FWIW, I read somewhere that the Wynter Benton group of ex-JPMorgan traders has indicated that they will not allow JP Morgan to smash the price of silver below $38. They have put their derivative positions in place for that purpose, so there may be a bid in place.

If JPM cannot escape their settlement obligations by sending the market to the downside, maybe they will look for an escape to the upside, i.e. they will drive the price fast up to the point where their long derivatives balance or outvalue their short positions. At a higher price physical silver should become easier available, so if they have to settle in physical they may have access to it in that case. Pure speculation on my behalf ofcourse.