It is simply stunning how this stone-cold market crook and manipulator could get big net long on COMEX inventories alone, right in front of our eyes. You can forget completely my contention that JP Morgan has accumulated another 500 million oz of physical silver apart from its COMEX holdings (a total of 600 million oz) for the purpose of seeing that the bank has nothing to fear on exploding silver prices. But if you do leave out the more than half a billion oz JPM has acquired over the past six years, you would be missing the key feature in silver today.
Over the past 4 reporting weeks, JPM has reduced its silver short position by 19,000 contracts, an amount equal to 95 million oz. I would submit that if there was one single explanation for the silver price drop over the past 4 weeks, it was due to the desire and ability of JPM to reduce its paper short position by as much as it did.
From the largest (most bearish) commercial silver short position in history, barely 4 weeks ago, silver’s market structure is now the most bullish in almost a year and a half. Simply stunning – never has there been such a turnaround in history and only the most nave would think this was coincidental or free market derived in any way.
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