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JPMorgan Reduces Position in U.S. Silver Futures, FT Reports

Dec. 14 (Bloomberg) -- JPMorgan Chase & Co. reduced a large position in the U.S. silver futures market, the Financial Times said, citing an unidentified person familiar with the matter.

The decision was made to try to deflect public criticism of its dealings in silver, the FT said. The bank’s silver positions would from now on be “materially smaller” than in the past, according to the paper. Two calls and an e-mail to Jennifer Zuccarelli, a New York-based spokeswoman at JPMorgan, were not immediately answered outside of office hours.

Comex silver surged 77 percent this year, extending the 49 percent rally in 2009. Prices climbed to a 30-year high of $30.75 an ounce on Dec. 7 as investors sought precious metals as a store of value.

To contact the reporter on this story: Chanyaporn Chanjaroen in London at cchanjaroen@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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