Royal Canadian Mint Purchases 3 Million Ounces of Silver

The Royal Canadian Mint announced Monday the completion of the purchase of 3.1 million ounces of silver to complete it’s IPO of the silver exchange traded receipts fund launched Oct 12th.

The 3.1 million ounces of phyzz was acquired at the spot price of $31.07.oz.

From the Royal Canadian Mint:

After deducting the underwriters’ fee and the expenses of the offering, net proceeds of C$96,050,000 were applied today to purchase an aggregate of 3,097,625.28 ounces of silver bullion on behalf of the initial purchasers of the ETRs at a weighted average spot price of silver of US$31.07 per ounce, resulting in a per ETR entitlement to silver of 0.619525 ounces.

The London silver fix and daily calculation of the per ETR entitlement to silver, the net asset value and the net asset value per ETR will be available on the Canadian Silver Reserves Program website at www.reserves.mint.ca. For reference, the London fix price of silver established by London Silver Market Fixing Ltd. at 7:00 a.m. (ET) today was US$30.91 per ounce.

For those investors who purchased the silver backed ETR’s we have one piece of advice: if you don’t hold it, you don’t own it!