Comment Text:
Dear Sirs;
I have written you previously and need to do it again. I have followed the Silver market for 41 years, from the beginning of my time as a stock and commodity broker in 1971.
Position limits are used in all other commodities to prevent price manipulation. The fact that a few banks can "control" more than 6 months world supply of silver is de facto manipulation. This is further indicated by the 25, or so, lawsuits against JPMorgan. (Why should banks be in speculative futures markets anyhow?) I add my voice to those asking for position limits of 1500 contracts--without exemptions.
Fair and appropriate position limits in silver should be NO MORE than 1,500 contracts or 7.5M ounces! The current proposed limit of over 5,000 contracts WILL NOT SOLVE THE PROBLEM OF MANIPULATION IN SILVER! The 1,500 contract limit is the correct amount and is STILL greater than any other current concentration in physical commodities traded on the COMEX.
I ask that you act in the interests of the investing public, and I appreciate the gravity of your job.
Sincerely,
Jerry Dodgen
