Comment Text:
December 15, 2010
Dear Mr. Gensler:
Congratulations on your becoming Chairman of the CFTC. Among small investors, like myself, there is considerable hope that you and your staff will bring fairness to the silver market.
Specifically, I am writing to support the limits advocated by Ted Butler, i.e., a 1500 contract position limit in silver, or the adoption of the 1% of world production formula. Many small investors, like myself, believe the silver market has been manipulated as has been articulated by Mr. Butler.
As you know, the silver market is an auction, and according to auction theory, the market can only work properly if there is an absence of fraudulent conduct. Many small investors, like myself, believe that steps must be promptly taken to bring fairness to the markets particularly the silver market. Small investors know that the large banking establishments have been working behind the scenes to pressure the CFTC to delay taking the steps advocated by Ted Butler and other investors in silver. With the development of the internet, the field of play has changed. Individual investors now know that something is not right in the silver market, and without correction the market will remain an unfair auction. There can be no further delay. No further data in needed. The market is calling for fairness now. Any delay or the adoption of exemptions for large banks will send the wrong message to investors, i.e., that big banks have succeeded in maintaining the current defective regime. A fraudulent market is inconsistent with the American spirit. I represent hundreds of other investors who have not taken the time to write you but, according to internet posts, are calling for timely corrective action in the silver market.
