JP Morgue and HSBS Increased Their Silver Short Position By Another 2.28 Million Oz in June!

A month ago, we informed readers that the CFTC's bank participation report indictated that 4 large US banks (likely The Morgue and HSBS) increased their silver naked short position by 10 million ounces in May.
The CFTC's July report is out, and it shows that these same 4 US banks added on another 456 short contracts in June, or another 2.28 million ounces to their short positions.
The 4 large US banks' short position is nearly back to April levels, at 23,084 contracts, which equals a short position of 115.42 million ounces of silver. 
Compare this with today's updated CME total (deliverable and eligible) COMEX silver stocks of 100 million ounces, and it is clear that our bankster friends will soon have a real problem on their hands. 
As Crimex registered silver supplies are still around a mere 28 million ounces, this means that the cartel naked short position in COMEX silver (this does not count the LBMA or OTC derivatives shorts) is still over 4 times TOTAL DELIVERABLE COMEX SILVER INVENTORIES!

We will continue to keep a close watch on these reports for any signs that the shorts are again being squeezed and forced to cover. 
Look for a short squeeze to next appear in the $45-$60 silver range, which should result in similar action to late April's short squeeze.

                     BANK                   LONG              SHORT          OPEN INTEREST
  DATE        

07/05/11 CMX SILVER U.S.            2,413  2.2 23,084 20.7    111,251
                    NON U.S.        2,565  2.3  3,216  2.9
                                                          


06/07/11 CMX SILVER  U.S.                   2,302  1.9     22,628 18.7     121,191
                     NON U.S.               2,946  2.4      2,880  2.4

05/03/11 CMX SILVER  U.S.          4        1,783  1.4     20,613 15.6     131,907
                     NON U.S.     12        2,873  2.2      6,481  4.9

04/05/11 CMX SILVER  U.S.                     825  0.6     25,412 17.8     143,013
                     NON U.S.               2,882  2.0      7,647  5.3


Click here for the CFTC's July Bank Participation Report: