DC: The current silver short position in already at historic highs, isn’t it? TC: It is extremely short. We’ve always known there are far more futures contracts outstanding for silver than there is physical silver. The commitment of traders (COT) numbers are certainly important, but they’re harder to use as an indicator because there’s so much deception going on. In the physical market there’s a shortage for sure. It hasn’t been this out-of-balance since 2008.