Morning Mike

As you and I hae speculated in the past, this could well be JPM doing their damnest to protect what ever is left of the silver that they have. If they can keep the spot price lower than the in the money option call strike prices, they can settle the option for cash and the holder woul be motivated to accept the cash and go to the spot market for physical. This is a win for the option holder getting a good price on physical and getting a very good return on his options.

Unfortunately it helps bail out JPM by allowing them to just shell out the toilet paper they have laying around in infinite quantities and put off the day of reckoning when they run out of physical.