As I suspected there were additional funds that were received by the Sprott Physical Silver Trust that were more recently booked as bullion and cash. These came from the underwriters take on their allotment as stated in this Nov 30 press release which updated the completion release of Nov 14.
"Including this exercise of the over-allotment option, the gross proceeds of the Offering were US$310,011,250, consisting of 23,575,000 Units offered at US$13.15 per Unit."
In a separate statement at another venue, Eric Sprott said that if there are any 'fails to deliver' in their bullion purchases, down to the last bar, they would announce them.
There was a two step bear raid on the metals this morning that was a bit fake, and provided a secondary buying opportunity for shorter term traders, particularly in silver.
I bought a largish position in silver during the opening ten minutes and added a little to gold. I am hedged.
I suspect that the US will go over this mythical 'fiscal cliff' and that the markets may lean on policy makers to attempt to get the things that they want, in the manner of TARP. So this *could* mean a lower stock market for a period of time, with pressure on other assets. But the negotiations are still in the early dancing stage, so it is hard to see how this might play out yet in detail. I like the probability of a dip over 'the cliff' which is largely theatrical.