I've heard some of them buy options (derivatives) to offset possible price drops
but who knows how much of those options they buy? Nobody gonna tell you.
I just recently got interested in PMs again and is still figuring stuff out. Trying to write some scrpts to log behavior of some major actors on the market, convert them into charts that I can understand ....
buy the way, It appears that APMEX falks have just "found" few more SBUFS:
Apmex 16.72 over_spot: 0.99 ( 6.3% ) inventory: 730