"If the global silver prices were falling, this would have made JP Morgan a substantive profit. But as of now, JP Morgan is estimated (as per Guardian) to be around 3.3 billion ounce short. To cover these positions at the present prices, it would take them around three months."

There isn't 3.3 billion ounces available period! At any price. CRIMEX claims to hold around 100 mil oz more than half owned by private entities, not crimex them selves. Most likely the silver crimex clais to won is also claimed by at least one other entity. LBME is operating in the fractional reserve mode and I doubt that they could cough up .3 Bil oz, let alone 3.3bil oz. What is this guy thinking?

There is no way to cover this short position with silver period, let alone at anything in the same order of magnitude of today's prices.