Silver Bullion Trust reported unaudited earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported total loss of USD 16,819,835 compared to USD 8,958,577 last year. Net loss inclusive of the change in unrealized appreciation of holdings was USD 16,923,991 or USD 3.09 per unit compared to USD 9,089,174 or USD 1.66 per unit last year. For the six months, the company reported total loss of USD 3,454,825 compared to net income of USD 13,803,959 last year. Net loss inclusive of the change in unrealized appreciation of holdings was USD 3,678,931 or USD 0.67 per unit compared to net income inclusive of the change in unrealized appreciation of holdings of USD 13,561,100 or USD 2.48 per unit last year. Net asset value per unit was USD 15.87 as on June 30, 2012.