Friday, February 10, 2012

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