I think having JPM as a custodian of SLV is a major conflict of interest, period. I do not think they can justify a huge short position by claiming they are hedging physical bullion. The very fact that they have achieved concentration in this market, and have the potential to drive trading through their own activity, to me is a breach of anti-trust and price fixing legislation. And if indeed the mythical bullion JPM claims to hedge is the SLV holdings, that is even more conflict and probably illegal activity. I am simply stating that others have claimed the SLV is a hedge for their shorts and some people think that is what JPM is up to.

cheers!

mike