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Eric Sprott, outgoing CEO of Sprott Inc.

Eric Sprott and Sprott hedge funds have sold trust units in Sprott's Physical Silver Trust . The trades were made in the last two weeks of April when the price of silver peaked.

The trades were reported in a document published by the Securities and Exchange Commission. In total, 1.6 million trust units were sold at an average price of about $21, making the proceeds worth about $34-million. The selling unitholders were Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II, Sprott Asset Management L.P. and Eric Sprott.

The shares were purchased in the trust's IPO for $10 each.

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Sprott announced plans to launch the Sprott Silver Physical Trust in July of 2010 and the initial public offering closed in the fall with very strong demand. The total deal size was $450-million (U.S.). Eric Sprott is trust's primary portfolio manager.

It's unclear at this time why Sprott has sold the shares. A request for an explanation has been put in with Sprott.

Regardless of the reasoning, the timing looks quite prescient, considering that the price of silver has come off in the past few days.

Hat tip to kid dynamite on StockTwits for catching the SEC document.

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