Interestingly, this month, despite a 3.6% increase in silver prices, as many as 8.6 million ounces of silver were withdrawn from SLV vaults (and the 2017 cumulative flow is still negative - look at the lower panel of the chart).
However, JPM Morgan warehouse still reports silver inflows and since the beginning of 2017 as many as 33.7 million ounces of silver were added to the bank's vaults. It is a huge amount of silver. For example, Fresnillo plc, the largest world's primary silver producer delivers around 55 million ounces of silver in annual production.
On the other hand, in August two gold trusts, GLD and IAU, added big amounts of gold to their vaults (look at the row indicated by the red arrow on the chart below):
So, generally, August should be a good month for gold bugs. Particularly, this day (August 29) seems to be very interesting for precious metals investors - it looks like gold is breaking above its very strong resistance.
However, in my opinion, to get let reliable confirmation of this move we should wait for a few days...
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