Comment Text:
1000 contracts for all months position limit in COMEX silver.
I have watched the violent price moves in silver on the COMEX for over 9 years now. I have also seen the massive amounts of contracts bought and sold by the largest 4 catagorys. I don't personally believe that the buying and selling amounts over the COMEX are even close to real physical trading, and are mainly paper trading making the market over the physical demands and supplies. I have also seen up to 2 banks controlling approximately 192 000 000 ounces of silver in October 2009, according the published bank participation report., almost a 1/3 of WORLD production that year. It's outrageous at the least, criminal at most.
5000 contracts is around 3% of world production. 30 speculaters could buy or sell the WORLD'S yearly supply of silver through 1 trading platform. That's still outrageous. Personally, I even think that 100 speculators buying the WORLD's yearly supply of anything is a ridiculously low number, but it's at least better than 30.
I am requesting that the commission set a "1000 contracts for all months" position limit for silver trading over the COMEX. That will put the number over 100 for the amount of speculators required to purchase the WORLD'S ANNUAL supply of silver, through a single trading platform.
Also I request that any entity other than a direct producer or consumer of silver be denied exemptions to the 1000 contract position limit.
Thank you for your time,
Sincerely,
Christopher Holloway
