Comment Text:
To whom it may concern,
There is zero reason to have contract limit any higher than 1500 contracts in silver or to have any hedging exemptions. Having no limits, or too high of limits, is an invitation to criminal and unethical behavior as well as the possibility of an exchange default or banking system collapse. You are simply giving the industry too much rope with which to hang itself.
The bankers like to pretend that the market is dumb, and they always beat the public. But there is zero evidence of anything other than the exact opposite being true. Bankers are always on the wrong side of every trade in a massive way. Why would you hand such children a loaded gun to play with? We have all seen enough banking panics and fraud to know the truth. People using other people's money to gamble with take excessive risk and lose. It is bad enough these bankers are even allowed to speculate at all.
You need to do the right thing and curb the actions of these banker degenerates before they blow up again. It is the fair and honest thing to do. All commodity markets need strict position limits for gamblers. And yes, if JPM is not growing corn or mining silver, they are GAMBLING like everyone else. They should never get an exemption simply because they write the word "bullion bank" down on their applications. There simply is no such thing that cannot be said about anyone else buying or selling metals.
Thank-you.
