Comment Text:
As many others have commented I feel strongly and urge The Commission to institute hard position limits on all physical commodities. In an effort to be laconic, I will simply call to The Commissions attention the many substantive reports and complaints concerning price manipulation and undue influence by certain large financial institutions.
Silver is a classic example and the silver market has earned the reputation of being "one of the most manipulated and interfered with markets period!"
As silver analyst Ted Butler recently wrote, ""The core issue is that there exists an unusual concentration on the short side of COMEX silver futures held by JP Morgan. 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 JP Morgan is naked or is hedged with physical or OTC offsets. It does not matter if JP Morgan inherited the concentrated short position from Bear Stearns at the request of the US Government. It does not matter if JP Morgan operates an exchange -- licensed or not. What does matter is the concentrated nature of its COMEX silver short position [in the futures market]."
I've been encouraged by reports that The Commission is trying to correct this situation and I'll be monitoring the many reports that will announce your impending action and correction of this long-standing core issue. Yes, please institute hard position limits on silver, gold and all physical commodities, and my sincere thanks for your work and decisiveness.
