Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Activity in Silver Bullion USD$ and Ounces in Thousands

The following table summarizes activity in silver bullion for the years ended December 31, 2012, 2011 and 2010 (all balances in 000’s):


December 31, 2012	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		308,833.3		$	7,191,460		$	8,702,922		$	—
Silver contributed		79,657.0			2,496,406			2,496,406			—
Silver distributed		(62,700.4	)		(1,515,494	)		(1,943,269	)		427,775
Silver sold		(1,550.8	)		(37,369	)		(48,390	)		11,021
Adjustment for realized gain		—			—			438,796			—
Adjustment for unrealized gain on silver bullion		—			—			64,497			—

Ending balance		324,239.1		$	8,135,003		$	9,710,962		$	438,796


December 31, 2011	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		351,136.8		$	5,650,138		$	10,755,319		$	—
Silver contributed		139,996.4			5,175,079			5,175,079			—
Silver distributed		(180,659.8	)		(3,600,654	)		(6,703,559	)		3,102,905
Silver sold		(1,640.1	)		(33,103	)		(57,898	)		24,795
Adjustment for realized gain		—			—			3,127,700			—
Adjustment for unrealized loss on silver bullion		—			—			(3,593,719	)		—

Ending balance		308,833.3		$	7,191,460		$	8,702,922		$	3,127,700


December 31, 2010	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		305,206.0		$	4,210,142		$	5,185,449		$	—
Silver contributed		87,675.4			2,040,507			2,040,507			—
Silver distributed		(40,268.3	)		(579,557	)		(836,960	)		257,403
Silver sold		(1,476.3	)		(20,954	)		(29,257	)		8,303
Adjustment for realized gain		—			—			265,706			—
Adjustment for unrealized gain on silver bullion		—			—			4,129,874			—

Ending balance		351,136.8		$	5,650,138		$	10,755,319		$	265,706

Activity in Redeemable Capital Shares USD$ and Shares in Thousands

Activity in redeemable capital Shares for the years ended December 31, 2012, 2011 and 2010 was as follows (all balances in 000’s):


	Years ended December 31,
	2012						2011						2010
	Shares			Amount			Shares			Amount			Shares			Amount
Beginning balance		317,500		$	8,698,880			359,200		$	10,750,994			310,700		$	5,183,154
Shares issued		82,150			2,496,406			143,550			5,175,079			89,600			2,040,507
Shares redeemed		(64,650	)		(1,943,269	)		(185,250	)		(6,703,559	)		(41,100	)		(836,960	)
Redemption value adjustment		—			454,637			—			(523,634	)		—			4,364,293

Ending balance		335,000		$	9,706,654			317,500		$	8,698,880			359,200		$	10,750,994

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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