Comment Text:
I urge you to establish a position limit of 1,500 contracts on short sales of silver.
The 5,000 contract limit proposed by staff is much too high, in my decided opinion. It would not inhibit those deep-pocket criminals who have manipulated the price of silver for way too long. A 1,500 contract limit, on the other hand, will not interfere with those businesses which enter the market for legitimate hedging purposes.
Please consider this: when the forces of supply and demand finally overwhelm this illegally-depressed silver market (which event we all know is inevitable) and drive the price skyward, there will be much weeping and gnashing of teeth. There will be much scrutiny by the press, the lawmakers, and the litigators. When this Battle of Armageddon comes to pass, then you, as servants of the public with lawful duties and responsibilities to carry out, want to be found on the side of the angels.
