Approximately 11,293 troy ounces of gold was redeemed from the Sprott Physical Gold Trust in return for 1,365,920 units since the last time I updated this on October 25th.  That prior chart is including below the current.

You may make what you will of this, but the fact remains that no one is redeeming units for silver.  I think this is part of the general trend of gold leaving Western ETFs and Funds and heading to Asia. 

Or perhaps the Chia Pet people are diversifying their product offerings.

The cash balance in the Sprott Physical Silver Trust has gone more negative, as short term payments are most likely delayed, or short term loans taken.

It appears that another sale of silver bullion to raise cash for the fund may be in the works, pending the outcome of their acquisition proposals perhaps.

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