Oh. Another thought is GLEN might be in deeper trouble than surfaced. While SLW is only interested in SLV/GLD, the mines it invested in are typically from other type of metals like copper. If the price of primary metal continue to go down, miners won't be able to profit and operate. If miners go down, I don't see how SLW won't be impacted. That's probably the one risk it takes.
SLW is not a pure SLV play anymore. Its growing its GLD weight that has much lesser profit margin. You can see the cost of revenue has increased significantly in the past couple of years. I have been puzzled and questioned the move. My take is that the MGT is getting too greedy to grow revenue and expansion cuz the mgmt doesn't have equity stake in the company. Their incentive was growing price. Their model is basically a lender's and earn interests from the price premium of metals. Nothing wrong with the model. All I can think of is that its capital was borrowed too. It's exposed to the same if not more financial risk shifted from the miners. So I don't understand when people say SLW is not related to miners. Maybe someone can explain better to me. On top of that, it now has to pay hefty taxes for the past and future "interests" it earns.