10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2014

Or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _____________ to _____________

Commission File Number: 001-34916

ETFS WHITE METALS BASKET TRUST

(Exact name of registrant as specified in its charter)

New York	27-2780294
(State or other jurisdiction of incorporation or	(I.R.S. Employer Identification No.)
organization)
c/o ETF Securities USA LLC
48 Wall Street, 11th Floor
New York, NY	10005
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:

(212) 918-4954

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non accelerated filer	☐	Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of August 8, 2014, ETFS White Metals Basket Trust has 650,000 ETFS Physical WM Basket Shares outstanding.

ETFS WHITE METALS BASKET TRUST

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2014

INDEX

PART I. FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements (Unaudited)	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	19
Item 4T.	Controls and Procedures	19
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Mine Safety Disclosures	20
Item 5.	Other Information	20
Item 6.	Exhibits	21
SIGNATURES

ETFS WHITE METALS BASKET TRUST

PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements (Unaudited)

Condensed Statements of Assets and Liabilities (Unaudited)
At June 30, 2014 and December 31, 2013

	June 30, 2014 (1)		December 31, 2013 (4)
(Amounts in 000's of US$, except for Share and per Share data)
ASSETS
Investment in Bullion (2)
Silver (cost: June 30, 2014: $13,366; December 31, 2013: $13,406)	$	14,305	$	13,406
Platinum (cost: June 30, 2014: $9,308; December 31, 2013: $9,336)		10,144		9,336
Palladium (cost: June 30, 2014: $3,513; December 31, 2013: $3,524)		4,628		3,524
Total investment in Bullion		29,077		26,266
Total assets		29,077		26,266
LIABILITIES
Fees payable to Sponsor		14		14
Bullion payable		2,076		-
Total Liabilities		2,090		14
NET ASSETS	$	26,987	$	26,252
ANALYSIS OF NET ASSETS
Redeemable Shares at redemption value to investors (3)		26,987		26,639
Shareholders' deficit		-		(387)
Total net assets (3)	$	26,987	$	26,252

(1)	Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting.  Refer to Note 2.1 for additional information.
(2)	At June 30, 2014, Bullion is recorded at fair value.  At December 31, 2013, Bullion was recorded at the lower of cost or market value. Refer to Note 2.1 for additional information.
(3)	Net assets at December 31, 2013 represents total liabilities, redeemable Shares and Shareholders’ deficit. Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at June 30, 2014 were 650,000 and at December 31, 2013 were 700,000. Net asset value per Share at June 30, 2014 and December 31, 2013 was $41.52 and $38.06, respectively.
(4)	Derived from audited Statement of Financial Condition as of December 31, 2013.  The amounts are those previously reported under non investment company accounting.  Refer to Note 2.1 for additional information.

See Notes to the Unaudited Condensed Financial Statements.

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ETFS WHITE METALS BASKET TRUST

Schedule of Investments (Unaudited)
At June 30, 2014 and December 31, 2013

	June 30, 2014
Description	oz	Cost		Fair Value		% of Net Assets (1)
Investment in Bullion (in 000's of US$, except for oz data)
Silver	685,438.2	$	13,366	$	14,305	53.01%
Platinum	6,854.5		9,308		10,144	37.59%
Palladium	5,483.5		3,513		4,628	17.15%
Total investment in Bullion		$	26,187	$	29,077	107.74%
	December 31, 2013
Description	oz	Cost		Fair Value		% of Net Assets (2)
Investment in Bullion (in 000's of US$, except for oz data)
Silver	687,498.1	$	13,406	$	13,406	51.07%
Platinum	6,875.1		9,336		9,336	35.56%
Palladium	5,500.0		3,524		3,911	13.42%
Total investment in Bullion		$	26,266	$	26,653	100.05%

(1)	Calculated as investment in Bullion at fair value divided by net assets, as at June 30, 2014, investment in Bullion is recorded at fair value.  Refer to Note 2.1 for additional information.
(2)	Calculated as investment in Bullion at cost divided by net assets, as at December 31, 2013, investment in Bullion was recorded at the lower of cost or market value.  Refer to Note 2.1 for additional information.

See Notes to the Unaudited Condensed Financial Statements

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ETFS WHITE METALS BASKET TRUST

Condensed Statements of Operations (Unaudited)
For the three months ended June 30, 2014 and 2013 and the six months ended June 30, 2014 and 2013

	Three Months		Three Months		Six Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2014 (1)		June 30, 2013 (2)		June 30, 2014 (1)		June 30, 2013 (2)
(Amounts in 000's of US$, except for Share and per Share data)
EXPENSES
Sponsor's Fee	$	43	$	47	$	83	$	112
Total expenses		43		47		83		112
Net investment loss		(43)		(47)		(83)		(112)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on Bullion transferred to pay expenses		3		(1)		4		5
Realized loss on Bullion distributed for the redemption of Shares		-		(495)		-		(495)
Change in unrealized gain / (loss) on investment in Bullion		1,402		(7,165)		2,503		(7,165)
Total gain / (loss) on Bullion		1,405		(7,661)		2,507		(7,655)
Change in net assets from operations	$	1,362	$	(7,708)	$	2,424	$	(7,767)
Net increase / (decrease) in net assets per Share	$	1.95	$	(10.24)	$	3.47	$	(9.74)
Weighted average number of Shares		697,253		752,747		698,619		797,790

(1)	Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting.  Refer to Note 2.1 for additional information.
(2)	Amounts are those previously reported under non investment company accounting.  Refer to Note 2.1 for additional information.

See Notes to the Unaudited Condensed Financial Statements

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ETFS WHITE METALS BASKET TRUST

Condensed Statements of Cash Flows (Unaudited)
For thethree and six months ended June 30, 2013

	Three Months		Six Months
	Ended		Ended
	June 30, 2013 (1)		June 30, 2013 (1)
(Amounts in 000's of US$)
INCREASE IN CASH FROM OPERATIONS:
Cash proceeds received from transfer of Bullion	$	-	$	-
Cash expenses paid		-		-
Increase in cash resulting from operations		-		-
Cash and cash equivalents at beginning of period		-		-
Cash and cash equivalents at end of period	$	-	$	-
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Value of Bullion received for creation of Shares	$	-	$	5,041
Value of Bullion distributed for redemption of Shares - at cost	$	7,029	$	7,029
RECONCILIATION OF CHANGE IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Change in net assets from operations	$	(7,708)	$	(7,767)
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities:
Decrease in investment in Bullion		14,251		9,266
Decrease in fees payable to Sponsor		(9)		(7)
Increase / (decrease) in redeemable Shares:
Creations		-		5,042
Redemptions		(6,534)		(6,534)
Net cash provided by operating activities	$	-	$	-
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Value of Bullion transferred to pay expenses	$	56	$	118

(1) In accordance with Topic 946, Investment Companies, the Trust meets the exemption criteria to exclude a statement of cash flows.  Thus one has not been presented for the three and six months ended June 30, 2014.  Refer to Note 2.1 for additional information.

See Notes to the Unaudited Condensed Financial Statements

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ETFS WHITE METALS BASKET TRUST

Condensed Statement of Changes in Net Assets (Unaudited)
For the six months ended June 30, 2014

	Six Months Ended June 30, 2014 (1)
(Amounts in 000's of US$, except for Share data)	Shares	Amount
Opening balance at December 31, 2013	700,000	$	26,252
Effect of adoption of new accounting principle (see Note 2.1)			387
Net investment loss			(83)
Realized gain on investment in Bullion			4
Change in unrealized gain on investment in Bullion			2,503
Creations	-		-
Redemptions	(50,000)		(2,076)
Closing balance at June 30, 2014	650,000	$	26,987

(1) Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting.  Refer to Note 2.1 for additional information.

See Notes to the Unaudited Condensed Financial Statement

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ETFS WHITE METALS BASKET TRUST

Financial Highlights (Unaudited)
For the three and six months ended June 30, 2014

	Three Months		Six Months
	Ended		Ended
	June 30, 2014 (1)		June 30, 2014 (1)
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period	$	39.57	$	38.06
Income from investment operations:
Net investment loss		(0.06)		(0.12)
Total realized gain and change in unrealized gain on investment in Bullion		2.01		3.58
Change in net assets from operations		1.95		3.46
Net asset value per Share at end of period	$	41.52	$	41.52
Weighted average number of Shares		697,253		698,619
Expense Ratio
Annualized Sponsor's Fee per Share		0.60%		0.60%
Net Investment Loss Ratio
Annualized net investment loss ratio		(0.60)%		(0.60)%
Non-Annualized Total Return		4.93%		9.09%

(1) Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting.  Refer to Note 2.1 for additional information.

See Notes to the Unaudited Condensed Financial Statements

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ETFS WHITE METALS BASKET TRUST

Notes to the Unaudited Condensed Financial Statements

1. Organization

The ETFS White Metals Basket Trust (the “Trust”) is an investment trust formed on November 29, 2010, under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by ETF Securities USA LLC (the “Sponsor”) and the Bank of New York Mellon (the “Trustee”) at the time of the Trust’s organization. The Trust holds silver, platinum and palladium in set ratios (together, “Bullion”) and issues ETFS Physical WM Basket Shares (“Shares”) (in minimum blocks of 50,000 Shares, also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of ETF Securities Limited, a Jersey, Channel Islands based company. The Trust is governed by the Trust Agreement.

The investment objective of the Trust is for the Shares to reflect the performance of the price of silver, platinum and palladium, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the silver, platinum and palladium markets through an investment in securities. The fiscal year end for the Trust is December 31.

The accompanying unaudited condensed financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America for interim financial information and with the instructions for the Form 10-Q. In the opinion of management of the Sponsor, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for thethree and six months ended June 30, 2014and for all periods presented have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for thethree and six months ended June 30, 2014are not necessarily indicative of the operating results for the full year.

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ETFS WHITE METALS BASKET TRUST

2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1.Basis of Accounting

Since the Trust’s inception, the Sponsor determined that the Trust was not an investment company within the scope of Financial Accounting Standards Board (“FASB”) Codification of Accounting Standards, Topic 946, Financial Services—Investment Companies (“Topic 946”).  Consequently, the Trust did not prepare its financial statements using standards applicable to investment companies under Topic 946, including recording its investment in Bullion at “fair value” as defined in Topic 946.  Instead, the Trust recorded its investment in Bullion at the lower of cost or fair value in accordance with ASC 330, Inventory and ASC 270, Interim Reporting.  

Following the release of FASB Accounting Standards Update ASU 2013-08, Financial Services—Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements, the Sponsor has re-evaluated whether the Trust falls within scope and has concluded that for reporting purposes, the Trust is classified as an investment company effective January 1, 2014.  The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

As a result of the change in the evaluation of investment company status, the Trust must, from January 1, 2014, present its Bullion assets at “fair value” as defined in Topic 946.

The adoption of Topic 946 accounting changed the presentation of the Trust’s financial statements prospectively from January 1, 2014 (the date of the adoption), the most significant aspects of which are as follows:

1.	Presentation of prior year information has been conformed to the current year accounting standards in the Condensed Statement of Assets and Liabilities and Condensed Statement of Operations.  A Condensed Statement of Changes in Net Assets is required and has been presented for the six month period ended June 30, 2014.
2.	A Schedule of Investments is required as of June 30, 2014.  The Schedule has also been included as of December 31, 2013, for comparative presentation.
3.	Financial Highlights are required for the period ended June 30, 2014.
4.	As the Trust meets the exemption criteria under Topic 946, a cash flow statement is not required for the period ended June 30, 2014.  Since the adoption of the new accounting principle is prospective, the prior year statement of cash flows is still presented.
5.	Required disclosures under Topic 820, Fair Value Measurements, have been included in the footnotes to the financial statements as of June 30, 2014.  December 31, 2013 disclosures have also been included for comparative purposes.

The quantitative effect of the adoption of investment company accounting is presented below:

	Value at				Gain / (loss)
	December 31, 2013		Value at		as a result of
	at lower of cost		January 1, 2014		change in
(Amounts in 000's of US$)	or market value		at fair value		accounting principle
Bullion
Silver	$	13,406	$	13,406	$	-
Platinum	$	9,336	$	9,336	$	-
Palladium	$	3,524	$	3,911	$	387
	$	26,266	$	26,653	$	387

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ETFS WHITE METALS BASKET TRUST

2.2. Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 provides guidance for determining fair value and requires disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS AG (the “Zurich Sub-Custodian”) at its Zurich, Switzerland vaulting premises on a segregated basis. The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the “London Fix” (the applicable fix for each metal of the price of an ounce of such metal performed in London, England by fixing members of the London Bullion Market Association (“LBMA”) or London Platinum and Palladium Market (“LPPM”), as applicable) for each metal held by the Trust. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis using cost.

Once the value of Bullion has been determined, the NAV is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.

The table below summarizes the unrealized gains or losses on the Trust’s Bullion holdings as of June 30, 2014 and December 31, 2013:  

	June 30, 2014
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,366	$	9,308	$	3,513	$	26,187
Unrealized gain on investment in Bullion		939		836		1,115		2,890
Investment in Bullion - fair value	$	14,305	$	10,144	$	4,628	$	29,077
	December 31, 2013
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,406	$	9,336	$	3,524	$	26,266
Unrealized gain on investment in Bullion		-		-		387		387
Investment in Bullion - fair value	$	13,406	$	9,336	$	3,911	$	26,653

Effective January 1, 2014, the Trust records its investment in Bullion at fair value and recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

Prior to 2014, the Trust recognized the movements in value of the investment in Bullion arising from market declines on an interim basis. Increases in the value of the investment in Bullion through market price recoveries in later interim periods of the same fiscal year were recognized in the later interim period. Increases in value recognized on an interim basis were not permitted to exceed the previously recognized diminution in value. Unrealized losses at December 31, 2013 were crystallized as realized losses, and the average cost of silver and platinum was written down to market value.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

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ETFS WHITE METALS BASKET TRUST

2.2. Valuation of Bullion (continued)

Fair Value Hierarchy

Inputs

Generally accepted accounting principles establish a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

·	Level 1.	Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.
·	Level 2.	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.
·	Level 3.	Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The investment in Bullion is classified as a level 2 asset, as the Trust’s investment in Bullion is calculated using third party pricing sources supported by observable, verifiable inputs.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Level 2
Investment in Bullion	$	29,077	$	26,653

There were no re-allocations or transfers between levels during the period.

2.3. Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of the Bullion is transferred within three business days of the trade date.

Bullion receivable or payable at June 30, 2014 and December 31, 2013.

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Bullion receivable	$	-	$	-
Bullion payable	$	2,076	$	-

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2.4. Creations and Redemptions of Shares

The Trust’s contractual obligation is to create or redeem Baskets with Authorized Participants at set prices on each trading day.  These prices are based on an agreed formula published in the prospectus, which is equal to the net asset value of the Trust.  The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce per individual metal type. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000th of an ounce per individual metal type.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The Shares of the Trust are classified as “Redeemable Shares” for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When Bullion is exchanged in settlement of a redemption, a realized gain or loss in the amount of the difference between the fair value on the trade date and the historical cost is recorded through the Condensed Statement of Operations.

Changes in the Shares for the year ended December 31, 2013 is set out below:

	Year
	Ended
(Amounts in 000's of US$, except for Share and per Share data)	December 31, 2013
Number of Redeemable Shares
Opening balance		750,000
Creations		100,000
Redemptions		(150,000)
Closing balance		700,000
Redeemable Shares
Opening balance	$	37,605
Creations		5,041
Redemptions		(6,534)
Adjustments to redemption value		(9,473)
Closing balance	$	26,639
Redemption value per Share at period end	$	38.06

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2.5. Revenue Recognition Policy

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion.  Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2014.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Fix for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Fix for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

2.6. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of June 30, 2014 and December 31, 2013.

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2.7. Investment in Bullion

Changes in ounces of Bullion and the respective values for the six months ended June 30, 2014 and for the year ended December 31, 2013 are set out below:

(Amounts in 000's of US$, except for ounces data)	Six Months Ended June 30, 2014
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		687,498.1		6,875.1		5,500.0		699,873.2
Transfers of Bullion to pay expenses		(2,059.9)		(20.6)		(16.5)		(2,097.0)
Closing balance		685,438.2		6,854.5		5,483.5		697,776.2
Investment in Bullion
Opening balance	$	13,406	$	9,336	$	3,911	$	26,653
Transfers of Bullion to pay expenses		(41)		(29)		(13)		(83)
Realized gain on Bullion transferred to pay expenses		1		1		2		4
Unrealized gain on investment in Bullion		939		836		728		2,503
Closing balance	$	14,305	$	10,144	$	4,628	$	29,077
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2013
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		741,050.4		7,410.5		5,928.4		754,389.3
Creations		98,745.0		987.5		790.0		100,522.5
Redemptions		(147,834.5)		(1,478.3)		(1,182.7)		(150,495.5)
Transfers of Bullion to pay expenses		(4,462.8)		(44.6)		(35.7)		(4,543.1)
Closing balance		687,498.1		6,875.1		5,500.0		699,873.2
Investment in Bullion
Opening balance	$	20,883	$	10,234	$	3,770	$	34,887
Creations		2,976		1,531		534		5,041
Redemptions		(3,533)		(2,190)		(810)		(6,533)
Realized (loss)/gain on Bullion distributed for the redemption of Shares		(667)		119		53		(495)
Transfers of Bullion to pay expenses		(112)		(67)		(26)		(205)
Realized gain on Bullion transferred to pay expenses		(15)		5		3		(7)
Realized loss on investment in Bullion		(6,126)		(296)		-		(6,422)
Closing balance	$	13,406	$	9,336	$	3,524	$	26,266

13

ETFS WHITE METALS BASKET TRUST

2.8. Expenses

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

For the three months ended June 30, 2014 and 2013 the Sponsor’s Fee was $42,513 and $47,444, respectively. For the six months ended June 30, 2014 and 2013 the Sponsor’s Fee was $83,614 and $111,856, respectively. At June 30, 2014 and at December 31, 2013, the fees payable to the Sponsor were $14,242 and $13,619, respectively.

2.9. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events existing in the Trust’s financial statements through the filing date.

On May 14, 2014 the London Silver Market Fixing Ltd announced it would discontinue the “London Fix” pricing benchmark for silver after August 14, 2014.  The London Fix has been the benchmark price for the valuation of silver bullion held by the Trust.  The London Bullion Market Association has accepted a proposal by CME Group and Thomson Reuters to operate a replacement silver price benchmark mechanism. Commencing August 15, 2014, CME Group/Thomson Reuters will operate an electronic, volume-weighted, over-the-counter silver bullion market clearing process to establish and publish a fixing price for a troy ounce of silver once each trading day at 12.00pm London time (the “London Silver Price”). 

Commencing August 15, 2014, on each trading day the Sponsor will use the London Silver Price for valuing silver bullion received upon purchase of the Trust’s shares, delivered upon redemption of the Trust’s shares and otherwise held by the Trust.  The Sponsor also expects to determine that the London Silver Price will fairly represent the commercial value of silver bullion held by the Trust and, effective 60 days after the delivery of notice of such determination to The Depository Trust Company, the registered owner of the shares of the Trust, the “Benchmark Price" (as defined in each ETFS Trust’s Trust Agreement) as of any day will be the London Silver Price for such day. 

During this period, no other material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

3. Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s and Custodian’s feesare paid by the Sponsor and are not separate expenses of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

4. Concentration of Risk

The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion which creates a concentration risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

14

ETFS WHITE METALS BASKET TRUST

5. Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. 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.

15

ETFS WHITE METALS BASKET TRUST

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the unaudited condensed financial statements and notes to the unaudited condensed financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements with respect to the Trust’s financial conditions, operations, future performance and business. These statements can be identified by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward looking statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on November 29, 2010. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It will not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds Bullion (consisting of silver, platinum and palladium in specified proportions) and is expected to issue Baskets in exchange for deposits of Bullion, and to distribute Bullion in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of silver, platinum and palladium in the proportions held by the Trust, less the Trust’s expenses. The Trust holds Bullion in a ratio such that for every 1.0 ounces of silver, it holds 0.01 ounces of platinum and 0.008 ounces of palladium. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in Bullion.

The Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion, only in aggregations of 50,000 or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “WITE”.

Valuation of Bullion and Computation of Net Asset Value

On each business day that the NYSE Arca is open for regular trading, as soon as practicable after 4:00 p.m., New York time, on such day (the “Evaluation Time”), the Trustee values the Bullion held by the Trust and determines both the ANAV and the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s Bullion on the basis of that day’s “London Fix” for such metal (the applicable fix for each metal of the price of an ounce of such metal, performed in London, England by fixing members of the London Bullion Market Association (“LBMA”) or London Platinum and Palladium Market (“LPPM”), as applicable), or if no London Fix is made for a metal on such day or has not been announced by the Evaluation Time, the next most recent London Fix for such metal determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for Evaluation. In the case this determination is made, the Sponsor will identify an alternative basis for such evaluation to be used by the Trustee.

Silver held by the Trust will typically be valued on the basis of the price of an ounce of silver as set at approximately 12:00 noon London time and performed in London, England by the three market making members of the LBMA. Platinum held by the Trust will typically be valued on the basis of the price of an ounce of platinum as set by the afternoon session of the twice daily fix of the price of an ounce of platinum which starts at 2:00 PM London, England time and is performed in London by the four fixing members of the LPPM. Palladium held by the Trust will typically be valued on the basis of the price of an ounce of palladium as set by the afternoon session of the twice daily fix of the price of an ounce of palladium which starts at 2:00 PM London, England time and is performed in London by the four fixing members of the LPPM.

Once the value of Bullion held by the Trust has been determined, the Trustee subtracts all estimated accrued but unpaid fees and other liabilities of the Trust from the total value of the Bullion and all other assets of the Trust. The resulting figure is the ANAV of the Trust. The ANAV is used to compute the Sponsor’s Fee. The Trustee then subtracts from the ANAV the amount of Sponsor’s Fees computed for such day to determine the net asset value (“NAV”) of the Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on the NYSE Arca.

16

ETFS WHITE METALS BASKET TRUST

The Quarter Ended June 30, 2014

Effective January 1, 2014, the Trust is deemed to be an investment company under generally accepted accounting principles.  Accordingly, the Trust adopted the specialized accounting for an investment company as prescribed in Topic 946, Investment Companies.  Refer to Note 2.1 of the unaudited condensed financial statements for additional information.

The NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the Bullion owned and receivable by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Trust’s NAV decreased from $27,701,728 at March 31, 2014 to $26,987,330 at June 30, 2014,  a2.58%decrease for the quarter. The decrease in the Trust’s NAV resulted primarily froma decrease in outstanding Shares which fell from 700,000 at March 31, 2014 to 650,000 at June 30, 2014, a result of 50,000 Shares (1 Basket) being redeemed during the quarter.  No Shares were created during the quarter.

There was anincrease in the price per ounce of silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rose5.07% during the quarter.

NAV per Share increased4.93% from $39.57 at March 31, 2014 to $41.52 at June 30, 2014. The Trust’s NAV per Share rose slightly lessthan the Proportionate Price on a percentage basis due to Sponsor’s Fees, which were $42,513 for the quarter, or 0.60% of the Trust’s assets on an annualized basis.

The NAV per Share of $41.64 at June 27, 2014 was the highest during the quarter, compared with a low of $38.50 at April 24, 2014.

Change in net assets from operations for the quarter ended June 30, 2014 was $1,361,766, resulting from  arealizedgain of $2,758 on the transfer of Bullion to pay expensesand a change in unrealized gain on investment in Bullion of $1,401,521, offset bySponsor’s Fees of $42,513. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2014.  

Prior to the adoption of investment company accounting, the Trust recorded its investment in Bullion at the lower of cost or market value. Under the previous presentation and accounting policies, net loss from operations for the quarter ended June 30, 2013 was $7,708,176, resulting from a net loss of $758 on the transfer of Bullion to pay expenses, a net loss $494,907 on Bullion distributed for the redemption of Shares, an unrealized loss of $7,165,067 on investment in Bullion and Sponsor’s Fees of $47,444. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2013.

There was a change in unrealized gain on investment in Bullion in the quarter ended June 30, 2014 compared to an unrealized loss on investment in Bullion in the quarter ended June 30, 2013.  This change has occurred as a result of the adoption of investment company accounting and movements in the Proportionate Price during the respective quarters.  

Sponsor’s Fees are calculated as a percentage of assets.  The Sponsor’s Fee in the quarter ended June 30, 2014 was lower than the fee for the quarter ended June 30, 2013 as the average assets were lower in the quarter ended June 30, 2014 compared to the quarter ended June 30, 2013.

17

The Six Months Ended June 30, 2014

The Trust’s NAV increased  from $26,639,308 at December 31, 2013 to $26,987,330 at June 30, 2014, a 1.31%increase for the period. The increase in the Trust’s NAV resulted primarily from an increase in the Proportionate Price which rose 9.43% during the period.

There was a decrease in outstanding Shares which fell from 700,000 Shares at December 31, 2013 to 650,000 Shares at June 30, 2014, a result of 50,000 Shares (1 Basket) being redeemed during the period.  No Shares were created during the period.

NAV per Share increased9.09% from $38.06 at December 31, 2013 to $41.52 at June 30, 2014. The Trust’s NAV per Share rose slightly less than the Proportionate Price on a percentage basis due to Sponsor’s Fees, which were $83,614 for the period, or 0.60% of the Trust’s assets on an annualized basis.

The NAV per Share of $41.64 at June 27, 2014 was the highest during the period, compared with a low of $37.96 at February 4, 2014.

Change in net assets arising from the change in accounting principle (refer to Note 2.1 to the unaudited condensed financial statements) as of January 1, 2014 was $386,941.  Change in net assets from operations for the period ended June 30, 2014 was $2,424,184, resulting from a realized gain of $4,366 and a change in unrealized gain on investment in Bullion of $2,503,432, offset by Sponsor’s Fees of $83,614. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2014.

Prior to the adoption of investment company accounting, the Trust recorded its investment in Bullion at the lower of cost or market value. Under the previous presentation and accounting policies, net loss from operations for the period ended June 30, 2013 was $7,766,712, resulting from a net gain of $5,118 on the transfer of Bullion to pay expenses, offset by a loss of $494,907 on Bullion distributed for the redemption of Shares, an unrealized loss of $7,165,067 on investment in Bullion and Sponsor’s Fees of $111,856. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2013.

There was a change in unrealized gain on investment in Bullion in the period ended June 30, 2014 compared to an unrealized loss on investment in Bullion in the period ended June 30, 2013.  This change has occurred as a result of the adoption of investment company accounting and movements in the Proportionate Price during the respective periods.  

Sponsor’s Fees are calculated as a percentage of assets.  The Sponsor’s Fee in the period ended June 30, 2014 was lower than the fee for the period ended June 30, 2013 as the average assets were lower in the period ended June 30, 2014 compared to the period ended June 30, 2013.

18

ETFS WHITE METALS BASKET TRUST

Liquidity & Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion (only in the specified proportion of silver, platinum and palladium held by the Trust) as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell Bullion to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of Bullion to the Sponsor. At June 30, 2014 the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The unaudited condensed financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these unaudited condensed financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 2 to the unaudited condensed financial statements for further discussion of accounting policies.

Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting.Other than a change in the presentation of the Trust’s financial statements, the most significant change is that the Trust must, from January 1, 2014, record its investment in Bullion at fair value.  Prior to January 1, 2014 the investment in Bullion was recorded at the lower of cost and market value.  As a result of this change, the Trust expects that there will be fluctuations in the value of investments based on changes in the Proportionate Price of Bullion.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of June 30, 2014, the Trust’s disclosure controls and procedures were effective.

There have been no changes in the Trust’s or Sponsor’s internal control over financial reporting that occurred during the Trust’s fiscal quarter ended June 30, 2014 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

Item 4T. Controls and Procedures

Not applicable.

19

ETFS WHITE METALS BASKET TRUST

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 2(a).None.

Item 2(b).Not applicable.

Item 2(c).For the three months ended June 30, 2014:  

0Baskets were created.

1 Basket  was redeemed.

	Total Baskets	Total Shares
Period	Redeemed	Redeemed	Silver	Platinum	Palladium
April 2014	-	-	-	-	-
May 2014	-	-	-	-	-
June 2014	1	50,000	0.979	0.010	0.008
	1	50,000

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

20

Item 6. Exhibits

(a) Exhibits

31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document*
101.SCH	XBRL Taxonomy Extension Schema Document*
101.CAL	XBRL Taxonomy Extension Calculation Document*
101.DEF	XBRL Taxonomy Extension Definitions Document*
101.LAB	XBRL Taxonomy Extension Labels Document*
101.PRE	XBRL Taxonomy Extension Presentation Document*

*In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed.”

21

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

	ETF SECURITIES USA LLC
	Sponsor of the ETFS White Metals Basket Trust
	(Registrant)
Date: August 11, 2014	/s/ Graham Tuckwell
	Graham Tuckwell
	President and Chief Executive Officer
	(Principal Executive Officer)
Date: August 11, 2014	/s/ Christopher Foulds
	Christopher Foulds
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

*The Registrant is a trust and the persons are signing in their capacities as officers of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Graham Tuckwell, certify that:

1. I have reviewed this Report on Form 10-Q of ETFSWhite Metals BasketTrust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2014	/s/ Graham Tuckwell
	Graham Tuckwell
	President and Chief Executive Officer
	(Principal Executive Officer)

* The Registrant is a trust and Mr. Tuckwell is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher Foulds, certify that:

1. I have reviewed this Report on Form 10-Q of ETFS White Metals BasketTrust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2014	/s/ Christopher Foulds
	Christopher Foulds
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

* The Registrant is a trust and Mr. Foulds is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of ETFS White Metals BasketTrust (the “Company”) on Form 10-Q for the quarter ended June 30, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 11, 2014	/s/ Graham Tuckwell	**
	Graham Tuckwell*
	President and Chief Executive Officer
	(Principal Executive Officer)

*  The Registrant is a trust and Mr. Tuckwell is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

**The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of ETFS White Metals BasketTrust (the “Company”) on Form 10-Q for the quarter ended June 30, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2014	/s/ Christopher Foulds	**
	Christopher Foulds *
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

*The Registrant is a trust and Mr. Foulds is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.

**The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

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Organization

6 Months Ended

Jun. 30, 2014

Organization [Abstract]

Organization

1. Organization

The ETFS White Metals Basket Trust (the “Trust”) is an investment trust formed on November 29, 2010, under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by ETF Securities USA LLC (the “Sponsor”) and the Bank of New York Mellon (the “Trustee”) at the time of the Trust’s organization. The Trust holds silver, platinum and palladium in set ratios (together, “Bullion”) and issues ETFS Physical WM Basket Shares (“Shares”) (in minimum blocks of 50,000 Shares, also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of ETF Securities Limited, a Jersey, Channel Islands based company. The Trust is governed by the Trust Agreement.

The investment objective of the Trust is for the Shares to reflect the performance of the price of silver, platinum and palladium, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the silver, platinum and palladium markets through an investment in securities. The fiscal year end for the Trust is December 31.

The accompanying unaudited condensed financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America for interim financial information and with the instructions for the Form 10-Q. In the opinion of management of the Sponsor, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the three and six months ended June 30, 2014and for all periods presented have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014are not necessarily indicative of the operating results for the full year.

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Financial Highlights (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014		Jun. 30, 2014
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period	$ 39.57	[1]	$ 38.06	[1],[2]
Income from investment operations:
Net investment loss	$ (0.06)	[1]	$ (0.12)	[1]
Total realized gain and change in unrealized gain on investment in Bullion	$ 2.01	[1]	$ 3.58	[1]
Change in net assets from operations	$ 1.95	[1]	$ 3.46	[1]
Net asset value per Share at end of period	$ 41.52	[1]	$ 41.52	[1]
Weighted average number of Shares	697,253	[1]	698,619	[1]
Expense Ratio
Annualized Sponsor's fee per Share	0.60%	[1]	0.60%	[1]
Net Investment Loss Ratio
Annualized net investment loss ratio	(0.60%)	[1]	(0.60%)	[1]
Non-Annualized Total Return	4.93%	[1]	9.09%	[1]

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[2] In accordance with Topic 946, Investment Companies, the Trust meets the exemption criteria to exclude a statement of cash flows. Thus one has not been presented for the three and six months ended June 30, 2014. Refer to Note 2.1 for additional information.

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Statements of Assets and Liabilities (USD $)	Jun. 30, 2014		Dec. 31, 2013
Investment in Bullion
Investment in Bullion, fair value	$ 29,077,000	[1],[2]	$ 26,653,000
Investment in Bullion, lower of cost or market value			26,266,000	[2],[3]
Total assets	29,077,000	[1]	26,266,000	[3]
LIABILITIES
Fees payable to Sponsor	14,242		13,619
Bullion payable	2,076,000	[1]	0
Total liabilities	2,090,000	[1]	14,000	[3]
NET ASSETS	26,987,000	[1]	26,252,000	[3]
ANALYSIS OF NET ASSETS
Redeemable Shares at redemption value to investors	26,987,000	[1],[4]	26,639,000	[3],[4]
Shareholders’ deficit			(387,000)	[3]
Total net assets	26,987,000	[1],[4]	26,252,000	[1],[3],[4]
Silver [Member]
Investment in Bullion
Investment in Bullion, fair value	14,305,000	[1],[2]	13,406,000
Investment in Bullion, lower of cost or market value			13,406,000	[2],[3]
Platinum [Member]
Investment in Bullion
Investment in Bullion, fair value	10,144,000	[1],[2]	9,336,000
Investment in Bullion, lower of cost or market value			9,336,000	[2],[3]
Palladium [Member]
Investment in Bullion
Investment in Bullion, fair value	4,628,000	[1],[2]	3,911,000
Investment in Bullion, lower of cost or market value			$ 3,524,000	[2],[3]

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[2] At June 30, 2014, Bullion is recorded at fair value. At December 31, 2013, Bullion was recorded at the lower of cost or market value. Refer to Note 2.1 for additional information.

[3] Derived from audited Statement of Financial Condition as of December 31, 2013. The amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

[4] Net assets at December 31, 2013 represents total liabilities, redeemable Shares and Shareholders’ deficit. Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at June 30, 2014 were 650,000 and at December 31, 2013 were 700,000. Net asset value per Share at June 30, 2014 and December 31, 2013 was $41.52 and $38.06, respectively.

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Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013		Jun. 30, 2013		Dec. 31, 2013
INCREASE IN CASH FROM OPERATIONS:
Cash proceeds received from transfer of Bullion	$ 0	[1]	$ 0	[1]
Cash expenses paid	0	[1]	0	[1]
Increase in cash resulting from operations	0	[1]	0	[1]
Cash and cash equivalents at beginning of period	0	[1]	0	[1]	0	[1]
Cash and cash equivalents at end of period	0	[1]	0	[1]
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Value of Bullion received for creation of Shares	0	[1]	5,041	[1]	5,041
Value of Bullion distributed for redemption of Shares - at cost	7,029	[1]	7,029	[1]
RECONCILIATION OF CHANGE IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Change in net assets from operations	(7,708)	[1],[2]	(7,767)	[1],[2]
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities:
Decrease in investment in Bullion	14,251	[1]	9,266	[1]
Decrease in fees payable to Sponsor	(9)	[1]	(7)	[1]
Increase / (decrease) in redeemable Shares:
Creations	0	[1]	5,042	[1]
Redemptions	(6,534)	[1]	(6,534)	[1]
Net cash provided by operating activities	0	[1]	0	[1]
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Value of Bullion transferred to pay expenses	$ 56	[1]	$ 118	[1]

[1] In accordance with Topic 946, Investment Companies, the Trust meets the exemption criteria to exclude a statement of cash flows. Thus one has not been presented for the three and six months ended June 30, 2014. Refer to Note 2.1 for additional information.

[2] Amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

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Significant Accounting Policies (Schedule Of Redeemable Capital Shares) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Significant Accounting Policies [Abstract]
Opening balance (in Shares)	700,000		750,000
Creations (in Shares)	0	[1]	100,000
Redemptions (in Shares)	(50,000)	[1]	(150,000)
Closing balance (in Shares)	650,000		700,000
Opening balance	$ 26,639	[2],[3]	$ 37,605
Creations	0	[1]	5,041
Redemptions	(2,076)	[1]	(6,534)
Adjustment to redemption value			(9,473)
Closing balance	$ 26,987	[1],[2]	$ 26,639	[2],[3]
Redemption value per Share at period end (in Dollars per share)			$ 38.06

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[2] Net assets at December 31, 2013 represents total liabilities, redeemable Shares and Shareholders’ deficit. Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at June 30, 2014 were 650,000 and at December 31, 2013 were 700,000. Net asset value per Share at June 30, 2014 and December 31, 2013 was $41.52 and $38.06, respectively.

[3] Derived from audited Statement of Financial Condition as of December 31, 2013. The amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

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Statement of Changes in Net Assets (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014		Jun. 30, 2014		Dec. 31, 2013
Opening balance at December 31, 2013 (in Shares)			700,000	[1]
Creations (in Shares)			0	[1]	100,000
Redemptions (in Shares)			(50,000)	[1]	(150,000)
Closing balance at June 30, 2014 (in Shares)	650,000	[1]	650,000	[1]	700,000	[1]
Opening balance at December 31, 2013			$ 26,252	[1],[2],[3]
Net investment loss	(43)	[1]	(83)	[1]
Realized gain on investment in Bullion			4	[1]
Change in unrealized gain on investment in Bullion	1,402	[1]	2,503	[1]
Creations			0	[1]	5,041
Redemptions			(2,076)	[1]	(6,534)
Closing balance at June 30, 2014	26,987	[1],[2]	26,987	[1],[2]	26,252	[1],[2],[3]
Adjustments for Change to Fair Value [Member]
Closing balance at June 30, 2014					$ 387	[1]

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[2] Net assets at December 31, 2013 represents total liabilities, redeemable Shares and Shareholders’ deficit. Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at June 30, 2014 were 650,000 and at December 31, 2013 were 700,000. Net asset value per Share at June 30, 2014 and December 31, 2013 was $41.52 and $38.06, respectively.

[3] Derived from audited Statement of Financial Condition as of December 31, 2013. The amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

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Statements of Assets and Liabilities (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Common stock, shares authorized	unlimited	[1]	unlimited	[2]
Cost on investment in bullion	$ 26,187		$ 26,266
Common stock, shares issued	650,000		700,000
Common stock, shares outstanding	650,000		700,000
Net asset value per Share	$ 41.52	[1]	$ 38.06	[1],[3]
Silver [Member]
Cost on investment in bullion	13,366		13,406
Platinum [Member]
Cost on investment in bullion	9,308		9,336
Palladium [Member]
Cost on investment in bullion	$ 3,513		$ 3,524

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[2] Derived from audited Statement of Financial Condition as of December 31, 2013. The amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

[3] In accordance with Topic 946, Investment Companies, the Trust meets the exemption criteria to exclude a statement of cash flows. Thus one has not been presented for the three and six months ended June 30, 2014. Refer to Note 2.1 for additional information.

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Significant Accounting Policies (Narrative) (Details) (USD $)	3 Months Ended			6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013	Dec. 31, 2013
Significant Accounting Policies [Abstract]
Bullion receivable at market value	$ 0			$ 0			$ 0
Bullion payable at market value	2,076,000	[1]		2,076,000	[1]		0
Annualized rate of Sponsors Fee	0.60%	[1]		0.60%	[1]
Sponsor Fees	42,513		47,444	83,614,000		111,856,000
Fees payable to Sponsor	$ 14,242			$ 14,242			$ 13,619

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

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Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Entity Registrant Name	ETFS White Metals Basket Trust
Entity Central Index Key	0001489024
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		650,000

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Significant Accounting Policies (Quantitative Effect Of Adoption Of Investment Company Accounting) (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended
	Jan. 01, 2014	Jun. 30, 2014		Jan. 01, 2014	Dec. 31, 2013		Dec. 31, 2012
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Value at December 31, 2013 at lower of cost or market value					$ 26,266	[1],[2]	$ 34,887
Value at January 1, 2014		29,077	[1],[3]	26,653	26,653
Gain / (loss) as a result of change in accounting treatment	387
Silver [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Value at December 31, 2013 at lower of cost or market value					13,406	[1],[2]	20,883
Value at January 1, 2014		14,305	[1],[3]	13,406	13,406
Gain / (loss) as a result of change in accounting treatment	0
Platinum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Value at December 31, 2013 at lower of cost or market value					9,336	[1],[2]	10,234
Value at January 1, 2014		10,144	[1],[3]	9,336	9,336
Gain / (loss) as a result of change in accounting treatment	0
Palladium [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Value at December 31, 2013 at lower of cost or market value					3,524	[1],[2]	3,770
Value at January 1, 2014		4,628	[1],[3]	3,911	3,911
Gain / (loss) as a result of change in accounting treatment	$ 387

[1] At June 30, 2014, Bullion is recorded at fair value. At December 31, 2013, Bullion was recorded at the lower of cost or market value. Refer to Note 2.1 for additional information.

[2] Derived from audited Statement of Financial Condition as of December 31, 2013. The amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

[3] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

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Schedule of Investments (oz, USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Investment Holdings [Line Items]
Investment in Bullion (oz)	697,776.2		699,873.2
Cost	$ 26,187		$ 26,266
Fair Value	29,077		26,653
% of Net Assets	107.74%	[1]	100.05%	[2]
Silver [Member]
Investment Holdings [Line Items]
Investment in Bullion (oz)	685,438.2		687,498.1
Cost	13,366		13,406
Fair Value	14,305		13,406
% of Net Assets	53.01%	[1]	51.07%	[2]
Platinum [Member]
Investment Holdings [Line Items]
Investment in Bullion (oz)	6,854.5		6,875.1
Cost	9,308		9,336
Fair Value	10,144		9,336
% of Net Assets	37.59%	[1]	35.56%	[2]
Palladium [Member]
Investment Holdings [Line Items]
Investment in Bullion (oz)	5,483.5		5,500.0
Cost	3,513		3,524
Fair Value	$ 4,628		$ 3,911
% of Net Assets	17.15%	[1]	13.42%	[2]

[1] Calculated as investment in Bullion at fair value divided by net assets, as at June 30, 2014, investment in Bullion is recorded at fair value. Refer to Note 2.1 for additional information.

[2] Calculated as investment in Bullion at cost divided by net assets, as at December 31, 2013, investment in Bullion was recorded at the lower of cost or market value. Refer to Note 2.1 for additional information.

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Concentration Of Risk

6 Months Ended

Jun. 30, 2014

Concentration Of Risk [Abstract]

Concentration Of Risk

4. Concentration of Risk

The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion which creates a concentration risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

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Related Parties

6 Months Ended

Jun. 30, 2014

Related Parties [Abstract]

Related Parties

3. Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.  In addition the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

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Significant Accounting Policies (Schedule Of Investment In Bullion) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2014 oz		Jun. 30, 2013		Jun. 30, 2014 oz		Jun. 30, 2013 oz		Dec. 31, 2013 oz
Bullion [Line Items]
Opening balance (in Ounces)					699,873.2		754,389.3		754,389.3
Creations (in Ounces)									100,522.5
Redemptions (in Ounces)									(150,495.5)
Transfers of Bullion to pay expenses (in Ounces)					(2,097.0)				(4,543.1)
Closing balance (in Ounces)	697,776.2				697,776.2				699,873.2
Investment in Bullion, fair value, opening balance					$ 26,653
Investment in Bullion, lower of cost or market value, beginning balance					26,266	[1],[2]	34,887		34,887
Creations			0	[3]			5,041	[3]	5,041
Redemptions									(6,533)
Realized (loss)/gain on Bullion transferred for redemptions	0	[4]	(495)	[5]	0	[4]	(495)	[5]	(495)
Transfers of Bullion to pay expenses					(83)				(205)
Realized gain on Bullion transferred to pay expenses	3	[4]	(1)	[5]	4	[4]	5	[5]	(7)
Unrealized gain on investment in Bullion	1,402	[4]	(7,165)	[5]	2,503	[4]	(7,165)	[5]
Realized loss on investment in Bullion									(6,422)
Investment in Bullion, fair value, closing balance	29,077	[1],[4]			29,077	[1],[4]			26,653
Investment in Bullion, lower of cost or market value, closing balance									26,266	[1],[2]
Silver [Member]
Bullion [Line Items]
Opening balance (in Ounces)					687,498.1		741,050.4		741,050.4
Creations (in Ounces)									98,745.0
Redemptions (in Ounces)									(147,834.5)
Transfers of Bullion to pay expenses (in Ounces)					(2,059.9)				(4,462.8)
Closing balance (in Ounces)	685,438.2				685,438.2				687,498.1
Investment in Bullion, fair value, opening balance					13,406
Investment in Bullion, lower of cost or market value, beginning balance					13,406	[1],[2]	20,883		20,883
Creations									2,976
Redemptions									(3,533)
Realized (loss)/gain on Bullion transferred for redemptions									(667)
Transfers of Bullion to pay expenses					(41)				(112)
Realized gain on Bullion transferred to pay expenses					1				(15)
Unrealized gain on investment in Bullion					939
Realized loss on investment in Bullion									(6,126)
Investment in Bullion, fair value, closing balance	14,305	[1],[4]			14,305	[1],[4]			13,406
Investment in Bullion, lower of cost or market value, closing balance									13,406	[1],[2]
Platinum [Member]
Bullion [Line Items]
Opening balance (in Ounces)					6,875.1		7,410.5		7,410.5
Creations (in Ounces)									987.5
Redemptions (in Ounces)									(1,478.3)
Transfers of Bullion to pay expenses (in Ounces)					(20.6)				(44.6)
Closing balance (in Ounces)	6,854.5				6,854.5				6,875.1
Investment in Bullion, fair value, opening balance					9,336
Investment in Bullion, lower of cost or market value, beginning balance					9,336	[1],[2]	10,234		10,234
Creations									1,531
Redemptions									(2,190)
Realized (loss)/gain on Bullion transferred for redemptions									119
Transfers of Bullion to pay expenses					(29)				(67)
Realized gain on Bullion transferred to pay expenses					1				5
Unrealized gain on investment in Bullion					836
Realized loss on investment in Bullion									(296)
Investment in Bullion, fair value, closing balance	10,144	[1],[4]			10,144	[1],[4]			9,336
Investment in Bullion, lower of cost or market value, closing balance									9,336	[1],[2]
Palladium [Member]
Bullion [Line Items]
Opening balance (in Ounces)					5,500.0		5,928.4		5,928.4
Creations (in Ounces)									790.0
Redemptions (in Ounces)									(1,182.7)
Transfers of Bullion to pay expenses (in Ounces)					(16.5)				(35.7)
Closing balance (in Ounces)	5,483.5				5,483.5				5,500.0
Investment in Bullion, fair value, opening balance					3,911
Investment in Bullion, lower of cost or market value, beginning balance					3,524	[1],[2]	3,770		3,770
Creations									534
Redemptions									(810)
Realized (loss)/gain on Bullion transferred for redemptions									53
Transfers of Bullion to pay expenses					(13)				(26)
Realized gain on Bullion transferred to pay expenses					2				3
Unrealized gain on investment in Bullion					728
Realized loss on investment in Bullion									0
Investment in Bullion, fair value, closing balance	4,628	[1],[4]			4,628	[1],[4]			3,911
Investment in Bullion, lower of cost or market value, closing balance									$ 3,524	[1],[2]

[1] At June 30, 2014, Bullion is recorded at fair value. At December 31, 2013, Bullion was recorded at the lower of cost or market value. Refer to Note 2.1 for additional information.

[2] Derived from audited Statement of Financial Condition as of December 31, 2013. The amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

[3] In accordance with Topic 946, Investment Companies, the Trust meets the exemption criteria to exclude a statement of cash flows. Thus one has not been presented for the three and six months ended June 30, 2014. Refer to Note 2.1 for additional information.

[4] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[5] Amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

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Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Bullion Holdings) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Jan. 01, 2014	Dec. 31, 2013
Bullion [Line Items]
Investment in bullion - cost	$ 26,187			$ 26,266
Unrealized gain on investment in Bullion	2,890			387
Investment in Bullion - fair value	29,077	[1],[2]	26,653	26,653
Silver [Member]
Bullion [Line Items]
Investment in bullion - cost	13,366			13,406
Unrealized gain on investment in Bullion	939
Investment in Bullion - fair value	14,305	[1],[2]	13,406	13,406
Platinum [Member]
Bullion [Line Items]
Investment in bullion - cost	9,308			9,336
Unrealized gain on investment in Bullion	836
Investment in Bullion - fair value	10,144	[1],[2]	9,336	9,336
Palladium [Member]
Bullion [Line Items]
Investment in bullion - cost	3,513			3,524
Unrealized gain on investment in Bullion	1,115			387
Investment in Bullion - fair value	$ 4,628	[1],[2]	$ 3,911	$ 3,911

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[2] At June 30, 2014, Bullion is recorded at fair value. At December 31, 2013, Bullion was recorded at the lower of cost or market value. Refer to Note 2.1 for additional information.

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Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

Quantitative Effect Of Adoption Of Investment Company Accounting

	Value at				Gain / (loss)
	December 31, 2013		Value at		as a result of
	at lower of cost		January 1, 2014		change in
(Amounts in 000's of US$)	or market value		at fair value		accounting principle
Bullion
Silver	$	13,406	$	13,406	$	-
Platinum	$	9,336	$	9,336	$	-
Palladium	$	3,524	$	3,911	$	387
	$	26,266	$	26,653	$	387

Schedule Of Unrealized Gains Or Losses On The Trust's Bullion Holdings

	June 30, 2014
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,366	$	9,308	$	3,513	$	26,187
Unrealized gain on investment in Bullion		939		836		1,115		2,890
Investment in Bullion - fair value	$	14,305	$	10,144	$	4,628	$	29,077
	December 31, 2013
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,406	$	9,336	$	3,524	$	26,266
Unrealized gain on investment in Bullion		-		-		387		387
Investment in Bullion - fair value	$	13,406	$	9,336	$	3,911	$	26,653

Categorization Of The Trust's Assets

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Level 2
Investment in Bullion	$	29,077	$	26,653

Schedule Of Bullion Receivable And Payable

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Bullion receivable	$	-	$	-
Bullion payable	$	2,076	$	-

Schedule Of Redeemable Capital Shares

	Year
	Ended
(Amounts in 000's of US$, except for Share and per Share data)	December 31, 2013
Number of Redeemable Shares
Opening balance		750,000
Creations		100,000
Redemptions		(150,000)
Closing balance		700,000
Redeemable Shares
Opening balance	$	37,605
Creations		5,041
Redemptions		(6,534)
Adjustments to redemption value		(9,473)
Closing balance	$	26,639
Redemption value per Share at period end	$	38.06

Schedule Of Investment In Bullion

(Amounts in 000's of US$, except for ounces data)	Six Months Ended June 30, 2014
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		687,498.1		6,875.1		5,500.0		699,873.2
Transfers of Bullion to pay expenses		(2,059.9)		(20.6)		(16.5)		(2,097.0)
Closing balance		685,438.2		6,854.5		5,483.5		697,776.2
Investment in Bullion
Opening balance	$	13,406	$	9,336	$	3,911	$	26,653
Transfers of Bullion to pay expenses		(41)		(29)		(13)		(83)
Realized gain on Bullion transferred to pay expenses		1		1		2		4
Unrealized gain on investment in Bullion		939		836		728		2,503
Closing balance	$	14,305	$	10,144	$	4,628	$	29,077
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2013
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		741,050.4		7,410.5		5,928.4		754,389.3
Creations		98,745.0		987.5		790.0		100,522.5
Redemptions		(147,834.5)		(1,478.3)		(1,182.7)		(150,495.5)
Transfers of Bullion to pay expenses		(4,462.8)		(44.6)		(35.7)		(4,543.1)
Closing balance		687,498.1		6,875.1		5,500.0		699,873.2
Investment in Bullion
Opening balance	$	20,883	$	10,234	$	3,770	$	34,887
Creations		2,976		1,531		534		5,041
Redemptions		(3,533)		(2,190)		(810)		(6,533)
Realized (loss)/gain on Bullion distributed for the redemption of Shares		(667)		119		53		(495)
Transfers of Bullion to pay expenses		(112)		(67)		(26)		(205)
Realized gain on Bullion transferred to pay expenses		(15)		5		3		(7)
Realized loss on investment in Bullion		(6,126)		(296)		-		(6,422)
Closing balance	$	13,406	$	9,336	$	3,524	$	26,266

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Indemnification

6 Months Ended

Jun. 30, 2014

Indemnification [Abstract]

Indemnification

5. Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. 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.

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Significant Accounting Policies (Policy)

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

Basis Of Accounting

2.1.Basis of Accounting

Since the Trust’s inception, the Sponsor determined that the Trust was not an investment company within the scope of Financial Accounting Standards Board (“FASB”) Codification of Accounting Standards, Topic 946, Financial Services—Investment Companies (“Topic 946”).  Consequently, the Trust did not prepare its financial statements using standards applicable to investment companies under Topic 946, including recording its investment in Bullion at “fair value” as defined in Topic 946.  Instead, the Trust recorded its investment in Bullion at the lower of cost or fair value in accordance with ASC 330, Inventory and ASC 270, Interim Reporting.  

Following the release of FASB Accounting Standards Update ASU 2013-08, Financial Services—Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements, the Sponsor has re-evaluated whether the Trust falls within scope and has concluded that for reporting purposes, the Trust is classified as an investment company effective January 1, 2014.  The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

As a result of the change in the evaluation of investment company status, the Trust must, from January 1, 2014, present its Bullion assets at “fair value” as defined in Topic 946.

The adoption of Topic 946 accounting changed the presentation of the Trust’s financial statements prospectively from January 1, 2014 (the date of the adoption), the most significant aspects of which are as follows:

1.	Presentation of prior year information has been conformed to the current year accounting standards in the Condensed Statement of Assets and Liabilities and Condensed Statement of Operations.  A Condensed Statement of Changes in Net Assets is required and has been presented for the six month period ended June 30, 2014.
2.	A Schedule of Investments is required as of June 30, 2014.  The Schedule has also been included as of December 31, 2013, for comparative presentation.
3.	Financial Highlights are required for the period ended June 30, 2014.
4.	As the Trust meets the exemption criteria under Topic 946, a cash flow statement is not required for the period ended June 30, 2014.  Since the adoption of the new accounting principle is prospective, the prior year statement of cash flows is still presented.
5.	Required disclosures under Topic 820, Fair Value Measurements, have been included in the footnotes to the financial statements as of June 30, 2014.  December 31, 2013 disclosures have also been included for comparative purposes.

The quantitative effect of the adoption of investment company accounting is presented below:

	Value at				Gain / (loss)
	December 31, 2013		Value at		as a result of
	at lower of cost		January 1, 2014		change in
(Amounts in 000's of US$)	or market value		at fair value		accounting principle
Bullion
Silver	$	13,406	$	13,406	$	-
Platinum	$	9,336	$	9,336	$	-
Palladium	$	3,524	$	3,911	$	387
	$	26,266	$	26,653	$	387

Valuation Of Bullion

2.2. Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 provides guidance for determining fair value and requires disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS AG (the “Zurich Sub-Custodian”) at its Zurich, Switzerland vaulting premises on a segregated basis. The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the “London Fix” (the applicable fix for each metal of the price of an ounce of such metal performed in London, England by fixing members of the London Bullion Market Association (“LBMA”) or London Platinum and Palladium Market (“LPPM”), as applicable) for each metal held by the Trust. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis using cost.

Once the value of Bullion has been determined, the NAV is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.

The table below summarizes the unrealized gains or losses on the Trust’s Bullion holdings as of June 30, 2014 and December 31, 2013:  

	June 30, 2014
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,366	$	9,308	$	3,513	$	26,187
Unrealized gain on investment in Bullion		939		836		1,115		2,890
Investment in Bullion - fair value	$	14,305	$	10,144	$	4,628	$	29,077
	December 31, 2013
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,406	$	9,336	$	3,524	$	26,266
Unrealized gain on investment in Bullion		-		-		387		387
Investment in Bullion - fair value	$	13,406	$	9,336	$	3,911	$	26,653

Effective January 1, 2014, the Trust records its investment in Bullion at fair value and recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

Prior to 2014, the Trust recognized the movements in value of the investment in Bullion arising from market declines on an interim basis. Increases in the value of the investment in Bullion through market price recoveries in later interim periods of the same fiscal year were recognized in the later interim period. Increases in value recognized on an interim basis were not permitted to exceed the previously recognized diminution in value. Unrealized losses at December 31, 2013 were crystallized as realized losses, and the average cost of silver and platinum was written down to market value.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

2.2. Valuation of Bullion (continued)

Fair Value Hierarchy

Inputs

Generally accepted accounting principles establish a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

·	Level 1.	Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.
·	Level 2.	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.
·	Level 3.	Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The investment in Bullion is classified as a level 2 asset, as the Trust’s investment in Bullion is calculated using third party pricing sources supported by observable, verifiable inputs.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Level 2
Investment in Bullion	$	29,077	$	26,653

There were no re-allocations or transfers between levels during the period.

Bullion Receivable And Payable

2.3. Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of the Bullion is transferred within three business days of the trade date.

Bullion receivable or payable at June 30, 2014 and December 31, 2013.

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Bullion receivable	$	-	$	-
Bullion payable	$	2,076	$	-

Creations And Redemptions Of Shares

2.4. Creations and Redemptions of Shares

The Trust’s contractual obligation is to create or redeem Baskets with Authorized Participants at set prices on each trading day.  These prices are based on an agreed formula published in the prospectus, which is equal to the net asset value of the Trust.  The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce per individual metal type. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000th of an ounce per individual metal type.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The Shares of the Trust are classified as “Redeemable Shares” for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When Bullion is exchanged in settlement of a redemption, a realized gain or loss in the amount of the difference between the fair value on the trade date and the historical cost is recorded through the Condensed Statement of Operations.

Changes in the Shares for the year ended December 31, 2013 is set out below:

	Year
	Ended
(Amounts in 000's of US$, except for Share and per Share data)	December 31, 2013
Number of Redeemable Shares
Opening balance		750,000
Creations		100,000
Redemptions		(150,000)
Closing balance		700,000
Redeemable Shares
Opening balance	$	37,605
Creations		5,041
Redemptions		(6,534)
Adjustments to redemption value		(9,473)
Closing balance	$	26,639
Redemption value per Share at period end	$	38.06

Revenue Recognition Policy

2.5. Revenue Recognition Policy

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion.  Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2014.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Fix for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Fix for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Income Taxes

2.6. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of June 30, 2014 and December 31, 2013.

Investment In Bullion

2.7. Investment in Bullion

Changes in ounces of Bullion and the respective values for the six months ended June 30, 2014and for the year ended December 31, 2013 are set out below:

(Amounts in 000's of US$, except for ounces data)	Six Months Ended June 30, 2014
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		687,498.1		6,875.1		5,500.0		699,873.2
Transfers of Bullion to pay expenses		(2,059.9)		(20.6)		(16.5)		(2,097.0)
Closing balance		685,438.2		6,854.5		5,483.5		697,776.2
Investment in Bullion
Opening balance	$	13,406	$	9,336	$	3,911	$	26,653
Transfers of Bullion to pay expenses		(41)		(29)		(13)		(83)
Realized gain on Bullion transferred to pay expenses		1		1		2		4
Unrealized gain on investment in Bullion		939		836		728		2,503
Closing balance	$	14,305	$	10,144	$	4,628	$	29,077
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2013
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		741,050.4		7,410.5		5,928.4		754,389.3
Creations		98,745.0		987.5		790.0		100,522.5
Redemptions		(147,834.5)		(1,478.3)		(1,182.7)		(150,495.5)
Transfers of Bullion to pay expenses		(4,462.8)		(44.6)		(35.7)		(4,543.1)
Closing balance		687,498.1		6,875.1		5,500.0		699,873.2
Investment in Bullion
Opening balance	$	20,883	$	10,234	$	3,770	$	34,887
Creations		2,976		1,531		534		5,041
Redemptions		(3,533)		(2,190)		(810)		(6,533)
Realized (loss)/gain on Bullion distributed for the redemption of Shares		(667)		119		53		(495)
Transfers of Bullion to pay expenses		(112)		(67)		(26)		(205)
Realized gain on Bullion transferred to pay expenses		(15)		5		3		(7)
Realized loss on investment in Bullion		(6,126)		(296)		-		(6,422)
Closing balance	$	13,406	$	9,336	$	3,524	$	26,266

Expenses

2.8. Expenses

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

For the three months ended June 30, 2014 and 2013the Sponsor’s Fee was $42,513 and $47,444, respectively. For the six months ended June 30, 2014 and 2013 the Sponsor’s Fee was $83,614 and $111,856, respectively. At June 30, 2014 and at December 31, 2013, the fees payable to the Sponsor were $14,242 and $13,619, respectively.

Subsequent Events

2.9. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events existing in the Trust’s financial statements through the filing date.

On May 14, 2014 the London Silver Market Fixing Ltd announced it would discontinue the “London Fix” pricing benchmark for silver after August 14, 2014.  The London Fix has been the benchmark price for the valuation of silver bullion held by the Trust.  The London Bullion Market Association has accepted a proposal by CME Group and Thomson Reuters to operate a replacement silver price benchmark mechanism. Commencing August 15, 2014, CME Group/Thomson Reuters will operate an electronic, volume-weighted, over-the-counter silver bullion market clearing process to establish and publish a fixing price for a troy ounce of silver once each trading day at 12.00pm London time (the “London Silver Price”). 

Commencing August 15, 2014, on each trading day the Sponsor will use the London Silver Price for valuing silver bullion received upon purchase of the Trust’s shares, delivered upon redemption of the Trust’s shares and otherwise held by the Trust.  The Sponsor also expects to determine that the London Silver Price will fairly represent the commercial value of silver bullion held by the Trust and, effective 60 days after the delivery of notice of such determination to The Depository Trust Company, the registered owner of the shares of the Trust, the “Benchmark Price" (as defined in each ETFS Trust’s Trust Agreement) as of any day will be the London Silver Price for such day. 

During this period, no other material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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Organization (Details)	6 Months Ended
	Jun. 30, 2014
Organization [Abstract]
Minimum block of shares issued redeemed against bullion	50,000

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Significant Accounting Policies (Schedule Of Bullion Receivable And Payable) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Significant Accounting Policies [Abstract]
Bullion receivable	$ 0		$ 0
Bullion payable	$ 2,076	[1]	$ 0

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

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Statements of Operations (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
EXPENSES
Sponsor’s Fee	$ 42,513		$ 47,444		$ 83,614,000		$ 111,856,000
Total expenses	43,000	[1]	47,000	[2]	83,000	[1]	112,000	[2]
Net investment loss	(43,000)	[1]	(47,000)	[2]	(83,000)	[1]	(112,000)	[2]
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on Bullion transferred to pay expenses	3,000	[1]	(1,000)	[2]	4,000	[1]	5,000	[2]
Realized loss on Bullion distributed for the redemption of Shares	0	[1]	(495,000)	[2]	0	[1]	(495,000)	[2]
Change in unrealized gain / (loss) on investment in Bullion	1,402,000	[1]	(7,165,000)	[2]	2,503,000	[1]	(7,165,000)	[2]
Total gain / (loss) on Bullion	1,405,000	[1]	(7,661,000)	[2]	2,507,000	[1]	(7,655,000)	[2]
Change in net assets from operations	$ 1,362,000	[1]	$ (7,708,000)	[2],[3]	$ 2,424,000	[1]	$ (7,767,000)	[2],[3]
Net increase / (decrease) in net assets per Share (in Dollars per share)	$ 1.95	[1]	$ (10.24)	[2]	$ 3.47	[1]	$ (9.74)	[2]
Weighted average number of Shares (in Shares)	697,253	[1]	752,747	[2]	698,619	[1]	797,790	[2]

[1] Effective January 1, 2014, the Trust has adopted the provisions of Topic 946, Investment Companies, and follows specialized accounting. Refer to Note 2.1 for additional information.

[2] Amounts are those previously reported under non investment company accounting. Refer to Note 2.1 for additional information.

[3] In accordance with Topic 946, Investment Companies, the Trust meets the exemption criteria to exclude a statement of cash flows. Thus one has not been presented for the three and six months ended June 30, 2014. Refer to Note 2.1 for additional information.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1.Basis of Accounting

Since the Trust’s inception, the Sponsor determined that the Trust was not an investment company within the scope of Financial Accounting Standards Board (“FASB”) Codification of Accounting Standards, Topic 946, Financial Services—Investment Companies (“Topic 946”).  Consequently, the Trust did not prepare its financial statements using standards applicable to investment companies under Topic 946, including recording its investment in Bullion at “fair value” as defined in Topic 946.  Instead, the Trust recorded its investment in Bullion at the lower of cost or fair value in accordance with ASC 330, Inventory and ASC 270, Interim Reporting.  

Following the release of FASB Accounting Standards Update ASU 2013-08, Financial Services—Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements, the Sponsor has re-evaluated whether the Trust falls within scope and has concluded that for reporting purposes, the Trust is classified as an investment company effective January 1, 2014.  The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

As a result of the change in the evaluation of investment company status, the Trust must, from January 1, 2014, present its Bullion assets at “fair value” as defined in Topic 946.

The adoption of Topic 946 accounting changed the presentation of the Trust’s financial statements prospectively from January 1, 2014 (the date of the adoption), the most significant aspects of which are as follows:

1.	Presentation of prior year information has been conformed to the current year accounting standards in the Condensed Statement of Assets and Liabilities and Condensed Statement of Operations.  A Condensed Statement of Changes in Net Assets is required and has been presented for the six month period ended June 30, 2014.
2.	A Schedule of Investments is required as of June 30, 2014.  The Schedule has also been included as of December 31, 2013, for comparative presentation.
3.	Financial Highlights are required for the period ended June 30, 2014.
4.	As the Trust meets the exemption criteria under Topic 946, a cash flow statement is not required for the period ended June 30, 2014.  Since the adoption of the new accounting principle is prospective, the prior year statement of cash flows is still presented.
5.	Required disclosures under Topic 820, Fair Value Measurements, have been included in the footnotes to the financial statements as of June 30, 2014.  December 31, 2013 disclosures have also been included for comparative purposes.

The quantitative effect of the adoption of investment company accounting is presented below:

	Value at				Gain / (loss)
	December 31, 2013		Value at		as a result of
	at lower of cost		January 1, 2014		change in
(Amounts in 000's of US$)	or market value		at fair value		accounting principle
Bullion
Silver	$	13,406	$	13,406	$	-
Platinum	$	9,336	$	9,336	$	-
Palladium	$	3,524	$	3,911	$	387
	$	26,266	$	26,653	$	387

2.2. Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 provides guidance for determining fair value and requires disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The allocated platinum and palladium may also be held by UBS AG (the “Zurich Sub-Custodian”) at its Zurich, Switzerland vaulting premises on a segregated basis. The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the “London Fix” (the applicable fix for each metal of the price of an ounce of such metal performed in London, England by fixing members of the London Bullion Market Association (“LBMA”) or London Platinum and Palladium Market (“LPPM”), as applicable) for each metal held by the Trust. Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis using cost.

Once the value of Bullion has been determined, the NAV is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.

The table below summarizes the unrealized gains or losses on the Trust’s Bullion holdings as of June 30, 2014 and December 31, 2013:  

	June 30, 2014
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,366	$	9,308	$	3,513	$	26,187
Unrealized gain on investment in Bullion		939		836		1,115		2,890
Investment in Bullion - fair value	$	14,305	$	10,144	$	4,628	$	29,077
	December 31, 2013
(Amounts in 000's of US$)		Silver		Platinum		Palladium	Total
Investment in Bullion - cost	$	13,406	$	9,336	$	3,524	$	26,266
Unrealized gain on investment in Bullion		-		-		387		387
Investment in Bullion - fair value	$	13,406	$	9,336	$	3,911	$	26,653

Effective January 1, 2014, the Trust records its investment in Bullion at fair value and recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

Prior to 2014, the Trust recognized the movements in value of the investment in Bullion arising from market declines on an interim basis. Increases in the value of the investment in Bullion through market price recoveries in later interim periods of the same fiscal year were recognized in the later interim period. Increases in value recognized on an interim basis were not permitted to exceed the previously recognized diminution in value. Unrealized losses at December 31, 2013 were crystallized as realized losses, and the average cost of silver and platinum was written down to market value.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee, using the London Fix for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

2.2. Valuation of Bullion (continued)

Fair Value Hierarchy

Inputs

Generally accepted accounting principles establish a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

·	Level 1.	Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.
·	Level 2.	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.
·	Level 3.	Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The investment in Bullion is classified as a level 2 asset, as the Trust’s investment in Bullion is calculated using third party pricing sources supported by observable, verifiable inputs.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Level 2
Investment in Bullion	$	29,077	$	26,653

There were no re-allocations or transfers between levels during the period.

2.3. Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of the Bullion is transferred within three business days of the trade date.

Bullion receivable or payable at June 30, 2014 and December 31, 2013.

(Amounts in 000's of US$)	June 30, 2014		December 31, 2013
Bullion receivable	$	-	$	-
Bullion payable	$	2,076	$	-

2.4. Creations and Redemptions of Shares

The Trust’s contractual obligation is to create or redeem Baskets with Authorized Participants at set prices on each trading day.  These prices are based on an agreed formula published in the prospectus, which is equal to the net asset value of the Trust.  The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce per individual metal type. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000th of an ounce per individual metal type.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The Shares of the Trust are classified as “Redeemable Shares” for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When Bullion is exchanged in settlement of a redemption, a realized gain or loss in the amount of the difference between the fair value on the trade date and the historical cost is recorded through the Condensed Statement of Operations.

Changes in the Shares for the year ended December 31, 2013 is set out below:

	Year
	Ended
(Amounts in 000's of US$, except for Share and per Share data)	December 31, 2013
Number of Redeemable Shares
Opening balance		750,000
Creations		100,000
Redemptions		(150,000)
Closing balance		700,000
Redeemable Shares
Opening balance	$	37,605
Creations		5,041
Redemptions		(6,534)
Adjustments to redemption value		(9,473)
Closing balance	$	26,639
Redemption value per Share at period end	$	38.06

2.5. Revenue Recognition Policy

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion.  Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2014.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Fix for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Fix for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

2.6. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of June 30, 2014 and December 31, 2013.  

2.7. Investment in Bullion

Changes in ounces of Bullion and the respective values for the six months ended June 30, 2014and for the year ended December 31, 2013 are set out below:

(Amounts in 000's of US$, except for ounces data)	Six Months Ended June 30, 2014
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		687,498.1		6,875.1		5,500.0		699,873.2
Transfers of Bullion to pay expenses		(2,059.9)		(20.6)		(16.5)		(2,097.0)
Closing balance		685,438.2		6,854.5		5,483.5		697,776.2
Investment in Bullion
Opening balance	$	13,406	$	9,336	$	3,911	$	26,653
Transfers of Bullion to pay expenses		(41)		(29)		(13)		(83)
Realized gain on Bullion transferred to pay expenses		1		1		2		4
Unrealized gain on investment in Bullion		939		836		728		2,503
Closing balance	$	14,305	$	10,144	$	4,628	$	29,077
(Amounts in 000's of US$, except for ounces data)	Year Ended December 31, 2013
Ounces of Bullion	Silver		Platinum		Palladium		Total
Opening balance		741,050.4		7,410.5		5,928.4		754,389.3
Creations		98,745.0		987.5		790.0		100,522.5
Redemptions		(147,834.5)		(1,478.3)		(1,182.7)		(150,495.5)
Transfers of Bullion to pay expenses		(4,462.8)		(44.6)		(35.7)		(4,543.1)
Closing balance		687,498.1		6,875.1		5,500.0		699,873.2
Investment in Bullion
Opening balance	$	20,883	$	10,234	$	3,770	$	34,887
Creations		2,976		1,531		534		5,041
Redemptions		(3,533)		(2,190)		(810)		(6,533)
Realized (loss)/gain on Bullion distributed for the redemption of Shares		(667)		119		53		(495)
Transfers of Bullion to pay expenses		(112)		(67)		(26)		(205)
Realized gain on Bullion transferred to pay expenses		(15)		5		3		(7)
Realized loss on investment in Bullion		(6,126)		(296)		-		(6,422)
Closing balance	$	13,406	$	9,336	$	3,524	$	26,266

2.8. Expenses

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (the “ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

For the three months ended June 30, 2014 and 2013the Sponsor’s Fee was $42,513 and $47,444, respectively. For the six months ended June 30, 2014 and 2013 the Sponsor’s Fee was $83,614 and $111,856, respectively. At June 30, 2014 and at December 31, 2013, the fees payable to the Sponsor were $14,242 and $13,619, respectively.

2.9. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events existing in the Trust’s financial statements through the filing date.

On May 14, 2014 the London Silver Market Fixing Ltd announced it would discontinue the “London Fix” pricing benchmark for silver after August 14, 2014.  The London Fix has been the benchmark price for the valuation of silver bullion held by the Trust.  The London Bullion Market Association has accepted a proposal by CME Group and Thomson Reuters to operate a replacement silver price benchmark mechanism. Commencing August 15, 2014, CME Group/Thomson Reuters will operate an electronic, volume-weighted, over-the-counter silver bullion market clearing process to establish and publish a fixing price for a troy ounce of silver once each trading day at 12.00pm London time (the “London Silver Price”). 

Commencing August 15, 2014, on each trading day the Sponsor will use the London Silver Price for valuing silver bullion received upon purchase of the Trust’s shares, delivered upon redemption of the Trust’s shares and otherwise held by the Trust.  The Sponsor also expects to determine that the London Silver Price will fairly represent the commercial value of silver bullion held by the Trust and, effective 60 days after the delivery of notice of such determination to The Depository Trust Company, the registered owner of the shares of the Trust, the “Benchmark Price" (as defined in each ETFS Trust’s Trust Agreement) as of any day will be the London Silver Price for such day. 

During this period, no other material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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Significant Accounting Policies (Categorization Of The Trust's Assets) (Details) (Fair Value, Inputs, Level 2 [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Bullion	$ 29,077	$ 26,653