Comment Text:
Dear Sirs,
Thanks you for the opportunity to comment on the issue of position limits for precious metals.
It is clearer every day that the lack of position limits for silver, in particular, allows certain banks and the CME Group to manipulate prices to their benefit. It is unconscionable that CME Group is allowed to regulate themselves, resulting in the illegal manipulation that continues to this day. Why is it that the only objections to setting realistic limits comes from the very people who are responsible for this criminal activity?
Please establish a speculative position limit in COMEX silver of no more than 1500 contracts, and please restrict any hedging exemptions from those limits to legitimate hedgers. Please stop the levels of concentration in COMEX silver futures that have been experienced over the past few years on the short side of the market.
Sincerely,
John F. O’Shaughnessy, Jr.
