Ted Butler: Silver Commercial Shorts Almost Completely Exited

Silver commercial net short update (copped from Ed Steer's newsletter) by Ted Butler:

In silver, the Commercial net short position came down by 1,900 contracts, to a new low total of 4,100 contracts. Four months ago, this total commercial net short position was 51,900 contracts (Feb 5th), so the commercials have bought nearly 48,000 net silver contracts on the COMEX, or the equivalent of almost 240 million oz, on a price decline of $13 (40%). By my calculations, I think JPMorgan may have accounted for as much as half (120 million oz) of the total commercial amount bought. I‘d like to see anyone explain...with a straight face...how that could have occurred without prices being manipulated lower. - Silver analyst Ted Butler...29 June 2013