The data indicate that JP Morgan has been working overtime to take care of business and it has been remarkably successful in doing so. Just three weeks ago the silver market structure was extremely bearish, the most bearish it had been in history. Today, JP Morgan is in its best position ever for a silver price moonshot. Perhaps the crooks at JP Morgan and the CME Group can manipulate silver prices even lower to reduce JPM’s paper short position even more, but it seems like we are at the point of picking up nickels and dimes in front of a steamroller in waiting out the eventual silver price explosion.
And make no mistake, this mostly concerns silver, with gold and other commodities playing a secondary role. I only detect JP Morgan’s massive presence in silver. If the bank holds significant physical long or paper short positions in other commodities, it doesn’t show up in the data I monitor – at least, nowhere near as clearly as it shows up in silver.
At some point — and hopefully very soon, JP Morgan will likely morph from being the great silver price suppressor to the great silver price booster. Remarkably, JPM has already accomplished the hard part – coming to buy and own 500 million net silver oz (600 million physical oz minus 100 million oz of paper shorts) over the past six years. All it has to do to cause the price to rocket higher and benefit itself more than anyone else is, quite literally, nothing. JP Morgan not adding to paper short positions on the next rally will allow silver prices to float and soar higher without limitation. And even though JPMorgan has always added to silver short positions in the past, considering just how advantageous a big rally would be to the bank at this time, the only sane bet is that JPM will let silver fly
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