COT Report Shows MASSIVE Silver Short Covering [Bix Weir, 27 April 2011]

The Commitment of Traders Report was just released by the CFTC and as many have suspected the Bad Guys used the latest silver slams to cover a serious amount of short positions.

Here's the report: http://www.cftc.gov/dea/futures/other_lf.htm

In the Bad Guy category (Producer/Merchant/Processor/User) the short postions were decreased by 5,209 contracts or over 26M ounces in a single week! As the cutoff was last Tuesday there is likely even more liquidation.

For all those stating that the silver bubble is about to burst it sure doesn't look like the Banksters believe that as they would have increased their shorts but INSTEAD THEY COVERED 26M SHORT OUNCES IN A WEEK!

Next Friday we get the Bank Participation Report for the month of April which should shed further light on the current position of JP Morgan and friends.

If they are the one's covering you can expect fireworks in the immediate future. 

The games continue!

Bix Weir [www.RoadtoRoota.com]