Commercials Increase Net Silver Shorts 71 Million Ounces in Last 3 Weeks! COT Report 2/10/12

So much for the theory that JPM was finished manipulating silver, and was attempting to rid itself from its remaining short silver position.
The commercials increased their net short silver futures position another 5,921 contracts (29.6 million ounces!) in the week ending 2/7/12.
In the last 3 weeks, the commercials have increased their net short silver futures position from 20,382 net shorts to 34,650 net short contracts.  This is an increase of 14,268 contracts, or an addition 71.34 million ounces of net short silver positions in just 3 weeks!

As we mentioned this morning, the 1 and 2 month silver lease rates have suddenly plunged into NEGATIVE territory as well, which is very ominous for the paper silver price in the near future. Combine this with the CME Group's slashing of gold and silver margins likely to entice speculative longs back into the futures market, and a 71.34 million increase in the commercial net short position in 3 weeks (likely mainly of the naked variety courtesy our friends at The Morgue), and all the makings are in place for another massive paper raid.

Silver COT Report - Futures
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
32,239	8,652	20,019	31,795	66,445	84,053	95,116
3,774	-722	415	-1,898	4,023	2,291	3,716
Traders
69	31	36	33	45	123	93
	Small Speculators
	Long	Short	Open Interest
	21,955	10,892	106,008
	1,970	545	4,261
	non reportable positions		Change from the previous reporting period
COT Silver Report - Positions as of				Tuesday, February 07, 2012

Silver COT Report - Futures & Options Combined
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
33,121	6,471	47,462	47,078	85,929	127,661	139,863
4,541	-581	2,957	-1,091	5,534	6,407	7,910
Traders
87	28	61	36	47	141	120
	Small Speculators
	Long	Short	Open Interest
	25,566	13,364	153,227
	2,310	807	8,717
	non reportable positions		Change from the previous reporting period
COT Silver Report - Positions as of				Tuesday, February 07, 2012