Silver Bullion Trust reported unaudited earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported total loss of $30,747,871 against $16,819,835 a year ago. Net loss inclusive of the change in unrealized appreciation of holdings was $30,837,813 against $16,923,991 a year ago. Net loss per unit was $5.65 against $3.09 a year ago.

For the six months, the company reported total loss of $34,866,738 against $3,454,825 a year ago. Net loss inclusive of the change in unrealized appreciation of holdings was $35,073,304 against $3,678,931 a year ago. Net loss per unit was $6.42 against $0.67 a year ago. Net loss for both the three and six-month periods represents the change in unrealized appreciation of silver holdings. Net asset value per unit as at June 30, 2013 was $11.06 against $17.48 as at December 31, 2012.

The company announced that Mr. Philip M. Spicer, a founder of Silver Bullion Trust and the Chairman of the Board of Trustees since its inception, retired on July 23, 2013 as Chairman and a Trustee. In conjunction with this change, the number of Trustees has been reduced from six to five and the President, Mr. J. C. Stefan Spicer, has been appointed as Chairman of the Board of Trustees.