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Silver COT (CFTC - Commitment of Traders) for Period 5/23-5/29/2012

Commercials picked up 1,270 longs and a smallish 382 shorts to end the week with 46.49% of all open interest, slightly higher than last week, and now stand as a group at -71,670,000 ounces net short, another huge decrease of over 500,000 ounces net short from the previous week. None of the speculators seem to comprehend what these criminals are up to in their strategy to get out of net short positions.

Large speculators got suckered out of a massive -1,519 long contracts and picked up 720 shorts for a net long position of 42,790,000 ounces, a mammoth decrease in their net long position of well over 10,000,000 ounces from the prior week. They are playing right into the commercial's hand but no one is willing to see what is happening for what it really is and they are greedy so more power to them as they get killed like lambs to the slaughter. I say this every week but no one seems to listen. They will deeply regret these net short positions they are accumulating and they will NEVER be able to sell those positions when the price of silver drops way down because there will be no longs to match them.

Small speculators increased 835 longs and covered -516 shorts for a net long position of 28,880,000 ounces a significant increase of over 6,500,000 ounces net long from the prior week.

The commercials struggled somewhat this week in their effort to work their way out of their massive short positions they have accumulated, however, they did manage to decrease their net short exposure by tremendous long purchases. Every long they buy decreases their exposure.

It now appears that the CFTC commissioners are going to white-wash their investigation into silver manipulation and probably not even institute any position limits except maybe on the speculators as Bart Chilton seems convinced there is no manipulation and the massive short positions are bonifide hedge positions. What rubbish!!

I have been saying for years that Chilton is nothing but a good cop shill of the producer

For your convenience, if you would like to contact the CFTC and express your views to them, I have provided you their phone numbers and I hope earnestly that you fill up their phone lines: http://www.cftc.gov/Contact/index.htm and email addresses as well:
ggensler@cftc.gov Chairman Gensler
bchilton@cftc.gov Commissioner Chilton
jsommers@cftc.gov Commissioner Sommers
Somalia@cftc.gov Commissioner O'Malia
mwetjen@cftc.gov Commissioner Wetjen
dmeister@cftc.gov Director Meister

How long must the there exist no free market for speculators in the COMEX metals? How much ill-gotten gain from speculators, at the hands of these producer/merchants, is enough for these commissioners to act and do their jobs to ensure a free market can counter their massive open interest monopolies?

The only way to beat the producer/merchants at their game is to go long and stay long. Easier said than done when you watch price drop significantly below your buy price, I know.

Silver Commitment of Traders, Open Interest Report

See you next week!


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