Comment Text:
I am completely frustrated and disgusted with the failure of the CFTC to bring to account the organizations who are once again (3/10/11) at work manipulating the metals markets. Reasonable position limits would bring this ongoing situation under control. CFTC staff have proposed enforcement of position limits for silver of 5000 contracts (25 million ounces). Unfortunately this limit is MUCH too high and its potential enactment has obviously not deterred the large silver position holders from continuing their manipulative games. A proper limit which would curtail criminal manipulative actvity, even without CFTC enforcement actions or investigations, would be more in the range of 1500, or even 1000 contracts. These lower numbers are much more in line with the hedging needs of all but a very few consumers or producers.
Please institute a 1500 contract (7.5 million ounce) position limit for silver and let us begin to recover some confidence in our markets.
D. Scott Nickerson
