It appears that Sprott has drawn down the cash levels in the Silver trust to add additional bullion to the funds holdings.
The Silver Trust spent approximately $23,000,000 of their cash to buy 680,104 ounces of silver bullion or about 33.82 per ounce.
The Trust typically does not operate with cash levels much lower than this. They need to pay all the expenses of the fund's administration including record keeping and storage fees.
I suspect that they may act to raise cash levels, probably by doing another follow on offering within the next three to four months. They will probably wait for the premium to expand a bit first, depending on how they view the physical market for bullion shaping up.
