Someone apparently has an outsized naked short position that needs to be covered now that the CFTC has defined the word swap, meaning JPM & friends have 60 days to be in compliance with the CFTC's position limits in spot-month contracts.
In August, we suggested readers prepare for a correction in gold after JP Morgan called for $2,500 gold by the end of 2011. These same geniuses are now "surprised" by gold's recent move up, because Gold "IS NOT A SAFE HAVEN".
Blythe also allows us the privilege of examining her silver views in The Morgue's latest Commodities Update: Phase Shift
JPM Phase Shift