Comment Text:
Dear Commission colleagues:
My decision to submit a follow-up comment explaining my request to lower the short position limit only to 20% may warrant some explanation on my part.
Ted Butler and perhaps hundreds of others following him have recommended anywhere from 7.5% to 10%. This is not good practice for one reason: the big squeeze. Industrial manufacturers and new investors simply would not be able to afford silver if it soared to prices it would be at barring short sales in excess of the volume afforded by undisclosed large institutional speculators.
If the said big squeeze happens in 2011 due to your abruptly cutting shorts as Butler asks, the industrial world won't collapse, granted. However, it will be severely hampered should such a sudden change in the market be contemplated.
Sincerely,
Jake Robbins
