12-14-2010, 09:00 PM
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Atlantic City Race Course
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Join Date: Jul 2006
Location: Suddenly
Posts: 4,828
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JP Morgan Covering Silver Short Position
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Quote:
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NIA estimates that over the past 30 days, JP Morgan has covered approximately 4,000 silver contracts, which has corresponded with about a $4 per ounce upward move in the price of silver. We estimate JP Morgan to still be short approximately 26,000 silver contracts or 130 million ounces of silver, which equals about 18% of worldwide annual silver production from mining of 709.6 million ounces. If JP Morgan covers their entire silver short position and the price of silver was to continue rising by $1 for every 1,000 silver contracts that JP Morgan covers, silver would rise to $56 per ounce.
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http://www.inflation.us/jpmorgancoveringsilver.html
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