JPM's 'hedging' is really prop trading.
I suspect strongly that this is the basis of their 'silver hedging' as well.
"Quite a lot of what passes itself off as dialogue about our society consists of people trying to justify their own choices.  Let me propose that if your beliefs or convictions matter more to you than people—if they require you to act as though you were a worse person than you are—you may have lost perspective."
Timothy Kreider, We Learn Nothing, 2012