Comment Text:
CFTC Directors,
I urge you to implement the 1500 contract limit on futures for longs or shorts in the PM Market. The very act of holding over 100 days of world production of a commodity is absurd, whether by 1,4 or 8 traders. That is not a market, it is a cabal.
If we are to have a free market, then it must be equally accessable to all and not tied up by a special class of trader , who can benefit from merely pushing the market in the direction it wants it to go by shear volume of contracts and then reaping the benefit as the market reacts to its own actions.
It is obvious to any reasonably intelligent person that this PM market has been being manipulated for years and it is time for the manipulation to stop. I urge you to instill some reason into this market and to do so with an expedited sense of fairness and resolve.
Sincerely,
James Bancroft
