Comment Text:
Dear Chairman and Commissioners,
although I already withdraw all money from banks years ago, although I already have lost all trust in banking sector and their regulators, I'd like to express my concerns about commodity positions hold by commercial banks.
It is known that commercials hold concentrated positions in several commodities, esp. in silver. How such large positions can be not manipulative? How it is not manipulative if commercials can print and sell as many unbacked contracts as they decide? For me it is blatant fraud.
"... the CFTC enables the futures markets to serve the important function of providing a means for price discovery and offsetting price risk."
Today futures market does not serve to price discovery. We could/can see paper/physical price separation already. Commercials do not produce anything, but sells commodity they never can deliver in order to manipulate price to gain profits. Their job, ie. to suck all the wealth around from producing people, is allowed thanks to regulators who always look other way.
"The CFTC's mission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets."
You were nominated and you are being paid for protecting us against fraud, manipulation, and abusive practices, so please start doing your job and establish non-manipulative limits. That should be 1,500 contracts for silver also.
