The way I read it is, it's a short positioning on the silver...

The way I read it is, it's a short positioning on the silver price in US$.
It's a cheap and easy way to achieve said positioning without exchange rate hedging.
This isn't the first time this type of trading has occured in SVL and more often than not with uncanny ability to forecast a sizable drop in the silver price. However of late, say the last six months, the drop has not even lasted till the next day, our time, leading to a dud trade.
With any luck there's a solid floor under the silver price and will only lead to dud trades of this type.

Then again I might have a vivid imagination?