JP Morgan is infamous among silver investors for its big short positions. It was even sued for manipulating the silver market, but the lawsuit failed.
According to an article appearing on Market Oracle, JPMorgan had virtually no silver in its warehouse in May 2011. But now, the bank has accumulated about 37.7 million ounces of silver which in today’s market is worth about $830m. Across the market as a whole, short positions stood at nearly 260 million ounces of silver in February of this year. Now, according to Sprott, short positions have fallen to less than 20 million ounces. This is the smallest short position by commercial traders in more than a decade.
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