iShares Silver Trust (SLV) 10-K 1 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Jan. 29, 2021	Jun. 30, 2020
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	FY
Document Fiscal Year Focus	2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
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
Title of 12(b) Security	Shares
Trading Symbol	SLV
Security Exchange Name	NYSEArca
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
Entity Public Float			$ 8,880,897,000
Entity Common Stock, Shares Outstanding		647,700,000

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($)		Dec. 31, 2020	Dec. 31, 2019
Assets
Investment in silver bullion, at fair value	[1]	$ 14,797,590,146	$ 6,543,418,555
Total Assets		14,797,590,146	6,543,418,555
Liabilities
Sponsor’s fees payable		5,797,426	2,659,990
Total Liabilities		5,797,426	2,659,990
Commitments and contingent liabilities (Note 6)
Net Assets		$ 14,791,792,720	$ 6,540,758,565
Shares issued and outstanding (in shares)	[2]	600,950,000	388,100,000
Net asset value per Share (Note 2C) (in dollars per share)		$ 24.61	$ 16.85
[1]	Cost of investment in silver bullion: $10,472,474,303 and $6,294,157,046, respectively.
[2]	No par value, unlimited amount authorized.

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parentheticals) - USD ($) $ / shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment in silver bullion, cost	$ 10,472,474,303	$ 6,294,157,046
Shares, par value (in dollars per share)	$ 0	$ 0
Shares issued (in shares)	600,950,000	388,100,000

Statements of Operations

Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Expenses
Sponsor's fees		$ 50,643,408	$ 27,765,547	$ 25,335,523
Total expenses		50,643,408	27,765,547	25,335,523
Net investment loss		(50,643,408)	(27,765,547)	(25,335,523)
Net Realized and Unrealized Gain (Loss)
Silver bullion sold to pay expenses		7,414,067	(2,188,446)	(3,730,211)
Silver bullion distributed for the redemption of Shares		921,913,789	(52,914,435)	(132,049,264)
Net realized gain (loss)		929,327,856	(55,102,881)	(135,779,475)
Net change in unrealized appreciation/depreciation		4,075,854,334	984,801,878	(311,211,423)
Net realized and unrealized gain (loss)		5,005,182,190	929,698,997	(446,990,898)
Net increase (decrease) in net assets resulting from operations		$ 4,954,538,782	$ 901,933,450	$ (472,326,421)
Net increase (decrease) in net assets per Share (in dollars per share)	[1]	$ 9.61	$ 2.47	$ (1.38)
[1]	Net increase (decrease) in net assets per Share based on average shares outstanding during the year.

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Assets, Beginning of Year	$ 6,540,758,565	$ 4,904,036,623	$ 5,405,193,851
Operations:
Net investment loss	(50,643,408)	(27,765,547)	(25,335,523)
Net realized gain (loss)	929,327,856	(55,102,881)	(135,779,475)
Net change in unrealized appreciation/depreciation	4,075,854,334	984,801,878	(311,211,423)
Net increase (decrease) in net assets resulting from operations	4,954,538,782	901,933,450	(472,326,421)
Capital Share Transactions:
Contributions for Shares issued	7,299,222,832	1,836,353,140	954,051,929
Distributions for Shares redeemed	(4,002,727,459)	(1,101,564,648)	(982,882,736)
Net increase (decrease) in net assets from capital share transactions	3,296,495,373	734,788,492	(28,830,807)
Increase (decrease) in net assets	8,251,034,155	1,636,721,942	(501,157,228)
Net Assets, End of Year	$ 14,791,792,720	$ 6,540,758,565	$ 4,904,036,623
Shares issued and redeemed
Shares issued (in shares)	398,700,000	120,750,000	64,000,000
Shares redeemed (in shares)	(185,850,000)	(70,500,000)	(65,900,000)
Net increase (decrease) in Shares issued and outstanding (in shares)	212,850,000	50,250,000	(1,900,000)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Proceeds from silver bullion sold to pay expenses	$ 47,505,972	$ 27,086,721	$ 25,579,758
Expenses – Sponsor’s fees paid	(47,505,972)	(27,086,721)	(25,579,758)
Net cash provided by operating activities	0	0	0
Increase (decrease) in cash	0	0	0
Cash, beginning of year	0	0	0
Cash, end of year	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	4,954,538,782	901,933,450	(472,326,421)
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	47,505,972	27,086,721	25,579,758
Net realized (gain) loss	(929,327,856)	55,102,881	135,779,475
Net change in unrealized appreciation/depreciation	(4,075,854,334)	(984,801,878)	311,211,423
Change in operating assets and liabilities:
Sponsor’s fees payable	3,137,436	678,826	(244,235)
Net cash provided by operating activities	0	0	0
Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued	7,299,222,832	1,836,353,140	954,051,929
Silver bullion distributed for Shares redeemed	$ (4,002,727,459)	$ (1,101,564,648)	$ (982,882,736)

Schedules of Investments

Schedules of Investments	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Investment Holdings, Schedule of Investments [Text Block]	® Schedules of Investments At December 31, 2020 2019 December 31, 2020 Description Ounces Cost Fair Value Silver bullion 558,715,882 $ 10,472,474,303 $ 14,797,590,146 Total Investments – 100.04% 14,797,590,146 Less Liabilities – (0.04)% (5,797,426 ) Net Assets – 100.00% $ 14,791,792,720 December 31, 2019 Description Ounces Cost Fair Value Silver bullion 362,616,711 $ 6,294,157,046 $ 6,543,418,555 Total Investments – 100.04% 6,543,418,555 Less Liabilities – (0.04)% (2,659,990 ) Net Assets – 100.00% $ 6,540,758,565

Note 1 - Organization

Note 1 - Organization	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1 - Organization The iShares ® 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 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	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
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 generally accepted accounting principles in the United States of America (“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 years ended December 31, 2020, 2019 2018: Year Ended December 31, 2020 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ — Silver bullion contributed 371,438,229 7,299,222,832 7,299,222,832 — Silver bullion distributed (173,055,462 ) (3,080,813,670 ) (4,002,727,459 ) 921,913,789 Silver bullion sold to pay expenses (2,283,596 ) (40,091,905 ) (47,505,972 ) 7,414,067 Net realized gain — — 929,327,856 — Net change in unrealized appreciation/depreciation — — 4,075,854,334 — Ending balance 558,715,882 $ 10,472,474,303 $ 14,797,590,146 $ 929,327,856 Year Ended December 31, 2019 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ — Silver bullion contributed 113,045,188 1,836,353,140 1,836,353,140 — Silver bullion distributed (65,991,660 ) (1,154,479,083 ) (1,101,564,648 ) (52,914,435 ) Silver bullion sold to pay expenses (1,670,427 ) (29,275,167 ) (27,086,721 ) (2,188,446 ) Net realized loss — — (55,102,881 ) — Net change in unrealized appreciation/depreciation — — 984,801,878 — Ending balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ (55,102,881 ) Year Ended December 31, 2018 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 60,236,118 954,051,929 954,051,929 — Silver bullion distributed (62,004,144 ) (1,114,932,000 ) (982,882,736 ) (132,049,264 ) Silver bullion sold to pay expenses (1,628,026 ) (29,309,969 ) (25,579,758 ) (3,730,211 ) Net realized loss — — (135,779,475 ) — Net change in unrealized appreciation/depreciation — — (311,211,423 ) — Ending balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ (135,779,475 ) 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. Share activities for the years ended December 31, 2020, 2019 2018 December 31, 2020 2019 2018 Shares Amount Shares Amount Shares Amount Shares issued 398,700,000 $ 7,299,222,832 120,750,000 $ 1,836,353,140 64,000,000 $ 954,051,929 Shares redeemed (185,850,000 ) (4,002,727,459 ) (70,500,000 ) (1,101,564,648 ) (65,900,000 ) (982,882,736 ) Net increase (decrease) 212,850,000 $ 3,296,495,373 50,250,000 $ 734,788,492 (1,900,000 ) $ (28,830,807 ) 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 December 31, 2020 not

Note 3 - Trust Expenses

Note 3 - Trust Expenses	12 Months Ended
	Dec. 31, 2020
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	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
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

Note 5 - Indemnification

Note 5 - Indemnification	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Indemnification [Text Block]	5 - Indemnification 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	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6 - Commitments and Contingent Liabilities In the normal course of business, the Trust may may not

Note 7 - Concentration Risk

Note 7 - Concentration Risk	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
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

Note 8 - Financial Highlights

Note 8 - Financial Highlights	12 Months Ended
	Dec. 31, 2020
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 years ended December 31, 2020, 2019 2018. December 31, 2020 2019 2018 Net asset value per Share, beginning of year $ 16.85 $ 14.52 $ 15.91 Net investment loss (a) (0.10 ) (0.08 ) (0.07 ) Net realized and unrealized gain (loss) (b) 7.86 2.41 (1.32 ) Net increase (decrease) in net assets from operations 7.76 2.33 (1.39 ) Net asset value per Share, end of year $ 24.61 $ 16.85 $ 14.52 Total return, at net asset value (c) 46.05 %  16.05 %  (8.74 )%  Ratio to average net assets: Net investment loss (0.50 )%  (0.50 )%  (0.50 )%  Expenses 0.50 %  0.50 %  0.50 %  (a) Based on average Shares outstanding during the year. (b) The amounts reported for a Share outstanding may not (c) Based on the change in net asset value of a Share during the year.

Note 9 - Investment Valuation

Note 9 - Investment Valuation	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
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 may three three Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 not 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 December 31, 2020 December 31, 2019, 1.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 generally accepted accounting principles in the United States of America (“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 years ended December 31, 2020, 2019 2018: Year Ended December 31, 2020 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ — Silver bullion contributed 371,438,229 7,299,222,832 7,299,222,832 — Silver bullion distributed (173,055,462 ) (3,080,813,670 ) (4,002,727,459 ) 921,913,789 Silver bullion sold to pay expenses (2,283,596 ) (40,091,905 ) (47,505,972 ) 7,414,067 Net realized gain — — 929,327,856 — Net change in unrealized appreciation/depreciation — — 4,075,854,334 — Ending balance 558,715,882 $ 10,472,474,303 $ 14,797,590,146 $ 929,327,856 Year Ended December 31, 2019 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ — Silver bullion contributed 113,045,188 1,836,353,140 1,836,353,140 — Silver bullion distributed (65,991,660 ) (1,154,479,083 ) (1,101,564,648 ) (52,914,435 ) Silver bullion sold to pay expenses (1,670,427 ) (29,275,167 ) (27,086,721 ) (2,188,446 ) Net realized loss — — (55,102,881 ) — Net change in unrealized appreciation/depreciation — — 984,801,878 — Ending balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ (55,102,881 ) Year Ended December 31, 2018 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 60,236,118 954,051,929 954,051,929 — Silver bullion distributed (62,004,144 ) (1,114,932,000 ) (982,882,736 ) (132,049,264 ) Silver bullion sold to pay expenses (1,628,026 ) (29,309,969 ) (25,579,758 ) (3,730,211 ) Net realized loss — — (135,779,475 ) — Net change in unrealized appreciation/depreciation — — (311,211,423 ) — Ending balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ (135,779,475 )
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. Share activities for the years ended December 31, 2020, 2019 2018 December 31, 2020 2019 2018 Shares Amount Shares Amount Shares Amount Shares issued 398,700,000 $ 7,299,222,832 120,750,000 $ 1,836,353,140 64,000,000 $ 954,051,929 Shares redeemed (185,850,000 ) (4,002,727,459 ) (70,500,000 ) (1,101,564,648 ) (65,900,000 ) (982,882,736 ) Net increase (decrease) 212,850,000 $ 3,296,495,373 50,250,000 $ 734,788,492 (1,900,000 ) $ (28,830,807 )
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 December 31, 2020 not

Schedules of Investments (Table

Schedules of Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Investment [Table Text Block]	Description Ounces Cost Fair Value Silver bullion 558,715,882 $ 10,472,474,303 $ 14,797,590,146 Total Investments – 100.04% 14,797,590,146 Less Liabilities – (0.04)% (5,797,426 ) Net Assets – 100.00% $ 14,791,792,720 Description Ounces Cost Fair Value Silver bullion 362,616,711 $ 6,294,157,046 $ 6,543,418,555 Total Investments – 100.04% 6,543,418,555 Less Liabilities – (0.04)% (2,659,990 ) Net Assets – 100.00% $ 6,540,758,565

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Activity in Silver Bullion [Table Text Block]	Year Ended December 31, 2020 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ — Silver bullion contributed 371,438,229 7,299,222,832 7,299,222,832 — Silver bullion distributed (173,055,462 ) (3,080,813,670 ) (4,002,727,459 ) 921,913,789 Silver bullion sold to pay expenses (2,283,596 ) (40,091,905 ) (47,505,972 ) 7,414,067 Net realized gain — — 929,327,856 — Net change in unrealized appreciation/depreciation — — 4,075,854,334 — Ending balance 558,715,882 $ 10,472,474,303 $ 14,797,590,146 $ 929,327,856 Year Ended December 31, 2019 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ — Silver bullion contributed 113,045,188 1,836,353,140 1,836,353,140 — Silver bullion distributed (65,991,660 ) (1,154,479,083 ) (1,101,564,648 ) (52,914,435 ) Silver bullion sold to pay expenses (1,670,427 ) (29,275,167 ) (27,086,721 ) (2,188,446 ) Net realized loss — — (55,102,881 ) — Net change in unrealized appreciation/depreciation — — 984,801,878 — Ending balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ (55,102,881 ) Year Ended December 31, 2018 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 60,236,118 954,051,929 954,051,929 — Silver bullion distributed (62,004,144 ) (1,114,932,000 ) (982,882,736 ) (132,049,264 ) Silver bullion sold to pay expenses (1,628,026 ) (29,309,969 ) (25,579,758 ) (3,730,211 ) Net realized loss — — (135,779,475 ) — Net change in unrealized appreciation/depreciation — — (311,211,423 ) — Ending balance 317,233,610 $ 5,641,558,156 $ 4,906,017,787 $ (135,779,475 )
Schedule of Capital Units [Table Text Block]	December 31, 2020 2019 2018 Shares Amount Shares Amount Shares Amount Shares issued 398,700,000 $ 7,299,222,832 120,750,000 $ 1,836,353,140 64,000,000 $ 954,051,929 Shares redeemed (185,850,000 ) (4,002,727,459 ) (70,500,000 ) (1,101,564,648 ) (65,900,000 ) (982,882,736 ) Net increase (decrease) 212,850,000 $ 3,296,495,373 50,250,000 $ 734,788,492 (1,900,000 ) $ (28,830,807 )

Note 8 - Financial Highlights (

Note 8 - Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Financial Highlights [Table Text Block]	December 31, 2020 2019 2018 Net asset value per Share, beginning of year $ 16.85 $ 14.52 $ 15.91 Net investment loss (a) (0.10 ) (0.08 ) (0.07 ) Net realized and unrealized gain (loss) (b) 7.86 2.41 (1.32 ) Net increase (decrease) in net assets from operations 7.76 2.33 (1.39 ) Net asset value per Share, end of year $ 24.61 $ 16.85 $ 14.52 Total return, at net asset value (c) 46.05 %  16.05 %  (8.74 )%  Ratio to average net assets: Net investment loss (0.50 )%  (0.50 )%  (0.50 )%  Expenses 0.50 %  0.50 %  0.50 %

Schedules of Investments - Inve

Schedules of Investments - Investments (Details)	Dec. 31, 2020USD ($)oz	Dec. 31, 2019USD ($)oz	Dec. 31, 2018USD ($)oz	Dec. 31, 2017USD ($)oz
Silver bullion (Ounce) | oz	558,715,882	362,616,711	317,233,610	320,629,662
Investment in silver bullion, cost	$ 10,472,474,303	$ 6,294,157,046	$ 5,641,558,156	$ 5,831,748,196
Silver bullion fair value	14,797,590,146	6,543,418,555
Less Liabilities	(5,797,426)	(2,659,990)
Net Assets	$ 14,791,792,720	$ 6,540,758,565	$ 4,904,036,623	$ 5,405,193,851

Schedules of Investments - In_2

Schedules of Investments - Investments (Details) (Parentheticals)	Dec. 31, 2020	Dec. 31, 2019
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)	Dec. 31, 2020shares
Shares Prescribed Aggregation (in shares)	50,000

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details)	12 Months Ended
	Dec. 31, 2020USD ($)oz		Dec. 31, 2019USD ($)oz		Dec. 31, 2018USD ($)oz
Beginning balance (Ounce) | oz	362,616,711		317,233,610		320,629,662
Beginning balance, average cost	$ 6,294,157,046		$ 5,641,558,156		$ 5,831,748,196
Beginning balance, fair value	$ 6,543,418,555	[1]	$ 4,906,017,787		$ 5,407,419,250
Silver bullion contributed (Ounce) | oz	371,438,229		113,045,188		60,236,118
Silver bullion contributed, average cost	$ 7,299,222,832		$ 1,836,353,140		$ 954,051,929
Silver bullion contributed, fair value	$ 7,299,222,832		$ 1,836,353,140		$ 954,051,929
Silver bullion distributed (Ounce) | oz	(173,055,462)		(65,991,660)		(62,004,144)
Silver bullion distributed, average cost	$ (3,080,813,670)		$ (1,154,479,083)		$ (1,114,932,000)
Silver bullion distributed, fair value	(4,002,727,459)		(1,101,564,648)		(982,882,736)
Silver bullion distributed, realized gain (loss)	$ 921,913,789		$ (52,914,435)		$ (132,049,264)
Silver bullion sold to pay expenses (Ounce) | oz	(2,283,596)		(1,670,427)		(1,628,026)
Silver bullion sold to pay expenses, average cost	$ (40,091,905)		$ (29,275,167)		$ (29,309,969)
Silver bullion sold to pay expenses, fair value	(47,505,972)		(27,086,721)		(25,579,758)
Silver bullion sold to pay expenses, realized gain (loss)	7,414,067		(2,188,446)		(3,730,211)
Net realized gain (loss), fair value	929,327,856		(55,102,881)		(135,779,475)
Net change in unrealized appreciation/depreciation, fair value	$ 4,075,854,334		$ 984,801,878		$ (311,211,423)
Ending balance (Ounce) | oz	558,715,882		362,616,711		317,233,610
Ending balance, average cost	$ 10,472,474,303		$ 6,294,157,046		$ 5,641,558,156
Ending balance, fair value	14,797,590,146	[1]	6,543,418,555	[1]	4,906,017,787
Ending balance, realized gain (loss)	$ 929,327,856		$ (55,102,881)		$ (135,779,475)
[1]	Cost of investment in silver bullion: $10,472,474,303 and $6,294,157,046, respectively.

Note 2 - Significant Accounti_5

Note 2 - Significant Accounting Policies - Share Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares issued (in shares)	398,700,000	120,750,000	64,000,000
Shares issued	$ 7,299,222,832	$ 1,836,353,140	$ 954,051,929
Shares redeemed (in shares)	(185,850,000)	(70,500,000)	(65,900,000)
Distributions for Shares redeemed	$ (4,002,727,459)	$ (1,101,564,648)	$ (982,882,736)
Net increase (decrease) in Shares issued and outstanding (in shares)	212,850,000	50,250,000	(1,900,000)
Net increase (decrease) in net assets from capital share transactions	$ 3,296,495,373	$ 734,788,492	$ (28,830,807)

Note 3 - Trust Expenses (Detail

Note 3 - Trust Expenses (Details Textual)	12 Months Ended
	Dec. 31, 2020USD ($)
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		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net asset value per Share, beginning of year (in dollars per share)		$ 16.85	$ 14.52	$ 15.91
Net investment loss (in dollars per share)	[1]	(0.10)	(0.08)	(0.07)
Net realized and unrealized gain (loss) (in dollars per share)	[2]	7.86	2.41	(1.32)
Net increase (decrease) in net assets from operations (in dollars per share)		7.76	2.33	(1.39)
Net asset value per Share, end of year (in dollars per share)		$ 24.61	$ 16.85	$ 14.52
Total return, at net asset value	[3]	46.05%	16.05%	(8.74%)
Ratio to average net assets:
Net investment loss		(0.50%)	(0.50%)	(0.50%)
Expenses		0.50%	0.50%	0.50%
[1]	Based on average Shares outstanding during the year.
[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 year.