Comment Text:
February 23, 2011
Commodities Futures Trading Commission
3 Lafayette Center
1155 21st St. NW Washington, DC 50581
Re: Final Position Limits Letter
Dear Commissioners:
I am astonished and dismayed that you have decided that 5,000 contracts is an acceptable position limit on silver futures contracts. The price manipulation that has been going on in the COMEX silver market should be addressed and addressed properly. High positon limits will simply allow the status quo to continue. You have been given a legal responsibility by Congress to clean up this mess. Please do an effective job. You know what needs to be done.
This ridiculouly high limit will allow the crooks to continue to manipulate this market. I am a small investor but I have been following the writings of Ted Butler for years now and agree with his position completely. Even I can see that the large institutions are using their exceptionally large short positions to control price movements in the silver market and to a lesser extent in the gold market. Actually any 10 year old who can discern a pattern should be able to see the manipulation. How many more whistle blowers do we need to prove this manipulation?
Fair and appropriate position limits in silver should be NO MORE than 1,500 contracts or 7.5M ounces! The current proposed limit of over 5,000 contracts will not solve the problem. Please take the advice of Ted Butler and others, more knowledgeable than I, about the seriousness of implementing a FAIR position limit size. The 1,500 contract limit is the correct amount and is STILL greater than any other current concentration in physical commodities traded on the COMEX.
Sincerely,
Ray Trott
