Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'iShares Silver Trust |
Document Type | '10-Q |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 354,450,000 |
Amendment Flag | 'false |
Entity Central Index Key | '0001330568 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Large Accelerated Filer |
Entity Well-known Seasoned Issuer | 'Yes |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Silver bullion inventory (fair value of $7,409,168 and $9,710,962, respectively) | $8,579,926 | $8,097,335 |
Market value reserve (Note 2B) | -1,170,758 | 0 |
Receivable for capital Shares sold | 0 | 37,668 |
TOTAL ASSETS | 7,409,168 | 8,135,003 |
Current liabilities | ' | ' |
Sponsor’s fees payable | 3,150 | 4,308 |
Total liabilities | 3,150 | 4,308 |
Commitments and contingent liabilities (Note 5) | ' | ' |
Redeemable capital Shares, no par value, unlimited amount authorized (at redemption value) – 354,450,000 issued and outstanding at September 30, 2013 and 335,000,000 issued and outstanding at December 31, 2012 | 7,406,018 | 9,706,654 |
Shareholders’ equity (deficit) | 0 | -1,575,959 |
TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT) | $7,409,168 | $8,135,003 |
Balance_Sheets_Unaudited_Paren
Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Silver bullion inventory, fair value (in Dollars) | $7,409,168 | $9,710,962 |
Redeemable capital Shares, no par value (in Dollars per share) | ' | ' |
Redeemable capital Shares, issued (in Shares) | 354,450,000 | 335,000,000 |
Redeemable capital Shares, outstanding (in Shares) | 354,450,000 | 335,000,000 |
Income_Statements_Unaudited
Income Statements (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | ' | ' | ' | ' |
Proceeds from sales of silver to pay expenses | $8,642 | $10,993 | $32,245 | $35,323 |
Cost of silver sold to pay expenses | -10,397 | -9,179 | -32,389 | -27,689 |
Gain (loss) on sales of silver to pay expenses | -1,755 | 1,814 | -144 | 7,634 |
Gain (loss) on silver distributed for the redemption of Shares | -15,209 | 112,130 | -13,590 | 318,871 |
Total gain (loss) on sales and distributions of silver | -16,964 | 113,944 | -13,734 | 326,505 |
Market value recovery (Note 2B) | 950,686 | 0 | 950,686 | 0 |
Total revenue | 933,722 | 113,944 | 936,952 | 326,505 |
Expenses | ' | ' | ' | ' |
Sponsor’s fees | -8,992 | -11,725 | -31,087 | -35,599 |
Market value reserve (Note 2B) | 0 | 0 | -2,121,444 | 0 |
Total expenses | -8,992 | -11,725 | -2,152,531 | -35,599 |
NET INCOME (LOSS) | $924,730 | $102,219 | ($1,215,579) | $290,906 |
Net income (loss) per Share (in Dollars per share) | $2.66 | $0.32 | ($3.51) | $0.91 |
Weighted-average Shares outstanding (in Shares) | 347,510,870 | 323,750,000 | 345,899,634 | 320,820,985 |
Statements_of_Changes_in_Share
Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Shareholders’ equity (deficit) – beginning of period | ($1,575,959) | ($1,511,462) |
Net income (loss) | -1,215,579 | 390,140 |
Adjustment of redeemable capital Shares to redemption value | 2,791,538 | -454,637 |
Shareholders’ equity (deficit) – end of period | $0 | ($1,575,959) |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' | ' |
Proceeds from sales of silver | ' | ' | $32,245 | $35,323 | ' |
Expenses – Sponsor’s fees paid | ' | ' | -32,245 | -35,323 | ' |
Net cash provided by operating activities | ' | ' | 0 | 0 | ' |
Supplemental disclosure of non-cash information: | ' | ' | ' | ' | ' |
Carrying value of silver received for creation of Shares | ' | ' | 1,992,277 | 1,906,843 | ' |
Carrying value of silver distributed for redemption of Shares, at average cost | ' | ' | -1,514,965 | -1,182,641 | ' |
Increase (decrease) in cash | ' | ' | 0 | 0 | ' |
Cash, beginning of period | ' | ' | 0 | 0 | 0 |
Cash, end of period | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | 924,730 | 102,219 | -1,215,579 | 290,906 | 390,140 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | ' | ' |
(Gain) loss on silver distributed for the redemption of Shares | 15,209 | -112,130 | 13,590 | -318,871 | ' |
Cost of silver sold to pay expenses | 10,397 | 9,179 | 32,389 | 27,689 | ' |
Market value recovery (Note 2B) | -950,686 | 0 | -950,686 | 0 | ' |
Market value reserve (Note 2B) | 0 | 0 | 2,121,444 | 0 | ' |
Change in operating assets and liabilities: | ' | ' | ' | ' | ' |
Sponsor’s fees payable | ' | ' | ($1,158) | $276 | ' |
Note_1_Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
1 - Organization | |
The iShares® Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day to day administration of the Trust. The Trust’s sponsor is iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the First Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or “Shares”) representing fractional undivided beneficial interests in its net assets. | |
The objective of the Trust is for the value of its Shares to reflect, at any given time, the price of silver owned by the Trust at that time, less 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, 2012, as filed with the SEC on February 28, 2013. | |
The Trust is not an investment company registered under the Investment Company Act of 1940, as amended. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||
2 - Summary of Significant Accounting Policies | |||||||||||||||||
A. Basis of Accounting | |||||||||||||||||
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. | |||||||||||||||||
B. Silver Bullion | |||||||||||||||||
JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust. | |||||||||||||||||
For financial statement purposes, the silver bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the silver bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. Should the market value of the silver bullion held increase subsequent to the market value reserve being recorded, a “market value recovery” may be recorded during an interim period in the same fiscal year that the market value reserve is recorded by the Trust. The market value recovery recorded at an interim period may not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management will make a determination as to whether the reserve is recovered or whether the cost basis of silver should be written down. Gain or loss on sales of silver bullion is calculated on a trade date basis. Fair value of the silver bullion is 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”). | |||||||||||||||||
The following table summarizes activity in silver bullion for the three months ended September 30, 2013 (all balances in 000’s): | |||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 318,481.30 | $ | 6,006,558 | $ | 6,006,558 | $ | — | ||||||||||
Silver contributed | 29,225.50 | 601,985 | 601,985 | — | |||||||||||||
Silver distributed | (5,544.4 | ) | (139,664 | ) | (124,455 | ) | (15,209 | ) | |||||||||
Silver sold | (411.1 | ) | (10,397 | ) | (8,642 | ) | (1,755 | ) | |||||||||
Adjustment for realized loss | — | — | (16,964 | ) | — | ||||||||||||
Adjustment for unrealized gain on silver bullion | — | — | 950,686 | — | |||||||||||||
Market value recovery | — | 950,686 | — | — | |||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (16,964 | ) | |||||||||
The following table summarizes activity in silver bullion for the nine months ended September 30, 2013 (all balances in 000’s): | |||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 324,239.10 | $ | 8,135,003 | $ | 9,710,962 | $ | — | ||||||||||
Silver contributed | 78,089.70 | 1,992,277 | 1,992,277 | — | |||||||||||||
Silver distributed | (59,304.6 | ) | (1,514,965 | ) | (1,501,375 | ) | (13,590 | ) | |||||||||
Silver sold | (1,272.9 | ) | (32,389 | ) | (32,245 | ) | (144 | ) | |||||||||
Adjustment for realized loss | — | — | (13,734 | ) | — | ||||||||||||
Adjustment for unrealized loss on silver bullion | — | — | (2,746,717 | ) | — | ||||||||||||
Market value reserve | — | (2,121,444 | ) | — | — | ||||||||||||
Market value recovery | — | 950,686 | — | — | |||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (13,734 | ) | |||||||||
C. Redeemable Capital Shares | |||||||||||||||||
Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable. | |||||||||||||||||
The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix 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. | |||||||||||||||||
When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. | |||||||||||||||||
Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflects capital Shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust Shares are reflected at redemption value, which is the net asset value per Share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity. | |||||||||||||||||
Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the silver bullion held by the Trust. | |||||||||||||||||
Activity in redeemable capital Shares was as follows (all balances in 000’s): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
Beginning balance | 329,900 | $ | 6,003,758 | 335,000 | $ | 9,706,654 | |||||||||||
Shares issued | 30,300 | 601,985 | 80,850 | 1,992,277 | |||||||||||||
Shares redeemed | (5,750 | ) | (124,455 | ) | (61,400 | ) | (1,501,375 | ) | |||||||||
Redemption value adjustment | — | 924,730 | — | (2,791,538 | ) | ||||||||||||
Ending balance | 354,450 | $ | 7,406,018 | 354,450 | $ | 7,406,018 | |||||||||||
D. 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, 2013 and has determined that no provision for income tax is required in the Trust’s financial statements. | |||||||||||||||||
E. Recent Accounting Standard | |||||||||||||||||
In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for the Trust for fiscal years beginning after December 15, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Trust’s financial statements. |
Note_3_Trust_Expenses
Note 3 - Trust Expenses | 9 Months Ended |
Sep. 30, 2013 | |
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, 2013 | |
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, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
5 - Indemnification | |
Under the Trust’s organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad faith or willful misconduct on its part. 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_6_Concentration_Risk
Note 6 - Concentration Risk | 9 Months Ended |
Sep. 30, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
6 - 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 towards silver of speculators, investors and other market participants. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
A. Basis of Accounting | |
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. | |
Inventory, 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. | |
For financial statement purposes, the silver bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the silver bullion held be lower than its average cost during the interim periods, an adjustment (“market value reserve”) to cost may be recorded by the Trust to reflect market value. Should the market value of the silver bullion held increase subsequent to the market value reserve being recorded, a “market value recovery” may be recorded during an interim period in the same fiscal year that the market value reserve is recorded by the Trust. The market value recovery recorded at an interim period may not exceed the previously recognized market value reserve. At the end of the Trust’s fiscal year, management will make a determination as to whether the reserve is recovered or whether the cost basis of silver should be written down. Gain or loss on sales of silver bullion is calculated on a trade date basis. Fair value of the silver bullion is 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”) | |
Redeemable Capital Shares [Policy Text Block] | ' |
C. Redeemable Capital Shares | |
Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable. | |
The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix 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. | |
When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. | |
Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflects capital Shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust Shares are reflected at redemption value, which is the net asset value per Share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity. | |
Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the silver bullion held by the Trust. | |
Income Tax, Policy [Policy Text Block] | ' |
D. 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, 2013 and has determined that no provision for income tax is required in the Trust’s financial statements. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
E. Recent Accounting Standard | |
In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for the Trust for fiscal years beginning after December 15, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Trust’s financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Activity in Silver Bullion [Table Text Block] | ' | ||||||||||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 318,481.30 | $ | 6,006,558 | $ | 6,006,558 | $ | — | ||||||||||
Silver contributed | 29,225.50 | 601,985 | 601,985 | — | |||||||||||||
Silver distributed | (5,544.4 | ) | (139,664 | ) | (124,455 | ) | (15,209 | ) | |||||||||
Silver sold | (411.1 | ) | (10,397 | ) | (8,642 | ) | (1,755 | ) | |||||||||
Adjustment for realized loss | — | — | (16,964 | ) | — | ||||||||||||
Adjustment for unrealized gain on silver bullion | — | — | 950,686 | — | |||||||||||||
Market value recovery | — | 950,686 | — | — | |||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (16,964 | ) | |||||||||
Ounces | Average | Fair | Realized | ||||||||||||||
Cost | Value | Gain (Loss) | |||||||||||||||
Beginning balance | 324,239.10 | $ | 8,135,003 | $ | 9,710,962 | $ | — | ||||||||||
Silver contributed | 78,089.70 | 1,992,277 | 1,992,277 | — | |||||||||||||
Silver distributed | (59,304.6 | ) | (1,514,965 | ) | (1,501,375 | ) | (13,590 | ) | |||||||||
Silver sold | (1,272.9 | ) | (32,389 | ) | (32,245 | ) | (144 | ) | |||||||||
Adjustment for realized loss | — | — | (13,734 | ) | — | ||||||||||||
Adjustment for unrealized loss on silver bullion | — | — | (2,746,717 | ) | — | ||||||||||||
Market value reserve | — | (2,121,444 | ) | — | — | ||||||||||||
Market value recovery | — | 950,686 | — | — | |||||||||||||
Ending balance | 341,751.30 | $ | 7,409,168 | $ | 7,409,168 | $ | (13,734 | ) | |||||||||
Temporary Equity [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
Beginning balance | 329,900 | $ | 6,003,758 | 335,000 | $ | 9,706,654 | |||||||||||
Shares issued | 30,300 | 601,985 | 80,850 | 1,992,277 | |||||||||||||
Shares redeemed | (5,750 | ) | (124,455 | ) | (61,400 | ) | (1,501,375 | ) | |||||||||
Redemption value adjustment | — | 924,730 | — | (2,791,538 | ) | ||||||||||||
Ending balance | 354,450 | $ | 7,406,018 | 354,450 | $ | 7,406,018 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Redeemable Capital Shares Prescribed Aggregation (in Shares) | 50,000 |
Period For Share Settlement | '3 days |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Activity in Silver Bullion (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
oz | oz | |||
Activity in Silver Bullion [Abstract] | ' | ' | ' | ' |
Beginning balance (in Ounces) | 318,481,300 | ' | 324,239,100 | ' |
Beginning balance, average cost | $6,006,558 | ' | $8,135,003 | ' |
Beginning balance, fair value | 6,006,558 | ' | 9,710,962 | ' |
Silver contributed (in Ounces) | 29,225,500 | ' | 78,089,700 | ' |
Silver contributed, average cost | 601,985 | ' | 1,992,277 | ' |
Silver contributed, fair value | 601,985 | ' | 1,992,277 | ' |
Silver distributed (in Ounces) | -5,544,400 | ' | -59,304,600 | ' |
Silver distributed, average cost | -139,664 | ' | -1,514,965 | ' |
Silver distributed, fair value | -124,455 | ' | -1,501,375 | ' |
Silver distributed, realized gain (loss) | -15,209 | 112,130 | -13,590 | 318,871 |
Silver sold (in Ounces) | -411,100 | ' | -1,272,900 | ' |
Silver sold, average cost | -10,397 | ' | -32,389 | ' |
Silver sold, fair value | -8,642 | ' | -32,245 | ' |
Silver sold, realized gain (loss) | -1,755 | 1,814 | -144 | 7,634 |
Adjustment for realized gain (loss), fair value | -16,964 | 113,944 | -13,734 | 326,505 |
Adjustment for unrealized loss on silver bullion, fair value | 950,686 | ' | -2,746,717 | ' |
Market value reserve | ' | ' | -2,121,444 | ' |
Market value recovery, average cost | 950,686 | ' | 950,686 | ' |
Ending balance (in Ounces) | 341,751,300 | ' | 341,751,300 | ' |
Ending balance, average cost | 7,409,168 | ' | 7,409,168 | ' |
Ending balance, fair value | 7,409,168 | ' | 7,409,168 | ' |
Ending balance, realized gain (loss) | ($16,964) | $113,944 | ($13,734) | $326,505 |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Activity in Redeemable Capital Shares (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Activity in Redeemable Capital Shares [Abstract] | ' | ' |
Beginning balance (in Shares) | 329,900,000 | 335,000,000 |
Beginning balance | $6,003,758 | $9,706,654 |
Shares issued (in Shares) | 30,300,000 | 80,850,000 |
Shares issued | 601,985 | 1,992,277 |
Shares redeemed (in Shares) | -5,750,000 | -61,400,000 |
Shares redeemed | -124,455 | -1,501,375 |
Redemption value adjustment | 924,730 | -2,791,538 |
Ending balance (in Shares) | 354,450,000 | 354,450,000 |
Ending balance | $7,406,018 | $7,406,018 |
Note_3_Trust_Expenses_Details
Note 3 - Trust Expenses (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
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 (in Dollars) | 100,000 |