Wheaton Precious Metals - Never knowingly undersold

Wheaton Precious Metals’ (WPM) Q317 results were characterised by improvements in production relative to the previous quarter, but a 24.2% under-sale of silver relative to production and a 13.9% under-sale of gold. As a result, financial results were very close to those in the preceding quarter. However, at least one quarter of inventory build is normal in a typical WPM year and allows for a bounce when it is then ‘flushed through’ in Q4. Once again, gold sales exceeded silver sales, in this case, in the ratio 52:48 (cf 46:54 in Q217).