The latest Commitment of Traders Report (COT) indicated a reduction in the total commercial net short position in both silver and gold. Gold saw a bigger total improvement than silver, but what stood out in silver was a notable reduction of 1900 contracts in the big 4 category. Simply put, JPMorgan appears to have been the buyer. The big 4 COMEX silver shorts now hold their smallest net short position since May 2009. At 42,167 contracts (a bit over 210 million ounces) the position is still manipulatively large with much room for more buying back. But the trend is clear – JPMorgan wants out of its silver short position.