Clarification to above: "So while LBMA Silver (price source of ETPMAG) closed 1/2/21 at US$29.585 (A$37.98), ETPMAG closed at A$35.45 (6.66% lower)."
Further to it, the description say's it reflects the the spot price minus management fee on commsec and the Fact Sheet. On the PDS document, it says that it updates only ONCE A DAY AT 12PM LONDON TIME.
From PDS: "The price is set daily at 12:00 (London BST time) in US dollars"
From Commsec: "ETFS Physical Silver is intended to provide a return equivalent to the movements in the silver spot price less the applicable management fee."
From Fact Sheet: "ETFS Physical Silver Securities are traded on exchange with a price that is based on the spot price of silver multiplied by the applicable metal entitlement in Australian dollars."
