By Silver Shield
May 2nd, 2011
The CFTC released it’s commitment of traders report for the last Monday’s Silver Smack Down. And it shows the big guys used the raid to cover -5,209 short contracts (each contract is 5,000 oz. of silver) which is a little more than 26 million ounces of short silver. I wonder how much they covered with a much larger raid last night?
This is a huge development. As soon as these guys either cover their shorts or they fail to deliver the physical metal it will be game over. (Remember we have less than 38 million ounces in the registered inventory of the CRIMEX.
World wide silver production is 735 million ounces and the banks are still short 258 million ounces or 51,644 contracts. They have a long way to go.)
The big question is, if we are in a blow off, parabolic, unsustainable top, why are the banksters covering their shorts?
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