There were reports out today that JP Morgan has now admitted to having
their massive naked short position in silver and is taking steps to
reduce it. According to the Financial Times in London, "JPMorgan has
quietly reduced a large position in the US silver futures market which
had been at the centre of a controversy about its impact on global
prices for the precious metal." According to a person familiar with the
matter, "The decision by JPMorgan was an attempt to deflect public
criticism of the bank’s dealings in silver." JP Morgan said in a
statement, "It is absolutely incorrect to say or imply that the Nymex,
CFTC or any other exchange or regulator has instructed or asked us to
reduce our position."
NIA, along with the Gold Anti-Trust Action
Committee (GATA), has been at the forefront of helping expose JP
Morgan's silver price suppression scheme. Over a year ago on December
11th, 2009, NIA declared silver the best investment for the next decade
at $17.40 per ounce. NIA said in its December 11th article, "It's not a
coincidence that the day silver reached its multi-decade high of over
$21 per ounce in March of 2008, was the same day Bear Stearns failed.
Bear Stearns was a holder of a massive short position in silver."