Yesterday I asked this question: What is going on with silver? The question is still open but let me show a probable solution.
This year (till April 19) the SLV silver holdings decreased by 15.0 million ounces. However, in the same period JP Morgan has added as many as 19.9 million ounces of silver to its COMEX holdings. Interestingly, all that silver added by JP Morgan belongs to the category called "Eligible" (held by JP Morgan on its own account). In other words, JP Morgan increased its silver holdings (belonging to JP Morgan and/or its customers only) by 19.9 million ounces.
Summarizing, it looks like this bank is withdrawing silver from SLV to increase its holdings at the COMEX.
As a result, the thesis that something strange is going on with silver is not correct. Quite opposite, it looks like the silver, similarly to gold, is heavily accumulated and the main entity doing it is JP Morgan.
source: Simple Digressions