Grabbed from the latest Ed Steer's Gold and Silver Daily:

"I would estimate JPMorgan's concentrated net short position in COMEX silver futures to now be around 18,000 contracts (90 million oz). That means we are close to the mid-way mark between JPM's all-time low of 13,000 contracts net short in late December and their recent high-water mark of 24,000 contracts into Feb 28. Back in December, I had predicted that JPMorgan would not increase their silver short position on the next rally, as I had done many times before at important price bottoms. I was wrong this time, just as I had been before, as JPMorgan increased its short position by 11,000 contracts (85%) on the $10+ rally in silver into the end of February. Now JPMorgan has been able to buy back 6000 contracts on the $6 price decline from the recent highs at $37."

"Had JPMorgan not sold short the additional 11,000 contracts (55 million oz) of COMEX silver, the price of silver would have climbed much higher than the $37 mark of late February. How much higher is an open question, but in my opinion, the price would have challenged and probably exceeded the $50 mark, possibly by a wide margin. The reason it's hard to pinpoint a price is because of the profound influence that JPMorgan has on the silver market. For the past four years, JPMorgan has been the short seller of last resort in the silver market and that also makes them the price-capper of last resort."

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