Comment Text:
The filing yesterday against D.E.Shaw for exceeding speculative position limits in soybean and corn futures contracts with a short position of 9,894 May Soybean Futures that exceeded the monthly speculative limit of 6,500 futures is a step in the right direction. However, it is unconscionable that the only commodities that the CFTC will let a company short without limit are the four precious metals. If the CFTC will apply their rules to D.E.Shaw, why won't they rule against the precious metals futures manipulations by JPMorgan, HSBC et al? How can the CFTC justify JPMorgan's current 21,000 contract short position in silver - a position that is 25% of the net open interest in Comex silver?
All we want is a market without manipulations, and to have the metals trade at their real value - whether that degrades the dollar or not is unimportant - since the dollar's status as a reserve currency is being vitiated by the actions of the Federal reserve, as well as the too-big-to-fail banks that are given special status to act as a proxy for the Fed to keep the prices of the metals down.
Please - just do your job as you are mandated to do.
Thank you.
Gerald Wadsworth
Richmond, Virginia
