jp morgan and hsbc expect silver has bottomed

In the CFTC Commitment Of Traders commentary just released by Gene Arensberg today, he notes that the largest commercial shorters of silver have now FALLEN TO THEIR LOWEST SHORT POSITION IN SILVER IN 8 YEARS.

http://www.gotgoldreport.com/2011/10/comex-commercial-silver-net-shorts-lowest-in-eight-years-.html

This he notes probably means that the banks who have been the largest net shorters of silver over the last decade now do NOT think that silver has much room to fall if at all.

An outside possibility exists that the CFTC have themselves instructed the banks to reduce their net short position but this is unlikely. In a leaked CFTC draft ruling on position limits from Sept 30, it has been noted that the CFTC will probably pull way back from their strong January 2011 proposals.

http://stopgamblingonhunger.com/?p=1082

In other words if the draft ruling proceeds, banks have had their way with four of the five CFTC Commissioners confirming the regulator is in fact owned and run by the banks.

Bart Chilton is the only Commissioner who has supported strong reforms and despite not issuing his own statement last month as promised, has retained his integrity and i am predicting he will be the only Commissioner left standing when the silver scandal is prosecuted.