Silver Wheaton carried over 5,195,000 silver equivalent ounces of silver from 3rd to 4th quarter 2012, after reporting record production for the 3rd quarter. This number represents the highest carry over of product ever for the company. Reports are out there that refiners are backlogged all over the world. The company probably produced around 6.5-7 million ounces in the 4th quarter. Is it a negative for the company to have such a high inventory of unsold product?
I am not sure that what you say is in line with their operations. They claim from time to time to enter the futures market for short term purposes. To withhold inventory does not fit their stated goal of maximum cash flow generation.