JPM's Smallest Net Short Silver Position EVER &100 Million+ OZ Reduction in Commercial Net Shorts

Ed Steer's Gold & Silver Daily - Intensely Curious, Focused on Facts

The CME's Daily Delivery Notice is hardly worth mentioning, as only 5 gold and 5 silver contracts were posted for delivery on Thursday. There were withdrawals from both GLD and SLV yesterday.  GLD reported a withdrawal of 87,587 ounces...and SLV declined a rather small 163,102 troy ounces.

Ed Steer's Gold & Silver Daily - Intensely Curious, Focused on Facts

I decided to steal another short paragraph from silver analyst Ted Butler's weekend commentary... "The big 4 [JPMorgan] now holds their smallest net silver short position (less than 32,000 contracts) as far as my records go back [to 2005. Thanks, Turner]. I would estimate that JPMorgan, alone, now holds 16,000 contracts or so net short, their smallest net short position ever, or at least since acquiring Bear Stearns’ concentrated short position in March 2008. Next week’s Bank Participation Report should help further clarify the amount. The two-week reduction in the commercial total net short position totaled 21,000 contracts, confirming and exceeding the 100 million oz. reduction I predicted last Wednesday."

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