Article: JP Morgan Covering Silver Short Position, Says NIA

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JP Morgan Covering Silver Short Position, Says NIA

National Inflation Association, 14 December 2010

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.”

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