JP Morgan on CNBC: We Don't Speculate in Silver Market

A JP Morgan representative appeared on CNBC on Thursday and told the network that rumors of the firm having a large proprietary short position in the silver market are not true. The firm said that it hedges silver on behalf of its clients and that speculative silver bets are not a part of their business model. They added that internet bloggers who have speculated about JPM having a large short position in the silver market do not understand their business.