Morgan quietly cuts silver futures position way back, FT reports

``JPMorgan has quietly reduced a large position in the US silver futures market that had been at the centre of a controversy about its impact on global prices for the precious metal. The decision by JPMorgan was an attempt to deflect public criticism of the bank's dealings in silver, a person familiar with the matter said. The person added that the bank's position in silver would from now on be "materially smaller" than in the past.''