Silver Bullion Trust reported unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company has posted total income was $13,365,010 against $22,762,536 a year ago. Net income inclusive of the change in unrealized appreciation of holdings was $13,245,060 or $2.42 per share against $22,650,274 or $4.14 per share a year ago.