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Silver Wheaton Corp. Message Board

  • The Commitment of Traders Report numbers were somewhat muddied by the fact that there were big deliveries in both gold and silver during the reporting week, and that certainly affects the numbers in the Commercial category in both metals.

    But, as Ted Butler has already pointed out---and as I mentioned in yesterday's column---these numbers are already "yesterday's news" because all, or nearly all of the short positions that were covered on Monday and Tuesday, were put right back on when JPMorgan et al engineered that price decline in all four precious metals on Thursday.

    Here are the numbers, and there was one disappointing revelation.

    In silver, the Commercial net short position blew out by a surprisingly large 5,367 contracts, or 26.8 million ounces. The Commercial net short position now stands at 87.7 million troy ounces.

    The technical funds covered short positions, and rather than selling long positions to offset them, the commercial traders bought all the short positions offered. Ted says that the raptors [the Commercial traders other than the 'Big 8'] were barely involved in action during the reporting week---and it mostly involved the 'Big 8' traders. The unhappy thing that Ted Butler discovered was the JPMorgan increased their net short position by about 3,000 contracts, and now hold a short-side corner in the Comex silver market of approximately 13,000 contracts. That's 65 million ounces, which represents a hair under 75% of the entire Commercial net short position in silver. How's that for concentration?

25.01+0.16(+0.64%)Aug 29 4:04 PMEDT

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