Shanghai Futures Exchange - What Is Going On?

While JP Morgan accumulates silver, the Chinese do the opposite (or something different is happening):

source: Simple Digressions

Since the beginning of March the Shanghai Futures Exchange (SFE) has reported silver outflows. What is more, last week as many as 4.0 million ounces of silver were withdrawn from the SFE vaults (spot the red bar on the lower panel of the chart).

Now the question is: how to interpret these changes?

There are two possible answers:

• similarly to gold withdrawals, silver withdrawals are a sign of silver accumulation by the Chinese
• the withdrawals are an indication of the decreasing demand