"... The short position in GLD increased by 7.89 percent...and now stands at 23.8 million shares, or 2.38 million ounces....and increase of 1.74 million shares.
"As of the end of November, SLV was owed over 596 tonnes of silver...and GLD was owed 74 tonnes of gold. If the shorts had to cover these positions by depositing the required amount of each metal in each ETF, the price of gold and silver would be much higher...especially silver.
"Since the metal wasn't available...or if it was, it wasn't available at current prices...the authorized participants shorted the shares rather than be forced to drive the price up by purchasing the silver and gold in the open market. ..."