Comment Text:
The CFTC is in violation of the law...Congress has mandated that the CFTC must implement and enforce position limits in the precious metals markets. The CFTC has willfully and in collusion with the several large banks/investors allowed the manipulation of the Silver market and refused to implement the passed legislation mandating the implemenatation of position limits in the Silver market.
The limit in Silver should be no more than 1,000 contracts to be in line with all other commodities.
The current proposal falls way short of stopping manipulation due to concentration.
The coming chaos in the silver market is 100% due to the poor enforcement of commodity laws by the CFTC.
The delay in the silver investigation and enforcement has made investors lose all faith in the CFTC.
The position limits rule that is implemented must NOT allow any grandfathering or exemptions for any party/individual/corporation/bank/investor/etc for any reason! To allow any grandfathering or exemptions would prove the inescapable conclusion that the CFTC is colluding with a number of large investors and banks to market rig the prices of commodities for the benefit of those parties and themselves.
The CFTC's refusal to comply with the law shows it has failed it's mandate and as a body and individually must be criminally charged and prosecuted.
