in this interview, ted butler speculates that jp morgan has hedged its silver short position on the comex with over the counter derivatives. if he is correct, they have spread the risk to other funds or institutions (none of which have a prayer of finding actual bullion to cover those shorts) so he feels jp morgan may not have any incentive to prevent a short covering rally in silver.

once again he said he expects the exemptions from position limits on silver to be removed, just as the cftc plans for the agricultural commodities:

http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2009/8/21_Ted_Butler_on_the_Metals_Market.html