Saw that AG, I find it hard to believe tulving was going long in the market when silver was continually on the decline thru the problematic last 12 months of his tenure, if anything he should have made a killing as prices were declining and he was kiting money by delaying orders. If he went long options he was a complete idiot.
So the house of cards starts to fall around August, 2011. Perhaps rather than just sell it all back, he tried to keep onto it all as long as he could, paying margin payments every so often (which would come from customer funds, which would then cause further delays).
And in or around April, 2013, when everything fell apart, it may have been due to a last-ditch effort to fix things (such as COMEX options, or some new dealings with A-Mark, perhaps 0% down deals).
Remember, Hannes was likely not thinking "My investment in silver/gold is going down! I'd better sell and go short.", instead he was likely thinking "How do I keep my inventory? Without it, I could end up losing my business."