Ted Butler estimates that JP Morgan has now reduced their naked short position to roughly 13,000 contracts, or 65 million ounces, which would be The Morgue's smallest naked short position in silver since it picked up Bear Sterns' shorts in early 2008. With the news that the CME is waiving reporting requirements for positions exceeding speculative limits till at least May 31st 2012, we remain skeptical that JP Morgan is in fact getting ready to end its alleged manipulation of silver, but we will find out soon enough on the next price rally. If the net commercial short positions markedly increase from 14,825 into the next major price rally of silver, we will know that nothing has changed, and that The Morgue is certainly not attempting to extricate itself from its massive naked short silver position.
If hard position limits are to eventually become a reality however (obviously only after JPM is able to completely extricate itself from another 9-10,000 shorts to reach compliance), we should see the commercial net short position remain somewhere near 15,000 contracts into the next major price rally in silver.
Silver COT Report - Futures | ||||||
Large Speculators | Commercial | Total | ||||
Long | Short | Spreading | Long | Short | Long | Short |
24,302 | 16,874 | 17,979 | 40,017 | 54,842 | 82,298 | 89,695 |
-1,270 | 4,969 | 803 | 4,388 | -1,092 | 3,921 | 4,680 |
Traders | ||||||
58 | 38 | 43 | 38 | 42 | 121 | 106 |
Small Speculators | ||||||
Long | Short | Open Interest | ||||
18,867 | 11,470 | 101,165 | ||||
-1,067 | -1,826 | 2,854 | ||||
non reportable positions | Change from the previous reporting period | |||||
COT Silver Report - Positions as of | Tuesday, December 20, 2011 |
Silver COT Report - Futures & Options Combined | ||||||
Large Speculators | Commercial | Total | ||||
Long | Short | Spreading | Long | Short | Long | Short |
24,826 | 13,214 | 41,811 | 52,154 | 71,845 | 118,791 | 126,870 |
-1,481 | 4,709 | 4,010 | 6,620 | 1,144 | 9,149 | 9,863 |
Traders | ||||||
73 | 39 | 68 | 42 | 46 | 147 | 128 |
Small Speculators | ||||||
Long | Short | Open Interest | ||||
21,012 | 12,932 | 139,802 | ||||
-1,433 | -2,147 | 7,716 | ||||
non reportable positions | Change from the previous reporting period | |||||
COT Silver Report - Positions as of | Tuesday, December 20, 2011 |