This could also just be a trade between the right and left pockets of the same person (or IB). Chart painting at its finest. Why? No clue. Don't care. My guess is the paper seller had knowledge of a paper buyer who would not be standing for delivery and the entire exercise will cost maybe 10 or 20 million FRN when said and done. A small price to pay to create such huge market disruption.

I would like to know if those were all "new" paper contracts or was it simply a massive rollover? A lot of info is still unknown (or untold) that would go a long way to explain this trade. I doubt it was a failed raid or other attempt to knock silver down. Those moves take place in the thinner trading platforms of the day typically.