1] | 5,407,419,250 | |||
Silver bullion contributed, fair value | 1,274,150,418 | 292,541,629 | 1,759,987,439 | 880,252,487 | |||||||
Silver bullion distributed, fair value | (287,948,518) | (126,949,317) | (675,060,719) | (684,717,667) | |||||||
Silver bullion sold to pay expenses, fair value | (6,927,348) | (6,446,950) | (18,730,817) | (19,636,834) | |||||||
Net realized gain (loss), fair value | 9,532,932 | (17,462,196) | (43,054,318) | (25,667,793) | (28,206,317) | (14,286,265) | (50,983,582) | (68,160,375) | |||
Net change in unrealized appreciation/depreciation, fair value | 710,091,263 | 57,866,685 | (69,197,383) | (538,368,056) | (43,957,463) | (168,596,426) | 698,760,565 | (750,921,945) | |||
Ending balance, fair value | 6,619,990,673 | [1] | 4,921,091,926 | 4,764,234,916 | 5,169,125,403 | 6,619,990,673 | [1] | 4,764,234,916 | |||
Silver bullion distributed, realized gain (loss) | 9,844,202 | (24,507,624) | (48,790,441) | (65,805,501) | |||||||
Silver bullion sold to pay expenses, realized gain (loss) | (311,270) | (1,160,169) | (2,193,141) | (2,354,874) | |||||||
Ending balance, realized gain (loss) | $ 9,532,932 | $ (17,462,196) | $ (43,054,318) | $ (25,667,793) | $ (28,206,317) | $ (14,286,265) | $ (50,983,582) | $ (68,160,375) | |||
[1] | Cost of investment in silver bullion: $6,656,770,477 and $5,641,558,156, respectively. |
Note 3 - Trust Expenses (Detail
Note 3 - Trust Expenses (Details Textual) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Sponsor's Fee Annualized Accrual Rate Based on Daily Net Asset Value | 0.50% |
Maximum [Member] | |
Legal Fees Per Year | $ 100,000 |
Note 8 - Financial Highlights -
Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Net asset value per Share, beginning of period (in dollars per share) | $ 14.25 | $ 15.08 | $ 14.52 | $ 15.91 | |
Net investment loss(a) (in dollars per share) | [1] | (0.02) | (0.02) | (0.06) | (0.06) |
Net realized and unrealized gain (loss)(b) (in dollars per share) | [2] | 1.91 | (1.62) | 1.68 | (2.41) |
Net increase (decrease) in net assets from operations (in dollars per share) | 1.89 | (1.64) | 1.62 | (2.47) | |
Net asset value per Share, end of period (in dollars per share) | $ 16.14 | $ 13.44 | $ 16.14 | $ 13.44 | |
Total return, at net asset value(c)(d) | [3],[4] | 13.26% | (10.88%) | 11.16% | (15.52%) |
Ratio to average net assets: | |||||
Net investment loss(e) | [5] | (0.50%) | (0.50%) | (0.50%) | (0.50%) |
Expenses(e) | [5] | 0.50% | 0.50% | 0.50% | 0.50% |
[1] | Based on average Shares outstanding during the period. | ||||
[2] | 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. | ||||
[3] | Based on the change in net asset value of a Share during the period. | ||||
[4] | Percentage is not annualized. | ||||
[5] | Percentage is annualized. |