Same reason that gold and slver are illegally shorted...not-for-profit selling.

Excerpts From Ed Steer's resources today:

"Needless to say, I wasn't overly happy with this report, because what it tells me is that this rally in both gold and silver is going to end the same old way as the last one. There's nothing in this COT report, or the one before that, that indicates that JPMorgan et al are going to let this market do what it really wants to do. Sure, we're going to get some really good rallies in the weeks and months ahead...but eventually it will end in the same way as every other rally has...a smack-down out of the blue...and probably in the thinly-traded New York Access Market, or in the Far East.

Silver analyst Ted Butler had his weekly review posted on his website on Saturday...and here are a couple of free paragraphs...

"Recently, I have been suggesting the two things to watch is if JPMorgan increases its crooked concentrated short position in COMEX silver and if the short position in shares of the big silver ETF, SLV, grows. JPMorgan did increase its COMEX silver short position a couple of weeks ago...and that circumstance must be closely monitored. The new short position in SLV has been released...and it shows a sharp increase as well. As of Oct 31st, the short position in SLV grew by 4 million shares/oz to just over 24 million shares. The short position in SLV now stands at 7.5% of all shares outstanding, an outrageously large amount."

"This means that 7.5% of all the shares in SLV have no silver backing, in violation of the prospectus, because the shorts don’t deposit silver. Such a large percentage of shares shorted represents fraud and manipulation in a fund that promises that metal backs each share. Worse, there is no data available, to my knowledge, as to the identity of the short sellers of shares. That means it could be that JPMorgan is the big short in SLV in addition to being the big short on the COMEX. That is crooked beyond description. I still own shares in SLV, but I am fed up with the sponsor of this trust, BlackRock, for allowing this fraud and manipulation to continue. BlackRock, the world’s largest money manager, pretends to be above all this, just like the CME and JPMorgan. Nothing is ever these big firms’ responsibility. I am starting to think that BlackRock may be as crooked in matters related to silver, as are the CME and JPMorgan."

And as I've been saying for many years, dear reader...I wouldn't touch either GLD or SLV with a 10-foot cattle prod.