JP Morgan, apart from being an active trader in precious metals futures, has been also aggressively accumulating gold and silver bullion this year. Look at the bank’s precious metals holdings at the COMEX:
 

Interestingly, the bank has been particularly active in April, adding 380.8 thousand ounces of gold and 6.8 million ounces of silver to its COMEX vaults. It looks like this big speculator wants to hedge itself against something big.