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Ted Butler: The cat's out of the bag
By Ted Butler
Butler Research, Jupiter, Florida
Monday, February 8, 2021
In the latest Commitment of Traders report, the issue I have nearly beaten to death for decades -- the concentrated short position in Comex silver futures -- took center stage to a degree that had me check and recheck the data.
It seems the four largest shorts in Comex silver doubled down and added more new shorts in the reporting week ended Tuesday than in any other week (save one) in the last few years. The four big silver shorts added an astounding 6,672 new shorts (33.4 million ounces).
... Dispatch continues below ...
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This is the largest concentrated short position by the four largest traders in 13 years where JPMorgan wasn't one of the four.
If you are looking for a reason why silver was capped at $30 and declined in the face of visible physical shortages in the retail market and extreme tightness in the wholesale (thousand-ounce bar) market, then look no more. The price capping was caused by concentrated short selling on the Comex and highly illegitimate and easy to prove selling in the silver ETFs. ...
... For the remainder of the commentary:
https://silverseek.com/article/cats-out-bag
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