Silver Still Rapidly Hoarded

Despite weak silver prices, this month  the metal is aggressively accumulated by SLV:

source: Simple Digressions

As the chart shows, during the first two weeks of May as many as 12.1 million ounces of silver have been added to SLV vaults. It is a vast amount. For example, in 2016 the largest world's primary silver producer, Fresnillo plc, delivered 45.7 million ounces of silver.

In theory, at the current rate of 24.2 million ounces per month, SLV would have accumulated 290 million ounces of silver within one year (six times more than Fresnillo's annual production).

The question is: will that heavy accumulation have a positive impact on silver prices?