JP Morgan Covering Silver Short Position

Dec. 15, 2010 09:45AM PST

The National Inflation Association reports that JP Morgan has now admitted to having manipulated silver price and is taking steps to reduce it.

The market news is quoted as saying:

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.”