J.P. Morgan increased its COMEX silver short position by 6,000 contracts to 25,000 contracts (125 million ounces) during the last Commitment of Traders reporting week. Over the last three months, prior to this report, the bank had decreased its short position by 11,000 contracts to 19,000 contracts. It now appears that JPM is back to digging in its heels with regard to its grotesque and manipulative silver short position. This could lead to some fireworks in the coming weeks.
Butler describes the new information, which was gleaned from the Commitment of Traders report and the Bank Participation Report, as being “almost beyond comprehension.” J.P. Morgan is now short 25% of world silver production. He states that “so egregious was this latest increase in JPMorgan’s short position that I am inclined to think that it may have been done on an unauthorized or rogue trader basis.