Comment Text:
Mr. Gensler and Honored Commissioners:
The manipulated price of SILVER has driven the SILVER supply to levels such that only people cashing in old spoons and other SILVER items enables the market to meet current demand.
The manipulated price of SILVER means that only easy-to-reach SILVER can be mined, which is why the USGS is forecasting that SILVER will be extinct by 2020.
Last week, the US Navy shot about 55000 ounces of SILVER, as Tomahawk missile components, at Libya.
One possible consequence of the CFTC failing to impose a position limit of 1500 contracts in COMEX SILVER is the US NAVY being forced to beg the housewives of America to surrender every old spoon they can spare, just so Tomahawk missiles can have avionics in a post-SILVER-extinction world!
This example is a little toungue-in-cheek, but the world is nearly out of SILVER because a single trader is able to effectively cap the price with an enormous, uneconomic short position, and that is not tongue-in-cheek!
Please do the right thing and impose and enforce a 1500-contract limit on positions in COMEX SILVER!
Thank you,
Stephen P. Coe
