``Naked short bets structurally within $20 to $30 of capitulation, (bullish) geopolitical events unfolding, and a bullish uptrend in the strong physical market.  So what happened?  The polar opposite of what we saw when the funds were long futures at $49 silver and $1,900 gold.  Back then, with the funds naked long, the CME increased margin levels several times in a row to force out long positions.  ''

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