Comment Text:
Gentlemen,
Thank you for taking the time to read my comments on this matter. I was prompted to do so because of the following insightful article that I found in my morning read.
"The core issue is that there exists an unusual concentration on the short side of COMEX silver futures held by JPMorgan. Manipulation can only exist if a concentrated position exists. Everything else is a peripheral matter. It does not matter if the concentrated silver short position held by JPMorgan is naked or is hedged with physical or OTC offsets. It does not matter if JPMorgan inherited the concentrated short position from Bear Stearns at the request of the US Government. It does not matter if JPMorgan operates an exchange -- licensed or not. What does matter is the concentrated nature of its COMEX silver short position [in the futures market]."
"What also matters is that the only known antidote to concentration is the enactment of legitimate speculative position limits, something now lacking in COMEX silver futures. That’s why the current position limit process underway by the CFTC, including the solicitation of public comments on the matter, is so important. Fortunately, there has been an outpouring of public response on this issue with well over 3,000 comments being made by fellow citizens and investors asking that the Commission institute a 1,500 contract position limit in silver. I am hopeful that the large number of comments on silver will finally result, at a bare minimum, in an open discussion by the CFTC on the merits of a 1,500 contract level in silver. For more than 20 years, any thought of an open debate has been buried."
"Of the more than 3,900 public comments on position limits, more than 99% urge the Commission to institute hard position limits on all physical commodities. It will be hard for the Commission to misinterpret the public’s collective opinion that they want hard position limits."
First I would like to say that I have profited from the fact that everyone knows that the Silver COMEX is a manipulated market. I wish to thank you for letting that manipulation continue unabated for now and hopefully into the future. It matters not that the game is rigged. What matters is that you know that the game is rigged, how the game is rigged and where and when to place your bets. Since the game rigging is so blatant in the Silver COMEX market, that even I, John Q Public, can see it, it is easy to place bets and win. Please keep up the good work of letting the corruption run wild in this market and in every other market that you "monitor." Please do not set any limits that might control the corruption.
Thanks,
Joe Personett
GO NWO GO!
